年

报

Corporate Information

公司资料

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

as at 31 March 2025

于二零二五年三月三十一日

BOARD OF DIRECTORS

Executive Directors

Lau Pak Man

Cheng Wing Cheong

Kwan Kit Sum Kit

Independent Non-Executive Directors

Leung Chi Kin

Lam Chi Hung Louis

Mok Kam Sheung

AUDIT COMITE

Leung Chi Kin

Lam Chi Hung Louis

Mok Kam Sheung

REMUNERATION COMITE

Mok Kam Sheung

Kwan Kit Sum Kit

Leung Chi Kin

NOMINATION COMITE

Lam Chi Hung Louis

Cheng Wing Cheong

Mok Kam Sheung

SUSTAINABILITY COMITE

Kwan Kit Sum Kit

Leung Chi Kin

Lam Chi Hung Louis

Mok Kam Sheung

AUTHORISED REPRESENTATIVES

Kwan Kit Sum Kit

Wong Sin Yi Reginia

COMPANY SECRETARY

Wong Sin Yi Reginia

AUDITOR

KPMG

Public Interest Entity Auditor registered in acordance with

the Acounting and Financial Reporting Council Ordinance

董事会

执行董事

刘伯文

郑荣昌

关洁心

独立非执行董事

梁梓坚

林志雄

莫锦嫦

审核委员会

梁梓坚

林志雄

莫锦嫦

薪酬委员会

莫锦嫦

关洁心

梁梓坚

提名委员会

林志雄

郑荣昌

莫锦嫦

持续可发展委员会

关洁心

梁梓坚

林志雄

莫锦嫦

授权代表

关洁心

王倩仪

公司秘书

王倩仪

核数师

毕马威会计师事务所

于《会计及财务汇报局条例》下的注册公众

利益实体核数师

现恒建筑控股有限公司

2024/2025 年报

Corporate Information (continued)

公司资料（续）

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited

Wing Lung Bank Limited

The Hongkong and Shanghai Banking

Corporation Limited

REGISTERED OFICE

Windward 3

Regata Ofice Park

PO Box 1350

Grand Cayman KY1-1108

Cayman Islands

HEADQUARTERS AND PRINCIPAL PLACE

OF BUSINES IN HONG KONG

26/F, Park Avenue Tower

5 Moreton Terace

Causeway Bay

Hong Kong

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFICE

Tricor Investor Services Limited

17th Flor, Far East Finance Centre,

No.16 Harcourt Road,

Hong Kong

CAYMAN ISLANDS PRINCIPAL SHARE

REGISTRAR AND TRANSFER OFICE

Ocorian Trust (Cayman) Ltd.

Windward 3

Regata Ofice Park

PO Box 1350

Grand Cayman KY1-1108

Cayman Islands

WEBSITE

w.inconstruction.hk

STOCK CODE

Hong Kong Stock Exchange 1500

主要往来银行

中国银行（香港）有限公司

永隆银行有限公司

香港上海汇丰银行有限公司

注册办事处

Windward 3

Regata Ofice Park

PO Box 1350

Grand Cayman KY1-1108

Cayman Islands

总部及香港主要营业地点

香港

铜锣湾

摩顿台5号

百富中心26楼

香港股份过户登记分处

卓佳证券登记有限公司

香港夏悫道16号

远东金融中心17楼

开曼群岛股份过户登记总处

Ocorian Trust (Cayman) Ltd.

Windward 3

Regata Ofice Park

PO Box 1350

Grand Cayman KY1-1108

Cayman Islands

网站

w.inconstruction.hk

股份代号

香港联交所1500

Chairman’s Statement

主席报告

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

To: Our Shareholders,

I am pleased to present the anual report of In Construction

Holdings Limited (the “Company”) and its subsidiary

(colectively the “Group”) for the year ended 31 March 2025

(the “Financial Year 2024/25”).

Our Group aims at creating both economic and sustainable

value and timely services to our customers. We continue to

serve Hong Kong’s building and construction industries by

ofering quality and flexible solutions. From past experience,

technical knowledge together with quality control and

established procedures, our management team aplies our

abilities to tackle dificulties and the increasingly complex

isues on construction sites projects, gaining credibility and

trusts of our existing as wel as new clients. We continue to

gain trusts and suports from our clients, consultants and

asociates, past and present.

This year, mindful of our environmental, social and

governance (“ESG”) responsibility and with the

encouragement of clients, we continue to use “B100

Biodiesel” generators in our plant and machineries in our

latest projects. Acording to the research of environmental

protection profesionals, biodiesel emits 11% les carbon

monoxide and 10% les particulate mater than diesel. To

help combating the climate-related isues more eficiently, the

Board of Directors established the Sustainability Comite to

monitor the ESG and climate-related maters.

During the year, our financial result had ben adversely

afected by provisions made against the liquidated and

ascertained damages arising from delays in the completion of

certain projects as a result of inclement weather, unforesen

administrative delays and underground conditions. We are

working to recover some of the provisions by substantiating

that the delays are out of our control as a contractor, and

which is sympatheticaly gaining the considerations of our

architects.

No new contract was awarded during the financial year while

there was 3 new contracts in the last financial year with an

agregate contract sum of HK$700.5 milion. On the one

hand, we are aiming at tendering the projects with profit

potential, and on the other hand we focus our time in solving

problems encountered in our ongoing projects, as wel as

finalising the acount of our completed projects.

致我们的股东：

本人欣然呈列现恒建筑控股有限公司

（「本公司」）连同其附属公司（统称「本集

团」）截至二零二五年三月三十一日止年度

（「二零二四╱二五财政年度」）的年报。

本集团旨为客户创造经济、可持续价值和

及时服务。我们继续为香港的建筑及建造

业提供服务，提供优质及灵活的解决方

案。凭借过往的经验及专业知识，加上严

谨品质监控及既定程序，我们的管理团队

以他们的能力于建筑工地项目解决问题

及日益复杂的事项，向现有及新客户建立

信誉和信任。我们过往和现在继续取得客

户、顾问和合作伙伴的信任和支持。

今年，考虑到我们的环境、社会和管治

（「ESG」）责任，及在客户的鼓励下，我们

继续使用「B100生物柴油」发电机为我们

近期项目的厂房设备发电。根据环境保护

专家的研究，与柴油相比，生物柴油的一

氧化排放量和颗粒物排放量分别减少了

11%和10%。为了应对气候相关问题，董

事会成立了可持续发展委员会，监控ESG

和气候相关事宜。

年内，我们的财务业绩受到某些项目的延

迟完工而计提协定及确定损害赔偿造成负

面影响。造成延迟完工的原因是由于恶劣

天气、不可预见的行政延误和地底状况。

我们正在努力通过证实延误超出了我们作

为承建商的控制范围而减少一些计提，并

且正在获得我们的则师的酌情考虑。

本财政年度并无获授新合约，而上一财政

年度则有3份新合约，合约总金额为700.5

百万港元。一方面，我们正在完善我们的

招标流程，以专注于获利率更高的机会，

另一方面，我们将时间集中解决正在进行

的项目所遇到的问题，以及结算我们已完

成之项目。

现恒建筑控股有限公司

2024/2025 年报

Chairman’s Statement (continued)

主席报告（续）

Loking ahead, with the Government’s comitment of

the increasing the land suply for the development of the

infrastructures, we are hopeful that the construction industry

shal perform beter in the coming year. We shal continue

to adhere to our strategy of focusing on “design and build”

projects to maintain the profit margin to safeguard our

shareholders’ interests.

On behalf of our board, I would like to expres our sincere

gratitude to our management team and al our staf for

their hard work and dedication, as wel as our shareholders,

busines partners and other profesional parties for their

continuous suport.

Lau Pak Man

Chairman

Hong Kong, 27 June 2025

展望未来，随著政府承诺增加土地供应以

发展基建，我们期望建造业在未来一年会

有更好的表现。我们将继续坚持专注于

「设计及建筑」项目的策略，来维持盈利率

以保障我们股东的利益。

本人代表董事会谨此衷心感谢我们的管理

团队及全体员工的辛勤工作与奉献，以及

感谢我们的股东、业务伙伴及其他专业人

士的鼎力支持。

刘伯文

主席

香港，二零二五年六月二十七日

Highlights

摘要

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

HK$’m

273.6

百万港元

Down HK$109.5m from FY23/24

较二零二三╱二四财政年度减少109.5百万港元

HKcents

-2.3

港仙

HK-1.5 cents in FY23/24

二零二三╱二四财政年度为-1.5港仙

HK$’m

0.2

百万港元

Down HK$6.8m from FY23/24

较二零二三╱二四财政年度减少6.8百万港元

HK$’m

-18.9

百万港元

HK$-12.9m in FY23/24

二零二三╱二四财政年度为-12.9百万港元

REVENUE 收益

LOS PER SHARE 每股亏损

GROS PROFIT MARGIN FY2024/2025

二零二四╱二五财政年度毛利率

GROS PROFIT MARGIN FY2023/2024

二零二三╱二四财政年度毛利率

GROS PROFIT 毛利

NET LOS 亏损

1.8%0.1%

Management Discusion and Analysis

管理层讨论及分析

现恒建筑控股有限公司

2024/2025 年报

BUSINES AND FINANCIAL REVIEW

The Group is principaly engaged as a contractor in the

foundation industry in Hong Kong, undertaking foundation

works as wel as asociated works including demolition works,

site formation works, ground investigation field works and

general building works for local customers.

Busines Review

The Group has ben engaged to undertake foundation and

asociated works in the private sector construction projects in

Hong Kong, with an emphasis on design and build projects

and undertaking the role as a main contractor.

The Group places emphasis on design and build projects

because of the flexibility and capability in coming up with

foundation design plan that suits its customers’ requirements

and the site conditions. During the Financial Year 2024/25,

the Group has sucesfuly caried out construction works

with alternative design which not only complies with the

technical requirements but also be more cost eficient for

“design and build” contracts.

During the Financial Year 2024/25, no new project was

awarded to the Group. As at 31 March 2025, six projects

with the outstanding contract sum of HK$416.4 milion were

al in progres.

业务及财务回顾

本集团主要作为承建商于香港从事地基

业，负责本地客户的地基工程以及相关工

程，包括拆卸工程、地盘平整工程、现场

土地勘测工程及一般建筑工程。

业务回顾

本集团获邀承接香港私营建筑项目的地

基工程及相关工程，专注于设计及建造项

目，并担任总承建商。

本集团专注于设计及建造项目，乃因其

灵活地且有能力制作迎合客户要求及

符合地盘状况的地基设计划。于二零

二四╱二五财政年度，就「设计及建造」合

约而言，本集团已成功以替代设计进行建

筑工程，不仅符合技术要求，且更具成本

效益。

于二零二四╱二五财政年度，本集团并未

获授新项目。于二零二五年三月三十一

日，未完工合约金额416.4百万港元的六

个项目全为在建中。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Management Discusion and Analysis (continued)

管理层讨论及分析（续）

BUSINES AND FINANCIAL REVIEW

(continued)

Busines Review (continued)

Year of award/project

获授年度╱项目

Type of contract

合约类型

Status as at

31 March 2025

于二零二五年

三月三十一日的状况

Year 2020-2021

二零二零至二零二一年度

Wo Shang WaiMonitoring and maintenanceWork in progres

和生围监测及保养在建

Des Voeux Road CentralDesign and buildWork in progres

德辅道中设计及建造在建

Year 2022-2023

二零二至二零二三年

Robinson Road 27D-FDesign and buildWork in progres

罗便臣道 27D-F设计及建造在建

Year 2023-2024

二零二三至二零二四年

Robinson Road 105Design and buildWork in progres

罗便臣道105设计及建造在建

Tai Po Kau 234Design and buildWork in progres

大埔滘234设计及建造在建

Combe Road 38Design and buildWork in progres

甘道38设计及建造在建

业务及财务回顾（续）

业务回顾（续）

现恒建筑控股有限公司

2024/2025 年报

Management Discusion and Analysis (continued)

管理层讨论及分析（续）

BUSINES AND FINANCIAL REVIEW

(continued)

Financial Review

During the Financial Year 2024/25, there were 10 projects

contributing revenue and gros profit of aproximately

HK$273.6 milion and HK$0.2 milion, respectively, whereas

revenue and gros profit for the Financial Year 2023/24 of

HK$383.1 milion and HK$7.0 milion, respectively were

contributed by 11 projects. Top thre projects contributed

revenue amounted to HK$234.7 milion (2024: HK$240.1

milion), in which the top project contributed 44.7% of the

total revenue.

The Group recorded a decrease in contract revenue for the

year ended 31 March 2025 by aproximately HK$109.5

milion as compared with that of the coresponding year

in 2024. Gros profit decreased by aproximately HK$6.8

milion, to aproximately HK$0.2 milion for the curent year

from aproximately HK$7 milion for the coresponding year

in 2024. Gros profit margin decreased to 0.1% for the

curent year from 1.8% for the coresponding year in 2024.

Such decrease was primarily atributable to, among other

factors, provision for liquidated and ascertained damages of

certain foundation projects as a result of unexpected delays

in progres, and changes in the estimation of variation orders

from completed projects in prior years.

Administrative and other operating expenses increased by

aproximately HK$0.1 milion to aproximately HK$20.7

milion, compared with aproximately HK$20.6 milion for the

Financial Year 2023/24.

As a result, los for the Financial Year 2024/25 was HK$18.9

milion, whereas los for the last financial year was HK$12.9

milion.

业务及财务回顾（续）

财务回顾

于二零二四╱二五财政年度，10个项目分

别贡献收益及毛损约273.6百万港元及0.2

百万港元，而于二零二三╱二四财政年度

的收益及毛利383.1百万港元及7.0百万港

元由11个项目贡献。三大项目贡献的收

益为234.7百万港元（二零二四年：240.1

百万港元），其中最大项目贡献总收益之

44.7%。

截至二零二五年三月三十一日止，本集团

所录得之合约收益较二零二四年同年减少

约109.5百万港元。毛利由二零二四年同

年约7百万港元减少约6.8百万港元至本年

度约0.2百万港元。毛利率亦由二零二四

年1.8%减少至本年度的0.1%。主要由于

（其中包括）某些地基工程项目因应未能预

期的延误而计提协定及确定损害赔偿及往

年度已完成项目变量预测之变动所致。

行政及其他经营开支增加约0.1百万港元

至约20.7百万港元，而二零二三╱二四财

政年度为约20.6百万港元。

因此，二零二四╱二五财政年度亏损为

18.9百万港元，而上一个财政年度亏损为

12.9百万港元。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Management Discusion and Analysis (continued)

管理层讨论及分析（续）

BUSINES AND FINANCIAL REVIEW

(continued)

Principal Risks and Uncertainties

Highly regulated industry

The foundation industry is a highly regulated industry and

the Group is required to maintain certain registrations under

the laws of Hong Kong. In order to renew and maintain

these registrations, the Group is required to comply with

certain criteria set by the relevant governmental departments

and authorities such as the Buildings Department and the

Development Bureau. These include the maintenance of

certain financial criteria such as working capital level, the

adequacy of our management structure and the apropriate

experience and qualification of our personel.

Any suspension of or a failure to maintain or renew the

Group’s registrations could materialy and adversely afect the

Group’s busines.

Uncertainty in construction progres

Due to the nature of foundation works, the foundation

and structure of any buildings adjacent to the Group’s

construction sites may be afected or damaged during the

construction proces.

The Group may incur aditional cost and time in carying

out remedial works and this may cause material delay in

completing a project. The Group may face claims from

customers for loses and for liquidated and ascertained

damages due to delay. Further, the Group may also be

exposed to claims and disputes from third parties arising from

damage caused to the adjacent buildings. Such claims, legal

and other procedings may afect the Group’s reputation

and also increase the costs of the projects undertaken by

the Group, resulting in adverse impact on the financial

performance of the Group.

业务及财务回顾（续）

主要风险及不确定因素

高度规管行业

地基行业乃受高度规管的行业，而本集团

须根据香港法例保持若干注册。为重续及

保持该等注册，本集团须遵守相关政府部

门及机构，例如屋宇署及发展局，所设定

的若干标准。该等标准包括达到若干财务

标准，如营运资金水平、管理架构是否充

足及员工的经验及资历是否合适。

任何本集团的注册被暂时吊销或未能保持

或重续该等注册，均可能对本集团业务产

生重大不利影响。

建筑过程的不确定因素

基于地基工程的性质，邻近本集团的建筑

地盘的任何楼宇的地基及结构可能于建造

过程受影响或损毁。

本集团可能就进行补救工作产生额外成本

及时间，此可能导致项目完工出现重大延

误。本集团可能就因延误造成的损失及协

定及确定损害赔偿遭到客户索偿。此外，

本集团亦可能因邻近楼宇受损遭受第三方

索偿及所引起的纷争。该等索偿、法律及

其他诉讼程式可能影响本集团信誉，亦增

加本集团承接项目的成本，引致对本集团

财务表现产生不利影响。

现恒建筑控股有限公司

2024/2025 年报

Management Discusion and Analysis (continued)

管理层讨论及分析（续）

BUSINES AND FINANCIAL REVIEW

(continued)

Principal Risks and Uncertainties (continued)

Failure to bid new contract

The Group’s busines relies on sucesful tenders that

determine the award of contracts for foundation works and/

or asociated works. Given the non-recuring nature of these

contract awards and the fact that the Group does not have

long-term comitment with its customers, the number of

contracts awarded to the Group may vary from year to year.

Upon the completion of its contracts on hand, the Group’s

financial performance may be adversely afected if the Group

is unable to secure new tenders or obtain new contract

awards with comparable contract sums or at al.

Uncertain external factors

Despite the fact that the construction industry is one of the

traditional core industries in Hong Kong and it is curently

benefiting from strong housing neds and large government

infrastructure projects, the construction industry may sufer

adverse impact in the event of any change in government

policies, suden economic setback, social unrest and

unanticipated natural disasters and outbreak of serious

disease. Since our customers are mostly private sector

property developers, the future growth and profitability of

the foundation industry largely depend on the continued

prosperity of the property market and the construction

industry in Hong Kong.

Although the Group has a number of contracts on hand,

these external factors may afect the number of new

construction projects available in the private sector in medium

to long term.

业务及财务回顾（续）

主要风险及不确定因素（续）

未能中标新合约

本集团的业务取决于成功中标，以决定是

否取得地基工程及╱或相关工程合约。鉴

于该等获授合约的非经常性质及事实是本

集团对客户并无长期承诺，本集团获授的

合约数量或会按年转变。

完成手上的合约后，倘本集团未能取得新

的投标或合约总额相约的新合约，或两者

均未能取得，本集团财务表现或会受到不

利影响。

不确定外部因素

尽管事实为建造业乃香港传统核心产业之

一，且其现时受惠于强劲的住房需求及政

府大型基建项目，倘政府政策变动、经济

突然倒退、社会动荡及发生无法预料的自

然灾害及严重疾病爆发，建造业可能受到

不利影响。由于我们的客户大部分为私营

物业发展商，地基业日后的增长及盈利能

力很大程度上取决于香港物业市场及建造

业是否持续兴旺。

虽然本集团有若干份手头合约，该等外部

因素可能在中长期影响于私营市场可获得

的新建筑项目数量。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Management Discusion and Analysis (continued)

管理层讨论及分析（续）

BUSINES AND FINANCIAL REVIEW

(continued)

Relationships with Customers, Working

Partners and Employes

The Group maintains long-term relationships with its

customers and working partners (including sub-contractors,

supliers and consultants), some of which have established

more than 10 years of working relationship with the Group.

The close working relationship can also be demonstrated by

the increasing number of customer portfolios and continuous

coperation with working partners which may be engaged

by the Group in one or more of its projects at the same

time. Building sucesful long-term relationships with them

is a key element of the Group’s busines model, which is

closely interlinked with al the other elements of its model.

Sucesful long-term relationships are built on trust – a trust

that the Group is able to provide quality service and excelent

customer experience. To achieve this, the Group neds

experienced people with the right skils and capabilities as

wel as continuous suports from its working partners.

The Group also maintains a very stable and experienced

management team and an amicable long-term relationship

with its employes. The Group has no staf turnover in the

project management team in 2025 (2024: 10% of staf

turnover rate) and many of the Group’s skiled employes

have worked with the Group for a number of years. The

Group’s key management team comprises thre executive

Directors and the Chief Financial Oficer, the biography

of each is set out under the section headed “Biographies

of Directors and Senior Management” in this report. The

Group’s experienced management team, coupled with

a stable pol of skiled labour, is one of its key drives in

delivering high quality work to customers in order to atain

high customers’ satisfaction.

业务及财务回顾（续）

与客户、工作伙伴及雇员的关系

本集团与其客户及工作伙伴（包括分包

商、供应商及顾问）维持长期关系，其中

部分上述者与本集团已建立超过10年的工

作关系。此紧密工作关系可从客户组合数

量日益增加及本集团同时于一个或以上项

目与其工作伙伴不间断合作得以证实。与

彼等建立成功的长期关系乃本集团业务模

式的关键要素，并与模式所有其他要素紧

密互连。成功的长期关系乃建立于信任之

上，即相信本集团能够提供优质服务及非

凡的客户体验。为达致此目标，本集团需

要具备合适技能及能力的富有经验的人士

以及工作伙伴持续支持。

本集团亦维持非常稳定及经验丰富的管理

团队，并与其员工保持长期友好关系。本

集团于二零二五年项目管理团队的员工

没有任何流失（二零二四年员工流失率：

10%），且本集团很多熟练员工已为本集

团工作若干年。本集团的重要管理团队包

括三名执行董事及首席财务总裁，各履历

载于本报告「董事及高级管理人员履历」一

节。本集团经验丰富的管理团队连同一批

稳定的技能劳工，乃向客户提供优质工程

以令客户高度满意的主要推动力之一。

现恒建筑控股有限公司

2024/2025 年报

Management Discusion and Analysis (continued)

管理层讨论及分析（续）

BUSINES AND FINANCIAL REVIEW

(continued)

Environmental Policies

The Group emphasises on environmental protection

when undertaking its projects. The Group was awarded

the ISO 14001:2015 (environment management system

acreditation). The curent ISO 14001:2015 certificate is valid

from 8 August 2020 to 3 September 2026. When preparing

the tender documents, the Group wil take into consideration

the environmental protection requirements of potential

customers as wel as the relevant laws and regulations in

relation to environmental protection. The Group’s safety

and environmental oficers are responsible for ensuring

that the Group satisfies the aplicable laws and regulations

requirements and identifying and reporting on environmental

isues to our project management team.

Compliance with Relevant Laws and Regulation

The Group mainly undertakes foundation works and

asociated works for construction projects in the private

sector in Hong Kong and is thus subject to the rules and

regulations implemented by the Buildings Department which

regulates contractors in the private sector. The Directors

confirmed that during the Financial Year 2024/2025 and

up to the date of this report, the Group had obtained al

the registrations and certifications required for its busines

and operations in Hong Kong, and had complied with the

aplicable laws and regulations in Hong Kong in al material

respects.

业务及财务回顾（续）

环保政策

本集团在进行项目时注重环保。本集团获

授ISO 14001:2015（环保管理系统认证）。

现时ISO 14001:2015证书的有效期由二零

二零年八月八日至二零二六年九月三日。

于准备投标文件时，本集团会考虑潜在客

户的环保要求以及与环保有关的相关法律

及法规。本集团的安全及环境主任负责确

保本集团符合适用法律及法规的规定，并

找出环保方面的问题，向项目管理团队汇

报。

遵守相关法律及法规

本集团主要于香港私营市场承接建筑项目

地基工程及相关工程，因此须遵守屋宇署

规管私营承建商所颁布的规则及规例。董

事确认，于二零二四╱二零二五财政年度

及直至本报告日期，本集团已取得香港业

务及经营所需的所有注册及证书，并于所

有重大方面遵守香港适用法律及法规。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Management Discusion and Analysis (continued)

管理层讨论及分析（续）

LIQUIDITY, FINANCIAL RESOURCES AND

CAPITAL STRUCTURE

As at 31 March

于三月三十一日

二零二五年二零二四年

Curent ratio流动比率2.93.0

Gearing ratio

资产负债比率

5.4%5.0%

Note:

1. Gearing ratio is calculated based on debts including lease liabilities and

shareholder’s loan divided by the total equity as at the reporting dates.

Gearing ratio increased by 0.4 percentage point as at 31

March 2025 as compared to that as at 31 March 2024 was

mainly due to decrease in equity as a result of los incured

during the year ended 31 March 2025.

As at 31 March 2025, the Group had cash and bank balances

of HK$73.0 milion (2024: HK$78.6 milion), of which

HK$41.6 milion (2024: HK$43.9 milion) were restricted bank

balances. Such restricted bank balances were held for the

purpose of the isuance of surety bonds for our projects and

requirement of our general banking facilities. As at 31 March

2025, the Group had no bank overdrafts (2024: Nil).

The capital structure of the Group consisted of equity of

HK$242.7 milion, with HK$13.0 milion debts as at 31 March

2025.

The Group adopts a prudent aproach in cash management.

Apart from shareholder’s loan, the Group did not have any

material outstanding debts as at 31 March 2025. Payment

to setle trade payable represented the significant part of

the cash outflow of the Group. Taking into acount the light

debt leverage, the Group is able to generate cash and met

upcoming cash requirements. In any case, the Group may

utilise its banking facilities of HK$190.0 milion, of which the

unutilised and unrestricted banking facilities amounted to

aproximately HK$150.1 milion.

流动资金、财务资源及资本架构

附注：

（包括租赁负债及股东贷

款）除以报告日期的权益总额计算。

于二零二五年三月三十一曰，资产负债比

率较二零二四年三月三十一日增加0.4百

份点，主要由于权益总额因截至二零二五

年三月三十一日止年度产生亏损而减少。

于二零二五年三月三十一日，本集团拥有

73.0百万港元（二零二四年：78.6百万港

元）的现金及银行结余，当中41.6百万港

元（二零二四年：43.9百万港元）为受限制

银行结余。该等受限制银行结余乃持作为

项目发行担保债券及用作我们的一般银行

融资需要。于二零二五年三月三十一日，

本集团并无银行透支（二零二四年：无）。

于二零二五年三月三十一日，本集团的资

本架构包括242.7百万港元之权益及13.0

百万港元之债项。

本集团采用审慎方法进行现金管理。除股

东贷款外，于二零二五年三月三十一日，

本集团并无任何重大未偿还债项。结算应

付贸易账款的付款占大部分本集团现金流

出。考虑到负债比率较低，本集团能够产

生现金及满足现时现金需要。本集团在任

何情况下均可动用其190.0百万港元之银

行融资，其中约150.1百万港元为尚未动

用及无限制的银行融资。

现恒建筑控股有限公司

2024/2025 年报

Management Discusion and Analysis (continued)

管理层讨论及分析（续）

EMPLOYES

The Group had 47 ful-time employes as at 31 March 2025

(2024: 48). The Group ofers a competitive remuneration

package that is based on the overal market rates and

employe performance, as wel as the performance of the

Group. The remuneration package comprised of salary, a

performance-based bonus, and other benefits including

training and mandatory provident funds.

CAPITAL COMITMENTS

The Group had no capital comitments as at 31 March 2025

(2024: Nil).

CONTINGENT LIABILITIES

Save as disclosed in note 21 to the financial statements, the

Group had no other contingent liabilities as at 31 March

2025.

CHARGE OVER ASETS

Save as disclosed in notes 13 and 14(a) to the financial

statements, as at 31 March 2025, the Group had no other

significant asets under pledge (2024: Nil).

SIGNIFICANT INVESTMENTS HELD,

MATERIAL ACQUISITIONS OR DISPOSALS

OF SUBSIDIARIES AND AFILIATED

COMPANIES, AND PLANS FOR MATERIAL

INVESTMENTS OR CAPITAL ASETS

There were no significant investments held, material

acquisitions or disposals of subsidiaries and afiliated

companies during the Financial Year 2024/25. There is no

other plan for material investments or capital asets as at 31

March 2025.

雇员

于二零二五年三月三十一日，本集团有47

名全职雇员（二零二四年：48名）。本集团

根据整体市场水平及个别雇员之表现，以

及本集团之业务表现，提供具竞争力之薪

酬待遇。薪酬待遇包括薪金及绩效花红，

以及包括培训及强积金在内之其他福利。

资本承担

于二零二五年三月三十一日，本集团并无

资本承担（二零二四年：无）。

或然负债

除于财务报表附注21所披露者外，于二零

二五年三月三十一日，本集团并无其他或

然负债。

资产抵押

除财务报表附注13及14(a)所披露者外，于

二零二五年三月三十一日，本集团并无其

他重大资产抵押（二零二四年：无）。

持有重大投资、重大收购或出售

附属公司及联属公司，以及重大

投资或资本资产的计划

于二零二四╱二五财政年度内，本集团概

无持有重大投资、重大收购或出售附属公

司及联属公司。于二零二五年三月三十一

日，概无重大投资或资本资产的其他计

划。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Management Discusion and Analysis (continued)

管理层讨论及分析（续）

FUTURE PROSPECTS

Taking into acount the Government of the Hong Kong

Special Administrative Region’s policy in increasing land

suply and comitment to infrastructure investments, the

Group expects a rebound in the foundation industry in the

medium run. Despite the vigorous competition in the Hong

Kong construction industry, the Board is confident with the

Group’s future development in its net profit and scale of

operations due to its long established reputation, the listing

platform and healthy financial position. To maintain its

competitive edge, the Group wil continue to adhere to its

busines strategy, by expanding our capacity to capture more

busines oportunities, reinforcing its capability in foundation

design and project management skils, and ofering

qualitative and flexible solution to its customers.

未来前景

考虑到香港特别行政区政府增加土地供应

的政策以及对基建投资的承诺，本集团预

计从中期来看建筑业将会复苏。尽管香港

建筑业竞争激烈，董事会仍对本集团凭借

悠久声誉、上市平台及稳健财务状况令未

来净利润及营运规模取得发展充满信心。

为保持竞争力，本集团将继续坚持其业务

策略，扩大产能以捕捉更多商机，增强地

基设计能力及项目管理技能，向客户提供

优质灵活的解决方案。

Biographies of Directors and Senior Management

董事及高级管理人员履历

现恒建筑控股有限公司

2024/2025 年报

EXECUTIVE DIRECTORS

Mr. Lau Pak Man (刘伯文), aged 70, is our Chairman, Chief

Executive Oficer, executive Director and General Manager of

the Group. Mr. Lau, together with Mr. Cheng Wing Cheong,

are the founders of the Group. Mr. Lau is responsible for

overal strategic development, project management and

client management of the Group. Mr. Lau has also ben a

director of In Construction Limited, an indirect wholy-owned

subsidiary of the Group, since 20 December 1996. Mr. Lau

obtained a Bachelor of Science degre in Civil Enginering

from the University of Leds in July 1979. Mr. Lau has nearly

33 years of extensive experience in the construction industry

in Hong Kong since 1991. Prior to founding In Construction

Limited in December 1996, Mr. Lau was the project

manager and contract manager of Fong On Construction

& Enginering Co Ltd. betwen January 1991 til December

1994 and January 1995 til December 1996, respectively,

who was mainly responsible for H-piling foundations,

suply and instalations projects as wel as a construction

and redevelopment project. Mr. Lau has ben a member

of the Hong Kong Institution of Enginers since July 1992,

a chartered enginer of the Institution of Civil Enginers,

London, England since November 1984, a member of the

Institution of Civil Enginers since December 1983, a member

of the Institute of Highways and Transportation, London,

England since March 1983 and is a registered profesional

enginer (civil) of Enginers Registration Board. Mr. Lau is the

spouse of Ms. Kwan Kit Sum Kit.

Mr. Cheng Wing Cheong (郑荣昌), aged 70, is our

executive Director and the Director – Construction of the

Group. Mr. Cheng, together with Mr. Lau Pak Man, are the

founders of the Group and is responsible for overseing

the tender proces including foundation design and project

budget, as wel as quality control of our projects. Mr. Cheng

has ben a director of In Construction Limited since 20

December 1996. Mr. Cheng obtained a Bachelor of Science

degre in Enginering from the University of Hong Kong

in October 1977. In the course of his carer, Mr. Cheng

has acumulated more than 20 years of comprehensive

experience in the construction industry. Betwen May 1989

and August 1992, Mr. Cheng worked in China Overseas

Foundation Enginering Limited as a director and deputy

general manager.

执行董事

刘伯文先生，70岁，为本集团的主席、行

政总裁、执行董事及总经理。刘先生（连

同郑荣昌先生）为本集团的创办人。刘先

生负责本集团的整体策略发展、项目管理

及客户管理。刘先生自一九六年十二

月二十日起亦为现恒建筑有限公司（本集

团间接全资附属公司）的董事。刘先生于

一九七九年七月获利兹大学颁授土木工

程理学士学位。刘先生自一九一年起于

香港建造业拥有将近33年的丰富经验。于

一九六年十二月成立现恒建筑有限公

司之前，自一九一年一月至一九四年

十二月及自一九五年一月至一九六

年十二月，刘先生分别为晃安建筑工程有

限公司的项目经理及合同经理，主要负

责工字桩地基、供应及安装项目以及建

筑及再开发项目。自一九二年七月起，

刘先生一直为香港工程师协会的会员；

自一九八四年十一月起，为英国伦敦土木

工程师协会特许工程师；自一九八三年

十二月起，为土木工程师协会的会员；自

一九八三年三月起为英国伦敦高速公路及

运输协会员及工程师注册管理局的注册

专业工程师（土木）。刘先生为关洁心女士

的配偶。

郑荣昌先生，70岁，为本集团的执行董事

及建筑总监。郑先生连同刘伯文先生为

本集团的创办人并负责监督投标程序，

包括地基设计及项目预算，以及项目质量

控制。郑先生自一九六年十二月二十日

起担任现恒建筑有限公司的董事。郑先生

于一九七年十月获香港大学颁授工程

学理学士学位。于其职业生涯中，郑先生

已于建造业累积逾20年的丰富经验。于

一九八九年五月至一九二年八月，郑先

生于中国海外基础工程有限公司担任董事

及副总经理。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Biographies of Directors and Senior Management (continued)

董事及高级管理人员履历（续）

EXECUTIVE DIRECTORS (continued)

Ms. Kwan Kit Sum Kit (关洁心), aged 53, is our executive

Director and the Director – Operations of the Group.

Ms. Kwan is responsible for project management and

cordination, as wel as daily operations of the Group.

Ms. Kwan has ben a director of In Construction Limited since

1 December 2014. Ms. Kwan obtained a Bachelor of Busines

Administration degre in Management from the Hong Kong

University of Science and Technology in November 1994.

Ms. Kwan has acumulated over 20 years of experience in

the construction industry. She joined In Construction Limited

as an asistant manager in April 1997. Prior to joining

our Group, Ms. Kwan worked in Sam Wo Enginering

Equipment Limited from February 1995 to April 1997, as an

asistant manager. Ms. Kwan is the spouse of Mr. Lau Pak

Man.

INDEPENDENT NON-EXECUTIVE

DIRECTORS

Mr. Leung Chi Kin (梁梓坚), aged 71, is an independent

non-executive Director apointed by the Company on

26 March 2015. Mr. Leung obtained a high diploma in

acountancy from the Hong Kong Polytechnic University

(formerly known as the Hong Kong Polytechnic) in November

1976. In the course of his carer, Mr. Leung has acumulated

over 40 years of working experience in auditing, acounting,

taxation and financial management. Mr. Leung is curently

a practicing Certified Public Acountant and managing

director of Chang Leung Hui & Li C.P.A. Limited. He is also

a Certified Tax Adviser of the Taxation Institute of Hong

Kong. Mr. Leung is a felow member of the Asociation

of Chartered Certified Acountants and the Institute of

Chartered Acountants in England and Wales, and a member

of the Hong Kong Chartered Governance Institute. Betwen

June 1976 and November 1980, Mr. Leung worked in Lowe

Bingham & Mathews Price Waterhouse & Co., and then

started his own acounting practice in January 1981 and has

ben in public practice up to now.

执行董事（续）

关洁心女士，53岁，为本集团的执行董事

及营运总监。关女士负责项目管理及协调

以及本集团的日常营运。关女士自二零

一四年十二月一日起为现恒建筑有限公

司的董事。关女士于一九四年十一月获

香港科技大学颁授管理学工商管理学士

学位。关女士已于建造业累积超过20年的

经验。彼于一九七年四月加入现恒建筑

有限公司，担任助理经理。于加入本集团

之前，自一九五年二月至一九七年四

月，关女士于三和机械有限公司工作，担

任助理经理。关女士为刘伯文先生的配

偶。

独立非执行董事

梁梓坚先生，71岁，由本公司于二零一五

年三月二十六日委任为独立非执行董事。

梁先生于一九七六年十一月获颁授香港理

工大学（前称香港理工学院）会计学高级

文凭。于其职业生涯中，梁先生于审计、

会计、税务及财务管理方面累积逾40年

的工作经验。梁先生现时为张梁许李会计

师事务所有限公司的执业会计师及董事

总经理。彼亦为香港税务学会的执业税务

顾问。梁先生为特许会计师协会及英格兰

及威尔士特许会计师协会的资深会员以

及香港公司治理公会的会员。于一九七六

年六月至一九八零年十一月，梁先生

任职于Lowe Bingham & Mathews Price

Waterhouse & Co.，及随后于一九八一年

一月开设其自己的会计师事务所及直至现

在一直公开执业。

现恒建筑控股有限公司

2024/2025 年报

Biographies of Directors and Senior Management (continued)

董事及高级管理人员履历（续）

INDEPENDENT NON-EXECUTIVE

DIRECTORS (continued)

Mr. Lam Chi Hung Louis (林志雄), aged 77, is an

independent non-executive Director apointed by the

Company on 26 March 2015. Mr. Lam obtained a Bachelor of

Science degre in November 1969, and after that he obtained

a degre of Doctor of Philosophy from the University of

Hong Kong in November 1972. Mr. Lam has over 45 years of

experience in enginering. Mr. Lam has ben the managing

director and founder of LR Construction Technologies Limited

since August 2012, the managing director and co-founder of

LR Construction and Consultancy Limited since April 2012,

the managing director and co-founder of LR IoT Limited since

June 2009. From November 1996 to August 2004, Mr. Lam

was a principal lecturer of the Vocational Training Council.

From 1976 to 1987, Mr. Lam was an apointed lecturer in

the Department of Civil and Structural Enginering of the

University of Hong Kong. Mr. Lam was apointed Head of

Department of Civil Enginering of Chu Hai Colege of Higher

Education from March 2020 to June 2024.

Mr. Lam has ben a member of the Hong Kong Institute

of Enginers since November 1975 and is also a registered

profesional enginer of Enginers Registration Board.

Mr. Lam was an independent non-executive director of

Magnus Concordia Group Limited (Stock Exchange Stock

Code: 1172) from 26 January 2018 to 25 January 2022.

独立非执行董事（续）

林志雄先生，77岁，由本公司于二零

一五年三月二十六日委任为独立非执行

董事。林先生于一九六九年十一月获得

理学士，其后彼于一九七二年十一月

获得香港大学哲学博士学位。林先生于

工程业拥有逾45年的经验。自二零一二

年八月起至今，林先生为LR Construction

Technologies Limited的董事总经理及

创办人；自二零一二年四月起为LR

Construction and Consultancy Limited的董

事总经理及联合创办人；自二零九年六

月起，为LR IoT Limited的董事总经理及联

合创办人。从一九六年十一月至二零

四年八月，林先生为职业训练局的首席讲

师。从一九七六年至一九八七年，林先生

获委任为香港大学土木工及结构工程系的

讲师。从二零二零年三月至二零二四年六

月林先生为香港珠海学院土木工程系主

任。

自一九七五年十一月起，林先生为香港工

程师学会员及亦为工程师注册管理局的

注册专业工程师。

林先生于二零一八年一月二十六日至二零

二年一月二十五日曾为融太集团股份有

限公司（联交所股份代号：1172）的独立

非执行董事。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Biographies of Directors and Senior Management (continued)

董事及高级管理人员履历（续）

独立非执行董事（续）

莫锦嫦女士，现年六十五岁，由本公司于

二零二四年四月十六日委任为独立非执

行董事。莫女士为荣誉文学士。她从事法

律事务工作超过28年。莫女士现任陈冯吴

律师事务所合伙人。莫女士专注于企业融

资，重点是首次公开募股(IPO)、二级市场

融资、上市公司合规性和相关交易。她为

寻求于联交所上市的国际及本地公司以及

向申请人提供保荐人╱承销商方面的建议

方面拥有丰富经验。莫女士亦就并购、上

市前投资及企业重组提供法律意见。莫女

士曾于二零一五年八月至二零二三年八月

担任中国再保险（集团）股份有限公司（股

份代号：1508）之独立非执行董事，她现

兼任中国再保险（香港）股份有限公司之独

立董事。莫女士具有香港高等法院授予的

律师资格，英格兰和威尔士最高法院授予

的律师资格，中国司法部委任的中国委托

公证人资格。

高级管理层

首席财务总裁及公司秘书

王倩仪女士，59岁，自二零一九年三月一

日起加入本集团出任首席财务总裁，并于

二零一九年三月八日获委任为本公司的公

司秘书。王女士负责本集团的会计及财务

职能、内部监控以及公司秘书事宜。王女

士为香港会计师公会员及香港公司治理

公会以及特许秘书及行政人员公会员。

彼持有南澳大学工商管理硕士学位。于加

入本集团前，王女士曾担任多间香港上市

公司之财务经理，积逾20年经验，并于审

计、会计及财务管理方面拥有丰富经验。

INDEPENDENT NON-EXECUTIVE

DIRECTORS (continued)

Ms. Mok Kam Sheung (莫锦嫦), age 65, is an independent

non-executive Director apointed by the Company on 16

April 2024. Ms. Mok holds a Bachelor of Arts (honours)

degre. She has over 28 years working experience of legal

afairs and is now a partner of CFN Lawyers. Ms. Mok’s

practice focuses on corporate finance with a strong emphasis

on initial public oferings (IPOs), secondary market fund

raisings, listed company compliance and related transactions.

She has extensive experience in advising international and

local companies seking flotations on the Stock Exchange

and sponsors/underwriters to the aplicants. Ms. Mok also

advises on mergers and acquisitions, pre-IPO investments

and corporate restructuring. Ms. Mok was an independent

non-executive Director of the China Reinsurance (Group)

Corporation (stock code: 1508) from August 2015 to August

2023, and she is curently an independent director of China

Reinsurance (Hong Kong) Limited. Ms. Mok is qualified to

practise as a solicitor of the High Court of Hong Kong and

the Supreme Court of England and Wales. She is also a

China-apointed atesting oficer apointed by the Ministry

of Justice of the PRC.

SENIOR MANAGEMENT

CHIEF FINANCIAL OFICER AND COMPANY

SECRETARY

Ms. Wong Sin Yi Reginia (王倩仪), aged 59, has joined

us as the Chief Financial Oficer of the Group since 1 March

2019, and was apointed as our company secretary on 8

March 2019. Ms. Wong is responsible for the acounting and

financial functions, internal control as wel as the company

secretary afairs of the Group. Ms. Wong is an asociate

of the Hong Kong Institute of Certified Public Acountants

and an asociate of the Hong Kong Chartered Governance

Institute and the Institute of Chartered Secretaries and

Administrators. She holds a master degre in Busines

Administration from the University of South Australia. Prior to

joining the Group, Ms. Wong has over 20 years of experience

as the finance manager of several listed companies in Hong

Kong and has extensive experience in auditing, acounting

and financial management.

Directors’ Report

董事会报告

现恒建筑控股有限公司

2024/2025 年报

The Board presents this anual report together with the

audited consolidated financial statements of the Group for

the financial year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The Company is an investment holding company, and its

subsidiaries are principaly engaged in foundation works

as wel as asociated works including demolition works,

site formation works, ground investigation field works and

general building works. The activities and particulars of the

Company’s subsidiaries are shown under note 12 to the

financial statements.

RESULTS

The results of the Group for the financial year ended 31

March 2025 are set out in the consolidated statement of

profit or los and other comprehensive income on page 60 of

this report.

DIVIDENDS

The Board has resolved not to declare a final dividend for the

Financial Year 2024/25.

CLOSURE OF REGISTER OF MEMBERS

AND RECORD DATE

In order to establish entitlements to atend and vote at the

2024/2025 AGM, the register of members of the Company

wil be closed from Tuesday, 9 September 2025 to Friday, 12

September 2025, both days inclusive, during which period

no transfer of shares of the Company wil be registered.

Shareholders of the Company are reminded to ensure that al

completed share transfer forms acompanied by the relevant

share certificates must be lodged with the Company’s Branch

Share Registrar (Branch Share Registrar) in Hong Kong, Tricor

Investor Services Limited, at 17th Flor, Far East Finance

Centre, No. 16 Harcourt Road, Hong Kong not later than

4:30 p.m. on Monday, 8 September 2025. The record date

for the purpose of ascertaining Shareholders’ right to atend

and vote at the AGM wil be on Friday, 12 September 2025.

董事会谨此提呈本集团截至二零二五年三

月三十一日止财政年度之年报及经审核综

合财务报表。

主要业务

本公司为投资控股公司，其附属公司主要

从事地基工程以及相关工程，包括拆卸工

程、地盘平整工程、现场土地勘测工程及

一般建筑工程。本公司附属公司的活动及

详情载于财务报表附注12。

业绩

本集团截至二零二五年三月三十一日止财

政年度之业绩载于本报告第60页之综合损

益及其他全面收益表。

股息

董事会议决不宣派二零二四╱二五财政年

度之末期股息。

暂停办理股东名册登记及记录日

为确保享有出席本公司二零二四╱二零

二五年股东周年大会并于会上投票的权

利，本公司将由二零二五年九月九日（星

期二）至二零二五年九月十二日（星期五）

包括首尾两日暂停办理股东名册登记，期

间将不会登记本公司股份过户。本公司股

东务请确保所有填妥之股份过户表格连同

有关股票，最迟必须于二零二五年九月八

日（星期一）下午四时三十分前送达本公

司之香港股份过户登记分处卓佳证券登记

有限公司，地址为香港夏悫道16号远东金

融中心17楼。厘定股东周年大会及于会上

投票之权利之记录日期为二零二五年九月

十二日（星期五）。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Directors’ Report (continued)

董事会报告（续）

PURCHASE, SALE OR REDEMPTION OF

THE COMPANY’S LISTED SECURITIES

Neither the Company nor its subsidiaries had purchased, sold

or redemed any of the Company’s listed securities during the

year.

EVENTS AFTER THE REPORTING PERIOD

The Board is not aware of any significant event requiring

disclosure that has taken place subsequent to 31 March 2025

and up to the date of this report.

FINANCIAL SUMARY

A sumary of the results and asets and liabilities of the

Group for the last five financial years, is set out on page 132.

This sumary does not form part of the audited consolidated

financial statements in this report.

SHARE CAPITAL

Details of movements in the Financial Year 2024/25 in

the share capital are set out in note 19(c) to the financial

statements.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration

of the whole or any substantial part of the busines of the

Company were entered into or existed during the Financial

Year 2024/25.

DISTRIBUTABLE RESERVES

As at 31 March 2025, the Company’s reserves available for

distribution to equity shareholders of the Company amounted

to aproximately HK$133,668,000.

PLANT AND EQUIPMENT

Details of the movements in plant and equipment of the

Group during the year ended 31 March 2025 are set out in

note 11 to the financial statements.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the articles

of asociation of the Company (the “Articles”), or the law of

Cayman Islands being the jurisdiction in which the Company

is incorporated.

购买、出售或赎回本公司上市证

券

年内，本公司或其附属公司概无购买、出

售或赎回本公司任何上市证券。

报告期后事项

董事会并不知悉于二零二五年三月三十一

日后直至本报告日期所发生任何重大事项

须予以披露。

财务资料概要

本集团于过往五个财政年度的业绩及资产

及负债概要载于第132页。该概要并不构

成本报告经审核综合财务报表的一部分。

股本

于二零二四╱二五财政年度股本变动详情

载于财务报表附注19(c)。

管理层合约

于二零二四╱二五财政年度，并无订立或

存续涉及管理及执行本公司业务之全部或

任何主要部分之合约。

可供分派储备

于二零二五年三月三十一日，本公司可供

分派予本公司权益股东的储备总额约为

133,668,000港元。

厂房及设备

本集团于截至二零二五年三月三十一日止

年度的厂房及设备变动详情载于财务报表

附注11。

优先购买权

本公司组织章程细则（「章程细则」）或开曼

群岛（即本公司注册成立所在司法权区）法

律并无有关优先购买权的任何规定。

现恒建筑控股有限公司

2024/2025 年报

Directors’ Report (continued)

董事会报告（续）

DIRECTORS

(a) Directors of the Company

The Directors during the year ended 31 March 2025

and up to the date of this report, are:

Executive Directors

Mr. Lau Pak Man (Chairman and Chief Executive Oficer)

Mr. Cheng Wing Cheong

Ms. Kwan Kit Sum Kit

Independent Non-Executive Directors

Mr. Leung Chi Kin

Mr. Lam Chi Hung Louis

Mr. Yau Chi Man Norman (also known as Iao Chi Meng)

(resigned on 16 April 2024)

Ms. Mok Kam Sheung (apointed on 16 April 2024)

Pursuant to Article 108(a) of the Articles, one-third of

the Directors for the time being, or, if their number

is not 3 or a multiple of 3, then the number nearest

to but not les than one-third, shal retire from ofice

by rotation at every anual general meting of the

Company. A retiring Director shal be eligible for

re-election. Mr. Cheng Wing Cheong and Ms. Kwan Kit

Sum Kit retire from ofice by rotation at the 2024/2025

AGM and, being eligible, wil ofer themselves for

re-election at the said meting.

The Company has received, from each of the

independent non-executive Directors, an anual

confirmation of his independence pursuant to Rule

3.13 of the Rules Governing the Listing of Securities on

the Stock Exchange (the “Listing Rules”). The Company

considers al of the independent non-executive

Directors to be independent.

董事

(a) 本公司董事

截至二零二五年三月三十一日止年

度及直至本报告日期之董事如下：

执行董事

刘伯文先生 (主席兼行政总裁)

郑荣昌先生

关洁心女士

独立非执行董事

梁梓坚先生

林志雄先生

丘子敏先生

（于二零二四年四日十六日辞任）

莫锦嫦女士（于二零二四年

四月十六日获委任）

根据章程细则第108(a)条，于本公

司每届股东周年大会上，占当时董

事人数三分之一（或当人数非三或三

的倍数时，则为接近，但不少于三

分之一的人数）之董事须轮席告退。

退任董事合资格膺选连任。郑荣昌

先生及关洁心女士将于二零二四╱

二零二五年股东周年大会上轮席退

任，并合资格及将于该大会上膺选

连任。

本公司已接获各独立非执行董事根

据联交所证券上市规则（「上市规

则」）第3.13条就其独立性发出的年

度确认。本公司认为全体独立非执

行董事均为独立人士。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Directors’ Report (continued)

董事会报告（续）

DIRECTORS (continued)

(b) Directors of the Company’s subsidiaries

During the year and up to the date of this report,

Mr. Lau Pak Man, Mr. Cheng Wing Cheong and

Ms. Kwan Kit Sum Kit are also directors in certain

subsidiaries of the Company.

DIRECTORS’ SERVICE CONTRACTS

Each of the executive Directors has entered into a service

agrement with the Company and each of the independent

non-executive Directors has signed an apointment leter

with the Company. The apointment of each of the Directors

is for a period of thre years and shal continue thereafter

until being terminated by either party giving not les than

thre months’ writen notice.

None of the Directors who are proposed for election or re-

election at the forthcoming AGM has a service contract with

the Company which is not determinable within one year

without payment of compensation, other than statutory

compensation.

PERMITED INDEMNITY PROVISION

The Articles provide that every Director shal be indemnified

out of the asets and profits of the Company against liabilities

(to the extent permited by the Companies Ordinance

(Chapter 622 of the Laws of Hong Kong) incured by him

as such Director in the execution of his duties or otherwise

in relation thereto, provided that such indemnity shal not

extend to any mater in respect of any fraud or dishonesty

which may atach to any such director. The Company has

taken out insurance against the liabilities and costs asociated

with defending any procedings which may be brought

against the Directors of the Company.

DIRECTORS’ MATERIAL INTERESTS IN

TRANSACTIONS, ARANGEMENTS AND

CONTRACTS THAT ARE SIGNIFICANT IN

RELATION TO THE GROUP’S BUSINES

No transactions, arangements and contracts of significance

in relation to the Group’s busines to which the Company,

any of its subsidiaries or its parent company was a party and

in which a Director had a material interest, whether directly

or indirectly, subsisted at the end of the year or during the

financial year ended 31 March 2025.

董事（续）

(b) 本公司附属公司董事

于本年度直至本报告日期，刘伯文

先生、郑荣昌先生及关洁心女士亦

为本公司若干附属公司董事。

董事服务合约

每名执行董事已与本公司订立服务协议，

而每名独立非执行董事与本公司已签订委

任函。各董事的任期为期三年，其后可继

续留任，直至其中一方给予不少于三个月

事先书面通知终止为止。

拟于应届股东周年大会上膺选连任之董事

概无与本公司订立不可由本公司于一年内

终止而毋须赔偿（法定赔偿除外）之服务合

约。

获准许的弥偿保证条文

章程细则规定，每位董事有权就因执行其

董事职务或相关的其他事宜而可能发生与

此相关之债务（按公司条例（香港法例第

622章）容许的最大程度），将获本公司从

其资产及溢利中赔偿，惟本弥偿保证不延

伸至任何与该董事欺诈或不忠诚有关之事

宜。本公司就可能对本公司董事提起的任

何法律诉讼相关的负债及成本投保。

董事于涉及本集团业务之重要交

易、安排及合约中之重大权益

本公司或其任何附属公司或其母公司概无

订立任何涉及本集团业务而董事于其中直

接或间接拥有重大权益之于截至二零二五

年三月三十一日止财政年度结束或年内任

何时间续存的重要交易、安排及合约。

现恒建筑控股有限公司

2024/2025 年报

Directors’ Report (continued)

董事会报告（续）

DIRECTORS’ INTERESTS IN COMPETING

BUSINES

Save for Mr. Cheng Wing Cheong’s interest in Longo Piling

Company, details of which were set out in the section

headed “Relationships with Controling Shareholders” of

the Prospectus, none of the Directors nor the controling

shareholders of the Company nor their respective asociates

(as defined in the Listing Rules) had any interest in a busines

that competed or might compete with the busines of the

Group in the Financial Year 2024/25.

Mr. Lau Pak Man, Ms. Kwan Kit Sum Kit, In Play Limited and

Kinetic Kingdom Limited, being the controling shareholders

of the Company declared that they have complied with the

undertakings given under the Ded of Non-competition as

disclosed in the Prospectus. Mr. Cheng Wing Cheong, Longo

Piling Company and Wealth Celebration Limited declared

that they have complied with the undertakings given under

the Longo Ded of Non-competition as disclosed in the

Prospectus.

The independent non-executive Directors were delegated

with the authority to review, on an anual basis, the

compliance with the Ded of Non-competition and the Longo

Ded of Non-competition. The independent non-executive

Directors were not aware of any non-compliance of both

Deds of Non-competition since the respective dates of the

deds and up to the date of this report.

BIOGRAPHICAL DETAILS OF DIRECTORS

AND SENIOR MANAGEMENT

Brief biographical details of Directors and senior management

are set out in the section headed “Biographies of Directors

and Senior Management” of this report.

DIRECTORS’ REMUNERATION

Details of the Directors’ remuneration are set out in note 8 to

the financial statements.

董事于竞争业务之权益

除郑荣昌先生于Longo Piling Company拥

有权益（详情载于招股章程「与控股东的

关系」一节）外，于二零二四╱二五财政年

度，本公司董事或控股东或彼等各自之

联系人（定义见上市规则）概无拥有与本集

团业务构成或可能构成竞争之业务的任何

权益。

本公司控股东刘伯文先生、关洁心

女士、In Play Limited及Kinetic Kingdom

Limited表明彼等已遵守招股章程所披

露不竞争契约项下作出的承诺。郑荣昌

先生、Longo Piling Company及Wealth

Celebration Limited已表明彼等已遵守招股

章程所披露Longo不竞争契约项下作出的

承诺。

独立非执行董事获授权每年审阅不竞争契

约及Longo不竞争契约的遵守情况。独立

非执行董事概无知悉自各契约日期以来及

直至本报告日期有任何违反两份不竞争契

约的行为。

董事及高级管理人员履历

董事及高级管理人员履历详情载于本报告

「董事及高级管理人员履历」一节内。

董事薪酬

董事薪酬详情载于财务报表附注8。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Directors’ Report (continued)

董事会报告（续）

DIRECTORS’ AND CHIEF EXECUTIVES’

INTERESTS IN SECURITIES

As at 31 March 2025, the interests and short positions of the

Directors and chief executives of the Company in the shares,

underlying shares or debentures of the Company and its

asociated corporations, within the meaning of the Securities

and Futures Ordinance (the “SFO”), which (a) were required

to be notified to the Company and the Stock Exchange

pursuant to Division 7 and 8 of Part XV of the SFO (including

interests and short positions which they are taken or demed

to have under such provisions of the SFO); or (b) were

required, pursuant to section 352 of the SFO, to be recorded

in the register refered to therein; or (c) were required to be

notified to the Company and the Stock Exchange pursuant

to the Model Code for Securities Transactions by Directors of

Listed Isuers as set out in Apendix C3 of the Listing Rules,

were as folows:

Long positions in the shares:

Name of Director

董事姓名

Capacity/

Nature of Interest

身份╱权益性质

Number of

股份数目

Aproximate

percentage

of the

isued share

capital of

the Company

占本公司

已发行股本的

概约百分比

Mr. Lau Pak ManBeneficial owner7,520,0000.91%

刘伯文先生实益拥有人

Interest in a controled

corporation

(Note 1)

270,000,00032.53%

于受控制公司的权益

（附注1）

Interest of spouse

(Note 2)

60,000,0007.23%

配偶权益

（附注2）

Total337,520,00040.67%

合计

Mr. Cheng Wing CheongBeneficial owner5,900,0000.71%

郑荣昌先生实益拥有人

Interest in a controled

corporation

(Note 3)

270,000,00032.53%

于受控制公司的权益

（附注3）

Total275,900,00033.24%

合计

Ms. Kwan Kit Sum KitInterest in a controled

corporation

(Note 4)

60,000,0007.23%

关洁心女士于受控制公司的权益

（附注4）

Interest of spouse

(Note 5)

277,520,00033.44%

配偶权益

（附注5）

Total337,520,00040.67%

合计

Ms. Mok Kam SheungInterest of spouse

(Note 6)

6,000,0000.72%

莫锦嫦女士配偶权益

（附注6）

Total6,000,0000.72%

合计

董事及主要行政人员的证券权益

于二零二五年三月三十一日，董事及本公

司主要行政人员于本公司及其相联法团

（定义见证券及期货条例（「证券及期货条

例」）股份、相关股份或债券中拥有(a)根据

证券及期货条例第XV部第7及8分部须知会

本公司及联交所的权益及淡仓（包括根据

证券及期货条例的该等条文彼等被当作或

视为拥有的权益及淡仓）；或(b)根据证券

及期货条例第352条须登记于该条规定存

置的登记册内的权益及淡仓；或(c)根据上

市规则附录C3所载上市发行人董事进行

证券交易的标准守则须知会本公司及联交

所的权益及淡仓如下：

股份的好仓：

现恒建筑控股有限公司

2024/2025 年报

Directors’ Report (continued)

董事会报告（续）

DIRECTORS’ AND CHIEF EXECUTIVES’

INTERESTS IN SECURITIES (continued)

Notes:

1. In Play Limited is 100.0% owned by Mr. Lau Pak Man. Mr. Lau Pak Man

is therefore demed to be interested in the shares held by In Play Limited

under the SFO.

2. Mr. Lau Pak Man is the spouse of Ms. Kwan Kit Sum Kit. By virtue of the

SFO, Mr. Lau Pak Man is demed to be interested in the same number of

shares in which Ms. Kwan Kit Sum Kit is demed to be interested.

3. Wealth Celebration Limited is 100.0% owned by Mr. Cheng Wing

Cheong. Mr. Cheng Wing Cheong is therefore demed to be interested

in the shares held by Wealth Celebration Limited under the SFO.

4. Kinetic Kingdom Limited is 100.0% owned by Ms. Kwan Kit Sum Kit.

Ms. Kwan Kit Sum Kit is therefore demed to be interested in the shares

held by Kinetic Kingdom Limited under the SFO.

5. Ms. Kwan Kit Sum Kit is the spouse of Mr. Lau Pak Man. By virtue of

the SFO, Ms. Kwan Kit Sum Kit is demed to be interested in the same

number of shares in which Mr. Lau Pak Man is demed to be interested.

6. Ms. Mok Kam Sheung is the spouse of Mr. Yau Chi Man Norman (also

known as Iao Chi Meng) (former independent non-executive Director of

the Company). By virtue of the SFO, Ms. Mok Kam Sheung is demed to

be interested in the same number of Shares in which Mr. Yau Chi Man

Norman is demed to be interested.

SUBSTANTIAL SHAREHOLDERS’

INTERESTS IN SECURITIES

The shares of the Company were listed on the Main Board

of the Stock Exchange on 16 April 2015. The register

of substantial shareholders maintained by the Company

pursuant to section 336 of the SFO shows that, as at 31

March 2025, the folowing shareholders, other than those

disclosed in the section headed “Directors’ and Chief

Executive’s Interest in Securities”, had notified the Company

of its interests or short positions in the shares or underlying

shares of the Company which would fal to be disclosed to

the Company under the provisions of Divisions 2 and 3 of

Part XV of the SFO:

董事及主要行政人员的证券权益

（续）

附注：

1. In Play Limited由刘伯文先生全资拥有。根据

证券及期货条例，刘伯文先生因此被视为于In

Play Limited所持有股份中拥有权益。

。根据证券及

期货条例，刘伯文先生被视为于关洁心女士被

视为拥有权益的相同数目股份中拥有权益。

3. Wealth Celebration Limited由郑荣昌先生全资

拥有。根据证券及期货条例，郑荣昌先生因此

被视为于Wealth Celebration Limited所持有股

份中拥有权益。

4. Kinetic Kingdom Limited由关洁心女士全资拥

有。根据证券及期货条例，关洁心女士因此被

视为于Kinetic Kingdom Limited所持有之股份中

拥有权益。

。根据证券及

期货条例，关洁心女士被视为于刘伯文先生被

视为拥有权益的相同数目股份中拥有权益。

（本公司之前任独立

非执行董事）的配偶。莫锦嫦女士被视为丘子

敏先生被视作拥有的相同股份数目中拥有权

益。

主要股东的证券权益

本公司股份于二零一五年四月十六日在

联交所主板上市。本公司根据证券及期货

条例第336条存置的主要股东名册显示，

于二零二五年三月三十一日，除「董事及

主要行政人员的证券权益」一节所披露者

外，下列股东已知会本公司其于本公司股

份或相关股份中拥有根据证券及期货条例

第XV部第2及第3分部的条文须向本公司披

露的权益或淡仓：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Directors’ Report (continued)

董事会报告（续）

SUBSTANTIAL SHAREHOLDERS’

INTERESTS IN SECURITIES (continued)

Long positions in the shares:

Name of

substantial shareholder

主要股东名称

Capacity

身份

Number of

股份数目

Aproximate

percentage

of the isued

share capital

of the Company

占本公司已

发行股本的

概约百分比

In Play LimitedBeneficial owner270,000,00032.53%

实益拥有人

Wealth Celebration LimitedBeneficial owner270,000,00032.53%

实益拥有人

Kinetic Kingdom LimitedBeneficial owner60,000,0007.23%

实益拥有人

MAJOR SUPLIERS AND CUSTOMERS

The percentage of purchases and sales for the financial year

ended 31 March 2025 atributable to the Group’s major

supliers and customers are as folows:

Purchases

– the largest suplier 35.5%

– five largest supliers combined 66.2%

Sales

– the largest customer 44.7%

– five largest customers combined 98.1%

None of the Directors, their asociates or any shareholder

(which to the knowledge of the Directors owns more than

5% of the number of isued shares of the Company) had an

interest in the major supliers or customers noted above.

主要股东的证券权益（续）

股份的好仓：

主要供应商及客户

于截至二零二五年三月三十一日止财政年

度，本集团主要供应商及客户应占采购及

销售百分比如下：

采购

－最大供应商 35.5%

－五大供应商合计 66.2%

销售

－最大客户 44.7%

－五大客户合计 98.1%

董事、彼等之联系人或任何股东（据董事

所深知，持有本公司已发行股份数目5%

以上）概无于上文所述主要供应商或客户

中拥有权益。

现恒建筑控股有限公司

2024/2025 年报

Directors’ Report (continued)

董事会报告（续）

DIRECTORS’ RIGHT TO ACQUIRE SHARES

OR DEBENTURES

Apart from as disclosed under the paragraph headed

“Directors’ and chief executives’ interests in securities” above,

at no time during the year was the Company, its holding

company, subsidiaries or felow subsidiaries a party to any

arangement to enable the Directors or the chief executive of

the Company or their asociates to acquire benefits by means

of the acquisition of shares in or debentures of the Company

or any other body corporate.

CONECTED TRANSACTIONS

During the year ended 31 March 2025, there were no

conected transactions or continuing conected transactions

of the Company which require compliance with any of the

reporting, anouncement or independent shareholders’

aproval requirements under Chapter 14A of the Listing

Rules. Details of material related party transactions

undertaken in the usual course of busines of the Group

are set out in note 23 to the financial statements. However,

these transactions were either exempt from reporting,

anouncement and independent shareholders’ aproval

requirements under Chapter 14A of the Listing Rules, or did

not fal under the definition of conected transactions or

continuing conected transactions as defined in Chapter 14A

of the Listing Rules.

SUFICIENCY OF PUBLIC FLOAT

Based on the information that was publicly available and to

the best belief and knowledge of the Directors, the Company

has maintained the public float as required by the Listing

Rules throughout the year ended 31 March 2025 and up to

the date of this report.

BUSINES REVIEW

The busines review of the Group for the Financial Year

2024/2025 is included in the Management Discusion and

Analysis in this report on pages 7 to 16 and forms part of this

Directors’ Report.

RETIREMENT SCHEMES

The Group participates in the mandatory provident fund

prescribed by the Mandatory Provident Fund Schemes

Ordinance (Chapter 485 of the Laws of Hong Kong). Save

as the aforesaid, the Group did not participate in any other

pension schemes during the Financial Year 2024/25.

董事认购股份或债券之权利

除上文「董事及主要行政人员的证券权益」

一段所披露者外，本公司、其控股公司、

附属公司或同系附属公司于本年度任何时

间概无作为任何安排之参与方，致使本公

司董事或主要行政人员或其联系人士藉购

入本公司或任何其他法人团体之股份或债

券而获益。

关连交易

于截至二零二五年三月三十一日止年度，

本公司并无关连交易或持续关连交易须遵

守上市规则第14A章项下的申报、公布或

独立股东批准的规定。于本集团日常业务

过程中进行的重大关联方交易详情载于

财务报表附注23。然而，该等交易或获豁

免遵守上市规则第14A章项下的申报、公

布及独立股东批准规定，或不属上市规则

第14A章所界定的关连交易或持续关连交

易。

充足公众持股量

根据公开可得资料及就董事所确信及深

知，于截至二零二五年三月三十一日止整

个年度及直至本报告日期止，本公司已维

持上市规则规定之公众持股量。

业务回顾

本集团二零二四╱二零二五财政年度的业

务回顾载于本报告第7至16页的管理层讨

论及分析，并构成董事会报告一部分。

退休计划

本集团参加由香港法例第485章强制性公

积金计划条例所规定的强制性公积金。除

上文所述外，本集团于二零二四╱二五财

政年度并无参与任何其他退休金计划。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Directors’ Report (continued)

董事会报告（续）

SPECIFIC PERFORMANCE OF

CONTROLING SHAREHOLDERS UNDER

RULE 13.18 OF THE LISTING RULES

As at 31 March 2025, the Company as guarantor, and In

Construction Limited (an indirect wholy-owned subsidiary

of the Company) as borower, have entered into facility

agrement relating to a HK$80 milion general banking and

term loan facilities (“Facility”) with a licensed bank in Hong

Kong as lenders. The facility can be renewable in every thre

years from the date of signing the facility agrement.

Acording to the Facility, the Company, as guarantor, has

undertaken to the lenders that Mr. Lau Pak Man, Mr. Cheng

Wing Cheong and Ms. Kwan Kit Sum Kit wil maintain an

agregate beneficial shareholding of not les than 50%

of the entire isued share capital of the Company; The

Facility also requires any of Mr. Lau Pak Man, Mr. Cheng

Wing Cheong and Ms. Kwan Kit Sum Kit wil remain as the

chairman of the Company.

A breach of the above undertakings wil constitute an event

of default, and the lender may cancel or suspend the Facility

and demand repayment of any outstanding amounts under

the facility agrement together with interest acrued thereon.

The above undertakings contain covenants relating to specific

performance of the controling shareholders of the Company

which are subject to disclosure under Rule 13.21 of the

Listing Rules.

AUDITOR

A resolution wil be proposed at the forthcoming AGM to re-

apoint KPMG as the auditor of the Company.

By order of the Board

Lau Pak Man

Chairman

Hong Kong, 27 June 2025

控股东根据上市规则第13.18

条须履行的特定责任

于二零二五年三月三十一日，本公司（作

为担保人）及现恒建筑有限公司（本公司间

接全资附属公司），作为借款人与香港持

牌银行作为贷款人就为数80百万港元的一

般银行及定期贷款融资（「融资」）已订立融

资协议。有关融资可于自订立融资协议日

期起每三年续期。

根据融资，本公司（作为担保人）已向贷款

人承诺，刘伯文先生、郑荣昌先生及关洁

心女士将维持实益股权总额不少于本公司

全部已发行股本之50%；融资还要求刘伯

文先生、郑荣昌先生及关洁心女士中任何

一位仍将为本公司主席。

违反上述承诺将构成违约事件，贷款人可

取消或暂停融资及要求偿还融资协议项下

任何尚未偿还的款项连同相关应计利息。

上述承诺载有关本公司控股东根据上

市规则第13.21条须披露的特定责任的契

诺。

核数师

应届股东周年大会上将提呈一项决议案以

续聘毕马威会计师事务所为本公司核数

师。

承董事会命

主席

刘伯文

香港，二零二五年六月二十七日

Corporate Governance Report

企业管治报告

现恒建筑控股有限公司

2024/2025 年报

CORPORATE GOVERNANCE PRACTICES

The Company recognises the importance of corporate

transparency and acountability. The Company is comited

in achieving a high standard of corporate governance and

leading the Group to atain beter results and improve

its corporate image with efective corporate governance

procedures.

Since Listing, the Board is of the opinion that the Company

had adopted, aplied and complied with the code provisions

as set out in the Corporate Governance Code (the “Code”)

contained in Apendix C1 to the Listing Rules except for the

deviation from provision C.2.1 of the Code.

Acording to provision C.2.1 of the Code, the roles of

chairman and chief executive oficer should be separate and

should not be performed by the same individual. Mr. Lau Pak

Man is the Chairman and Chief Executive Oficer, responsible

for overal strategic development, project management and

client management of the Group. The Board believes that

vesting the roles of both Chairman and Chief Executive

Oficer in Mr. Lau Pak Man has the benefit of ensuring

consistent and continuous planing and execution of the

Company’s strategies. The Board considers that the balance

of power and authority, acountability and independent

decision-making under the present arangement wil not be

impaired in light of the diverse background and experience

of the independent non-executive Directors, and the

composition of the Board which comprises equal number of

independent non-executive Directors and executive Directors

also provides aded independence to the Board. Further,

the Audit Comite composed exclusively of independent

non-executive Directors has fre and direct aces to the

Company’s external auditors and independent profesional

advisers when it considers necesary.

GROUP’S VALUE AND CULTURE

Busines Strategies

The busines strategies of our Group include:

➢ Maintain our position as a key player in the

construction industry;

➢ Broaden our customer base;

➢ Continuing to develop our niche market of construction

site with considerable dificulty and complexity.

企业管治常规

本公司知悉公司透明度及问责十分重要。

本公司致力于达致高水准的企业管治及通

过更有效的企业管治程序带领本集团取得

更好业绩及提升公司形象。

董事会认为，本公司上市后一直应用及

遵守上市规则附录C1的企业管治守则

（「守则」）所载守则规定，惟偏离守则条文

C.2.1条者除外。

根据守则条文C.2.1条，主席与行政总裁的

角色应分开并不应由同一人士担任。刘伯

文先生为主席兼行政总裁，负责本集团整

体策略性发展、项目管理及客户管理。董

事会认为，刘伯文先生同时担任主席及行

政总裁可确保一致及持续规划及执行本公

司的策略。董事会认为，考虑到独立非执

行董事的不同背景及经验，现时安排下的

权力平衡、问责制度及独立决策将不会受

损，而董事会由相同数目的独立非执行董

事及执行董事组成，亦令董事会的独立性

有所提升。此外，审核委员会仅由独立非

执行董事组成，可于其认为有必要时自由

及直接联络本公司的外部核数师及独立专

业顾问。

集团价值及文化

经营策略

本集团的业务策略包括：

➢ 保持我们于建筑行业主要参与方的

地位；

➢ 扩大我们的客户群；

➢ 继续开发我们具有相当大难度和复

杂性的地盘之利基市场。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

GROUP’S VALUE AND CULTURE (continued)

Culture

To drive the sustainable development to atain its corporate

purpose, the Group promotes the corporate culture of

“RISE”, which aims to equip coleagues with the qualities of

Responsible, Integrity, Safety and Excelence.

➢ Responsible – Responsible to the jobs asigned, as wel

as responsible to the society as a whole;

➢ Integrity – Be honest and comply with the

Anti-coruption Policies of the Group;

➢ Safety – To ensure the Health and Safety at work;

➢ Excelence – Provide quality services to customers, and

response quickly to customers’ queries/coments.

Purpose

The Company is principaly engaged as a contractor in the

foundation industry in Hong Kong. The Company aims at

providing a safe foundation of the buildings, as wel as

creating sustainable value by reducing grenhouse gases

(GHG) emisions, noise and air polution arising from our

project activities.

Value

➢ Customers-Oriented – comitment to economic

design, due execution of construction works and

impecable customer services;

➢ Meritocracy – strives to build an eficient and

value-creating team. We focus on recruitment and staf

development;

➢ Creating both Economic and Sustainable Value –

maximizing returns for shareholders, protect the

environment by reducing grenhouse gases (GHG)

emisions, noise and water polution arising from our

project activities to combat climate change; and provide

a safe working environment for our workmen.

➢ Integrity – We uphold honesty and integrity in al our

activities.

集团价值及文化（续）

文化

为推动可持续发展，实现企业目标，集团

推行「RISE」的企业文化，旨在为同事提供

负责任、诚信、安全及卓越的品质。

➢ 负责任 – 对分配的工作负责，并对

整个社会负责；

➢ 诚信 – 诚实守信，遵守本集团之反

贪污政策；

➢ 安全 – 确保工作中的健康和安全；

➢ 卓越 – 为客户提供优质服务，快速

回应客户的查询╱意见。

目标

本公司主要从事香港地基行业的承建商。

公司旨在为建筑物提供安全的地基，并透

过减少项目活动产生的温室气体排放、噪

音和空气污染来创造可持续价值。

价值

➢ 以客户为导向－致力于经济设计、

建筑工程适当执行和无可挑剔的客

户服务；

➢ 惟才是用 – 努力建立一支高效且创

造价值的团队。我们专注于招聘和

员工发展；

➢ 创造经济价值和可持续价值 – 为股

东带来最大回报，透过减少项目活

动产生之温室气体排放、噪音和水

污染以保护环境，应对气候变化；

并为我们的员工提供一个安全的工

作环境。

➢ 诚信 – 我们于所有活动中坚持诚实

和正直。

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD

Board Composition

The Board consists of six Directors including Mr. Lau

Pak Man (Chairman and Chief Executive Oficer),

Mr. Cheng Wing Cheong and Ms. Kwan Kit Sum Kit

as the executive Directors and Mr. Leung Chi Kin,

Mr. Lam Chi Hung Louis and Ms. Mok Kam Sheung as

the independent non-executive Directors. Their names

and biographical details are set in the section headed

“Biographies of Directors and Senior Management” in

this report. The overal management of the Company’s

operation was vested in the Board.

Save that Mr. Lau Pak Man and Ms. Kwan Kit Sum Kit

are spouses, there are no financial, busines, family or

other material relationships among members of the

Board.

During the year ended 31 March 2025, the Board has

at al times met the requirements of Rules 3.10(1) and

(2) of the Listing Rules relating to the apointment

of at least thre independent non-executive Directors

with at least one independent non-executive Director

posesing apropriate profesional qualifications, or

acounting or related financial management expertise.

The thre independent non-executive Directors

represent half of the Board, the proportion of which

is higher than what is required by Rule 3.10A of the

Listing Rules whereby independent non-executive

directors of a listed isuer must represent at least one-

third of the board. The Board believes there is suficient

independence element in the Board to safeguard the

interest of shareholders of the Company.

(A) 董事会

董事会组成

董事会由六名董事组成，包括执

行董事刘伯文先生（主席兼行政总

裁）、郑荣昌先生及关洁心女士以及

独立非执行董事梁梓坚先生、林志

雄先生及莫锦嫦女士。彼等的姓名

及履历详情载于本报告「董事及高级

管理人员履历」一节。董事会负责本

公司的整体营运管理。

除刘伯文先生及关洁心女士为夫妻

外，董事会成员概无财务、业务、

家族或其他重大关系。

截至二零二五年三月三十一日止

年度，董事会一直遵守上市规则第

3.10(1)及(2)条所载有关最少委任三

名独立非执行董事及最少其中一名

独立非执行董事须具备适当之专业

资格或会计或相关财务管理专长之

规定。

三名独立非执行董事相当于董事会

一半成员人数，比例高于上市规则

第3.10A所规定。据规定，上市发

行人之独立非执行董事须占董事会

至少三分之一成员人数。董事会相

信，董事会成员的组成有足够之独

立性以保障本公司股东利益。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Directors’ Responsibilities

The Board takes the responsibility to overse al major

maters of the Company, including the formulation and

aproval of al policy maters, overal strategies, internal

control and risk management systems, and monitor

the performance of the senior executives. The Directors

have to make decisions objectively in the interests of

the Company.

Liability insurance for the Directors and senior

management oficers of the Company was maintained

by the Company with coverage for any legal liabilities

which may arise in the course of performing their

duties.

Delegation by the Board

The management, consisting of executive Directors

along with other senior executives, is delegated with

responsibilities for implementing the strategy and

direction as adopted by the Board from time to

time, and conducting the day-to-day operations of

the Group. Executive Directors and senior executives

met regularly to review the performance of the

busineses of the Group as a whole, co-ordinate

overal resources and make financial and operational

decisions. The Board also gives clear directions

as to their powers of management including

circumstances where the management should report

back, and wil review the delegation arangements on

a periodic basis to ensure that they remain apropriate

to the neds of the Group.

Compliance with the Model Code for

Securities Transactions by Directors

The Company has adopted the Model Code for

Securities Transactions by Directors of Listed Isuers

contained in Apendix C3 to the Listing Rules as its

own code of conduct of dealings in securities of the

Company by Directors (the “Model Code”). Upon

specific enquiries of al the Directors, each of them

confirmed that he/she has complied with the required

standards set out in the Model Code during the

Financial Year 2024/25.

(A) 董事会（续）

董事责任

董事会的职责为监督本公司所有主

要事务，包括制定及批准所有政策

事务、整体策略、内部监控及风险

管理系统，以及监察高级行政人员

的表现。董事须以本公司之利益作

出客观的决定。

本公司已为董事及高级管理人员购

买责任保险，就彼等履行职责时引

起的任何法律责任提供保障。

董事会转授权力

董事会授权管理层（由执行董事及

其他高级行政人员组成），负责实行

由董事会不时采纳的策略及方针，

并处理本集团日常营运业务。执行

董事及高级行政人员定期会面，检

讨本集团整体的业务表现、协调整

体资源及作出财务及营运决定。董

事会亦对于彼等之管理权力，包括

管理层须向董事会作报告的情况，

作出清晰的指引，并会定期检讨转

授权力的安排，确保一直切合本集

团的需要。

遵守董事进行证券交易之标准守

则

本公司已采纳上市规则附录C3所载

上市发行人董事进行证券交易的标

准守则作为董事买卖本公司证券的

操守准则（「标准守则」）。经向全体

董事作出特定查询后，各董事均确

认彼于二零二四╱二五财政年度已

遵守标准守则所载的规定标准。

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Independent Non-Executive Directors

The independent non-executive Directors play

a significant role in the Board by virtue of their

independent judgement and their views cary

significant weight in the Board’s decision. They bring an

impartial view on isues of the Company’s strategies,

performance and control.

Al independent non-executive Directors poses

extensive academic, profesional and industry expertise

and management experience and have provided their

profesional advice to the Board.

The Board also considers that the independent non-

executive Directors can provide independent advice

on the Company’s busines strategies, results and

management so as to safeguard the interests of the

Company and its shareholders.

Al independent non-executive Directors are apointed

for a term of thre years and are renewable for a period

of thre years. None of the independent non-executive

Directors held any other ofices in the Company or

any of its subsidiaries. Al independent non-executive

Directors have confirmed their independence to

the Company in acordance with Rule 3.13 of the

Listing Rules. The Company considers al independent

non-executive Directors are independent.

(A) 董事会（续）

独立非执行董事

独立非执行董事凭借独立判断于董

事会担任重要角色，其意见对于董

事会的决策举足轻重，并就本公司

的策略、绩效及监控提供不偏不倚

的意见。

全体独立非执行董事拥有广泛的

学术、专业及行业专长以及管理经

验，向董事会提供专业意见。

董事会亦认为独立非执行董事能就

本公司业务策略、业绩及管理方面

提供独立意见，以保障本公司及其

股东之利益。

所有独立非执行董事获委任，任期

为三年。并以三年期延续。概无任

何独立非执行董事于本公司或其任

何附属公司担任何其他职位。全

体独立非执行董事已按照上市规则

第3.13条向本公司确认彼等之独立

性。本公司认为全体独立非执行董

事均为独立人士。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Apointment, Re-election and Removal of

Directors

Each of the executive Directors and independent

non-executive Directors, has entered into a service

contract or a leter of apointment with the Company

for a specific term. Such term is subject to his/her

re-election by the Company at an anual general

meting (“AGM”) upon retirement. Article 112 of the

Articles provides that any Director apointed by the

Board to fil a casual vacancy in the Board shal hold

ofice only until the first anual general meting of the

members of Company and shal then be eligible for

re-election at such meting.

In acordance with Article 108 of the Articles, at each

AGM of the Company, one-third of the Directors

for the time being shal retire from ofice by rotation

provided that every Director (including those apointed

for a specific term) shal be subject to retirement by

rotation at least once every thre years and, being

eligible, ofer themselves for re-election. Mr. Cheng

Wing Cheong and Ms. Kwan Kit Sum Kit shal retire

from ofice by rotation at the next AGM and, being

eligible, wil ofer themselves for re-election at the said

meting.

The members of the Company may, at any general

metings convened and held in acordance with the

Articles, remove a Director by ordinary resolution at any

time before the expiration of his/her period of ofice

notwithstanding anything contrary in the Articles or

in any agrement betwen the Company and such

Director and may by ordinary resolution elect another

person in his/her stead.

(A) 董事会（续）

董事之委任、重选及罢免

每名执行董事及独立非执行董事均

与本公司以指定任期订立服务合约

或签订委任函，并于本公司日后股

东周年大会（「股东周年大会」）告退

及膺选连任。章程细则第112条列

明，任何由董事会委任以填补董事

会临时空缺的董事，任期仅直至本

公司首次股东周年大会为止，届时

于该大会上合资格膺选连任。

按照章程细则第108条，于本公司每

届股东周年大会上，占当时董事人

数三分之一之董事须轮席告退，惟

各董事（包括以指定任期委任之董

事）须最少每三年轮席告退一次，届

时均符合资格并愿意膺选连任。郑

荣昌先生及关洁心女士将于下一届

股东周年大会上轮席退任，并合资

格及将于该大会上膺选连任。

本公司股东可于按照章程细则召开

及举行的任何股东大会上以普通决

议案随时罢免一名任期并未届满的

董事，而不论章程细则或本公司与

该名董事之间订立之任何协议有相

反规定，彼等亦可以普通决议案选

举另一名人士代替其职位。

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Apointment, Re-election and Removal of

Directors (continued)

The Company has also complied with the requirement

of Part 2 of the CG Code on considering the

independence of Independent Non-executive Director

who has served more than nine years for his further

apointment.

Board Metings

The Board mets regularly to discus and formulate the

overal strategy as wel as the operation and financial

performance of the Group. Directors may participate

either in person or through electronic means of

comunications.

The Board had convened four regular metings during

the year. The atendance of the respective Directors to

the Board metings and the AGM are set out below:

Atendance/Number of

metings held

出席次数╱举行会议次数

Regular

Board metingsAGM

定期董事会议股东周年大会

Executive Directors执行董事

Mr. Lau Pak Man刘伯文先生

(Chairman and Chief Executive Oficer)（主席及行政总裁）4/41/1

Mr. Cheng Wing Cheong郑荣昌先生4/41/1

Ms. Kwan Kit Sum Kit关洁心女士4/41/1

Independent Non-Executive Directors独立非执行董事

Mr. Leung Chi Kin梁梓坚先生4/41/1

Mr. Lam Chi Hung Louis林志雄先生4/41/1

Ms. Mok Kam Sheung莫锦嫦女士4/41/1

(A) 董事会（续）

董事之委任、重选及罢免（续）

于重选已担任董事超过九年的独立

非执行董事时，本公司亦会考虑其

独立性，以遵守企业管治守则第二

部份的要求。

董事会议

董事会定期会面商讨及制定本集团

的整体策略以及营运及财务表现。

董事可亲自出席或以电子通讯方式

参与会议。

董事会于本年度已召开四次定期会

议。各董事出席董事会议及股东

周年大会的记录载列如下：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Board Metings (continued)

Al Directors received training in the form of seminar

and provision of training materials to ensure that he/

she is fuly aware of his/her duties and responsibilities as

a director under aplicable rules and requirements. Al

Directors are encouraged to participate in continuous

profesional development to develop and refresh their

knowledge and skils.

The Company Secretary updates Directors on the latest

developments and changes to the Listing Rules and the

aplicable legal and regulatory requirements regarding

subjects necesary in the discharge of their duties.

Directors are continualy updated on developments in

the statutory and regulatory regime and the busines

environment to facilitate the discharge of their

responsibilities.

Directors are required to submit to the Company

anualy details of training sesions undertaken by

them in each financial year for the Company to

maintain a training record for its Directors. Acording

to the training records maintained by the Company, the

training received by each of the Directors during the

year ended 31 March 2025 is sumarised as folows:

Type of trainings

Name of Director董事姓名培训类型

Executive Directors执行董事

Mr. Lau Pak Man刘伯文先生A, B

Mr. Cheng Wing Cheong郑荣昌先生A, B

Ms. Kwan Kit Sum Kit关洁心女士A, B

Independent Non-Executive Directors独立非执行董事

Mr. Leung Chi Kin梁梓坚先生A, B

Mr. Lam Chi Hung Louis林志雄先生A, B

Ms. Mok Kam Sheung*莫锦嫦女士A, B

Mr. Yau Chi Man Norman

(also known as Iao Chi Meng)

丘子敏先生A, B

A: atending seminars/conferences/workshops/forums

B: reading newspapers, journals and updates relating to the

economy, environmental protection busines or director’s duties

and responsibilities etc.

* apointed on 16 April 2024

resigned on 16 April 2024

(A) 董事会（续）

董事会议（续）

全体董事以研讨会的形式接受培训

并获提供培训材料，确保其充分理

解其于适用规则及规定下身为董事

的职责及责任。本公司鼓励全体董

事参与持续专业发展，以发展及更

新彼等的知识及技能。

公司秘书就上市规则之最新发展及

变动，以及有关履行董事职责之必

须事务之适用法例及监管规定，向

董事提供最新资料。

董事持续获得有关法例及监管制度

发展以及业务环境变动之最新资

料，以便彼等履行职责。

董事须每年向本公司提供彼等于各

财政年度参与培训环节之详情，让

本公司为董事存置培训记录。根据

本公司存置之培训记录，各董事于

截至二零二五年三月三十一日止年

度接受之培训概述如下：

A: 参加研讨会╱会议╱工作坊╱论坛

B: 阅读与经济、环保业务或董事职责及

责任等有关的报章、期刊及最新资料

* 于二零二四年四月十六日获委任

于二零二四年四月十六日辞任

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Corporate Governance Functions

The Board is responsible for performing the corporate

governance duties including:

(a) to develop and review the Company’s policies

and practices on corporate governance;

(b) to review and monitor the training and

continuous profesional development of Directors

and senior management;

and practices on compliance with legal and

regulatory requirements;

(d) to develop, review and monitor the code

of conduct and compliance manual (if any)

aplicable to employes and Directors; and

(e) to review the Company’s compliance with the

Code.

Board Comites

The Board has established four comites and

has delegated various responsibilities to the

comites including the audit comite (the

“Audit Comite”), the remuneration comite

(the “Remuneration Comite”), the nomination

comite (the “Nomination Comite”) and

the sustainability comite (the “Sustainability

Comite”). Al the Board comites perform their

distinct roles in acordance with their respective terms

of reference which are available to shareholders of

the Company on the websites of both the Company

and the Stock Exchange. The Board comites are

provided with suficient resources to discharge their

duties and, upon reasonable request, are able to

sek independent profesional advice in apropriate

circumstances, at the Company’s expense.

(A) 董事会（续）

企业管治职能

董事会负责履行的企业管治职务包

括：

(a) 发展及审阅本公司企业管治政

策及常规；

(b) 审阅及监督董事及高级管理人

员的培训及持续专业发展；

规，以遵守法律及监管规定；

(d) 发展、审阅及监督适用于雇员

及董事的操守准则及合规手册

（如有）；及

(e) 检讨本公司有否遵守则。

董事委员会

董事会辖下已成立四个委员会，并

将各种职责分派至各委员会，分别

为审核委员会（「审核委员会」）、薪

酬委员会（「薪酬委员会」）、提名委

员会（「提名委员会」）及可持续发

展委员会（「可持续发展委员会」）。

全部董事委员会均按其各自的职权

范围履行其特定的职务，而该职权

范围于本公司及联交所网站可供本

公司股东查阅。董事委员会有充足

资源以履行其职责，另在合理要求

下，可由本公司付费在适合情况下

寻求独立专业意见。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Audit Comite

The Company established the Audit Comite on

26 March 2015 with writen terms of reference in

compliance with Rule 3.21 of the Listing Rules and

paragraph D.3.3 of the Code as set out in Apendix

C1 to the Listing Rules. The primary duties of the Audit

Comite are to make recomendations to the Board

on apointments and removal of external auditors;

review and to supervise the financial reporting proces

and the efectivenes of the Group’s internal controls

and risk management. The Audit Comite mets

regularly with management and external auditors

in reviewing the interim and anual reports of the

Company before submision to the Board for aproval.

The Audit Comite consists of thre independent

non-executive Directors, namely Mr. Leung Chi

Kin (being the chairman of the Audit Comite),

Mr. Lam Chi Hung Louis and Ms. Mok Kam Sheung.

In compliance with Rule 3.21 of the Listing Rules,

the chairman of the Audit Comite poseses the

apropriate profesional and acounting qualifications.

The Audit Comite convened thre metings during

the year with atendance of each member as folows:

Atendance/Number of

metings held

出席次数╱举行会议次数

Mr. Leung Chi Kin (Chairman)梁梓坚先生（主席）3/3

Mr. Lam Chi Hung Louis林志雄先生3/3

(A) 董事会（续）

审核委员会

本公司于二零一五年三月二十六日

成立审核委员会，并遵照上市规则

第3.21条及上市规则附录C1守则第

D.3.3段的规定，订立书面职权范

围。审核委员会的主要职责为就外

部核数师的委任及罢免向董事会提

供建议；审阅及监察财务申报过程

及本集团内部监控及风险管理效

能。审核委员会与管理层及外部核

数师定期会面，在向董事会提呈本

公司中期及年度报告供批准前，审

阅该等中期及年度报告。

审核委员会由三名独立非执行董事

组成，包括梁梓坚先生（审核委员会

主席）、林志雄先生及莫锦嫦女士。

遵照上市规则第3.21条规定，审核

委员会主席具备适当专业及会计资

历。

审核委员会于本年度举行三次会

议，各成员出席记录如下：

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Remuneration Comite

The Company established the Remuneration

Comite on 26 March 2015 with writen terms of

reference in compliance with paragraph E.1.2 of the

Code as set out in Apendix C1 to the Listing Rules.

The primary duties of the Remuneration Comite

are to make recomendations to the Board on the

overal remuneration policy and structure relating to al

Directors and senior management of our Group; review

performance based remuneration; reviewing and/or

aproving maters relating to share schemes under

Chapter 17 of the Listing Rules and ensure none of our

Directors determine their own remuneration.

The Remuneration Comite consists of 3 members,

being Ms. Mok Kam Sheung (being the chairman of the

Remuneration Comite), Ms. Kwan Kit Sum Kit and

Mr. Leung Chi Kin.

The Remuneration Comite convened one meting

during the year with the atendance of each member as

folows:

Atendance/Number of

metings held

出席次数╱举行会议次数

Ms. Mok Kam Sheung (Chairman)莫锦嫦女士（主席）1/1

Ms. Kwan Kit Sum Kit关洁心女士1/1

Mr. Leung Chi Kin梁梓坚先生1/1

(A) 董事会（续）

薪酬委员会

本公司于二零一五年三月二十六日

成立薪酬委员会，并遵照上市规则

附录C1所载守则第E.1.2段的规定，

订立书面职权范围。薪酬委员会的

主要职责为就本集团所有董事及高

级管理层的整体薪酬政策及架构向

董事会提供建议、检讨按表现厘定

的薪酬，根据上市规则第十七章检

讨及╱或批准与股份计划有关的事

宜以及确保董事并无厘定其本身的

薪酬。

薪酬委员会由三名成员组成，即莫

锦嫦女士（薪酬委员会主席）、关洁

心女士及梁梓坚先生。

薪酬委员会于本年度举行一次会

议，各成员出席记录如下：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Remuneration Comite (continued)

Remuneration Comite (continued) Pursuant to code

provision E.1.5 of the Code, the anual remuneration

(including bonus) of the members of the senior

management of the Group by band for the year ended

31 March 2025 is set out below:

Remuneration Band

Number of Senior

Management

薪酬范围高级管理人员数目

Up to HK$1,000,0001,000,000港元或以下1

Nomination Comite

The Company established the Nomination Comite

on 26 March 2015 with writen terms of reference in

compliance with paragraph B.3.1 of the Code as set

out in Apendix C1 to the Listing Rules. The primary

duties of the Nomination Comite are to make

recomendations to our Board on the apointment

of Directors and the management of the Board

sucesion.

The Nomination Comite consists of 3 members,

being Mr. Lam Chi Hung Louis (being the chairman of

the Nomination Comite), Mr. Cheng Wing Cheong

and Ms. Mok Kam Sheung.

The Nomination Comite convened one meting

during the year with the atendance of each member as

folows:

Atendance/Number of

metings held

出席次数╱举行会议次数

Mr. Lam Chi Hung Louis (Chairman)林志雄先生（主席）1/1

Mr. Cheng Wing Cheong郑荣昌先生1/1

Ms. Mok Kam Sheung莫锦嫦女士1/1

(A) 董事会（续）

薪酬委员会（续）

根据守则之守则条文第E.1.5条，于

截至二零二五年三月三十一日止年

度，本集团高级管理人员之年度薪

酬（包括花红）按范围载列如下：

提名委员会

本公司于二零一五年三月二十六日

成立提名委员会，并遵照上市规则

附录C1所载守则第B.3.1段的规定，

订立书面职权范围。提名委员会的

主要职责为就委任董事向董事会提

供建议及管理董事会的继任事宜。

提名委员会由三名成员组成，即林

志雄先生（提名委员会主席）、郑荣

昌先生及莫锦嫦女士。

提名委员会于本年度举行一次会

议，各成员出席记录如下：

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Sustainability Comite

The Board is responsible for ensuring the environment,

social and governance (“ESG”) and climate change risk

management and internal control systems are operating

properly and efectively. The Board is also responsible

to review and aprove the ESG report.

The Board established the Sustainability Comite

on 18 March 2025 with writen terms of reference in

compliance with paragraph 19 of the Code as set out

in Apendix C2 to the Listing Rules to asist the Board

to overse the ESG and climate change initiatives. The

primary duties of the Sustainability Comite are to

are to provide ongoing oversight of ESG and climate

change maters which mainly comprise overseing the

implementation and progres of the Group’s ESG and

climate change initiatives, to monitor and evaluate

ESG and climate-related risks and oportunities,

to review and aprove Group’s ESG and climate

change performance metrics and targets, to overse

the preparation and publication of the Group’s ESG

reports, to ensure the compliance with relevant laws,

regulations and industry standard and to engage

with persons in charge and stakeholders on ESG and

climate-related maters, etc.

The Sustainability Comite wil met twice anualy

with the management to discus and ases the risk

and oportunities of ESG initiatives and climate-change

initiatives.

The Sustainability Comite consists of one executive

Director and 3 independent non-executive Directors,

namely Ms. Kwan Kit Sum Kit (being the chairman

of the Sustainability Comite), Mr. Leung Chi Kin,

Mr. Lam Chi Hung Louis and Ms Mok Kam Sheung.

The Sustainability Comite convened one meting

during the year with atendance of each members as

folows:

Atendance/Number of

metings held

出席次数╱举行会议次数

Ms. Kwan Kit Sum Kit (Chairman)关洁心女士（主席）1/1

Mr. Leung Chi Kin梁梓坚先生1/1

Mr. Lam Chi Hung Louis林志雄先生1/1

Ms. Mok Kam Sheung莫锦嫦女士1/1

(A) 董事会（续）

可持续发展委员会

董事会负责确保环境、社会及管治

（「ESG」）及气候变化风险管理及内

部监控系统正常及有效地运作。董

事会亦负责审阅及批准环境、社会

及管治报告。

董事会于2025年3月18日成立可持

续发展委员会，并遵照上市规则附

录C2所载守则第19段制定书面职

权范围，以协助董事会监督环境、

社会及管治及气候变化措施。可持

续发展委员会的主要职责是持续监

督环境、社会及管治及气候变化事

宜，主要包括监督本集团环境、社

会及管治及气候变化措施的实施及

进展、监测及评估环境、社会及管

治及气候相关风险及机遇、审查及

批准集团的环境、社会及管治及气

候变化表现指标及目标；监督本集

团环境、社会及管治报告的编制及

发布，确保遵守相关法律、法规及

行业标准，并与负责人及持份者就

环境、社会及管治及气候相关事宜

等进行沟通。

可持续发展委员会将每年与管理层

举行两次会议，讨论和评估ESG倡

议和气候变化倡议的风险和机遇。

可持续发展委员会由一名执行董事

及三名独立非执行董事组成，即关

洁心洁女士（可持续发展委员会主

席）、梁梓坚先生、林志雄先生及莫

锦嫦女士。

可持续发展委员会于本年度召开了

一次会议，各成员出席会议的人数

如下：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Board Diversity Policy

The Company has adopted a board diversity policy (the

“Policy”) which sets out the aproach to achieve and

maintain diversity on the Board in order to enhance the

efectivenes of the Board.

Pursuant to the Policy, the Company seks to achieve

Board diversity through the consideration of a number

of factors, including but not limited to the talent, skil,

regional and industry experience, background, gender

and other qualities.

The Board wil consider puting in place measurable

objectives to implement the Policy and review such

objectives anualy to ensure their apropriatenes and

ascertain the progres made towards achieving those

objectives.

The Nomination Comite wil review the Policy

anualy to ensure its continued efectivenes.

During the year under review, the Board reviewed the

implementation and efectivenes of the Board Diversity

Policy and considered the policy efective.

Dividend Policy

When considering whether to propose a dividend

and determining its amount, the Board of Directors

considers various factors, including but not limited to:

➢ The overal operational and financial condition of

the Group;

➢ The most recent capital and debt levels of the

Group;

➢ Future cash requirements, busines strategies,

and development neds;

➢ Restrictions on dividend payments imposed by

the Group’s creditors (if aplicable);

➢ General market conditions;

➢ Other factors demed relevant by the Board.

(A) 董事会（续）

董事会成员多元化政策

本公司已采纳董事会成员多元化政

策（「该政策」），当中载列为达致及

维持董事会成员多元化以提升董事

会之有效性而采取之方针。

根据该政策，本公司拟透过考虑多

项因素（包括但不限于才能、技能、

地区及行业经验、背景、性别及其

他资历）以达致董事会成员多元化。

董事会将考虑落实可计量目标以实

施该政策，并每年检讨该等目标以

确保其合适度及确定达致该等目标

之进度。

提名委员会将每年检讨该政策，以

确保其持续有效。

于回顾年内，董事会检讨董事会成

员多元化政策之实施及成效，并认

为该政策有效。

股息政策

在考虑是否拟派股息和确定股息金

额时，董事会考虑各种因素，包

括但不限于：

➢ 本集团的整体营运及财务状

况；

➢ 本集团最近的资本及债务水

平；

➢ 未来的现金需求、业务战略

和发展需求；

➢ 本集团债权人对股息支付施

加的限制（如适用）；

➢ 一般市场状况；

➢ 董事会认为相关的其他因素。

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Dividend Policy (continued)

The Company’s ability to pay dividends is subject to

any restrictions imposed by the Companies Law of

the Cayman Islands and the articles of asociation of

the Company. The Dividend Policy undergoes periodic

reviews by the Board of Directors.

Board Review on Other Policies

In adition to the Board Diversity Policy, during the year

under review, the Board also reviewed the folowing

guidelines and policies and considers these policies are

implemented efectively:

;

;

’ Comunication Policy.

Mechanism to Ensure Independent Views

and Input are available to the Board

The Company has established mechanism to ensure

independent views and input are available to the

Board. The Board reviewed the implementation and

efectivenes of such mechanism from the folowing

two aspects:

1. Independence asesment criteria for independent

non-executive Directors

(i) anual independence asesment of

each independent non-executive Director

acording to the Nomination Policy as set

out below and Rule 3.13 of the Listing

Rules; and

(i) anual review of tenure of each independent

non-executive Director.

(A) 董事会（续）

股息政策（续）

本公司支付股息的能力受《开曼群

岛公司法》及本公司章程细则所施

加的任何限制。股息政策由董事会

定期审阅。

董事会审阅其他政策

除了上述董事会成员多元化政策

外，于回顾年度内，董事会亦已检

讨以下指引及政策并认为这些政策

有效执行：

确保董事会取得独立观点的机制

本公司已制定机制，以确保董事会

可获得独立的观点和意见，董事会

从两方面检讨该机制的实施及有效

性：

1. 独立非执行董事的独立性评估

准则

(i) 根据提名政策（有关详

情载于下文）及上市规

则第3.13条对每名独立

非执行董事进行年度独

立性评估；及

(i) 年度审视每名任职独立

非执行董事年期。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

(A) THE BOARD (continued)

Mechanism to Ensure Independent Views

and Input are available to the Board

(continued)

2. Asesment to ensure independent views and

input are available to the Board

(i) review of the Board and Board comite

structure;

(i) management of conflict of interest;

(i) review of remuneration of independent

non-executive Directors;

(iv) recruitment chanels and procedures for

independent non-executive Directors;

(v) anual review of time comitment of

each of the independent non-executive

Directors;

(vi) in order to facilitate Directors to properly

perform their duties, al Directors could

sek advice from the Company Secretary,

and can also sek advice from independent

profesional advisors, at the Company’s

expense; and

(vi) anual meting betwen the Chairman

and Independent Non-executive Directors.

During the year under review, the Board

reviewed the implementation and efectivenes

of the mechanism to ensure independent

views and input are available to the Board and

considered the mechanism efective.

(A) 董事会（续）

确保董事会取得独立观点的

机制（续）

2. 确保董事会取得独立观点机制

的评估

(i) 审阅董事会及董事会辖

下的委员会架构；

(i) 利益冲突的管理；

(i) 审阅独立非执行董事的

酬金；

(iv) 独立非执行董事的招聘

渠道及流程；

(v) 每年检视每名独立非执

行董事投入的时间；

(vi) 为协助董事适当履行其

职责，所有董事均可向

公司秘书征询意见，亦

可征询独立专业顾问的

意见，相关费用由本公

司支付；及

(vi) 每年独立非执行董事与

主席的闭门会议。

于回顾年度，董事会检讨董事

会独立性机制的实施及有效

性，并认为该机制有效。

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

(B) FINANCIAL REPORTING, RISK

MANAGEMENT AND INTERNAL

CONTROL

Financial Reporting

The Directors acknowledge their responsibilities for

preparing the financial statements of the Group for

the year ended 31 March 2025 in acordance with

statutory requirements and aplicable acounting

standards. The Directors also acknowledge their

responsibilities to ensure that the financial statements

of the Group are published in a timely maner. The

Directors are not aware of any material uncertainties

relating to events or conditions which may cast

significant doubt upon the Group’s ability to continue

as a going concern. Acordingly, the Directors have

prepared the financial statements of the Group on a

going concern basis.

The reporting responsibilities of our Company’s external

auditors on the financial statements of the Group are

set out in the “Independent Auditor’s Report” in this

report.

External Auditor’s Remuneration

For the year ended 31 March 2025, the remunerations

paid or payable to KPMG in respect of its audit

services and non-audit services are HK$980,000 and

HK$420,000, respectively. The non-audit services

mainly represent the service fe of HK$400,000 paid

to KPMG for the review of interim results of the Group

for the six months ended 30 September 2024 and

HK$20,000 for agred-upon procedures regarding

the Group’s anual results anouncement. The Audit

Comite was satisfied that the non-audit services

in the Financial Year 2024/25 did not afect the

independence of the auditor.

(B) 财务申报、风险管理及内部

监控

财务申报

董事确认彼等的责任为根据法定要

求及适用会计准则编制本集团截至

二零二五年三月三十一日止年度

的财务报表。董事亦确认彼等须负

责确保本集团及时刊发财务报表。

董事并不知悉有任何会对本集团继

续持续经营之能力构成重大疑问之

事件或状况之重大不明朗因素。据

此，董事已按持续经营基准编制本

集团之财务报表。

本公司外聘核数师对本集团财务报

表之申报责任载于本报告「独立核数

师报告」。

外聘核数师酬金

截至二零二五年三月三十一日止

年度，本公司就毕马威会计师事务

所向本公司提供的审核服务及非

审核服务已付或应付之酬金分别为

980,000港元及420,000港元。非审

核服务主要指毕马威会计师事务所

审阅本集团截至二零二四年九月

三十日止六个月的中期业绩获支付

的服务费400,000港元及有关年度业

绩公告的商定程序20,000港元。审

核委员会信纳，二零二四╱二五财

政年度非审核服务并不影响核数师

之独立性。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

(B) FINANCIAL REPORTING, RISK

MANAGEMENT AND INTERNAL

CONTROL (continued)

Risk Management and Internal Control

The Board is responsible for the risk management and

internal control of the Group and for reviewing its

efectivenes anualy through the audit comite.

Procedures have ben designed for safeguarding

asets against unauthorised use or disposition, the

maintenance of proper acounting records for the

provision of reliable financial information for internal

use or for publications and the compliance of aplicable

laws, rules and regulations. The audit comite

reports to the Board on any material isues and makes

recomendations to improve the efectivenes to the

Board.

Aimed at providing reasonable asurance against

material erors, loses or fraud, the Company has

established a risk management procedures which

comprised the folowing steps:

: Identify major and significant risks

that could afect the achievement of goals of the

Group;

: Ases and evaluate the

identified risk acording to its likely impact and

the likelihod of ocurence;

: Develop efective control

activities to mitigate the risks.

Risk identification and asesment is performed or

updated anualy, and the results of risk asesment,

evaluation and mitigation of each functions or

operation are documented in the Risk Registry to

comunicate to the Board and Management for

reviews.

(B) 财务申报、风险管理及内部

监控（续）

内部监控

董事会负责本集团的内部监控、风

险管理及检讨其成效，并设有程序

以保障资产以防其未经授权使用或

处置、确保适当保存账簿记录以提

供可靠的财务资料供内部使用或发

布，并确保遵守适用法例、规则及

规例。审核委员会向董事会汇报重

要事项，并向董事会提出改善效益

的建议。

本公司设定以下风险管理程序，

旨在提供合理保证，以防止重大失

误、损失及欺诈：

：识别会影响达成集

团目标的重大及重要的风险；

：根据可能产生的影

响及发生的可能性，评估及评

价识别风险；

：制定有效控制措施

以减轻风险。

风险识别及评估每年进行及更新，

评估及评价、各功能或业务如何减

轻风险记录在风险名册，以供董事

会及管理层审阅。

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

(B) FINANCIAL REPORTING, RISK

MANAGEMENT AND INTERNAL

CONTROL (continued)

Risk Management and Internal Control

(continued)

The Company does not have an internal audit function

and has engaged an external consultant to conduct an

asesment on the efectivenes of risk management

and internal controls of the Group for the period

from 1 April 2024 to 31 March 2025. The Board

has conducted a review of the efectivenes of the

internal control system of the Group and is satisfied

that the Group has complied with the Code in respect

of internal control from the period from 1 April 2024

to 31 March 2025. The internal control is reviewed

and asesed on an on-going basis by the executive

Directors, and wil be further reviewed and asesed at

least once each year by the Board.

Having reviewed the above aspects of the financial

reporting, risk management and internal control

systems of the Group, the Company considers the

financial reporting, risk management and internal

control systems efective and adequate.

Linkage betwen Corporate Governance

and ESG

Corporate governance provides the framework

within which the Board forms decisions and

develops busineses. The Board focuses on creating

long-term sustainable growth for Shareholders and

delivering long-term values to al shareholders. The

wel-established corporate governance structure of the

Group alows us to have a beter understanding of,

evaluate and manage, risks and oportunities, including

ESG risk and oportunities.

The Board is responsible for efective governance and

oversight of ESG maters, as wel as asesment and

management of material environmental and social

risks. Safety oficers are responsible for keping track

of the progres in achieving the Group’s ESG targets

and ensuring compliance with the ESG-related laws and

regulations. For details of the Group’s environmental

and social maters, stakeholders can refer to our

separate ESG Report prepared in acordance with the

requirements under the ESG Reporting Code set out in

Apendix C2 to the Listing Rules.

(B) 财务申报、风险管理及内部

监控（续）

内部监控（续）

本公司并无设立内部审核职能，而

委任一名外聘顾问于二零二四年四

月一日至二零二五年三月三十一日

期间内评估本集团风险管理及内部

监控的有效性。董事会已检讨其内

部监控系统的有效性，并对本集团

于二零二四年四月一日至二零二五

年三月三十一日期间就内部监控遵

守则感到满意。执行董事会持续

检讨及评估内部监控，董事会更会

每年至少进行一次检讨与评估。

经检讨本集团财务申报、风险管理

及内部监控系统的上述方面，本公

司认为其财务申报、风险管理及内

部监控系统有效及足够。

企业管治与环境、社会及管治间的

联系

企业管治是董事会制定决策和发展

业务的框架。董事会专注于股东创

造长远的可持续增长，并为所有持

份者创造长期价值。集团良好的企

业管治架构有助我们了解、评估并

管理风险和机会（包括环境、社会及

管治风险和机会）。

董事会负责就环境、社会及管治事

宜有效管治和监督，并对重大的环

境及社会风险作出评估和管理。

安全主任负责追踪集团环境、社会

及管治目标之达成进度，并确保遵

守环境、社会及管治相关法律及规

例。就集团之环境及社会事宜之详

情、持份者可参阅我们跟据上市规

则附录C2 所载之环境、社会及管治

报告守则规定另行编制之环境、社

会及管治报告。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Corporate Governance Report (continued)

企业管治报告（续）

(B) FINANCIAL REPORTING, RISK

MANAGEMENT AND INTERNAL

CONTROL (continued)

Company Secretary

The Company has apointed Ms. Wong Sin Yi Reginia,

who is an employe of the Company, as its company

secretary. Ms. Wong has confirmed that for the year

under review, she has taken no les than 15 hours

of relevant profesional training. The biography of

Ms. Wong is set out in the section headed “Biographies

of Directors and Senior Management” of this report.

SHAREHOLDERS’ RIGHTS

Shareholders’ Right

Pursuant to Article 64 of the Articles, extraordinary

general metings may be convened on the requisition

of one or more shareholders holding, at the date of

deposit of the requisition, not les than one tenth of

the voting rights, on a one vote per share basis, in the

share capital of the Company having the right of voting

at general metings and the foregoing shareholders

shal be able to ad resolutions to the meting agenda.

Such requisition shal be made in writing to the Board

or the company secretary for the purpose of requiring

an extraordinary general meting to be caled by the

Board for the transaction of any busines specified in

such requisition. Such meting shal be held within 2

months after the deposit of such requisition. If within

21 days of such deposit, the Board fails to proced

to convene such meting, the requisitionist(s) himself

(themselves) may do so in the same maner, and al

reasonable expenses incured by the requisitionist(s) as

a result of the failure of the Board shal be reimbursed

to the requisitionist(s) by the Company. Shareholders

may folow the procedures set out above to convene

an extraordinary general meting for any busines

specified in such writen requisition.

(B) 财务申报、风险管理及内部

监控（续）

公司秘书

本公司已委任王倩仪女士（为本公司

雇员）为公司秘书。王女士已确认，

于回顾年度，彼已参加不少于15个

小时的相关专业培训。王女士的履

历载于本报告「董事及高级管理人员

履历」一节。

股东权利

根据章程细则第64条，股东特别大

会可由一名或多名股东要求召开，

该等股东于提出要求当日须持有本

公司实缴股本不少于十分之一投票

权（以每股份有一票为基准）并有

权在股东大会上投票，而上述股东

可于大会议程中增加决议案。有关

要求须以书面形式向董事会或公司

秘书提出，借以要求董事会就处理

有关要求所指明之任何事务而召开

股东特别大会。有关会议须在递交

该要求后2个月内召开。如董事会在

要求递交日期起计21日内未有进行

安排召开有关会议，则请求人（或多

名请求人）可用相同方式自行召开

会议，且请求人因董事会未有妥为

召开会议而招致的所有合理费用，

须由本公司补偿请求人。股东可根

据上述程序召开股东特别大会以处

理有关书面要求提出的任何事务。

现恒建筑控股有限公司

2024/2025 年报

Corporate Governance Report (continued)

企业管治报告（续）

股东权利（续）

根据章程细则第113条，除非获董事

推荐膺选外，否则除会上退任董事

外，概无任何人士合资格于任何股

东大会上膺选董事，惟已发出书面

通知表明建议提名相关人士膺选董

事，亦附上获提名人士签署的书面

通知表明愿意膺选，交予本公司总

办事处或过户登记处除外。发出所

要求通知的限期，将自不早于寄发

有关推选董事之股东大会通告翌日

起至不迟于该股东大会举行日期前

七日，惟可向本公司发出通知的期

限不得少于七日。

股东提名个别人士参选董事的详细

程序于本公司网站可供查阅。

章程文件

于回顾年度内，本公司的章程文件

概无变动。章程大纲及章程细则于

本公司及联交所网站可供查阅。

向董事会作出查询

股东可透过本公司的香港主要营业

地点向董事会作出查询，地址为香

港铜锣湾摩顿台5号百富中心26楼

（电邮：info@incon.hk）。

SHAREHOLDERS’ RIGHTS (continued)

Shareholders’ Right (continued)

Pursuant to Article 113 of the Articles, no person other

than a Director retiring at the meting shal, unles

recomended by the Directors for election, be eligible

for election as a Director at any general meting

unles notice in writing of the intention to propose

that person for election as a Director and notice in

writing by that person of his wilingnes to be elected

shal have ben lodged at the head ofice or at the

registration ofice of the Company. The period for

lodgement of the notices required wil comence no

earlier than the day after the dispatch of the notice of

the general meting apointed for such election and

end no later than seven days prior to the date of such

general meting and the minimum length of the period

during which such notices to the Company may be

given wil be at least seven days.

Detailed procedures for shareholders to propose a

person for election as a Director are available on the

Company’s website.

Constitutional Documents

During the year under review, there was no change

to the Company’s constitutional documents. The

Memorandum and Articles are available on the

websites of both the Company and the Stock

Exchange.

Enquiries to the Board

Enquiries may be put to the Board through the

Company’s principal place of busines in Hong Kong

at 26/F, Park Avenue Tower, 5 Moreton Terace,

Causeway Bay, Hong Kong (email: info@incon.hk).

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Independent Auditor’s Report

独立核数师报告

Independent auditor’s report to the shareholders of

In Construction Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of

In Construction Holdings Limited (“the Company”) and its

subsidiaries (“the Group”) set out on pages 60 to 131, which

comprise the consolidated statement of financial position

as at 31 March 2025, the consolidated statement of profit

or los and other comprehensive income, the consolidated

statement of changes in equity and the consolidated

cash flow statement for the year then ended and notes,

comprising material acounting policy information and other

explanatory information.

In our opinion, the consolidated financial statements give a

true and fair view of the consolidated financial position of the

Group as at 31 March 2025 and of its consolidated financial

performance and its consolidated cash flows for the year

then ended in acordance with HKFRS Acounting Standards

as isued by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) and have ben properly prepared

in compliance with the disclosure requirements of the Hong

Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) isued by the HKICPA.

Our responsibilities under those standards are further

described in the Auditor’s responsibilities for the audit of

the consolidated financial statements section of our report.

We are independent of the Group in acordance with the

HKICPA’s Code of Ethics for Profesional Acountants (“the

Code”) together with any ethical requirements that are

relevant to our audit of the consolidated financial statements

in the Cayman Islands, and we have fulfiled our other ethical

responsibilities in acordance with these requirements and the

Code. We believe that the audit evidence we have obtained is

suficient and apropriate to provide a basis for our opinion.

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgement, were of most significance in our audit of the

consolidated financial statements of the curent period. These

maters were adresed in the context of our audit of the

consolidated financial statements as a whole, and in forming

our opinion thereon, and we do not provide a separate

opinion on these maters.

致现恒建筑控股有限公司全体股东的独立

核数师报告

（于开曼群岛注册成立的有限公司）

意见

本核数师（以下简称「我们」）已审计列载

于第60至131页的现恒建筑控股有限公司

（以下简称「贵公司」）及其附属公司（以下

统称「贵集团」）的综合财务报表，此综合

财务报表包括于二零二五年三月三十一日

的综合财务状况表与截至该日止年度的综

合损益及其他全面收益表、综合权益变动

表和综合现金流量表，以及包含重大会计

政策资料及其他解释性资料的附注。

我们认为，该等综合财务报表已根据香港

会计师公会颁布的香港财务报告会计准则

真实而中肯地反映了贵集团于二零二五

年三月三十一日的综合财务状况及截至该

日止年度的综合财务表现及综合现金流

量，并已遵照香港《公司条例》的披露要求

妥为编制。

意见的基础

我们已根据香港会计师公会颁布的《香港

审计准则》进行审计。我们在该等准则下

承担的责任已在本报告「核数师就综合审

计财务报表承担的责任」部分中作进一步

阐述。根据香港会计师公会颁布的《专业

会计师道德守则》（以下简称「守则」）以及

我们对开曼群岛综合财务报表的审计相关

的道德要求，我们独立于贵集团，并已

履行这些道德要求以及守则中的其他专业

道德责任。我们相信，我们所获得的审计

凭证能充足及适当地为我们的审计意见提

供基础。

关键审计事项

关键审计事项是根据我们的专业判断，认

为对本期综合财务报表的审计最为重要的

事项。这些事项是在我们审计整体综合财

务报表及出具意见时进行处理。我们不会

对这些事项提供单独的意见。

现恒建筑控股有限公司

2024/2025 年报

Independent Auditor’s Report (continued)

独立核数师报告（续）

KEY AUDIT MATERS (continued)

Contract acounting estimates

Refer to acounting policies (2)(i) & (2)(p)(i) and notes 4 and 15 to the consolidated financial statements

The Key Audit MaterHow the mater was adresed in our audit

The Group recorded revenue from the provision

of foundation construction works in Hong Kong

totaling HK$273.6 milion for the year ended 31

March 2025.

Contract revenue is recognised progresively

over time using output method, based on direct

measurements of the value of services delivered

or surveys of work performed and the estimated

total revenue for the contracts entered into by the

Group. Contract costs are recognised when work

is performed, together with any provisions for

expected contract loses. The recognition of revenue

and profit relies on management’s estimate of the

final outcome of each contract, which involves the

exercise of significant management judgement,

particularly in forecasting the costs to complete a

contract, in valuing contract variations, claims and

liquidated and ascertained damages, in estimating

the amount of expected loses and in asesing the

ability of the Group to deliver services acording to

the agred timetable.

We identified contract acounting estimates as a

key audit mater because the estimation of the

total contract revenue and total costs to complete

contracts is inherently subjective and requires

significant management judgement and estimation

and because erors in the forecast of contract

revenue and contract costs could result in a material

variance in the amount of profit or los recognised

from contracts to date and, therefore, in the curent

year.

Our audit procedures to ases contract acounting

estimates included the folowing:

• asesing the design and implementation of

key internal controls over the contract revenue

recognition proceses;

• discusing with management the performance

of al contracts in progres during the

year and chalenging the key estimates

and asumptions adopted in the forecast

of contract revenue and contract costs,

including estimated costs to completion,

the recognition of variation orders, the

adequacy of contingency provisions and

the asesment of potential liquidated and

ascertained damages for contracts which were

behind schedule, by obtaining and asesing

information in conection the asumptions

adopted, including contract agrements and

sub-contracts, corespondence with customers

regarding contract variations and claims and

by considering historical outcomes for similar

contracts;

关键审计事项（续）

合约会计估计

请参阅会计政策(2)(i) & (2)(p)(i)及综合财务报表附注4和15

关键审计事项我们的审计如何处理该事项

截至二零二五年三月三十一日止年度，贵集团在

香港提供基建工程录得收益总计273.6百万港元。

合约收益基于直接计量已交付服务或已开展工程测

量的价值以及贵集团所订立合约的估计总收益采

用产出法随时间确认。合约成本于进行工作时连同

预期合约亏损的任何拨备确认。收益及溢利的确认

倚赖于管理层对各项合约的最终结果的估计，当中

涉及行使重大管理层判断，尤其是在预测完成合约

的成本、评估合约变量、申索及协定及确定损害赔

偿、估计预期亏损金额以及评估贵集团根据协定

的时间表提供服务的能力方面。

我们将合约会计估计确定为关键审计事项，因为总

合约收益及完成合约的总成本估计原本具有主观性

且需要重大的管理层判断及估计及由于合约收益及

合约成本预测的错误可能会导致迄今为止（及因此

于当前年度内）透过合约确认的损益金额出现重大

差异。

我们就评估合约会计估计进行的审计程序包括：

• 评估对合约收益确认流程的关键内部控制

的设计及实施；

• 透过获取及评估与所采纳的假设有关的资

料（包括合约协议及分包合约、就合约变动

及申索与客户通信）以及透过考虑类似合约

的历史结果，与管理层讨论年内所有正在

进行的合约的绩效并对在预测合约收益及

合约成本时所采纳的关键估计及假设提出

质疑，包括估计的完成本、合约变量的确

认、应计经费的充足性及其对落后于预定

计划的潜在协定及确定损害赔偿的评估；

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Independent Auditor’s Report (continued)

独立核数师报告（续）

Key audit maters (continued)

The Key Audit MaterHow the mater was adresed in our audit

• obtaining a detailed breakdown of the total

estimated costs to completion for al contracts

in progres during the year and comparing,

on a sample basis, actual costs incured at the

reporting date and future cost estimates with

agrements, certifications or corespondence

with subcontractors and supliers and other

documentation refered to by management

in its asesment of the estimated costs to

completion;

• chalenging the asumptions and critical

judgements made by management which

impacted their estimations of the liquidated

and ascertained damages asesments by

comparing the key terms and conditions in the

asesments with contract agrements with

customers and by comparing the estimated

contract completion time with the Group’s

updated progres report or corespondence

from customers;

• comparing the contract revenue recognised

for al contracts in progres during the

year with certifications from the surveyors

apointed by the customers or payment

aplications from the in-house surveyor;

关键审计事项（续）

关键审计事项我们的审计如何处理该事项

• 取得年内正在进行的合约的完成估计总成本

的详尽明细，并以抽样方式比较于报告日期

产生的实际成本和估计未来费用，与分包商

及供应商间的协议、认证或通讯以及管理层

在评估完成估计成本时提述的其他文件；

• 通过比较与评估客户合约协议的主要条款及

条件，并将估计的合约完成时间与贵集团

更新的进度报告或客户信函进行比较，对管

理层作出的假设及重大判断提出质疑，有关

假设及重大判断可影响对协定及确定损害赔

偿的估计；

• 将就年内正在进行的所有合约确认的合约收

益与来自客户委聘的测量师的认证或内部测

量师的付款申请进行对比；

现恒建筑控股有限公司

2024/2025 年报

Independent Auditor’s Report (continued)

独立核数师报告（续）

Key audit maters (continued)

The Key Audit MaterHow the mater was adresed in our audit

, on a sample basis, to

observe the progres of individual contracts

and discusing with site personel the status

of each project and evaluating whether the

project progres was consistent with the

agred timetable and the Group’s financial

acounting records;

• performing a retrospective review for

contracts completed during the curent

year by comparing the final outcome of the

contracts with previous estimates made for

those contracts to ases the reliability of the

management’s forecasting proces; and

• inspecting a sample of contract agrements

with customers and subcontractors to

identify key terms and conditions, including

contracting parties, the contract period,

contract sum, the scope of work, the

methodology for calculating liquidated and

ascertained damages, and evaluating whether

these key terms and conditions had ben

apropriately reflected in the total estimated

revenue and costs to complete in the forecast

of the outcome of the contract.

关键审计事项（续）

关键审计事项我们的审计如何处理该事项

• 按抽样基准进行实地视察以观察个别合约的

进度，并与现场人员讨论各个项目的状态及

评估项目进度与协定的时间表及贵集团的

财务会计记录是否一致；

• 通过将合约的最终结果与之前对该等合约作

出的估计进行对比，对本年度完成的合约进

行追溯审计，以评估管理层预测流程的可靠

性；及

• 抽样检查与客户及分包商的合约协议以确定

关键条款及条件（包括订约方、合约期、合约

金额、工作范围、协定及确定损害赔偿之计

算方法）并评估该等关键条款及条件是否根据

合约预测结果于估计收益总额及完成本中

得到恰当的反映。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Independent Auditor’s Report (continued)

独立核数师报告（续）

INFORMATION OTHER THAN THE

CONSOLIDATED FINANCIAL STATEMENTS

AND AUDITOR’S REPORT THEREON

The directors are responsible for the other information. The

other information comprises al the information included

in the anual report, other than the consolidated financial

statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does

not cover the other information and we do not expres any

form of asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the other information

and, in doing so, consider whether the other information

is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or

otherwise apears to be materialy mistated.

If, based on the work we have performed, we conclude that

there is a material mistatement of this other information, we

are required to report that fact. We have nothing to report in

this regard.

RESPONSIBILITIES OF THE DIRECTORS

FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors are responsible for the preparation of the

consolidated financial statements that give a true and fair

view in acordance with HKFRS Acounting Standards as

isued by the HKICPA and the disclosure requirements of

the Hong Kong Companies Ordinance and for such internal

control as the directors determine is necesary to enable the

preparation of consolidated financial statements that are fre

from material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the

directors are responsible for asesing the Group’s ability to

continue as a going concern, disclosing, as aplicable, maters

related to going concern and using the going concern basis of

acounting unles the directors either intend to liquidate the

Group or to cease operations, or have no realistic alternative

but to do so.

The directors are asisted by the Audit Comite in

discharging their responsibilities for overseing the Group’s

financial reporting proces.

综合财务报表及其核数师报告以

外的资料

董事需对其他资料负责。其他资料包括刊

载于年报内的全部资料，但不包括综合财

务报表及我们的核数师报告。

我们对综合财务报表的意见并不涵盖其他

信息，我们亦不对该等其他资料发表任何

形式的鉴证结论。

结合我们对综合财务报表的审计，我们的

责任是阅读其他资料，在此过程中，考虑

其他资料是否与综合财务报表或我们在审

计过程中所了解的情况存在重大抵触或者

似乎存在重大错误陈述的情况。

基于我们已执行的工作，如果我们认为其

他资料存在重大错误陈述，我们需要报告

该事实。在这方面，我们没有任何报告。

董事就综合财务报表须承担的责

任

董事须负责根据香港会计师公会颁布的

《香港财务报告准则》及香港《公司条例》

的披露要求编制真实而中肯的综合财务报

表，并对其认为使综合财务报表的编制

不存在由于欺诈或错误而导致的重大错误

陈述所需的内部控制负责。

在编制综合财务报表时，董事负责评估

贵集团持续经营的能力，并在适用情况下

披露与持续经营有关的事项，以及使用持

续经营为会计基础，除非董事有意将贵

集团清盘或停止经营，或别无其他实际的

替代方案。

审核委员会协助董事履行监督贵集团的

财务报告过程的责任。

现恒建筑控股有限公司

2024/2025 年报

Independent Auditor’s Report (continued)

独立核数师报告（续）

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about

whether the consolidated financial statements as a whole

are fre from material mistatement, whether due to fraud

or eror, and to isue an auditor’s report that includes our

opinion. This report is made solely to you, as a body, and for

no other purpose. We do not asume responsibility towards

or acept liability to any other person for the contents of this

report.

Reasonable asurance is a high level of asurance, but is not

a guarante that an audit conducted in acordance with

HKSAs wil always detect a material mistatement when it

exists. Mistatements can arise from fraud or eror and are

considered material if, individualy or in the agregate, they

could reasonably be expected to influence the economic

decisions of users taken on the basis of these consolidated

financial statements.

As part of an audit in acordance with HKSAs, we exercise

profesional judgement and maintain profesional scepticism

throughout the audit. We also:

• Identify and ases the risks of material mistatement

of the consolidated financial statements, whether due

to fraud or eror, design and perform audit procedures

responsive to those risks, and obtain audit evidence

that is suficient and apropriate to provide a basis

for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for

one resulting from eror, as fraud may involve colusion,

forgery, intentional omisions, misrepresentations, or

the overide of internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures that

are apropriate in the circumstances, but not for the

purpose of expresing an opinion on the efectivenes

of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies

used and the reasonablenes of acounting estimates

and related disclosures made by the directors.

核数师就审计综合财务报表承担

的责任

我们的目标，是对综合财务报表整体是否

不存在由于欺诈或错误而导致的重大错误

陈述取得合理鍳证，并出具包括我们意见

的核数师报告。我们仅向整体股东报告。

除此以外，我们的报告不可用作其他用

途。我们概不就本报告的内容，对任何其

他人士负责或承担法律责任。

合理鍳证是高水平的鍳证，但不能保证按

照《香港审计准则》进行的审计，在某一重

大错误陈述存在时总能发现。错误陈述可

以由欺诈或错误引起，如果合理预期它们

单独或汇总起来可能影响综合财务报表使

用者依赖综合财务报表所作出的经济决

定，则有关的错误陈述可被视作重大。

在根据《香港审计准则》进行审计的过程

中，我们运用了专业判断，保持了专业怀

疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致

综合财务报表存在重大错误陈述的

风险，设计及执行审计程序以应对

这些风险，以及获取充足和适当的

审计凭证，作为我们意见的基础。

由于欺诈可能涉及串谋、伪造、蓄

意遗漏、虚假陈述，或凌驾于内部

控制之上，因此未能发现因欺诈而

导致的重大错误陈述的风险高于未

能发现因错误而导致的重大错误陈

述的风险。

，以设

计于当时情况下适当的审计程序，

但目的并非对贵集团内部控制的

有效性发表意见。

• 评价董事所采用会计政策的恰当性

及作出会计估计和相关披露的合理

性。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Independent Auditor’s Report (continued)

独立核数师报告（续）

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (continued)

’ use

of the going concern basis of acounting and, based

on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that

may cast significant doubt on the Group’s ability to

continue as a going concern. If we conclude that

a material uncertainty exists, we are required to

draw atention in our auditor’s report to the related

disclosures in the consolidated financial statements

or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause

the Group to cease to continue as a going concern.

, structure and content

of the consolidated financial statements, including the

disclosures, and whether the consolidated financial

statements represent the underlying transactions and

events in a maner that achieves fair presentation.

• Plan and perform the group audit to obtain suficient

apropriate audit evidence regarding the financial

information of the entities or busines units within

the Group as a basis for forming an opinion on the

group financial statements. We are responsible for the

direction, supervision and review of the audit work

performed for purposes of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding,

among other maters, the planed scope and timing of the

audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our

audit.

We also provide the Audit Comite with a statement

that we have complied with relevant ethical requirements

regarding independence and comunicate with them al

relationships and other maters that may reasonably be

thought to bear on our independence and, where aplicable,

actions taken to eliminate threats or safeguards aplied.

核数师就审计综合财务报表承担

的责任（续）

• 对董事采用持续经营会计基础的

恰当性作出结论。根据所获取的审

计凭证，确定是否存在与事项或情

况有关的重大不确定性，从而可能

导致对贵集团的持续经营能力产

生重大疑虑。如果我们认为存在重

大不确定性，则有必要在核数师报

告中提请使用者注意综合财务报

表中的相关披露。假若有关的披露

不足，则我们应当发表非无保留意

见。我们的结论是基于核数师报告

日止所取得的审计凭证。然而，未

来事项或情况可能导致贵集团不

能持续经营。

• 评价综合财务报表的整体列报方

式、结构和内容，包括披露，以及

综合财务报表是否中肯反映交易和

事项。

，以获得关

于贵集团内实体或业务单位财务

资料的充足和适当的审计凭证，作

为对集团财务报表发表意见的基

础。我们负责指导、监督和覆核就

集团审计目的而进行的审计工作。

我们为审计意见承担全部责任。

除其他事项外，我们与审核委员会沟通了

计划的审计范围、时间安排、重大审计发

现等，包括我们在审计中识别出内部控制

的任何重大缺陷。

我们还向审核委员会提交声明，说明我们

已符合有关独立性的相关专业道德要求，

并与他们沟通有可能合理地被认为会影响

我们独立性的所有关系和其他事项，以及

在适用的情况下，相关消除威胁的行动或

防范措施。

现恒建筑控股有限公司

2024/2025 年报

Independent Auditor’s Report (continued)

独立核数师报告（续）

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (continued)

From the maters comunicated with the Audit Comite,

we determine those maters that were of most significance

in the audit of the consolidated financial statements of the

curent period and are therefore the key audit maters. We

describe these maters in our auditor’s report unles law or

regulation precludes public disclosure about the mater or

when, in extremely rare circumstances, we determine that a

mater should not be comunicated in our report because

the adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such

comunication.

The engagement partner on the audit resulting in this

independent auditor’s report is Ho Wai Ming (practising

certificate number: P05285).

KPMG

Certified Public Acountants

8th Flor, Prince’s Building

10 Chater Road

Central, Hong Kong

27 June 2025

核数师就审计综合财务报表承担

的责任（续）

从与审核委员会沟通的事项中，我们确定

哪些事项对本期综合财务报表的审计最为

重要，因而构成关键审计事项。我们在核

数师报告中描述这些事项，除非法律法规

不允许公开披露这些事项，或在极端罕见

的情况下，如果合理预期在我们报告中沟

通某事项造成的负面后果超过产生的公

众利益，我们决定不应在报告中沟通该事

项。

出具本独立核数师报告的审计项目合伙人

是何伟明（执业编号：P05285）。

毕马威会计师事务所

执业会计师

香港中环

遮打道10号

太子大厦8楼

二零二五年六月二十七日

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

(Expresed in Hong Kong Dolars)（以港元列示）

二零二五年二零二四年

Note$’000$’000

附注千元千元

Revenue收益4273,600383,102

Direct costs直接成本(273,366)(376,086)

Gros profit毛利2347,016

Other revenue其他收益51,7811,061

Administrative and other

operating expenses

行政及其他营运开支

(20,708)(20,642)

Los from operations经营亏损(18,693)(12,565)

Finance costs融资成本6(a)–(146)

Los before taxation除税前亏损6(18,693)(12,711)

Income tax所得税7(a)(218)(144)

Los and total comprehensive

income for the year

年内亏损及全面

收益总额(18,911)(12,855)

Los per share (Hong Kong cents)每股亏损（港仙）

Basic and diluted基本及摊薄10(2.3)(1.5)

The notes on pages 65 to 131 form part of these financial

statements.

第65至131页的附注构成此等财务报表之

一部分。

现恒建筑控股有限公司

2024/2025 年报

Consolidated Statement of Financial Position

综合财务状况表

As at 31 March 2025于二零二五年三月三十一日

(Expresed in Hong Kong Dolars)（以港元列示）

二零二五年二零二四年

Note$’000$’000

附注千元千元

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备1122033

Defered tax asets递延税项资产7(c)(i)190241

Curent asets流动资产

Contract asets合约资产15(a)230,499247,602

Inventories存货11,09518,399

Lease receivables应收租赁款项17(a)–65

Trade and other receivables贸易及其他应收款项1354,07250,348

Tax recoverable可收回税项7(c)(i)–11

Cash and bank balances现金及银行结余14(a)72,99978,565

368,665394,990

Curent liabilities流动负债

Trade and other payables贸易及其他应付款项16100,350113,892

Lease liabilities租赁负债17(b)–65

Contract liabilities合约负债15(b)13,0416,727

Tax payable应付税项7(c)(i)15–

Loan from a shareholder股东贷款1813,00013,000

126,406133,684

Net curent asets流动资产净值242,259261,306

Total asets les curent liabilities总资产减流动负债242,669261,580

NET ASETS资产净值242,669261,580

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

As at 31 March 2025于二零二五年三月三十一日

(Expresed in Hong Kong Dolars)（以港元列示）

Consolidated Statement of Financial Position (continued)

综合财务状况表（续）

二零二五年二零二四年

Note$’000$’000

附注千元千元

CAPITAL AND RESERVES资本及储备19

Share capital股本19(c)8,3008,300

Reserves储备234,369253,280

TOTAL EQUITY总权益242,669261,580

Aproved and authorised for isue by the board of directors

on 27 June 2025.

Lau Pak ManCheng Wing Cheong

DirectorDirector

The notes on pages 65 to 131 form part of these financial

statements.

由董事会于二零二五年六月二十七日批准

及授权刊发。

刘伯文郑荣昌

董事董事

第65至131页的附注构成此等财务报表之

一部分。

现恒建筑控股有限公司

2024/2025 年报

Consolidated Statement of Changes in Equity

综合权益变动表

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

(Expresed in Hong Kong Dolars)（以港元列示）

Atributable to equity shareholders of the Company

本公司权益股东应占

capital

premium

Capital

reserve

Retained

profits

Total

equity

股本股份溢价资本储备保留溢利总权益

Note$’000$’000$’000$’000$’000

附注千元千元千元千元千元

At 1 April 2023于二零二三年四月一日8,30075,453(35,952)226,634274,435

Change in equity for 2024:二零二四年权益变动：

Los and total comprehensive

income for the year

年内亏损及

全面收益总额–(12,855)(12,855)

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日8,30075,453(35,952)213,779261,580

Change in equity for 2025:二零二五年权益变动：

Los and total comprehensive

income for the year

年内亏损及

全面收益总额–(18,911)(18,911)

At 31 March 2025于二零二五年三月三十一日8,30075,453(35,952)194,868242,669

The notes on pages 65 to 131 form part of these financial

statements.

第65至131页的附注构成此等财务报表之

一部分。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Consolidated Cash Flow Statement

综合现金流量表

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

(Expresed in Hong Kong Dolars)（以港元列示）

二零二五年二零二四年

Note$’000$’000

附注千元千元

Operating activities经营活动

Cash used in operations经营所用现金14(b)(5,668)(47,203)

Tax (paid)/refunded（已付）╱退回税项(141)13,138

Net cash used in operating activities经营活动所用现金净额(5,809)(34,065)

Investing activities投资活动

Payment for the purchase of property,

plant and equipment

支付购买物业、厂房及设备

(313)–

Interest received已收利息556587

Capital element of lease rentals received已收租赁租金之资本元素655,256

Interest element of lease rentals received已收租赁租金之利息元素–130

Decrease/(increase) in restricted bank

deposits

受限制银行存款）减少╱

（增加）2,303(229)

Net cash generated from

investing activities

投资活动所得

现金净额2,6115,744

Financing activities融资活动

Capital element of lease rentals paid已付租赁租金之资本元素14(c)(65)(5,246)

Interest element of lease rentals paid已付租赁租金之利息元素14(c)–(146)

Net cash used in financing activities融资活动所用现金净额(65)(5,392)

Net decrease in cash and

cash equivalents

现金及现金等价物减少净额

(3,263)(33,713)

Cash and cash equivalents

at the begining of the year

年初的现金及

现金等价物34,71168,424

Cash and cash equivalents

at the end of the year

年末的现金及

现金等价物14(a)31,44834,711

The notes on pages 65 to 131 form part of these financial

statements.

第65至131页的附注构成此等财务报表之

一部分。

现恒建筑控股有限公司

2024/2025 年报

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong Dolars)（以港元列示）

1 GENERAL INFORMATION

In Construction Holdings Limited (the “Company”)

and its subsidiaries (colectively refered to as the

“Group”) are principaly engaged as a contractor in the

foundation industry in Hong Kong. The Company was

incorporated in the Cayman Islands as an exempted

company with limited liability on 29 September 2014

under the Companies Law, Cap. 22 (Law 3 of 1961, as

consolidated and revised) of the Cayman Islands.

The Company’s shares were listed on the Stock

Exchange of Hong Kong Limited (the “Stock

Exchange”) on 16 April 2015.

2 MATERIAL ACOUNTING POLICIES

(a) Statement of compliance

These financial statements have ben prepared

in acordance with HKFRS Acounting Standards,

which colective term includes al aplicable

individual Hong Kong Financial Reporting

Standards (“HKFRSs”), Hong Kong Acounting

Standards (“HKASs”) and Interpretations isued

by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) and the disclosure

requirements of the Hong Kong Companies

Ordinance. These financial statements also

comply with the aplicable disclosure provisions

of the Rules Governing the Listing of Securities

on The Stock Exchange of Hong Kong Limited

(the “Listing Rules”). Material acounting policies

adopted by the Group are disclosed below.

The HKICPA has isued certain new and revised

HKFRS Acounting Standards that are first

efective or available for early adoption for

the curent acounting period of the Group.

Note 2(c) provides information on any changes

in acounting policies resulting from initial

aplication of these developments to the extent

that they are relevant to the Group for the

curent and prior acounting periods reflected in

these financial statements.

1 一般资料

现恒建筑控股有限公司（「本公司」）

及其附属公司（统称「本集团」）主

要作为承建商于香港从事地基业。

本公司于二零一四年九月二十九

日根据开曼群岛法例第22章公司

法（1961年第3号法例，经综合及修

订）在开曼群岛注册成立为获豁免有

限公司。

本公司股份于二零一五年四月十六

日在香港联合交易所「联交所」上

市。

2 重大会计政策

(a) 合规声明

此等财务报表乃按照由香港

会计师公会（「香港会计师公

会」）颁布之所有适用香港财

务报告会计准则（有关统称包

括所有适用之个别香港财务

报告准则（「香港财务报告准

则」）、香港会计准则（「香港

会计准则」）及诠释）以及香港

公司条例之披露规定而编制。

此等财务报表亦遵守联交所证

券上市规则（「上市规则」）之

适用披露规定。以下披露本集

团所采纳的重大会计政策。

香港会计师公会已颁布若干新

订及经修订香港财务报告会计

准则，该等准则于本集团当前

会计期间首次生效或可供提早

采纳。附注2(c)提供与初次应

用上述发展所引致会计政策之

任何变动有关之资料，该等发

展于本期间及以往会计期间对

本集团而言属相关并在此等财

务报表中反映。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(b) Basis of preparation of the financial

statements

The consolidated financial statements for the year

ended 31 March 2025 comprise the Company

and its subsidiaries.

The measurement basis used in the preparation

of the financial statements is the historical cost

basis.

The preparation of financial statements in

conformity with HKFRS Acounting Standards

requires management to make judgements,

estimates and asumptions that afect the

aplication of policies and reported amounts

of asets, liabilities, income and expenses. The

estimates and asociated asumptions are based

on historical experience and various other factors

that are believed to be reasonable under the

circumstances, the results of which form the

basis of making the judgements about carying

values of asets and liabilities that are not readily

aparent from other sources. Actual results may

difer from these estimates.

The estimates and underlying asumptions are

reviewed on an ongoing basis. Revisions to

acounting estimates are recognised in the period

in which the estimate is revised if the revision

afects only that period, or in the period of the

revision and future periods if the revision afects

both curent and future periods.

Judgements made by management in the

aplication of HKFRS Acounting Standards that

have significant efect on the financial statements

and major sources of estimation uncertainty are

discused in note 3.

2 重大会计政策（续）

(b) 编制财务报表的基准

截至二零二五年三月三十一日

止年度之综合财务报表包括本

公司及其附属公司。

编制此等财务报表乃以历史成

本法作为计量基准。

编制符合香港财务报告会计准

则的财务报表，要求管理层作

出可影响政策应用及所呈报资

产、负债、收入及支出数额的

判断、估计及假设。这些估计

及相关假设乃根据以往经验和

管理层因应当时情况认为合理

的多项其他因素作出，其结果

构成了管理层在无法依循其他

途径即时得知资产与负债的账

面值时所作出判断的基础。实

际结果可能有别于估计数额。

估计及相关假设乃按持续基准

检讨。倘会计估计的修订仅影

响某一期间，其影响将于该期

间内确认，或倘修订对当前和

未来期间均有影响，则在作出

修订的期间和未来期间内确

认。

管理层就应用对财务报表有重

大影响的香港财务报告会计准

则所作的判断，以及估计不明

朗因素的主要来源，乃于附注

3中讨论。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

The HKICPA has isued certain amended HKFRS

Acounting Standards that are first efective for

the curent acounting period of the Group.

, Presentation

of financial statements – Clasification of

liabilities as curent or non-curent and

amendments to HKAS 1, Presentation

of financial statements – Non-curent

liabilities with covenants

, Leases – Lease

liability in a sale and leaseback

, Statement

of cash flows and HKFRS 7, Financial

instruments: Disclosures – Suplier finance

arangements

None of these developments have had a material

efect on how the Group’s results and financial

position for the curent or prior periods have

ben prepared or presented. The Group has not

aplied any new standard or interpretation that

is not yet efective for the curent acounting

period.

2 重大会计政策（续）

香港会计师公会已颁布若干新

香港财务报告会计准则，并于

本集团本会计期间首次生效。

（修

订本），财务报表之呈

列：将负债分类为流动

或非流动及香港会计准

则第1号（修订本），财

务报表之呈列：附带契

约条款的非流动负债

• 香港财务报告准则第16

号（修订本）：租赁：售

后租回的租赁负债

（修

订本）：现金流量表及

香港财务报告准则第

7号（修订本）：财务工

具：披露：供应商融资

安排

该等变化对本集团财务报告如

何编制或呈列当前或过往期间

的业绩及财务状况并无造成重

大影响。本集团并未应用任何

于本会计期间尚未生效的新订

准则或诠释。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(d) Subsidiaries

Subsidiaries are entities controled by the

Group. The Group controls an entity when it is

exposed, or has rights, to variable returns from its

involvement with the entity and has the ability to

afect those returns through its power over the

entity. When asesing whether the Group has

power, only substantive rights (held by the Group

and other parties) are considered.

An investment in a subsidiary is consolidated

into the consolidated financial statements from

the date that control comences until the

date that control ceases. Intra-group balances,

transactions and cash flows and any unrealised

profits arising from intra-group transactions are

eliminated in ful in preparing the consolidated

financial statements. Unrealised loses resulting

from intra-group transactions are eliminated in

the same way as unrealised gains but only to the

extent that there is no evidence of impairment.

When the Group loses control of a subsidiary, it is

acounted for as a disposal of the entire interest

in that subsidiary, with a resulting gain or los

being recognised in profit or los. Any interest

retained in that former subsidiary at the date

when control is lost is recognised at fair value

and this amount is regarded as the fair value on

initial recognition of a financial aset.

In the Company’s statement of financial position,

an investment in a subsidiary is stated at cost

les impairment loses (se note 2(g), unles

the investment is clasified as held for sale (or

included in a disposal group that is clasified as

held for sale).

2 重大会计政策（续）

(d) 附属公司

附属公司为本集团所控制之实

体。当本集团对其参与投资于

实体所面对或拥有回报变化之

权利及能够对实体行使权力以

影响回报金额时，则本集团已

控制该实体。当评估本集团是

否有权力时，只会考虑由本集

团及其他各方所持有之实质性

权利。

于附属公司之投资自控制开始

之日起至控制结束之日止综合

至综合财务报表。集团内公司

间的结余、交易及现金流以及

集团内公司间交易产生的任何

未变现溢利于编制综合财务报

表时悉数抵销。集团内公司间

的交易所产生的未变现亏损仅

在未出现减值迹象时以与抵销

未变现溢利相同的方法予以抵

销。

倘本集团失去一间附属公司

的控制权，列账为出售其在该

附属公司的全部权益，由此产

生的收益或亏损于损益内确

认。于失去控制权当日在前附

属公司保留的任何权益按公允

值确认，该金额将被视为初步

确认金融资产时的公允值。

于本公司之财务状况表中，于

附属公司之投资乃按成本扣除

减值亏损列账（见附注2(g)），

除非该投资乃分类为持作出售

（或计入分类为持作出售之出

售组别）。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(e) Property, plant and equipment

Property, plant and equipment is stated at cost

les acumulated depreciation and impairment

loses (se note 2(g).

Gains or loses arising from the retirement

or disposal of an item of property, plant and

equipment are determined as the diference

betwen the net disposal proceds and the

carying amount of the item and are recognised

in profit or los on the date of retirement or

disposal.

Depreciation is calculated to write of the cost of

items of property, plant and equipment, les their

estimated residual value, if any, using the straight

line method over their estimated useful lives as

folows:

–Furniture and fixtures5 years

–Leasehold improvementsShorter of

lease term

and 5 years

–Motor vehicles3

/3 years

–Plant and machinery5 years

–Ofice equipment5 years

Where parts of an item of property, plant and

equipment have diferent useful lives, the cost

of the item is alocated on a reasonable basis

betwen the parts and each part is depreciated

separately. Both the useful life of an aset and its

residual value, if any, are reviewed anualy.

2 重大会计政策（续）

(e) 物业、厂房及设备

物业、厂房及设备乃按成本减

累计折旧及减值亏损列账（见

附注2(g)）。

报废或出售物业、厂房及设备

所产生之损益乃以出售所得款

项净额与项目账面金额之间之

差额厘定，并于报废或出售之

日在损益中确认。

物业、厂房及设备之折旧是以

直线法在以下估计可使用期限

内撇销其成本（扣除估计剩余

价值（如有）)计算：

－家私及装置5年

－租赁物业装修于租赁期

及5年

（以较短者

为准）

－汽车3

/3年

－厂房及机器5年

－办公室设备5年

倘一项物业、厂房及设备各部

分之可使用年期并不相同，则

该项目各部分之成本将按合理

基础分配，而每部分将作个别

折旧。一项资产之可使用年期

及剩余价值（如有）将每年进

行审阅。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(f) Leased asets

At inception of a contract, the Group aseses

whether the contract is, or contains, a lease. A

contract is, or contains, a lease if the contract

conveys the right to control the use of an

identified aset for a period of time in exchange

for consideration. Control is conveyed where the

customer has both the right to direct the use of

the identified aset and to obtain substantialy al

of the economic benefits from that use.

(i) As a lese

At the lease comencement date, the

Group recognises a right-of-use aset and

a lease liability, except for short-term leases

that have a lease term of 12 months or les

and leases of low-value asets which, for

the Group, are primarily ofice equipment.

When the Group enters into a lease in

respect of a low-value aset, the Group

decides whether to capitalise the lease on

a lease-by-lease basis. The lease payments

asociated with those leases which are not

capitalised are recognised as an expense on

a systematic basis over the lease term.

Where the lease is capitalised, the lease

liability is initialy recognised at the present

value of the lease payments payable over

the lease term, discounted using the

interest rate implicit in the lease or, if that

rate canot be readily determined, using

a relevant incremental borowing rate.

After initial recognition, the lease liability

is measured at amortised cost and interest

expense is calculated using the efective

interest method. Variable lease payments

that do not depend on an index or rate

are not included in the measurement of

the lease liability and hence are charged to

profit or los in the acounting period in

which they are incured.

2 重大会计政策（续）

(f) 租赁资产

订立合约时，本集团评估合约

是否为租赁或包含租赁。如果

合约赋予在一段时间内控制已

识别资产的使用的权利以换取

代价，则合约为租赁或包含租

赁。当客户有权指示已识别资

产的使用，且从使用中获取几

乎所有的经济利益时，即表示

拥有控制权。

(i) 作为承租人

于租赁开始日，本集团

确认使用权资产和租赁

负债，但租赁期为12个

月或以下的短期租赁和

低价值资产的租赁除

外，就本集团而言主要

为办公室设备。当本集

团就一项低价值资产订

立租赁时，本集团决定

是否以逐项租赁为基础

将租赁资本化。与未资

本化的租赁相关的租赁

付款在租赁期内有系统

地确认为开支。

若租赁被资本化，则租

赁负债以租赁期内应付

租赁付款的现值进行初

始确认，并使用该项租

赁的内含利率折现；或

如果内含利率无法轻易

厘定，则使用相关的增

量借款利率。初始确认

后，租赁负债以摊销成

本计量，且利息开支则

采用实际利率法计算。

不取决于指数或利率的

可变租赁付款并不包含

于租赁负债的计量中，

并因此于其产生的会计

期间计入损益。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(f) Leased asets (continued)

(i) As a lese (continued)

The right-of-use aset recognised when

a lease is capitalised is initialy measured

at cost, which comprises the initial

amount of the lease liability plus any

lease payments made at or before the

comencement date, and any initial direct

costs incured. Where aplicable, the cost

of the right-of-use asets also includes an

estimate of costs to dismantle and remove

the underlying aset or to restore the

underlying aset or the site on which it is

located, discounted to their present value,

les any lease incentives received. The

right-of-use aset is subsequently stated

at cost les acumulated depreciation and

impairment loses (se note 2(g).

The lease liability is remeasured when there

is a change in future lease payments arising

from a change in an index or rate, or

there is a change in the Group’s estimate

of the amount expected to be payable

under a residual value guarante, or there

is a change arising from the reasesment

of whether the Group wil be reasonably

certain to exercise a purchase, extension or

termination option. When the lease liability

is remeasured in this way, a coresponding

adjustment is made to the carying amount

of the right-of-use aset, or is recorded

in profit or los if the carying amount of

the right-of-use aset has ben reduced to

zero.

The lease liability is also remeasured when

there is a change in the scope of a lease

or the consideration for a lease that is

not originaly provided for in the lease

contract (“lease modification”) that is not

acounted for as a separate lease. In this

case the lease liability is remeasured based

on the revised lease payments and lease

term using a revised discount rate at the

efective date of the modification.

2 重大会计政策（续）

(f) 租赁资产（续）

(i) 作为承租人（续）

租赁资本化时已确认的

使用权资产按成本进行

初始计量，其中包括租

赁负债的初始金额加上

任何于开始日或之前作

出的租赁付款，以及产

生的任何初始直接费

用。在适用的情况下，

使用权资产的成本亦包

括将拆卸、搬移相关资

产或复原相关资产或资

产所在地点的费用估算

折现至其现值，减去已

收到的租赁优惠。使用

权资产随后按成本减去

累计折旧和减值亏损列

账（参阅附注2(g)）。

当指数或利率变动引起

未来租赁付款发生变

动；或本集团就余值担

保下预计应付的金额发

生变化；或由于重新评

估本集团是否合理地行

使购买、延期或终止选

择权而产生变化时，承

租人重新计量租赁负

债。当租赁负债以此方

式重新计量时，对使用

权资产的账面值作出相

应调整，或倘使用权资

产的账面值减记至零，

则计入损益。

当租赁范畴发生变化或

租赁合约原先并无规定

的租赁代价发生变化

（「租赁修改」），且未作

为单独的租赁入账时，

则亦要对租赁负债进

行重新计量。在此情况

下，租赁负债根据经修

订的租赁付款和租赁期

限，使用经修订的贴现

率在修改生效日期重新

计量。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(f) Leased asets (continued)

(i) As a lesor

When the Group acts as a lesor, it

determines at lease inception whether each

lease is a finance lease or an operating

lease. A lease is clasified as a finance lease

if it transfers substantialy al the risks and

rewards incidental to the ownership of an

underlying asets to the lese. If this is

not the case, the lease is clasified as an

operating lease.

When a contract contains lease and

non-lease components, the Group alocates

the consideration in the contract to each

component on a relative stand-alone

seling price basis. The rental income

from operating leases is recognised in

acordance with note 2(p)(i).

When the Group is an intermediate

lesor, the sub-leases are clasified as a

finance lease or as an operating lease

with reference to the right-of-use aset

arising from the head lease. If the head

lease is a short-term lease to which the

Group aplies the exemption described in

note 2(f)(i), then the Group clasifies the

sub-lease as an operating lease.

2 重大会计政策（续）

(f) 租赁资产（续）

(i) 作为出租人

倘本集团为出租人，其

于租赁初始阶段厘定一

项租赁为融资租赁或经

营租赁。倘租赁转移相

关资产的所有权附带的

绝大部分所有风险及报

酬，该租赁应分类为融

资租赁。倘不属于该情

况，该租赁被分类为经

营租赁。

倘合约包括租赁及非租

赁部分，本集团根据相

对独立的售价基准将合

约代价分配予各部分。

经营租赁产生的租金收

入根据附注2(p)(i)确认。

倘本集团为中间出租

人，经参考总租约产生

的使用权资产，分租被

分类为融资租赁或经营

租赁。倘总租约为短期

租赁，本集团豁免遵守

附注2(f)(i)所载规定，则

本集团将分租分类为经

营租赁。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(g) Credit loses and impairment of

asets

(i) Credit loses from financial

instruments and contract asets

The Group recognises a los alowance

for expected credit loses (“ECLs”) on the

folowing items:

– financial asets measured at

amortised cost (including cash and

bank balances and trade and other

receivables);

– contract asets as defined in HKFRS

15 (se note 2(i); and

– lease receivables.

Measurement of ECLs

ECLs are a probability-weighted estimate

of credit loses. Credit loses are measured

as the present value of al expected cash

shortfals (i.e. the diference betwen the

cash flows due to the Group in acordance

with the contract and the cash flows that

the Group expects to receive).

The expected cash shortfals are discounted

using the folowing discount rates where

the efect of discounting is material:

– fixed-rate financial asets, trade

and other receivables and contract

asets: efective interest rate

determined at initial recognition or

an aproximation thereof;

– variable-rate financial asets: curent

efective interest rate; and

– lease receivables: discount rate used

in the measurement of the lease

receivable.

2 重大会计政策（续）

(g) 信贷亏损及资产减值

(i) 来自金融工具及合约资

产的信贷亏损

本集团就以下项目的预

期信贷亏损确认亏损拨

备：

– 按摊销成本计量

的金融资产（包括

现金及银行结余

以及贸易及其他

应收款项）；

– 香港财务报告准

则第15号所界定

的合约资产（见附

注2(i)）；及

– 应收租赁款项。

预期信贷亏损的计量

预期信贷亏损为信贷亏

损的概率加权估计。信

贷亏损以所有预期现金

差额的现值（即根据合

约应付予本集团的现金

流量与本集团预计收取

的现金流量之间的差

额）计量。

倘贴现影响重大，则预

期现金差额将采用以下

贴现率贴现：

– 固定利率金融资

产、贸易及其他

应收款项以及合

约资产：于初步

确认时厘定的实

际利率或其近似

值；

– 可变利率金融资

产：当前实际利

率；及

– 应收租赁款项：

以贴现率计量应

收租赁款项。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(g) Credit loses and impairment of

asets (continued)

(i) Credit loses from financial

instruments and contract asets

(continued)

Measurement of ECLs (continued)

The maximum period considered

when estimating ECLs is the maximum

contractual period over which the Group is

exposed to credit risk.

In measuring ECLs, the Group takes into

acount reasonable and suportable

information that is available without undue

cost or efort. This includes information

about past events, curent conditions and

forecasts of future economic conditions.

ECLs are measured on either of the

folowing bases:

– 12-month ECLs: these are loses that

are expected to result from posible

default events within the 12 months

after the reporting date; and

– lifetime ECLs: these are loses that

are expected to result from al

posible default events over the

expected lives of the items to which

the ECL model aplies.

Los alowances for trade receivables,

retentions receivable, lease receivables

and contract asets are always measured

at an amount equal to lifetime ECLs. ECLs

on these financial asets are estimated by

grouping together customers with similar

credit risk characteristics and colectively

asesing them for the risk or probability

that a credit los wil ocur based on

external credit ratings and the exposure of

los when the customers default.

2 重大会计政策（续）

(g) 信贷亏损及资产减值（续）

(i) 来自金融工具及合约资

产的信贷亏损（续）

预期信贷亏损的计量（续）

估计预期信贷亏损时所

考虑的最长期间为本集

团面对信贷风险的最长

合约期间。

于计量预期信贷亏损

时，本集团会考虑在毋

需付出过多成本或努力

下即可获得的合理可靠

资料。此包括有关过往

事件、现时状况及未来

经济状况预测的资料。

预期信贷亏损采用以下

之其中一项基准计量：

– 12个月预期信贷

亏损：指报告日

期后12个月内可

能发生的违约事

件而导致的预期

亏损；及

– 全期预期信贷亏

损：指预期信贷亏

损模式适用项目的

预计年期内所有可

能违约事件而导致

的预期亏损。

应收贸易账款、应收保

留金、应收租赁款项及

合约资产的亏损拨备一

直按等同于全期预期信

贷亏损的金额计量。该

等金融资产的预期信贷

亏损乃透过将具有类似

信贷风险特征的客户归

组，并根据外部信贷评

级及当客户违约时所承

担的亏损对其发生信贷

亏损的风险或概率进行

集体评估以进行估算。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(g) Credit loses and impairment of

asets (continued)

(i) Credit loses from financial

instruments and contract asets

(continued)

Measurement of ECLs (continued)

For al other financial instruments, the

Group recognises a los alowance

equal to 12-month ECLs unles there

has ben a significant increase in credit

risk of the financial instrument since

initial recognition, in which case the los

alowance is measured at an amount equal

to lifetime ECLs.

Significant increases in credit risk

In asesing whether the credit risk of

a financial instrument has increased

significantly since initial recognition,

the Group compares the risk of default

ocuring on the financial instrument

asesed at the reporting date with that

asesed at the date of initial recognition.

In making this reasesment, the Group

considers that a default event ocurs when

(i) the borower is unlikely to pay its credit

obligations to the Group in ful, without

recourse by the Group to actions such

as realising security (if any is held); or (i)

the financial aset is 90 days past due.

The Group considers both quantitative

and qualitative information that is

reasonable and suportable, including

historical experience and forward-loking

information that is available without undue

cost or efort.

2 重大会计政策（续）

(g) 信贷亏损及资产减值（续）

(i) 来自金融工具及合约资

产的信贷亏损（续）

预期信贷亏损的计量（续）

就所有其他金融工具而

言，本集团确认相等于

12个月预期信贷亏损的

亏损拨备，除非金融工

具信贷风险自初步确认

后大幅增加，在此情况

下，亏损拨备乃按相等

于全期预期信贷亏损的

金额计量。

信贷风险大幅上升

评估金融工具的信贷风

险自初步确认以来有否

大幅上升时，本集团会

比较于报告日期评估及

于初步确认日期评估的

金融工具发生违约的风

险。于重新评估时，本

集团认为，倘(i)于本集团

未有采取追索行动，如

变现抵押品（倘持有任

何抵押品）的情况下，借

款人全数履行其对本集

团之信贷责任的可能性

不大；或(i)金融资产已

逾期90天，则构成违约

事件。本集团会考虑合

理可靠的定量及定性资

料，包括过往经验及毋

需付出过多成本或努力

即可获得的前瞻性资料。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(g) Credit loses and impairment of

asets (continued)

(i) Credit loses from financial

instruments and contract asets

(continued)

Significant increases in credit risk

(continued)

In particular, the folowing information

is taken into acount when asesing

whether credit risk has increased

significantly since initial recognition:

– failure to make payments of principal

or interest on their contractualy due

dates;

– an actual or expected significant

deterioration in a financial

instrument’s external or internal

credit rating (if available);

– an actual or expected significant

deterioration in the operating results

of the debtor; and

– existing or forecast changes in the

technological, market, economic

or legal environment that have a

significant adverse efect on the

debtor’s ability to met its obligation

to the Group.

Depending on the nature of the financial

instruments, the asesment of a significant

increase in credit risk is performed on

either an individual basis or a colective

basis. When the asesment is performed

on a colective basis, the financial

instruments are grouped based on shared

credit risk characteristics, such as past due

status and credit risk ratings.

2 重大会计政策（续）

(g) 信贷亏损及资产减值（续）

(i) 来自金融工具及合约资

产的信贷亏损（续）

信贷风险大幅上升（续）

于评估自最初的信贷风

险是否大幅上升尤其会

考虑以下资料：

– 未能按合约期支

付本金或利息；

– 金融工具外部或内

部信贷评级的实际

或预期显著恶化

（如取得）；

– 债务人经营业绩的

实际或预期显著恶

化；及

– 科技、市场、经济

或法律环境的目前

或预期变动对债务

人履行其对本集团

责任的能力有重大

不利影响。

视乎金融工具的性质而

定，信贷风险大幅上升

的评估乃按个别基准或

共同基准进行。倘评估

为按共同基准进行，金

融工具则按共同的信贷

风险特征（如逾期状况及

信贷风险评级）进行分

组。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(g) Credit loses and impairment of

asets (continued)

(i) Credit loses from financial

instruments and contract asets

(continued)

Significant increases in credit risk

(continued)

ECLs are remeasured at each reporting

date to reflect changes in the financial

instrument’s credit risk since initial

recognition. Any change in the ECL

amount is recognised as an impairment

gain or los in profit or los. The Group

recognises an impairment gain or los

for al financial instruments with a

coresponding adjustment to their carying

amount through a los alowance acount.

Basis of calculation of interest income

Interest income recognised in acordance

with note 2(p)(i) is calculated based on the

gros carying amount of the financial aset

unles the financial aset is credit-impaired,

in which case interest income is calculated

based on the amortised cost (i.e. the gros

carying amount les los alowance) of the

financial aset.

At each reporting date, the Group aseses

whether a financial aset is credit-impaired.

A financial aset is credit-impaired when

one or more events that have a detrimental

impact on the estimated future cash flows

of the financial aset have ocured.

2 重大会计政策（续）

(g) 信贷亏损及资产减值（续）

(i) 来自金融工具及合约资

产的信贷亏损（续）

信贷风险大幅上升（续）

预期信贷亏损于各报告

日期进行重新计量以反

映金融工具自初步确认

以来的信贷风险变动。

预期信贷亏损金额的任

何变动均于损益确认为

减值收益或亏损。本集

团就所有金融工具确认

减值收益或亏损，并通

过亏损拨备账对彼等之

账面值作出相应调整。

计算利息收入的基准

根据附注2(p)(i)确认的

利息收入乃按金融资产

的总账面值计算，除非

该金融资产出现信贷减

值，在此情况下，利息

收入按金融资产的摊销

成本（即总账面值减亏损

拨备）计算。

于各报告日期，本集团

评估金融资产是否出现

信贷减值。当发生一项

或多项对金融资产预计

未来现金流量有不利影

响的事件时，金融资产

则出现信贷减值。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(g) Credit loses and impairment of

asets (continued)

(i) Credit loses from financial

instruments and contract asets

(continued)

Basis of calculation of interest income

(continued)

Evidence that a financial aset is

credit-impaired includes the folowing

observable events:

– significant financial dificulties of the

debtor;

– a breach of contract, such as a

default or past due event;

– it becoming probable that the

borower wil enter into bankruptcy

or other financial reorganisation; or

– significant changes in the

technological, market, economic

or legal environment that have an

adverse efect on the debtor.

Write-of policy

The gros carying amount of a financial

aset, lease receivable or contract aset is

writen of (either partialy or in ful) to the

extent that there is no realistic prospect of

recovery. This is generaly the case when

the Group determines that the debtor does

not have asets or sources of income that

could generate suficient cash flows to

repay the amounts subject to the write-of.

Subsequent recoveries of an aset that was

previously writen of are recognised as a

reversal of impairment in profit or los in

the period in which the recovery ocurs.

2 重大会计政策（续）

(g) 信贷亏损及资产减值（续）

(i) 来自金融工具及合约资

产的信贷亏损（续）

计算利息收入的基准（续）

金融资产出现信贷减值

的证据包括以下可观察

事件：

– 债务人有重大财务

困难；

– 违反合约，如拖欠

或逾期还款事项；

– 债务人可能破产或

进行其他财务重

组；或

– 科技、市场、经济

或法律环境有重大

改变而对债务人有

不利影响。

撇销政策

倘实际上并无收回的可

能性，金融资产、应收

租赁款项或合约资产的

总账面值会被撇销（部分

或全部）。此乃本集团认

为债务人并无资产或收

入来源可产生足够现金

流量以偿还将予撇销的

款项之一般情况。

倘过往已撇销的资产于

其后收回，则于收回期

间于损益确认为减值拨

回。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(g) Credit loses and impairment of

asets (continued)

(i) Impairment of other non-curent asets

Internal and external sources of

information are reviewed at the end

of each reporting period to identify

indications that the folowing asets

may be impaired or, an impairment los

previously recognised no longer exists or

may have decreased:

– property, plant and equipment; and

– investment in subsidiaries in the

Company’s statement of financial

position.

If any such indication exists, the aset’s

recoverable amount is estimated.

– Calculation of recoverable amount

The recoverable amount of an aset

is the greater of its fair value les

costs of disposal and value in use. In

asesing value in use, the estimated

future cash flows are discounted to

their present value using a pre-tax

discount rate that reflects curent

market asesments of the time

value of money and the risks specific

to the aset. Where an aset does

not generate cash inflows largely

independent of those from other

asets, the recoverable amount is

determined for the smalest group

of asets that generates cash inflows

independently (i.e. a cash-generating

unit).

2 重大会计政策（续）

(g) 信贷亏损及资产减值（续）

(i) 其他非流动资产减值

本集团于各报告期末审

阅内部及外部资料来

源，以确定以下资产是

否存在减值迹象，或先

前确认的减值亏损是否

不再存在或可能已经减

少：

– 物业、厂房及设

备；及

– 本公司财务状况

表内于附属公司

投资。

倘存在任何上述迹象，

则资产的可收回金额将

予估计。

– 计算可收回金额

资产的可收回金

额为其公允值减

出售成本和使用

价值两者之间的

较高者。在评估

使用价值时，会

按反映当时市场

对货币时间价值

及资产特定风险

评估的税前贴现

率，将估计未来

现金流量贴现至

其现值。倘资产

并无产生基本上

独立于其他资产

所产生的现金流

入，则以能独立

产生现金流入的

最小资产组别（即

现金产生单位）来

厘定可收回金额。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(g) Credit loses and impairment of

asets (continued)

(i) Impairment of other non-curent asets

(continued)

– Recognition of impairment loses

An impairment los is recognised in

profit or los if the carying amount

of an aset, or the cash-generating

unit to which it belongs, exceds

its recoverable amount. Impairment

loses recognised in respect of

cash-generating units are alocated

to reduce the carying amount of

the asets in the unit (or group of

units) on a pro rata basis, except that

the carying value of an aset wil

not be reduced below its individual

fair value les costs of disposal

(if measurable) or value in use (if

determinable).

– Reversals of impairment loses

An impairment los is reversed if

there has ben a favourable change

in the estimates used to determine

the recoverable amount.

A reversal of an impairment los

is limited to the aset’s carying

amount that would have ben

determined had no impairment

los ben recognised in prior years.

Reversals of impairment loses are

credited to profit or los in the

year in which the reversals are

recognised.

2 重大会计政策（续）

(g) 信贷亏损及资产减值（续）

(i) 其他非流动资产减值

（续）

– 确认减值亏损

倘资产或其所属

现金产生单位的

账面值超过其可

收回金额时，则

于损益账中确认

减值亏损。就现

金产生单位确认

的减值亏损会分

配，以按比例减

少单位（或该组单

位）内资产的账

面值，惟某资产

的账面值不会减

至低于其个别公

允值减去出售成

本（如可计量）或

使用价值（如能厘

定）。

– 拨回减值亏损

倘用作厘定可收

回金额的估计出

现正面的变化，

则会拨回减值亏

损。

所拨回的减值亏

损仅限于在过往

年度并未确认减

值亏损时原应厘

定的资产账面

值。所拨回的减

值亏损在确认拨

回的年内计入损

益账。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(g) Credit loses and impairment of

asets (continued)

(i) Interim financial reporting and

impairment

Under the Listing Rules, the Group is

required to prepare an interim financial

report in compliance with HKAS 34,

Interim financial reporting, in respect of

the first six months of the financial year. At

the end of the interim period, the Group

aplies the same impairment testing,

recognition, and reversal criteria as it

would at the end of the financial year (se

note 2(g)(i).

(h) Inventories

Inventories are asets which are held for sale in

the ordinary course of busines, in the proces

of production for such sale or in the form of

materials or suplies to be consumed in the

production proces or in the rendering of

services.

Inventories are caried at the lower of cost and

net realisable value.

Cost is calculated using the first-in, first-out

method and comprises al costs of purchase,

costs of conversion and other costs incured in

bringing the inventories to their present location

and condition.

Net realisable value is the estimated seling

price in the ordinary course of busines les the

estimated costs of completion and the estimated

costs necesary to make the sale.

When inventories are sold, the carying amount

of those inventories is recognised as an expense

in the period in which the related revenue is

recognised.

2 重大会计政策（续）

(g) 信贷亏损及资产减值（续）

(i) 中期财务报告及减值

根据上市规则，本集团

须遵照香港会计准则第

34号，中期财务报告，

就财年的前六个月编制

中期财务报告。于中期

结束时，本集团应用财

年结束时可能应用的相

同减值测试、确认及拨

回准则（见附注2(g)(i)）。

(h) 存货

存货是指日常业务过程中持有

以作销售、处在为该等销售的

生产过程中，或在生产过程中

或提供服务耗用的材料或物料

形式持有的资产。

存货按成本及可变现净值的较

低者列账。

成本乃按先进先出法计算，并

包括所有采购成本、转化成本

及其他使存货达至现时所在地

点及保持现有状况所涉及之成

本。

可变现净值为在日常业务过程

中的估计售价减去完成的估

计成本以及完成销售的估计成

本。

在售出存货后，该等存货之账

面值会于确认相关收入之期间

确认为开支。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

2 MATERIAL ACOUNTING POLICIES

(continued)

(h) Inventories (continued)

The amount of any write-down of inventories to

net realisable value and al loses of inventories

are recognised as an expense in the period

the write-down or los ocurs. The amount of

any reversal of any write-down of inventories

is recognised as a reduction in the amount of

inventories recognised as an expense in the

period in which the reversal ocurs.

(i) Contract asets and contract liabilities

A contract aset is recognised when the Group

recognises revenue (se note 2(p) before being

unconditionaly entitled to the consideration

under the payment terms set out in the contract.

Contract asets are asesed for ECLs in

acordance with the policy set out in note 2(g)(i)

and are reclasified to receivables when the right

to the consideration has become unconditional

(se note 2(j).

A contract liability is recognised when the

customer pays consideration before the Group

recognises the related revenue (se note 2(p).

A contract liability would also be recognised if

the Group has an unconditional right to receive

consideration before the Group recognises the

related revenue. In such cases, a coresponding

receivable would also be recognised (se note

2(j).

For a single contract with the customer, either

a net contract aset or a net contract liability is

presented. For multiple contracts, contract asets

and contract liabilities of unrelated contracts are

not presented on a net basis.

2 重大会计政策（续）

(h) 存货（续）

将存货减值至可变现净值之减

值金额和所有存货亏损均在进

行减值或亏损的期内确认为开

支。任何存货减值拨回金额应

在拨回发生期间冲减开支。

(i) 合约资产及合约负债

合约资产于在本集团有权无条

件获取合约所载付款条款下的

代价前确认收益（见附注2(p)）

时确认。合约资产按附注2(g)(i)

所载政策就预期信贷亏损而

获评估，并在代价权利成为无

条件后获重新分类至应收款项

（见附注2(j)）。

合约负债于客户在本集团确认

Los before taxation is arived at after charging:

二零二五年二零二四年

$’000$’000

千元千元

(a) Finance costs(a) 融资成本

Interest on lease liabilities

(note 14(c)

租赁负债之

利息（附注14(c)）–146

–146

(b) Staf costs (including

directors’ remuneration)

(b) 员工成本

（包括董事薪酬）

Contributions to defined

contribution retirement plans

界定供款退休计划

供款730785

Salaries, wages and other

benefits

薪金、工资及

其他福利32,26632,162

32,99632,947

Depreciation折旧126101

Lease payments relating to leases

of low-value asets

低价值资产之

租赁费用4040

Lease payments relating to

short-term leases

短期租约之

租赁费用1,1921,192

Net foreign exchange los净汇兑损失1401,421

Provision for impairment loses

on trade and other receivables

and contract asets

贸易、其他应收款项

及合约资产之

减值拨备1,33555

Auditors’ remuneration核数师酬金

– audit services– 核数服务9801,080

– other services– 其他服务420420

6 除税前亏损

除税前亏损已扣除以下各项：

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

7 INCOME TAX

(a) Income tax in the consolidated statement

of profit or los and other comprehensive

income represents:

二零二五年二零二四年

$’000$’000

千元千元

Curent tax本期税项

Provision for Hong Kong Profits Tax

for the year

本年度香港

利得税拨备167149

Under-provision in respect of

prior years

过往年度少提拨备

–10

Defered tax递延税项

Origination and reversal of temporary

diferences

暂时差额的产生及

拨回51(15)

Notes:

(i) Pursuant to the rules and regulations of the Cayman

Islands and the British Virgin Islands (“BVI”), the Group

is not subject to any income tax in the Cayman Islands

and the BVI.

(i) The provision for Hong Kong Profits Tax for 2025 is

calculated at 16.5% (2024: 16.5%) of the estimated

asesable profits for the year, except for the Company

(2024: the Company) which is a qualifying corporation

under the two-tiered Profits Tax rate regime.

For the Company, the first $2 milion of asesable

profits are taxed at 8.25% and the remaining asesable

profits are taxed at 16.5%.

The provision for Hong Kong Profits Tax for 2025 has

also taken into acount a reduction of 100% of the

tax payable for the year of asesment 2024-25 subject

to a maximum reduction of $1,500 granted by the

Government for each busines (2024: a reduction of

100% of the tax payable for the year of asesment

2023-24 subject to a maximum reduction of $3,000).

7 所得税

(a) 综合损益及其他全面收益表内

的所得税指：

附注：

(i) 根据开曼群岛及英属处女群岛

（「英属处女群岛」）的规则及规

例，本集团毋须缴纳开曼群岛

及英属处女群岛的任何所得税。

(i) 除本公司为合资格企业以两级

制利得税率制度外，二零二四

年香港所得税以16.5%（二零

二四年：16.5%）按当年预算应

课税计提。

本公司首2,000,000港元之应纳

利润乃按8.25%缴纳税款，而

余下之应纳税利润则按16.5%

缴纳税款。

二零二五年香港利得税拨备亦

已计政府就各业务于二零二四

至二零二五年课税年度的应

付税项减免100%（最多减免

1,500元）后计算（二零二四年：

于二零二三至二零二四年课税

年度的应付税项减免100%（最

多减免3,000元）)。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

7 INCOME TAX (continued)

(b) Reconciliation betwen income tax expense

and acounting los before taxation at

aplicable tax rate

二零二五年二零二四年

$’000$’000

千元千元

Los before taxation除税前亏损(18,693)(12,711)

Notional tax on los before taxation除税前亏损的名义税项(3,228)(2,225)

Tax efect of non-deductible expenses不可扣减开支的

税务影响25258

Tax efect of curent year’s tax los

not recognised

未确认本年税项亏损

的税务影响3,1772,104

Statutory tax concesion法定税务优惠(2)(3)

Under-provision in prior years过往年度少提的拨备

–10

Others其他

246–

Actual income tax expense实际所得税开支218144

financial position represents:

二零二五年二零二四年

$’000$’000

千元千元

(i) Curent taxation(i) 本期税项

Provision for Hong Kong Profits

Tax for the year

年内香港利得税

拨备167149

Provisional Profits Tax paid已付暂缴利得税(152)(160)

15(11)

Representing:代表：

Tax payable/(recoverable)应付╱（可收回）

税项15(11)

7 所得税（续）

(b) 按适用税率计算的所得税开支

与除税前会计亏损的对账如

下：

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

7 INCOME TAX (continued)

financial position represents: (continued)

(i) Defered tax asets in the consolidated

statement of financial position

represents:

The components of defered tax asets

recognised in the consolidated statement

of financial position and the movements

during the year are as folows:

Depreciation

in exces

of related

depreciation

alowances

Credit los

alowanceTotal

超出相关折旧

之折旧免税额

信贷亏损之

免税额总和

$’000$’000$’000

千元千元千元

Defered tax arising from:递延税项的来源：

At 1 April 2023于二零二三年四月一日64162226

Credited to profit

or los

计入损益账

At 31 March 2024 and

1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日71170241

Charged to profit or los扣除损益账(26)(25)(51)

At 31 March 2025于二零二五年三月三十一日45145190

(d) In acordance with the acounting policy set

out in note 2(n), the Group has not recognised

defered tax asets in respect of cumulative tax

los of $47,785,000 (2024: $28,740,000) as it is

not probable that future taxable profits against

which the los can be utilised wil be available in

the entity. The tax los arising from Hong Kong

operation does not expire under curent tax

legislation.

7 所得税（续）

（续）

(i) 综合财务状况表内的递

延税项资产指：

于综合财务状况表内确

认的递延税项资产组成

部分及年内变动如下：

(d) 根据附注2(n)列明，集团并未

为累计税项亏损47,785,000元

（二零二四年：28,740,000元）

确认递延税项资产，由于该实

体未来产生用于抵扣上述可抵

扣亏损的应纳税所得额的可能

性较小。于香港营运之税项亏

损于现行的税收法规下不会过

期。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

8 DIRECTORS’ REMUNERATION

Directors’ remuneration disclosed pursuant to section

383(1) of the Hong Kong Companies Ordinance and

Part 2 of the Companies (Disclosure of Information

about Benefits of Directors) Regulation are as folows:

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Directors’

fes

Salaries,

alowances

and benefits

in kindBonuses

Retirement

scheme

contributionsTotal

董事袍金

薪金、津贴及

实物利益花红

退休计划

供款总计

$’000$’000$’000$’000$’000

千元千元千元千元千元

Executive directors执行董事

Mr. Lau Pak Man刘伯文先生–1,746–1,746

Mr. Cheng Wing Cheong郑荣昌先生–1,746–1,746

Ms. Kwan Kit Sum Kit关洁心女士–1,762–181,780

Independent non-executive directors独立非执行董事

Mr. Leung Chi Kin梁梓坚先生150–150

Mr. Lam Chi Hung Louis林志雄先生150–150

Mr. Yau Chi Man Norman

(also known as Iao Chi Meng)

(resigned on 16 April 2024)

丘子敏先生

6–6

Ms. Mok Kam Sheung

(apointed on 16 April 2024)

莫锦嫦女士

144–144

Total总计4505,254–185,722

8 董事薪酬

根据香港公司条例第383(1)条及公

司（有关董事福利资料之披露）规例

第2部所披露之董事薪酬如下：

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

8 DIRECTORS’ REMUNERATION

(continued)

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Directors’

fes

Salaries,

alowances

and benefits

in kindBonuses

Retirement

scheme

contributionsTotal

董事袍金

薪金、津贴及

实物利益花红

退休计划

供款总计

$’000$’000$’000$’000$’000

千元千元千元千元千元

Executive directors执行董事

Mr. Lau Pak Man刘伯文先生–1,663–1,663

Mr. Cheng Wing Cheong郑荣昌先生–1,663–1,663

Ms. Kwan Kit Sum Kit关洁心女士–1,678–181,696

Independent non-executive directors独立非执行董事

Mr. Leung Chi Kin梁梓坚先生150–150

Mr. Lam Chi Hung Louis林志雄先生150–150

Mr. Yau Chi Man Norman

(also known as Iao Chi Meng)

丘子敏先生

150–150

Total总计4505,004–185,472

Notes:

(i) No director waived or agred to waive any emoluments during

the years ended 31 March 2025 and 2024.

(i) The Company did not have any share option scheme for the

purchase of ordinary shares in the Company during the years

ended 31 March 2025 and 2024.

8 董事薪酬（续）

附注：

(i) 概无董事于截至二零二五年及二零二四

年三月三十一日止年度放弃或同意放

弃任何薪酬。

(i) 于截至二零二五年及二零二四年三月

三十一日止年度，本公司并无任何购

买本公司普通股的购股权计划。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

9 EMOLUMENTS OF FIVE HIGHEST

PAID INDIVIDUALS AND SENIOR

MANAGEMENT

(a) Emoluments of five highest paid

individuals

The five highest paid individuals of the Group

during the year include thre (2024: thre)

directors whose emoluments are disclosed in

note 8. The agregate of the emoluments in

respect of the remaining individuals are as

folows:

二零二五年二零二四年

$’000$’000

千元千元

Salaries, alowances and benefits

in kind

薪金、津贴及

实物利益2,0052,100

Discretionary bonuses酌情花红129–

Retirement scheme contributions退休计划供款3636

2,1702,136

The emoluments of the above individuals are

within the folowing bands:

二零二五年二零二四年

Number of

individuals

Number of

individuals

人数人数

Nil to $1,000,000零至1,000,000元11

$1,000,001 to $1,500,0001,000,001元至

1,500,000元11

9 五位最高薪酬人士及高级管

理层之薪酬

(a) 五位最高薪酬人士之薪酬

于年内本集团五位最高薪酬人

士包括其薪酬于附注8中披露

的三名董事（二零二四年：三

名）。有关其余人士之薪酬总

额如下：

上述人士薪酬属下列范畴：

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

9 EMOLUMENTS OF FIVE HIGHEST

PAID INDIVIDUALS AND SENIOR

MANAGEMENT (continued)

(b) Emoluments of senior management

Other than the emoluments of the directors and

five highest paid individuals disclosed in notes

8 and 9(a), the emoluments of the remaining

senior management fel within the folowing

band:

二零二五年二零二四年

Number of

individuals

Number of

individuals

人数人数

Nil to $1,000,000零至1,000,000元11

10 LOS PER SHARE

(a) Basic los per share

The calculation of basic los per share is based on

the los atributable to equity shareholders of the

Company of $18,911,000 (2024: $12,855,000)

and the weighted average of 830,000,000 shares

in isue (2024: 830,000,000 shares).

(b) Diluted los per share

There were no diluted potential shares in

existence during the years ended 31 March 2025

and 2024.

9 五位最高薪酬人士及高级管

理层之薪酬（续）

(b) 高级管理层的酬金

除附注8及9(a)所披露的董事

及五位最高薪酬人士之酬金

外，余下高级管理层的酬金属

下列范畴：

10 每股亏损

(a) 每股基本亏损

每股基本亏损按本公司权益

股东应占亏损18,911,000元

（二零二四年：12,855,000元）

及已发行股份的加权平均数

830,000,000股（二零二四年：

830,000,000股）计算。

(b) 每股摊薄亏损

于截至二零二五年及二零二四

年三月三十一日止年度，概无

潜在摊薄股份。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

11 PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

Leasehold

improvements

Furniture

and fixtures

Motor

vehicles

Ofice

equipmentTotal

厂房及

机器

租赁物业

装修

家私及

装置汽车办公室设备总计

$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元

Cost:成本：

At 1 April 2023 and

31 March 2024

于二零二三年四月一日，

二零二四年三月

三十一日，二零二四年

四月一日1,0629956931,3851,9936,128

At 1 April 2024于二零二四年四月一日1,0629956931,3851,9936,128

Aditions增添–10303–313

Writen of 撇销–(699)–(699)

31 March 2025 于二零二五年三月三十一日1,0629957039891,9935,742

Acumulated depreciation:累计折旧：

At 1 April 2023于二零二三年四月一日1,0629956931,2631,9815,994

Charge for the year年内开支–9110101

At 31 March 2024于二零二四年三月三十一日1,0629956931,3541,9916,095

At 1 April 2024于二零二四年四月一日1,0629956931,3541,9916,095

Charge for the year年内开支–21222126

Writen of 撇销–(699)–(699)

At 31 March 2025于二零二五年三月三十一日1,0629956957771,9935,522

Net bok value:账面净值：

At 31 March 2025于二零二五年三月三十一日–8212–220

At 31 March 2024于二零二四年三月三十一日–31233

11 物业、厂房及设备

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

12 INVESTMENTS IN SUBSIDIARIES

The folowing list contains the particulars of subsidiaries

of the Group. The clas of shares held is ordinary unles

otherwise stated.

Proportion of ownership interest

所有权益比例

Name of company

Place of

incorporation

and busines

Particulars of

isued and

paid-up capital

Group’s

efective

interest

Held by

the Company

Held by

a subsidiaryPrincipal activity

公司名称

注册成立及

营业地点

已发行及缴

足股本详情

本集团

实益权益

本公司

所持附属公司所持主要业务

In Construction (BVI) LimitedBVI1 share of US$1100%100%–Investment holding

英属处女群岛1股1美元之股份投资控股

In Construction LimitedHong Kong14,000,000 shares100%–100%Construction and

enginering

现恒建筑有限公司香港14,000,000股份建筑工程

12 于附属公司之投资

下表载有本集团附属公司之详情。

除非另有说明，所持股份类别为普

通股。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

13 TRADE AND OTHER RECEIVABLES

二零二五年二零二四年

$’000$’000

千元千元

Trade debtors, net of los alowance应收贸易账款（扣除减值拨备

后净额）44,42323,807

Deposits, prepayments and other

receivables (Notes (i) and (i)

按金、预付款其他应收

款项（附注(i)及(i)）4,9617,102

Retentions receivable, net of los

alowance (Note (i)

应收保留金（扣除减值拨备后

净额）（附注(i)）4,68819,439

54,07250,348

Notes:

(i) As at 31 March 2025, except for the balance of $3,538,000

(2024: $3,613,000) which was expected to be recovered or

recognised as expense after one year, al of the remaining

balances were expected to be recovered or recognised as

expense within one year.

(i) As at 31 March 2025, deposits of $3,828,000 (2024:

$5,158,000) were pledged to secure the isuance of

performance bonds (se note 21).

(i) As at 31 March 2025 and 2024, al the retentions receivable

were expected to be recovered within one year.

13 贸易及其他应收款项

附注：

(i) 于二零二五年三月三十一日，除

3,538,000元（二零二四年：3,613,000

元）预期于一年后收回或确认外，所有

余额预期于一年内收回或确认为开支。

(i) 于二零二五年三月三十一日，3,828,000

元按金（二零二四年：5,158,000元）已

押抵来出具履约保证（见附注21）。

(i) 于二零二五年及二零二四年三月三十一

日，所有应收保留金预期于一年内收

回。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

13 TRADE AND OTHER RECEIVABLES

(continued)

(a) Ageing analysis

Included in trade and other receivables are trade

debtors, based on the invoice date (net of los

alowance) with the folowing ageing analysis at

the end of the reporting period:

二零二五年二零二四年

$’000$’000

千元千元

Within 1 month一个月内41,87214,223

Over 1 month but within 2 months超过一个月但于两个月内–8,757

Over 2 months but within 3 months超过两个月但于三个月内885827

Over 3 months三个月以上1,666–

44,42323,807

Trade debtors are normaly due within 30-90

days from the date of biling. Further details

on the Group’s credit policy are set out in note

20(a).

13 贸易及其他应收款项（续）

(a) 账龄分析

贸易及其他应收款项中包括应

收贸易账款，其于报告期末按

发票日期及扣除减值拨备的账

龄分析如下：

应收贸易账款通常自开票日期

起30-90日内到期。有关本集

团信贷政策之进一步详情载于

附注20(a)。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

14 CASH AND BANK BALANCES

(a) Cash and bank balances comprise:

二零二五年二零二四年

$’000$’000

千元千元

Cash at bank and in hand银行及手头现金31,44834,711

Deposits with banks银行存款41,55143,854

Cash and bank balances in the

consolidated statement of

financial position

综合财务状况表中现金

及银行结余

72,99978,565

Les: Restricted bank balances

(note)

减：受限制银行结余

（附注）(41,551)(43,854)

Cash and cash equivalents in

the consolidated cash flow

statement

综合现金流量表中现金

及现金等价物

31,44834,711

Note: Restricted bank balances are deposits placed in banks to

secure the isuance of performance bonds (se note 21)

and banking facilities.

14 现金及银行结余

(a) 现金及银行结余包括：

附注：受限制银行结余指存于银行以

担保发出履约保证（见附注21）

及银行融资之存款。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

14 CASH AND BANK BALANCES

(continued)

(b) Reconciliation of los before taxation

to cash used in operations:

二零二五年二零二四年

Note$’000$’000

附注千元千元

Operating activities经营活动

Los before taxation除税前亏损(18,693)(12,711)

Adjustments for:就下列各项调整：

Bank interest income银行利息收入5(556)(587)

Interest income from lease

receivables

应收租赁

款项之利息收入5–(130)

Finance costs融资成本6(a)–146

Depreciation折旧6(c)126101

Provision for impairment

loses on trade and other

receivables and contract

asets

贸易及其他应收款项

及合约资产之减值

亏损拨备

6(c)1,33555

Changes in working capital:营运资金变动：

(Increase)/decrease in trade

and other receivables

贸易及其他应收款项

（增加）╱减少(3,737)19,179

Decrease/(increase) in

contract asets

合约资产

减少╱（增加）15,781(77,156)

Decrease/(increase) in

inventories

存货减少╱（增加）

7,304(16,093)

(Decrease)/increase in trade

and other payables

贸易及其他应付款项

（减少）╱增加(13,542)33,266

Increase in contract

liabilities

合约负债增加

6,3146,727

Cash used in operations经营所用现金(5,668)(47,203)

14 现金及银行结余（续）

(b) 除税前亏损与经营所用现金

之对账：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

14 CASH AND BANK BALANCES

(continued)

from financing activities

The table below details changes in the Group’s

liabilities from financing activities, including both

cash and non-cash changes. Liabilities arising

from financing activities are liabilities for which

cash flows are, or future cash flows wil be,

clasified in the Group’s consolidated cash flow

statement as cash flows from financing activities.

Loan from a

shareholder

Lease

liabilitiesTotal

股东贷款租赁负债总计

(Note 18)(Note 17(b)

（附注18）（附注17(b)）

$’000$’000$’000

千元千元千元

At 1 April 2023于二零二三年四月一日13,0005,31118,311

Changes from financing cash flows:融资现金流量变动：

Capital element of lease rentals paid支付租赁租金之本金–(5,246)(5,246)

Interest element of lease rentals paid支付租赁租金之利息–(146)(146)

Total changes from financing cash flows融资现金流量变动总额–(5,392)(5,392)

Other change:其他变动：

Interest expenses (note 6(a)利息支出（附注6(a)）–146146

Total other change其他变动总额–146146

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日13,0006513,065

Change from financing cash flows:融资现金流量变动：

Capital element of lease rentals paid支付租赁租金之本金–(65)(65)

Total change from financing cash flows融资现金流量变动总额–(65)(65)

At 31 March 2025于二零二五年三月三十一日13,000–13,000

14 现金及银行结余（续）

下表详细说明本集团来自融资

活动的负债变动，包括现金及

非现金变动。融资活动产生的

负债为现金流量或未来现金流

量所负的负债流量，并将其分

类为融资活动的现金计入本集

团综合现金流量表。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

14 CASH AND BANK BALANCES

(continued)

(d) Total cash outflow for leases

Amounts included in the cash flow statement for

leases comprise the folowing:

二零二五年二零二四年

$’000$’000

千元千元

Within operating cash flows于经营现金流量1,2321,232

Within financing cash flows于融资现金流量655,392

1,2976,624

These amounts relate to the folowing:

二零二五年二零二四年

$’000$’000

千元千元

Lease rentals paid已付租赁租金1,2976,624

14 现金及银行结余（续）

(d) 租赁之总现金流出

租赁于现金流量表内的款项：

款项包括以下：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

15 CONTRACT ASETS AND LIABILITIES

(a) Contract asets

二零二五年二零二四年

$’000$’000

千元千元

Contract asets合约资产

Arising from performance under

construction contracts

屡行建筑合约所产生

230,499247,602

The Group’s construction contracts normaly

include payment schedules which require

stage payments over the construction period

once milestones are reached. These payment

schedules prevent the build-up of significant

contract asets. The Group also typicaly agres

to a one year retention period for 5% to 10%

of the contract value. This amount is included

in contract asets until the end of the retention

period as the Group’s entitlement to this final

payment is conditional on the Group’s work

satisfactorily pasing inspection.

The contract asets primarily relate to the Group’s

rights to consideration for work completed but

not yet biled at the year end date. The decrease

in contract asets in 2025 was the result of the

decrease in the provision of construction services

before the end of the year. The contract asets

are transfered to trade receivables when the

rights become unconditional.

The amount of contract asets that is expected

to be recovered after more than one year is

$31,170,000 (2024: $11,647,000), al of which

related to retentions.

The amount of revenue recognised during the

year from performance obligations satisfied

(or partialy satisfied) in previous periods is a

reduction of $2,040,000 (2024: adition of

$134,000), mainly due to changes in estimate

of the transaction price of certain construction

contracts.

15 合约资产及合约负债

(a) 合约资产

本集团的建筑合约通常载有付

款时间表，规定于建筑期内达

成若干里程碑时分阶段支付款

项。该等付款时间表防止累积

庞大合约资产。本集团通常亦

同意一年的保存期，保留金为

合约价值的5%至10%。由于

本集团享有该等最终付款的权

利须待本集团的工程令人满意

地通过检验后方可作实，故此

金额计入合约资产，直至保存

期结束为止。

合约资产主要关于本集团享有

于年结日已完成但未发出账单

工程的代价的权利。二零二五

年的合约资产减少源于年结日

前提供的建筑服务减少。合约

资产于有关权利成为无条件时

转入应收贸易账款。

预期于一年后收回的合约资

产金额为31,170,000元（二零

二四年：11,647,000元），全

部与保留金有关。

年内从于上一期间已达成（或

部分达成）履约责任确认的

收益金额为减少2,040,000元

（二零二四年：增加134,000

元），主要源自若干建筑合约

估计交易价出现变动。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

15 CONTRACT ASETS AND LIABILITIES

(continued)

(b) Contract liabilities

二零二五年二零二四年

$’000$’000

千元千元

Contract liabilities合约负债

Construction contracts建筑合约

– Bilings in advance of performance－履约前付款13,0416,727

The contract liabilities primarily relate to the

advanced consideration received from customers,

for which revenue is recognised based on the

progres of the provision of related services.

Movements in contract liabilities are explained as

folows:

二零二五年二零二四年

$’000$’000

千元千元

Balance as at 1 April四月一日之结余6,727–

Decrease in contract liabilities as a

result of recognising revenue during

the year that was included in the

contract liabilities at the begining

of the period

由于在年内确认了期初

已包含在合同负债中

的收入导致合同负债

减少

(6,727)–

Increase in contract liabilities as a

result of biling in advance of

construction activities

随著建筑项目履约前

付款而增加的合约

负债13,0416,727

Balance as at 31 March三月三十一日之结余13,0416,727

15 合约资产及合约负债（续）

(b) 合约负债

合约负债主要与已收客户的代

价垫款有关，有关收益乃根据

提供有关服务的进度确认。

合约负债的变动阐述如下：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

16 TRADE AND OTHER PAYABLES

二零二五年二零二四年

$’000$’000

千元千元

Trade creditors应付贸易账款48,76459,884

Provision for construction works

(note (i)

工程项目拨备

（附注(i)）22,95419,395

Other payables and acruals其他应付款项及应计费用28,63234,613

100,350113,892

Note

(i) Provision for construction works

二零二五年二零二四年

$’000$’000

千元千元

At 1 April于四月一日19,39510,498

Aditional provision made增加拨备3,5599,172

Provision utilised已使用拨备–(275)

At 31 March于三月三十一日22,95419,395

(a) Ageing analysis

Included in trade and other payables are trade

creditors, based on the invoice date, with the

folowing ageing analysis at the end of the

reporting period:

二零二五年二零二四年

$’000$’000

千元千元

Within 1 month一个月内37,0823,049

Over 1 month but within 2 months超过一个月但于两个月内4,67149,612

Over 2 months but within 3 months超过两个月但于三个月内4,7142,010

Over 3 months三个月以上2,2975,213

48,76459,884

16 贸易及其他应付款项

附注

(i) 工程项目拨备

(a) 账龄分析

计入贸易及其他应付款项的为

应付贸易账款，于报告期末按

发票日期之账龄分析如下：

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

17 LEASES

(a) Lease receivables

At 31 March 2025 and 2024, the Group had

lease receivables as folows:

二零二五年二零二四年

Present value

of the minimum

lease payments

Total minimum

lease payments

Present value

of the minimum

lease payments

Total minimum

lease payments

最低租赁

付款现值

最低租赁

付款总额

最低租赁

付款现值

最低租赁

付款总额

$’000$’000$’000$’000

千元千元千元千元

Within 1 year一年内–6566

–6566

Les: total unearned finance

income

减：未赚取融资收入总额

–(1)

Present value of lease receivables应收租赁款项之现值–65

17 租赁

(a) 应收租赁款项

于二零二五年及二零二四年三

月三十一日，本集团拥有如下

应收租赁款项：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

17 LEASES (continued)

(b) Lease liabilities

At 31 March 2025 and 2024, the Group had

lease liabilities as folows:

二零二五年二零二四年

Present value

of the minimum

lease payments

Total minimum

lease payments

Present value

of the minimum

lease payments

Total minimum

lease payments

最低租赁

付款现值

最低租赁

付款总额

最低租赁

付款现值

最低租赁

付款总额

$’000$’000$’000$’000

千元千元千元千元

Within 1 year一年内–6566

–65

Les: total future interest expenses减：日后利息开支总额–(1)

Present value of lease liabilities租赁负债之现值–65

As at 31 March 2024, the Group had one

hire purchase agrements with a bank each

with terms of five years for the hire of 3 sets

of machinery which were pledged as security

under the agrements. In relation to these sets

of machinery, the Group has entered into lease

agrements with sub-contractor for the same

lease period and at a monthly rental that coincide

with the terms of and the amount of monthly

hire rent payable under the coresponding hire

purchase agrements that cover the particular

machinery in the curent and prior years.

18 LOAN FROM A SHAREHOLDER

The loan from a shareholder is unsecured, interest-fre

and repayable by serving two months’ notice.

17 租赁（续）

(b) 租赁负债

于二零二五年及二零二四年三

月三十一日，本集团拥有如下

租赁负债：

于二零二四年三月三月三十一

日，本集团与一间银行有一份

为期五年的租购协议，以租用

3部机器，有关机器根据协议

已抵押作为抵押品。就该等机

器而言，本集团与独立分包商

订立一样租赁期的租赁协议，

本年及往年度每月租金与根据

特定机器之相应租购协议之条

款及每月应付的租金额一

致。

18 股东贷款

股东货款是无抵押、免息及偿还前

提供两个月通知。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

19 CAPITAL AND RESERVES

(a) Movement in components of equity

The reconciliation betwen the opening and

closing balances of each component of the

Group’s consolidated equity is set out in the

consolidated statement of changes in equity.

Details of the Company’s individual components

of equity betwen the begining and the end of

the year are set out below:

The Company

本公司

capital

premium

Retained

profitsTotal

股本股份溢价保留溢利总计

$’000$’000$’000$’000

千元千元千元千元

Balance at 1 April

于二零二三年

四月一日之结余8,30075,45355,239138,992

Profit and total

comprehensive

income for the year

年内溢利及全面

收益总额

–1,4041,404

Balance at

31 March 2024

于二零二四年

三月三十一日之

结余8,30075,45356,643140,396

Balance at

1 April 2024

于二零二四年

四月一日之结余8,30075,45356,643140,396

Profit and total

comprehensive

income for the year

年内溢利及全面

收益总额

–1,5721,572

Balance at

31 March 2025

于二零二五年

三月三十一日之

结余8,30075,45358,215141,968

19 资本及储备

(a) 权益组成部分之变动

本集团综合权益各组成部分于

期初及期末结余对账载于综合

权益变动表。本公司于年初及

年末之个人权益组成部分之详

情载于下文：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

19 CAPITAL AND RESERVES (continued)

(b) Dividend

The board of directors has resolved not to declare

any final dividend for the year ended 31 March

2025 (2024: Nil).

The Company

本公司

二零二五年二零二四年

No. of sharesAmountNo. of sharesAmount

股份数目金额股份数目金额

$’000$’000

千元千元

Authorised – ordinary

shares of $0.01 each:

法定－每股0.01元之普通股：

At 1 April and 31 March于四月一日及三月三十一日2,000,000,00020,0002,000,000,00020,000

Ordinary shares, isued

and fuly paid:

普通股，已发行及缴足：

At 1 April and 31 March于四月一日及三月三十一日830,000,0008,300830,000,0008,300

The holders of ordinary shares are entitled

to receive dividends as declared from time to

time and are entitled to one vote per share at

metings of the Company. Al ordinary shares

rank equaly with regard to the Company’s

residual asets.

19 资本及储备（续）

(b) 股息

董事会决议就二零二五年三月

三十一日不宣派任何股息（二

零二四年：无）。

普通股持有人有权收取不时

宣派之股息，并有权在本公司

股东大会上以每股份投一

票。所有普通股就本公司之剩

余资产而言均享有相同地位。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

19 CAPITAL AND RESERVES (continued)

(d) Nature and purpose of reserves

(i) Share premium

The share premium acount is governed by

the Companies Law of the Cayman Islands

and may be aplied by the Company

subject to the provisions, if any, of its

memorandum and articles of asociation in

paying distributions or dividends to equity

shareholders.

No distribution or dividend may be

paid to the equity shareholders out

of the share premium acount unles

imediately folowing the date on which

the distribution or dividend is proposed to

be paid, the Company wil be able to pay

its debts as they fal due in the ordinary

course of busines.

(i) Capital reserve

The capital reserve was created as a result

of the reorganisation to rationalise the

Group structure in preparation for the

listing of the Company’s shares on the

Stock Exchange.

(e) Distributability of reserves

At 31 March 2025, the agregate amount of

the Company’s reserves available for distribution

to equity shareholders of the Company, as

calculated in acordance with the Companies

Law of the Cayman Islands and the Company’s

memorandum and articles of asociation, was

$133,668,000 (2024: $132,096,000).

19 资本及储备（续）

(d) 储备的性质及目的

(i) 股份溢价

股份溢价账由开曼群岛

公司法规管，本公司于

向权益股东支付分派或

股息时可根据其组织章

程大纲及细则的条文

（如有）动用股份溢价

账。

除非紧随建议支付分派

或股息当日后本公司将

可支付于日常业务中到

期的债务，否则不可动

用股份溢价账以向权益

股东支付分派或股息。

(i) 资本储备

由于重组为准备本公司

股份于联交所上巿而精

简本集团架构，故设立

资本储备。

(e) 储备可分派程度

于二零二五年三月三十一日，

本公司可供分派予本公司权

益股东的储备总额（根据开

曼群岛公司法以及本公司组

织章程大纲及细则计算）为

133,668,000元（二零二四年：

132,096,000元）。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

19 CAPITAL AND RESERVES (continued)

(f) Capital management

The Group’s primary objectives when managing

capital are to safeguard the Group’s ability to

continue as a going concern in order to fund

its construction busines, provide returns for

shareholders and benefits for other stakeholders

and to maintain an optimal capital structure to

reduce the cost of capital.

The Group actively and regularly reviews and

manages its capital structure to maintain a

balance betwen the higher shareholder returns

that might be posible with higher levels of

borowings and the advantages and security

aforded by a sound capital position, and makes

adjustments to the capital structure in light of

changes in economic conditions.

The Government requires contractors on the

list of aproved contractors for public works

(the “List”) to maintain such minimum working

capital as the Government may from time to time

determine (the “Required Minimum Working

Capital”). A subsidiary of the Company is subject

to the Required Minimum Working Capital as the

subsidiary is a contractor on the List. Except for

this, neither the Company nor of its subsidiaries

are subject to externaly imposed capital

requirements.

19 资本及储备（续）

(f) 资本管理

本集团管理资本的主要目标是

保障本集团按持续经营基准继

续营运的能力，以为其建筑业

务融资，为股东带来回报，同

时兼顾其他权益持有人的利

益，并维持最佳的资本架构以

减低资金成本。

本集团积极及定期检讨和管理

其资本架构，以维持较高股东

回报（有关借款金额亦可能较

高）与稳健资金状况的优势及

保障之间的平衡，以及根据经

济状况的变动对资本架构作出

调整。

政府要求名列认可公共工程承

建商名册（「名册」）的承建商

维持由政府不时厘定的有关

最低营运资本（「指定最低营

运资本」）。本公司一间附属公

司受指定最低营运资本的规

限，原因为该附属公司为名册

上的承建商。除此以外，本公

司及其附属公司均不受外部施

加资本规定的规限。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

20 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS

Exposure to credit, liquidity and interest rate risks arises

in the normal course of the Group’s busines. The

Group’s exposure to these risks and the financial risk

management policies and practices used by the Group

to manage these risks are described below.

(a) Credit risk

The Group’s credit risk is primarily atributable

to bank deposits, trade receivables, retentions

receivable, lease receivables and contract asets.

The Group has a credit policy in place and the

exposures to these credit risks are monitored on

an ongoing basis.

Cash is deposited with financial institutions with

sound credit ratings and the Group has exposure

limit to any single financial institution. Given

their high credit ratings, management does not

expect any of these financial institutions and

counterparties wil fail to met their obligations.

Trade receivables, retentions receivable, lease

receivables and contract asets

In respect of trade receivables, retentions

receivable, lease receivables and contract asets,

individual credit evaluations are performed as

part of the aceptance procedures for new

construction contracts. These evaluations focus

on the customer’s past history of making

payments when due and curent ability to pay,

and take into acount information specific to the

customer as wel as pertaining to the economic

environment in which the customer operates.

Trade receivables are due within 30-90 days from

the date of biling. Normaly, the Group does not

obtain colateral from customers.

20 财务风险管理及金融工具的

公允值

本集团日常业务过程中承受信贷、

流动资金及利率风险。本集团承受

该等风险及本集团用以管理该等风

险的财务风险管理政策及常规载于

下文。

(a) 信贷风险

本集团的信贷风险主要来自

银行存款、应收贸易账款、应

收保留金、应收租赁款项及合

约资产。管理层已实施信贷政

策，并持续监控该等信贷风

险。

现金存款乃存放于良好信贷评

级的金融机构，而本集团亦对

每一金融机构设置额度。鉴于

该等金融机构拥有高信贷评

级，管理层并不预期该等金融

机构及对手方不能履行责任。

应收贸易账款、应收保留金、

应收租赁款项及合约资产

就应收贸易账款、应收保留

金、应收租赁款项及合约资产

而言，本集团会进行个别信贷

评核作为新建筑合约接纳程序

一部分。此等评核集中于客户

过往支付到期款项的记录及现

时的付款能力，并考虑客户的

特定资料及客户经营所在经

济环境的情况。应收贸易款项

于账单日期起计30-90日内到

期。本集团一般不会向客户收

取抵押品。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

20 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(a) Credit risk (continued)

Trade receivables, retentions receivable, lease

receivables and contract asets (continued)

At the end of the reporting period, the Group

has significant concentration of credit risk in a

few customers. In view of their credit standing,

god payment record and long established

relationships with the Group, management

does not consider the Group’s credit risk

to be significant. At 31 March 2025, 16%

(2024: 7%) and 60% (2024: 31%) of the total

trade receivables, retentions receivable, lease

receivables and contract asets was due from the

Group’s largest customer and the Group’s five

largest customers respectively.

As part of the Group’s credit risk management,

the Group aplies internal credit rating for

its customers. Trade receivables, retentions

receivable and contract asets are grouped into

thre internal credit rating buckets (namely: low

risk, medium risk and high risk) based on shared

credit risk characteristics by references to past

default experience and curent past due exposure

of the debtors, and an analysis of the debtor’s

curent financial position. The folowing table

provides information about the exposure to credit

risk and ECLs for trade receivables, retentions

receivable and contract asets which are asesed

individualy as at 31 March 2025 and 2024.

20 财务风险管理及金融工具的

公允值（续）

(a) 信贷风险（续）

应收贸易账款、应收保留金、

应收租赁款项及合约资产（续）

于报告期末，本集团就少数客

户有重大信贷集中风险。鉴于

彼等的信贷评级、良好还款记

录及与本集团已建立长期关

系，管理层认为本集团承受

的信贷风险并不重大。于二零

二五年三月三十一日，应收贸

易账款、应收保留金、应收租

赁款项及合约资产总额中分

别16%（二零二四年：7%）及

60%（二零二四年：31%）乃

应收本集团最大客户款项及应

收本集团五大客户款项。

作为本集团信贷风险管理的一

部分，本集团对其客户采用内

部信贷评级。应收贸易账款、

应收保留金及合约资产乃参考

债务人的过往违约情况及当前

的逾期风险以及债务人的当前

财务状况分析的共享风险特

征，分为三个内部信贷评级组

别（即低风险、中风险及高风

险）。下表提供有关所面临信

贷风险以及应收贸易账款、应

收保留金及合约资产的预期风

险及信贷亏损的资料，其乃于

二零二五年及二零二四年三月

三十一日进行独立评估。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

20 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(a) Credit risk (continued)

Trade receivables, retentions receivable, lease

receivables and contract asets (continued)

At 31 March 2025

于二零二五年三月三十一日

Average los

rate

Gros

carying

amount

Impairment

los

alowance

平均损失率账面总额减值亏损拨备

%$’000$’000

%千元千元

Internal credit rating内部信贷评级

Low risk低风险0.14210,138297

Medium risk中风险0.7948,634384

High risk高风险7.2523,2021,683

281,9742,364

At 31 March 2024

于二零二四年三月三十一日

Average los

rate

Gros

carying

amount

Impairment

los

alowance

平均损失率账面总额减值亏损拨备

%$’000$’000

%千元千元

Internal credit rating内部信贷评级

Low risk低风险0.14219,761308

Medium risk中风险1.0072,116721

291,8771,029

20 财务风险管理及金融工具的

公允值（续）

(a) 信贷风险（续）

应收贸易账款、应收保留金、

应收租赁款项及合约资产（续）

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

20 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(a) Credit risk (continued)

Trade receivables, retentions receivable, lease

receivables and contract asets (continued)

The estimated los rates are estimated based

on historical observed default rates over the

expected life of trade receivables, retentions

receivable and contract asets and study of

other corporates’ default and recovery data, and

are adjusted for forward-loking information

that is available without undue cost or efort.

Such forward-loking information is used by

management of the Group to ases the curent

condition and the Group’s view of economic

conditions over the expected lives of the

receivables. The grouping is regularly reviewed

by management of the Group to ensure relevant

information about specific debtors is updated.

Movements in the los alowance acount in

respect of trade receivables, retentions receivable

and contract asets during the years ended 31

March 2025 and 2024 are as folows:

二零二五年二零二四年

$’000$’000

千元千元

Balance as at 1 April于四月一日之结余1,029974

Impairment los provided减值亏损拨备1,33555

Balance as at 31 March于三月三十一日之结余2,3641,029

20 财务风险管理及金融工具的

公允值（续）

(a) 信贷风险（续）

应收贸易账款、应收保留金、

应收租赁款项及合约资产（续）

估计损失率乃根据应收贸易账

款、应收保留金及合约资产预

计年期内的过往观察违约率及

对其他企业违约及回收数据的

研究而估计，并就毋须付出过

多成本或努力即可获得的前瞻

性资料作出调整。本集团管理

层使用该等前瞻性资料评估现

况及本集团对应收款项预计年

期内的经济状况的看法。本集

团管理层定期审阅分类状况，

以确保特定债务人的相关资料

已更新。

于截至二零二五年及二零二四

年三月三十一日止年度内，应

收贸易账款、应收保留金及合

约资产的减值亏损拨备之变动

如下：

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

20 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(b) Liquidity risk

Individual subsidiaries within the Group are

responsible for their own cash management,

including the raising of loans to cover the

expected cash demands. The Group’s policy is to

regularly monitor curent and expected liquidity

requirements and its compliance with lending

covenants, to ensure that it maintains suficient

reserves of cash and adequate comited

funding lines from major financial institutions to

met its liquidity requirements in the short and

longer term.

The folowing table details the remaining

contractual maturities at the end of the reporting

period of the Group’s financial liabilities, which

are based on contractual undiscounted cash

flows (including interest payments computed

using contractual rates or, if floating, based on

rates curent at the end of the reporting period)

and the earliest date the Group can be required

to pay:

At 31 March 2025

于二零二五年三月三十一日

Carying

amount

Total

contractual

undiscounted

cash flow

Within

1 year

or on

demand

More than

1 year but

les than

2 years

More than

2 years but

les than

5 years

账面值

总合约

未折现金流

一年内或

按要求

超过一年

但少于两年

两年以上

但少于五年

$’000$’000$’000$’000$’000

千元千元千元千元千元

Trade and other payables

(excluding acruals)

贸易及其他应付款项

（除应计费用外）62,10362,10362,103–

Loan from a shareholder股东贷款13,00013,00013,000–

75,10375,10375,103–

20 财务风险管理及金融工具的

公允值（续）

(b) 流动资金风险

本集团旗下的各家附属公司

对其自身的现金管理负责，包

括筹集贷款应对预期现金需

求。本集团之政策是定期监控

现时及预期流动资金需要，以

及其遵守贷款契诺之情况，以

确保维持足够现金储备及来自

主要金融机构的充足承诺融资

额度，从而满足短期及长期之

流动资金需要。

下表详述本集团金融负债于报

告期末的余下合约到期日，乃

基于合约未折现金流（包括

使用合约利率计算的利息付

款，倘为浮息，则基于报告期

末的即期利率）及本集团可被

要求偿还的最早日期：

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

20 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(b) Liquidity risk (continued)

At 31 March 2024

于二零二四年三月三十一日

Carying

amount

Total

contractual

undiscounted

cash flow

Within

1 year

or on

demand

More than

1 year but

les than

2 years

More than

2 years but

les than

5 years

账面值

总合约

未折现金流

一年内或

按要求

超过一年

但少于两年

两年以上

但少于五年

$’000$’000$’000$’000$’000

千元千元千元千元千元

Trade and other payables

(excluding acruals)

贸易及其他应付款项

（除应计费用外）69,08169,08169,081–

Lease liabilities租赁负债656666–

Loan from a shareholder股东贷款13,00013,00013,000–

82,14682,14782,147–

The Group does not have any significant

exposure to interest rate risk.

20 财务风险管理及金融工具的

公允值（续）

(b) 流动资金风险（续）

本集团没有重大利率风险。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

20 FINANCIAL RISK MANAGEMENT

AND FAIR VALUES OF FINANCIAL

INSTRUMENTS (continued)

(d) Foreign curency risk

The Group’s functional curency is Hong Kong

dolars. At 31 March 2025, the Group’s curency

risk is primarily atributable to deposits with

banks of $24,472,000 (2024: $24,202,000)

denominated in the Renminbi (“RMB”).

Asuming that the RMB had strengthened/

weakened by 10% at 31 March 2025 (2024:

10%) and the changes had ben aplied to

the Group’s exposure to curency risk for those

deposits at that date, with other variables held

constant, the Group’s los after tax would have

decreased/increased and total equity would

have increased/decreased by aproximately

$2,447,000 (2024: aproximately $2,420,000).

The exposure to curency risk as refered to

above represents management’s asesment of a

reasonably posible change in exchange rate over

the period until next anual reporting date. The

analysis is performed on the same basis as 2024.

(e) Fair values measurement

The carying amounts of the Group’s financial

asets and liabilities caried at amortised cost are

not materialy diferent from their fair values as at

31 March 2025 and 2024.

20 财务风险管理及金融工具的

公允值（续）

(d) 外汇风险

本集团的功能货币为港元。

于二零二五年三月三十一

日，本集团的货币风险主要

归因于以人民币（「人民币」）

列值的银行存款24,472,000

元（二零二四年：24,202,000

元）。假设于二零二四年三月

三十一日人民币升值╱贬值

10%（二零二四年：10%）且

该等变动已于该日应用于本集

团该等存款所面临的货币风

险，而其他变量保持不变，则

本集团的除税后亏损将减少

╱增加及权益总额将增加╱

减少约2,447,000元（二零

二四年：2,420,000元）。

上文所述货币风险指管理层所

评估直至下一个年度报告日

期间内可能出现之合理汇率变

动。此分析基准与二零二四年

相同。

(e) 公允值计量

于二零二五年及二零二四年三

月三十一日，本集团按账面值

摊销成本计值的金融资产及负

债的账面值与彼等的公允值无

重大不同。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

21 CONTINGENT LIABILITIES

At 31 March 2025, the Group had contingent liabilities

in respect of performance bonds to guarante for

the due and proper performance of the obligations

undertaken by the Group’s subsidiary for projects

amounting to $58,524,000 (2024: $112,229,000) in its

ordinary course of busines. The performance bonds are

expected to be released in acordance with the terms

of the respective construction contracts.

22 DEFINED CONTRIBUTION

RETIREMENT PLAN

In compliance with the Hong Kong Mandatory

Provident Fund Schemes Ordinance (Chapter 485 of the

Laws of Hong Kong), employes of the Group in Hong

Kong are required to participate in the Mandatory

Provident Fund Scheme of the Group (the “MPF

Scheme”). The MPF Scheme is a defined contribution

plan administered by an independent corporate truste.

Under the MPF Scheme, each of the Group and the

employes are required to make contributions to

the MPF Scheme at 5% of the employes’ relevant

income, subject to a cap of monthly relevant income

of $30,000. The Group’s contributions under the

above-mentioned defined contribution retirement plan

are expensed as incured and no contributions have

ben forfeited as al contributions to the MPF Scheme

vest imediately.

23 MATERIAL RELATED PARTY

TRANSACTIONS

(a) In adition to the transactions and balances

disclosed elsewhere in these financial statements,

the Group entered into the folowing material

related party transaction during the year:

二零二五年二零二四年

$’000$’000

千元千元

Rental expenses paid to a related

company

已付予一间关联公司之

租金开支1,1921,192

Note: The directors of the Company are of opinion that the

above transaction was entered into in the normal course

of busines.

21 或然负债

于二零二五年三月三十一日，本

集团于其日常业务过程中就本集

团附属公司履行承接项目之责任

而作出担保的履约保证之或然负

债为58,524,000元（二零二四年：

112,229,000元）。履约保证预期将

根据各建筑合约的条款解除。

22 界定供款退休计划

根据香港法例第485章《强制性公积

金计划条例》，本集团在香港的雇员

须参加本集团的强制性公积金计划

（「强积金计划」）。强积金计划为一

个由独立企业受托人管理的界定供

款计划。根据强积金计划，本集团

和雇员各自均须按雇员相关收入的

5%向强积金计划供款，惟每月有关

收入的上限为30,000元。本集团向

上述界定供款计划之供款在其产生

时列为开支，及由于所有向强积金

计划供款即时归属，故没有任何供

款被没收。

23 重大关联方交易

(a) 除财务报表其他部分所披露的

交易及结余外，本集团于本年

度订立以下重大关联方交易：

附注：本公司董事认为上述交易乃于

日常业务过程中订立。

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

23 MATERIAL RELATED PARTY

TRANSACTIONS (continued)

(b) Remuneration of key management personel,

including amounts paid to the directors as

disclosed in note 8 and senior management as

disclosed in note 9, is as folows:

二零二五年二零二四年

$’000$’000

千元千元

Short-term employe benefits短期雇员福利6,6026,246

Post-employment benefits离职福利3636

6,6386,282

Total remuneration is included in “staf costs”

(se note 6(b).

The related party transactions in respect of rental

expenses paid to a related company and the

remuneration of directors and chief executive of

the Company constitute conected transactions

as defined in Chapter 14A of the Listing Rules.

However, these transactions are exempt from

reporting, anouncement and independent

shareholders’ aproval requirements under

Chapter 14A of the Listing Rules.

The related party transactions in respect of the

remuneration of key management personel

(other than directors and chief executive) of the

Company do not fal under the definition of

conected transactions or continuing conected

transactions as defined in Chapter 14A of the

Listing Rules.

loan from a shareholder as set out in note 18

constitutes conected transactions as defined

in Chapter 14A of the Listing Rules. However,

this transaction is exempt from reporting,

anouncement and independent shareholders’

aproval requirements under Chapter 14A of the

Listing Rules.

23 重大关联方交易（续）

(b) 主要管理人员的薪酬（包括

已付董事的金额）于附注8披

露，而高级管理层的薪酬则于

附注9披露如下：

薪酬总额计入「员工成本」（见

附注6(b)）。

与已付予一间关联公司的租金

开支及本公司董事及主要行政

人员薪酬有关的关联方交易构

成上市规则第14A章界定的关

连交易。然而，该等交易获豁

免遵守上市规则第14A章项下

申报、公告及独立股东批准规

定。

与本公司主要管理人员（董事

及主要行政人员除外）薪酬有

关的关联方交易并不属于上市

规则第14A章界定的关连交易

或持续关连交易。

款有关的关联方交易构成上

市规则第14A章界定的关连交

易。然而，该等交易获豁免

遵守上市规则第14A章项下申

报、公告及独立股东批准规

定。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

24 COMPANY-LEVEL STATEMENT OF

FINANCIAL POSITION

二零二五年二零二四年

Note$’000$’000

附注千元千元

Non-curent asets非流动资产

Investment in a subsidiary于附属公司之投资12––

Amounts due from subsidiaries应收附属公司款项141,047140,436

141,047140,436

Curent asets流动资产

Tax recoverable可收回税项–11

Cash and bank balances现金及银行结余1,325369

1,325380

Curent liabilities流动负债

Other payables and acruals其他应付款项及

应计费用404420

Net curent asets/(liabilities)流动资产╱（负债）净值921(40)

NET ASETS资产净值141,968140,396

CAPITAL AND RESERVES资本及储备19(a)

Share capital股本19(c)8,3008,300

Reserves储备133,668132,096

TOTAL EQUITY权益总额141,968140,396

24 公司层面之财务状况表

* 指8元

现恒建筑控股有限公司

2024/2025 年报

(Expresed in Hong Kong Dolars)（以港元列示）

Notes to the Financial Statements (continued)

财务报表附注（续）

25 POSIBLE IMPACT OF AMENDMENTS,

NEW STANDARDS AND

INTERPRETATIONS ISUED BUT

NOT YET EFECTIVE FOR THE YEAR

ENDED 31 MARCH 2025

Up to the date of isue of these financial statements,

the HKICPA has isued a number of new or amended

standards, which are not yet efective for the

year ended 31 March 2025 and which have not

ben adopted in these financial statements. These

developments include the folowing which may be

relevant to the Group.

Efective for

acounting periods

begining on

or after

于以下日期或之后

开始的会计期间生效

Amendments to HKAS 21, The efects of changes in foreign exchange rates –

Lack of exchangeability1 January 2025

香港会计准则第21号（修订本），外汇率变化的影响 – 缺乏可交换性二零二五年一月一日

Amendments to HKFRS 9, Financial instruments and HKFRS 7, Financial

instruments: disclosures – Amendments to the clasification and

measurement of financial instruments1 January 2026

香港财务报告准则第9号（修订本），金融工具及香港财务报告第7号（修订本）

金融工具披露 – 分类和计量金融工具的修订

二零二六年一月一日

Anual improvements to HKFRS Acounting Standards – Volume 111 January 2026

香港财务报告准则会计准则之年度改进 – 第11卷二零二六年一月一日

HKFRS 18, Presentation and disclosure in financial statements1 January 2027

香港财务报告准则第18号，财务报表呈列及披露二零二七年一月一日

HKFRS 19, Subsidiaries without public acountability: disclosures1 January 2027

香港财务报告准则第19号，没有公共问责制的附属公司：披露二零二七年一月一日

The Group is in the proces of making an asesment

of what the impact of these developments is expected

to be in the period of initial aplication. So far it has

concluded that the adoption of them is unlikely to

have a significant impact on the consolidated financial

statements, except for HKFRS 18, where the structure

of the Group’s consolidated profit or los and other

comprehensive income is expected to change.

25 于截至二零二五年三月

三十一日止年度已颁布但尚

未生效的修订、新订准则及

诠释的可能影响

直至本财务报表刊发日期，香港会

计师公会已颁布一系列新或经修

订准则，于截至二零二五年三月

三十一日止年度尚未生效且并无于

此等财务报表中采纳。该等发展包

括如下可能与本集团相关者。

集团正在评估这些发展于初次采纳

期间时的预期影响，除香港财务报

告准则第18号：集团综合损益及其

他全面收益之架构预期转变外，截

至现时总括采纳新发展不大可能对

综合财务报表构成重大影响。

IN CONSTRUCTION HOLDINGS LIMITED

Anual Report 2024/2025

Financial Sumary

财务摘要

(Expresed in Hong Kong Dolars)（以港元列示）

A sumary of the results and asets and liabilities of the

Group for the last five financial years is as folows:

Year ended 31 March

截至三月三十一日止年度

二零二一年二零二年二零二三年二零二四年二零二五年

$’000$’000$’000$’000$’000

千元千元千元千元千元

RESULTS业绩

Revenue收益378,783462,246332,351383,102273,600

Profit/(los) before taxation除税前溢利╱

（亏损）33,71674,346(15,324)(12,711)(18,693)

Income tax所得税(5,013)(12,154)(5)(144)(218)

Profit/(los) and total

comprehensive income

for the year

年内溢利╱

（亏损）及全面

收益总额28,70362,192(15,329)(12,855)(18,911)

Dividend per share

(Hong Kong dolars)

每股息（港元）

–0.06–

At 31 March

于三月三十一日

二零二一年二零二年二零二三年二零二四年二零二五年

$’000$’000$’000$’000$’000

千元千元千元千元千元

ASETS AND LIABILITIES资产及负债

Total asets总资产362,516416,243373,372395,264369,075

Total liabilities总负债(85,144)(101,579)(98,937)(133,684)(126,406)

Net asets资产净值277,372314,664274,435261,580242,669

Net asets per share

(Hong Kong dolars)

每股资产净值

（港元）0.330.380.330.320.29

This report is published in both English and Chinese

languages. Should there be any inconsistency betwen the

Chinese and English versions, the English version shal prevail.

本集团最近五个财政年度的业绩及资产及

负债概要如下：

本报告以中英文两种语言印制。在两种文

体的说明上存在歧义时，以英文为准。

年

报

Contents

目录

Corporate Information

公司资料

Chairman’s Statement

主席报告

To: Our Shareholders,

Highlights

摘要

HK$’m

273.6

百万港元

HKcents

-2.3

港仙

HK$’m

0.2

百万港元

HK$’m

-18.9

百万港元

Management Discusion and Analysis

管理层讨论及分析

Note:

1. Gearing ratio is calculated based on debts including lease liabilities and

Biographies of Directors and Senior Management

董事及高级管理人员履历

1976. In the course of his carer, Mr. Leung has acumulated

Code: 1172) from 26 January 2018 to 25 January 2022.

Directors’ Report

董事会报告

Long positions in the shares:

Notes:

1. In Play Limited is 100.0% owned by Mr. Lau Pak Man. Mr. Lau Pak Man

2. Mr. Lau Pak Man is the spouse of Ms. Kwan Kit Sum Kit. By virtue of the

3. Wealth Celebration Limited is 100.0% owned by Mr. Cheng Wing

4. Kinetic Kingdom Limited is 100.0% owned by Ms. Kwan Kit Sum Kit.

5. Ms. Kwan Kit Sum Kit is the spouse of Mr. Lau Pak Man. By virtue of

6. Ms. Mok Kam Sheung is the spouse of Mr. Yau Chi Man Norman (also

1. In Play Limited由刘伯文先生全资拥有。根据

3. Wealth Celebration Limited由郑荣昌先生全资

4. Kinetic Kingdom Limited由关洁心女士全资拥

Long positions in the shares:

Corporate Governance Report

企业管治报告

1. Independence asesment criteria for independent

2. Asesment to ensure independent views and

Independent Auditor’s Report

独立核数师报告

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

Consolidated Statement of Financial Position

综合财务状况表

Consolidated Statement of Changes in Equity

综合权益变动表

Consolidated Cash Flow Statement

综合现金流量表

Notes to the Financial Statements

财务报表附注

Los before taxation is arived at after charging:

Notes:

Representing:代表：

Defered tax arising from:递延税项的来源：

Notes:

Cost:成本：

Acumulated depreciation:累计折旧：

Net bok value:账面净值：

Notes:

Les: Restricted bank balances

Note: Restricted bank balances are deposits placed in banks to

Adjustments for:就下列各项调整：

Changes in working capital:营运资金变动：

Changes from financing cash flows:融资现金流量变动：

Other change:其他变动：

Change from financing cash flows:融资现金流量变动：

These amounts relate to the folowing:

Les: total unearned finance

Les: total future interest expenses减：日后利息开支总额–(1)

Note: The directors of the Company are of opinion that the

Financial Sumary