08601 宝燵控股 财务报表/环境、社会及管治资料：中期报告 2025
宝燵控股有限公司
Boltek Holdings Limited
Interim
Report
中期报告
Stock code 股份代号: 8601
(Incorporated in the Cayman Islands with limited liability)
(于开曼群岛注册成立的有限公司)
1宝燵控股有限公司 中期报告 2025
香港联合交易所有限公司（「联交
所」）GEM的特色
GEM乃为较在联交所上市的其他公司带
有较高投资风险的中小型公司提供上市
场。有意投资者应了解投资于该等公司的
潜在风险，并应经过审慎周详考虑后方作
出投资决定。
由于GEM上市公司一般为中小型公司，
在GEM买卖的证券可能会较于联交所主
板买卖的证券承受较大市场波动风险，同
时无法保证在GEM买卖的证券会有高流
通量的市场。
香港交易及结算所有限公司及联交所对本
报告的内容概不负责，对其准确性或完整
性亦不发表任何声明，并明确表示概不会
就因本报告全部或任何部份内容而产生或
因倚赖该等内容而引致的任何损失承担任
何责任。
本报告乃遵照联交所GEM证券上市规则
（「GEM上市规则」）的规定提供有关本公司
的资料，宝燵控股有限公司（「本公司」，连
同其附属公司统称「本集团」）的董事（「董
事」）愿共同及个别对此负全责。董事经作
出一切合理查询后，确认就彼等所深知及
确信，本报告所载资料在各重大方面均属
准确及完整，且无误导或欺诈成份，及并
无遗漏任何其他事宜致使本报告所载任何
声明或本报告产生误导。
CHARACTERISTICS OF GEM OF THE
STOCK EXCHANGE OF HONG KONG
LIMITED (THE “STOCK EXCHANGE”)
GEM has ben positioned as a market designed
to acomodate smal and mid-sized companies
to which a higher investment risk may be atached
than other companies listed on the Stock Exchange.
Prospective investors should be aware of the potential
risks of investing in such companies and should
make the decision to invest only after due and careful
consideration.
Given that the companies listed on GEM are generaly
smal and mid-sized companies, there is a risk that
securities traded on GEM may be more susceptible to
high market volatility than securities traded on the Main
Board of the Stock Exchange and no asurance is given
that there wil be a liquid market in the securities traded
on GEM.
Hong Kong Exchanges and Clearing Limited and the Stock
Exchange take no responsibility for the contents of this report,
make no representation as to its acuracy or completenes
and expresly disclaim any liability whatsoever for any los
howsoever arising from or in reliance upon the whole or any
part of the contents of this report.
This report, for which the directors (the “Directors”) of
Boltek Holdings Limited (the “Company”, together with its
subsidiaries, the “Group”) colectively and individualy acept
ful responsibility, includes particulars given in compliance
with the Rules Governing the Listing of Securities on GEM
of the Stock Exchange (the “GEM Listing Rules”) for the
purpose of giving information with regard to the Company.
The Directors, having made al reasonable enquiries, confirm
that to the best of their knowledge and belief the information
contained in this report is acurate and complete in al
material respects and not misleading or deceptive, and there
are no other maters the omision of which would make any
statement herein or this report misleading.
2Boltek Holdings Limited Interim Report 2025
CONTENTS 目录
3公司资料Corporate Information
6未经审核简明综合损益及
其他全面收益表
Unaudited Condensed Consolidated Statement of
Profit or Los and Other Comprehensive Income
7未经审核简明综合财务状况表Unaudited Condensed Consolidated Statement of
Financial Position
8未经审核简明综合权益变动表Unaudited Condensed Consolidated Statement of
Changes in Equity
9未经审核简明综合现金流量表Unaudited Condensed Consolidated Statement of Cash Flows
10未经审核简明综合财务报表附注Notes to the Unaudited Condensed Consolidated Financial
Statements
25管理层讨论及分析Management Discusion and Analysis
31权益披露及其他资料Disclosure of Interests and Other Information
3宝燵控股有限公司 中期报告 2025
公司资料
董事会
执行董事
张群达先生
吴柏鸿先生
独立非执行董事
陈启球先生
戚伟珍女士
彭振声先生
审核委员会
戚伟珍女士（主席）
陈启球先生
彭振声先生
提名委员会
张群达先生（主席）
陈启球先生
彭振声先生
戚伟珍女士
（于二零二五年六月二十七日获委任）
薪酬委员会
彭振声先生（主席）
张群达先生
陈启球先生
合规主任
张群达先生
公司秘书
余俊杰先生
授权代表
张群达先生
余俊杰先生
CORPORATE INFORMATION
BOARD OF DIRECTORS
Executive Directors
Mr. Cheung Kwan Tar
Mr. Ng Pak Hung
Independent non-executive Directors
Mr. Chan Kai Kow Macksion
Ms. Chik Wai Chun
Mr. Pang Chun Sing George
AUDIT COMITE
Ms. Chik Wai Chun (Chairlady)
Mr. Chan Kai Kow Macksion
Mr. Pang Chun Sing George
NOMINATION COMITE
Mr. Cheung Kwan Tar (Chairman)
Mr. Chan Kai Kow Macksion
Mr. Pang Chun Sing George
Ms. Chik Wai Chun
(apointed on 27 June 2025)
REMUNERATION COMITE
Mr. Pang Chun Sing George (Chairman)
Mr. Cheung Kwan Tar
Mr. Chan Kai Kow Macksion
COMPLIANCE OFICER
Mr. Cheung Kwan Tar
COMPANY SECRETARY
Mr. Yu Chun Kit
AUTHORISED REPRESENTATIVE
Mr. Cheung Kwan Tar
Mr. Yu Chun Kit
4Boltek Holdings Limited Interim Report 2025
核数师
致同（香港）会计师事务所有限公司
香港
铜锣湾恩平道28号
利园二期11楼
法律顾问
有关开曼群岛法律
毅柏律师事务所
香港鲗鱼涌
华兰路18号
太古坊港岛东中心
42楼4201–03及12室
开曼群岛注册办事处
Windward 3, Regata Ofice Park
P.O. Box 1350
Grand Cayman KY1-1108
Cayman Islands
香港总部及主要营业地点
香港
九龙尖沙咀
山林道46–48号
运通商业大厦5楼
开曼群岛股份过户登记总处
Ocorian Trust (Cayman) Limited
Windward 3, Regata Ofice Park
P.O. Box 1350
Grand Cayman KY1-1108
Cayman Islands
AUDITOR
Grant Thornton Hong Kong Limited
11th Flor, Le Garden Two
28 Yun Ding Road, Causeway Bay
Hong Kong
LEGAL ADVISER
As to Cayman Islands law
Apleby
Suites 4201–03 & 12, 42/F
One Island East, Taiko Place
18 Westlands Road
Quary Bay, Hong Kong
REGISTERED OFICE IN THE CAYMAN
ISLANDS
Windward 3, Regata Ofice Park
P.O. Box 1350
Grand Cayman KY1-1108
Cayman Islands
HEADQUARTERS AND PRINCIPAL PLACE
OF BUSINES IN HONG KONG
5/F, Wining Comercial Building
46–48 Hilwod Road
Tsim Sha Tsui, Kowlon
Hong Kong
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFICE IN THE CAYMAN
ISLANDS
Ocorian Trust (Cayman) Limited
Windward 3, Regata Ofice Park
P.O. Box 1350
Grand Cayman KY1-1108
Cayman Islands
5宝燵控股有限公司 中期报告 2025
BRANCH SHARE REGISTRAR AND
TRANSFER OFICE IN HONG KONG
Boardrom Share Registrars (HK) Limited
2103B, 21/F, 148 Electric Road
North Point, Hong Kong
PRINCIPAL BANKER
Bank of China (Hong Kong) Limited
Bank of China Tower
1 Garden Road
Hong Kong
COMPANY’S WEBSITE
w.boltekholdings.com
STOCK CODE
香港股份过户登记分处
宝德隆证券登记有限公司
香港北角
电气道148号21楼2103B室
主要往来银行
中国银行（香港）有限公司
香港
花园道1号
中银大厦
公司网站
w.boltekholdings.com
股份代号
| 89,940 |
|---|
| (58,592) |
| 31,348 |
| 534 |
| (15,861) |
| (138) |
| 15,883 |
| (2,425) |
| 13,458 |
| 1.68 |
6Boltek Holdings Limited Interim Report 2025
董事会（「董事会」）欣然呈列本集团截至二
零二五年六月三十日止六个月（「本期间」）
的未经审核简明综合业绩，连同截至二零
二四年六月三十日止六个月的未经审核比
较数字如下：
未经审核简明综合损益及
其他全面收益表
截至二零二五年六月三十日止六个月
The board of Directors (the “Board”) is pleased to present the
unaudited condensed consolidated results of the Group for
the six months ended 30 June 2025 (the “Period”), together
with the unaudited comparative figures for the six months
ended 30 June 2024, as folows:
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF
PROFIT OR LOS AND OTHER
COMPREHENSIVE INCOME
For the six months ended 30 June 2025
Six months ended
30 June
截至六月三十日止六个月
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Revenue收益388,811
Cost of services服务成本(58,968)
Gros profit毛利29,843
Other income其他收入31,355
Administrative expenses行政开支(17,353)
Finance costs融资成本(223)
Profit before income tax除所得税前溢利513,622
Income tax expenses所得税开支6(1,560)
Profit and total comprehensive
income for the period
atributable to equity holders
of the Company
本公司权益持有人应占
期内溢利及全面收益
总额
12,062
Earning per share atributable
to equity holders of
the Company
本公司权益持有人
应占每股盈利
Basic and diluted
(HK cents per share)
基本及摊薄（每股港仙）
71.51
| 4,808 |
|---|
| 2,609 |
| 7,417 |
| 30,841 |
| 96,090 |
| 40,707 |
| 167,638 |
| 386 |
| 405 |
| 15,083 |
| 2,267 |
| – |
| 2,657 |
| 20,798 |
| 146,840 |
| 154,257 |
| 718 |
| 3,929 |
| 4,647 |
| 149,610 |
| 8,000 |
| 141,610 |
| 149,610 |
7宝燵控股有限公司 中期报告 2025
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
As at 30 June 2025
As at
30 June
As at
31 December
于二零二五年
六月
三十日
于二零二四年
十二月
三十一日
NotesHK$’000HK$’000
附注千港元千港元
(Unaudited)(Audited)
（未经审核）（经审核）
ASETS AND LIABILITIES资产及负债
Non-curent asets非流动资产
Property, plant and equipment物业、厂房及设备7,673
Defered tax asets递延税项资产2,704
10,377
Curent asets流动资产
Contract asets合约资产34,449
Trade and other receivables贸易及其他应收款项987,017
Cash and bank balances现金及银行结余36,542
158,008
Curent liabilities流动负债
Contract liabilities合约负债225
Provisions拨备411
Trade and other payables贸易及其他应付款项1020,673
Lease liabilities租赁负债3,352
Amount due to a director应付一名董事款项2,360
Tax payable应付税项327
27,348
Net curent asets流动资产净值130,660
Total asets les curent
liabilities
总资产减流动负债
141,037
Non-curent liabilities非流动负债
Lease liabilities租赁负债1,560
Long service payment
obligations
长期服务金承担
3,325
4,885
Net asets资产净值136,152
EQUITY权益
Share capital股本118,000
Reserves储备12128,152
Total equity权益总额136,152
未经审核简明综合财务
状况表
于二零二五年六月三十日
| 8,000 | 17,000 | 64,668 | 46,484 | 136,152 |
|---|---|---|---|---|
| – | – | – | 13,458 | 13,458 |
| 8,000 | 17,000 | 64,668 | 59,942 | 149,610 |
8Boltek Holdings Limited Interim Report 2025
未经审核简明综合权益
变动表
截至二零二五年六月三十日止六个月
截至二零二四年六月三十日止六个月
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the six months ended 30 June 2025
Share
Capital
Capital
reserve
Share
premium
Retained
earningsTotal
股本资本储备股份溢价保留盈利总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Balance at 1 January 2025 (Audited)于二零二五年一月一日
结余（经审核）
Profit and total comprehensive income
for the period
期内溢利及全面收益
总额
Balance at 30 June 2025 (Unaudited)于二零二五年六月三十日
结余（未经审核）
For the six months ended 30 June 2024
Share
Capital
Capital
reserve
Share
premium
Retained
earningsTotal
股本资本储备股份溢价保留盈利总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Balance at 1 January 2024 (Audited)于二零二四年一月一日
结余（经审核）8,00017,00064,66863,429153,097
Profit and total comprehensive income
for the period
期内溢利及全面收益
总额–12,06212,062
Balance at 30 June 2024 (Unaudited)于二零二四年六月三十日
结余（未经审核）8,00017,00064,66875,491165,159
| 6,531 |
|---|
| (177) |
| (2,189) |
| 4,165 |
| 36,542 |
| 40,707 |
9宝燵控股有限公司 中期报告 2025
UNAUDITED CONDENSED
CONSOLIDATED STATEMENT OF
CASH FLOWS
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Net cash generated from
operating activities
经营活动所得现金
净额6,201
Net cash used in investing
activities
投资活动所用现金
净额(405)
Net cash used in financing activities融资活动所用现金净额(1,801)
Increase in cash and cash
equivalents
现金及现金等价物增加
3,995
Cash and cash equivalents at
begining of the period
期初现金及现金等价物
67,547
Cash and cash equivalents at
end of the period
期末现金及现金等价物
71,542
未经审核简明综合现金
流量表
10Boltek Holdings Limited Interim Report 2025
未经审核简明综合财务报表
附注
截至二零二五年六月三十日止六个月
1. 公司资料
宝燵控股有限公司于二零一八年四
月十八日在开曼群岛根据开曼群岛
公司法注册成立为获豁免有限公司。
本公司股份于二零一八年九月十三
日在香港联合交易所有限公司（「联
交所」）的GEM上市。其注册办事处
及主要营业地点分别为Windward 3,
Regata Ofice Park, PO Box 1350,
Grand Cayman KY1-1108, Cayman
Islands及香港九龙尖沙咀山林道
46–48号运通商业大厦5楼。
本公司为一家投资控股公司，连同
其附属公司（统称「本集团」）主要从
事于香港提供工程设计、景观建筑
及顾问服务以及投资控股。
本公司的直接及最终控股公司为炜
荣投资控股有限公司（「炜荣投资」）。
该公司为一家于英属处女群岛（「英
属处女群岛」）注册成立的公司。本
集团的最终控股东为张群达先生
（「控股东」）。
截至二零二五年六月三十日止六个
月的未经审核综合财务报表已于二
零二五年八月八日获董事会批准刊
发。
NOTES TO THE UNAUDITED
CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
For the six months ended 30 June 2025
1. CORPORATE INFORMATION
Boltek Holdings Limited was incorporated as an
exempted company with limited liability in the Cayman
Islands under the Companies Law of the Cayman
Islands on 18 April 2018. The Company’s shares are
listed on the GEM of The Stock Exchange of Hong
Kong Limited (the “Stock Exchange”) on 13 September
2018. The adreses of its registered ofice and
principal place of busines is Windward 3, Regata
Ofice Park, PO Box 1350, Grand Cayman KY1-1108,
Cayman Islands and 5/F, Wining Comercial
Building, 46–48 Hilwod Road, Tsim Sha Tsui,
Kowlon, Hong Kong, respectively.
The Company, which is an investment holding
company, and its subsidiaries (colectively refered
as the “Group”) are principaly engaged in provision
of enginering design, landscape architecture and
consultancy services in Hong Kong and investment
holding.
The Company’s imediate and ultimate holding
company is Waywin Investment Holding Limited
(“Waywin Investment”), a company incorporated in the
British Virgin Islands (the “BVI”). The ultimate controling
shareholder of the Group is Mr. Cheung Kwan Tar
(“Controling Shareholder”).
The unaudited consolidated financial statements for
the six months ended 30 June 2025 were aproved for
isue by the board of directors on 8 August 2025.
11宝燵控股有限公司 中期报告 2025
2. BASIS OF PREPARATION AND
REORGANISATION
These unaudited condensed consolidated financial
statements have ben prepared in acordance with
Hong Kong Financial Reporting Standards (“HKFRSs”),
which colective term includes al aplicable individual
Hong Kong Financial Reporting Standards, Hong Kong
Acounting Standards and Interpretations isued by
the Hong Kong Institute of Certified Public Acountants
(the “HKICPA”) and the acounting principles generaly
acepted in Hong Kong.
The unaudited condensed consolidated financial
statements also comply with the aplicable disclosure
requirements of the Hong Kong Companies Ordinance
(“CO”) and the aplicable disclosure requirements of
the Rules Governing the Listing of Securities on the
GEM of the Stock Exchange (“GEM Listing Rules”).
The unaudited condensed consolidated financial
statements are presented in Hong Kong dolars (“HK$”
or “HKD”), which is also the functional curency of
the Company and its subsidiaries, and al values are
rounded to the nearest thousands (“HK$’000”), except
where otherwise indicated.
The unaudited condensed consolidated financial
statements should be read in conjunction with the
audited consolidated financial information for the year
ended 31 December 2024 as set out in the anual
report of the Company dated 28 March 2025 (“Anual
Report”) and the unaudited consolidated financial
information for the period ended 30 June 2024 as
set out in the interim report of the Company dated
9 August 2024.
2. 编制基准及重组
该等未经审核简明综合财务报表乃
根据香港财务报告准则（「香港财务
报告准则」）编制，其统称包括香港
会计师公会（「香港会计师公会」）颁
布的所有适用的个别香港财务报告
准则、香港会计准则及诠释以及香
港公认会计原则。
未经审核简明综合财务报表亦符合
香港公司条例（「公司条例」）的适用
披露规定及联交所GEM证券上市规
则（「GEM上市规则」）的适用披露规
定。
未经审核简明综合财务报表乃以港
元（「港元」）呈列，该货币亦为本公
司及其附属公司的功能货币，除非
另有指明，所有金额均约整至最接
近之千元（「千港元」）。
未经审核简明综合财务报表应与本
公司日期为二零二五年三月二十八
日的年报（「年报」）所载截至二零
二四年十二月三十一日止年度的经
审核综合财务资料及本公司日期为
二零二四年八月九日的中报所载截
至二零二四年六月三十日止期间的
未经审核综合财务资料一并阅读。
12Boltek Holdings Limited Interim Report 2025
2. BASIS OF PREPARATION AND
REORGANISATION (CONTINUED)
It should be noted that acounting estimates
and asumptions are used in preparation of the
consolidated financial statements. Although these
estimates are based on management’s best knowledge
and judgement of curent events and actions, actual
results may ultimately difer from those estimates.
Except as described below, the acounting policies
used in the financial highlights for the six months ended
30 June 2025 are the same as those folowed in the
preparation of the Anual Report.
- （续）
务请注意，于编制综合财务报表时
已采用会计估计及假设。尽管该等
估计乃基于管理层对目前事件及行
动的最佳暸解及判断，实际结果或
最终有别于该等估计。
除下文所述外，截至二零二五年六
月三十日止六个月之财务概要所应
用之会计政策与编制年报所采纳者
完全一致。
| 57,396 |
|---|
| 7,942 |
| 5,84 4 |
| 71,182 |
| 11,558 |
| 2,888 |
| 2,720 |
| 1,59 2 |
| 89,940 |
13宝燵控股有限公司 中期报告 2025
3. 收益及其他收入
3.1 收益
本集团主要业务于未经审核简
明综合财务报表附注1披露。
收益于一段时间内确认及按照
工程设计、景观建筑及顾问服
务的性质分类如下：
根据与客户的合约，各工程设
计、景观建筑及顾问服务合约
与对每名客户而言属特定的事
实及情况有关。合约条款为本
集团提供一项可执行权利，以
就其迄今已完成的履约所产生
的费用加合理溢利率而付款。
3. REVENUE AND OTHER INCOME
3.1 Revenue
The Group’s principal activities are disclosed in
Note 1 of the unaudited condensed consolidated
financial statements. Revenue is recognised
over time and is disagregated by nature of
enginering design, landscape architecture and
consultancy services as folows:
Six months ended
30 June
截至六月三十日止六个月
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Civil enginering土木工程
– Road & structural
enginering
－道路及结构工程
56,396
– Geotechnical enginering－岩土工程5,929
– Others－其他7,187
69,512
Trafic enginering交通工程12,390
Building enginering楼宇工程3,015
Landscape architecture景观建筑2,887
Other ancilary services其他配套服务1,007
88,811
Under the contracts with customers, each
enginering design, landscape architecture and
consultancy service contract relates to facts
and circumstances that are specific to each
customer. Contract terms provide the Group
with an enforceable right to payment, for its
performance completed to date, of its costs
incured plus a reasonable margin.
| 180,726 |
|---|
| 81,778 |
| 30,437 |
| 292,941 |
| 263 |
|---|
| 258 |
| 13 |
| 534 |
14Boltek Holdings Limited Interim Report 2025
3. REVENUE AND OTHER INCOME
(CONTINUED)
3.1 Revenue (continued)
Remaining performance obligations
The folowing table includes revenue expected
to be recognised in the future related to
performance obligations that are unsatisfied (or
partialy unsatisfied) as at 30 June 2025.
At 30 June
于二零二五年
六月三十日
HK$’000
千港元
(Unaudited)
（未经审核）
Remaining performance obligations
expected to be satisfied during
the year ending
预期将于截至以下日期止年度
清偿的剩余履约责任
30 June 2026二零二六年六月三十日
30 June 2027二零二七年六月三十日
After 30 June 2027二零二七年六月三十日后
3.2 Other income
Six months ended
30 June
截至六月三十日止六个月
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Bank interest income银行利息收入681
Government subsidies (note)政府补贴（附注）674
Sundry income杂项收入–
1,355
- （续）
3.1 收益（续）
剩余履约责任
下表包括预期将于日后确认且
有关于二零二五年六月三十日
尚未清偿（或部分尚未清偿）
的履约责任之收益。
3.2 其他收入
15宝燵控股有限公司 中期报告 2025
- （续）
3.2 其他收入（续）
附注： 自香港职业训练局及建造业议
会获得补贴。该等机构乃香港
政府（「香港特区政府」）为分
别向见习工程师及实习生提供
在职培训而设立。概无有关该
等补贴的未达成条件或然事
项。
4. 分部资料
分部资料
主要经营决策者被认定为本公司执
行董事。执行董事将本集团提供工
程设计、景观建筑及顾问服务的业
务视为单一经营分部，并审阅本集
团整体之业绩，以就资源分配表现
评估作出决策。因此，并无呈列分
部分析资料。
地理资料
由于本集团的收益及非流动资产主
要属於单一地理区域（香港），故并
无呈列按地理分部划分的分部资料
独立分析。
3. REVENUE AND OTHER INCOME
(CONTINUED)
3.2 Other income (continued)
Note: Subsidies have ben received from the Hong Kong
Vocational Training Council and the Construction
Industry Council, institutions established by
the Hong Kong Government (the “HKSAR
Government”), for providing on-the-job training
for graduate enginers and traines, respectively.
There were no unfulfiled conditions or contingencies
relating to these subsidies.
4. SEGMENT INFORMATION
Segment information
The chief operating decision maker has ben identified
as the executive directors of the Company. The
executive directors regard the Group’s busines of
provision of enginering design, landscape architecture
and consultancy services as a single operating
segment and reviews the overal results of the Group
as a whole to make decision about resources alocation
performance asesment. Acordingly, no segment
analysis information is presented.
Geographical information
No separate analysis of segment information by
geographical segment is presented as the Group’s
revenue and non-curent asets are principaly
atributable to a single geographical region, which is
Hong Kong.
| 56,164 |
|---|
| 1,479 |
| 57,643 |
| 776 |
| 2,159 |
| 4,885 |
| 415 |
| 974 |
| 52,200 |
|---|
| 5,443 |
| 57,643 |
16Boltek Holdings Limited Interim Report 2025
5. PROFIT BEFORE INCOME TAX
Six months ended
30 June
截至六月三十日止六个月
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Profit before income tax is stated
after charging:
除所得税前溢利经扣除
以下各项后得出：
(a) Staf costs (including directors’
emoluments) (Note (i)
(a) 员工成本（包括董事
酬金）（附注(i)）
– Salaries, wages, bonus and
other benefits
－薪金、工资、花红及
其他福利54,469
– Contributions to defined
contribution retirement plans
－向界定供款退休计划
供款1,500
55,969
(b) Other items(b) 其他项目
Depreciation (included in
administrative expenses)
折旧（计入行政开支）
– Owned asets－自有资产892
– Right of use aset－使用权资产2,001
Subconsultancy fes (included in
cost of services)
分包顾问费（计入服务
成本）7,232
Auditor’s remuneration核数师酬金400
Operating lease charges in respect
of leased premises
有关租赁物业的经营
租赁开支1,157
Note:
(i) Staf costs (including directors’ emoluments)
Six months ended
30 June
截至六月三十日止六个月
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Cost of services服务成本50,372
Administrative expenses行政开支5,597
55,969
5. 除所得税前溢利
附注：
(i) 员工成本（包括董事酬金）
| 2,329 |
|---|
| 95 |
| 2,424 |
17宝燵控股有限公司 中期报告 2025
6. INCOME TAX EXPENSE
Six months ended
30 June
截至六月三十日止六个月
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Curent tax – Hong Kong
Profits Tax
当期税项－香港利得税
1,724
Defered income tax递延所得税(164)
1,560
The provision for Hong Kong Profits Tax for the six
month ended 30 June 2025 is calculated at 16.5%
(2024: 16.5%) of the estimated asesable profits for
the Period, except for Manings (Asia) Consultants
Limited (“Manings”), a subsidiary of the Group, which
is a qualifying corporation under the two-tiered profits
tax rates regime. Under the two-tiered profits tax rates
regime, the first HK$2 milion of profits of qualifying
entities are taxed at 8.25%, and the profits above HK$2
milion are taxed at 16.5%.
6. 所得税开支
除本集团一间附属公司万利仕（亚
洲）顾问有限公司（「万利仕」）（为
合资格公司）以利得税两级制计算
外，截至二零二五年六月三十日止
六个月香港利得税拨备按本期间估
计应课税溢利16.5%（二零二四年：
16.5%）计算。根据利得税两级制，
合资格实体按8.25%之税率就溢利
首2百万港元缴纳税项，并按16.5%
之税率缴纳2百万港元以上溢利之
税项。
| 13,458 |
|---|
| 800,000 |
18Boltek Holdings Limited Interim Report 2025
7. EARNING PER SHARE
The calculation of basic earning per share atributable
to equity holders of the Company is based on the
folowing:
Six months ended
30 June
截至六月三十日止六个月
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Earning盈利
Profit for the period atributable to
equity holders of the Company
本公司权益持有人应占
期内溢利12,062
Number of shares股份数目
Number of ordinary shares
(in thousands)
普通股数目（千股）
800,000
HK CentsHK Cents
港仙港仙
Basic earnings per share每股基本盈利1.681.51
7. 每股盈利
本公司权益持有人应占每股基本盈
利乃根据以下各项计算：
19宝燵控股有限公司 中期报告 2025
7. EARNING PER SHARE (CONTINUED)
There were no dilutive potential ordinary shares during
the six months ended 30 June 2025 and 2024 and
therefore, diluted earning per share equals to basic
earning per share.
Diluted earnings per share
The Group has no potentialy dilutive ordinary shares in
isue during the six months ended 30 June 2025 and
2024. Diluted earnings per share for the six months
ended 30 June 2025 and 2024 were the same as the
basic earnings per share.
8. DIVIDEND
At a meting held on 8 August 2025, the Board of
Directors of the Company declared 2025 interim
dividend of HK$0.0125 per ordinary share to the
shareholders totaling HK$10 milion (for the six months
ended 30 June 2024: HK$45 milion).
- （续）
于截至二零二五年及二零二四年六
月三十日止六个月，概无潜在摊薄
普通股，因此，每股摊薄盈利等于
每股基本盈利。
每股摊薄盈利
截至二零二五年及二零二四年六月
三十日止六个月，本集团并无已发
行潜在摊薄普通股。截至二零二五
年及二零二四年六月三十日止六个
月，每股摊薄盈利与每股基本盈利
相同。
8. 股息
本公司董事会于二零二五年八月八
日举行的会议上向股东宣派二零
二五年中期股息每股普通股0.0125
港元，总额为10百万港元（截至二零
二四年六月三十日止六个月：45百
万港元）。
| 82,111 |
|---|
| (3,336) |
| 78,775 |
| 14,355 |
| 2,616 |
| 344 |
| 96,090 |
20Boltek Holdings Limited Interim Report 2025
9. TRADE AND OTHER RECEIVABLES
As at
30 June
As at
31 December
于二零二五年
六月
三十日
于二零二四年
十二月
三十一日
HK$’000HK$’000
千港元千港元
(Unaudited)(Audited)
（未经审核）（经审核）
Trade receivables贸易应收款项72,417
Les: ECL alowance减：预期信贷亏损拨备(3,336)
69,081
Other receivables其他应收款项16,115
Prepayments预付款项1,472
Utility and other deposits公用事业及其他按金349
87,017
The directors of the Group consider that the fair
values of trade and other receivables are not materialy
diferent from their carying amounts, because their
balances have short maturity periods on their inception.
Trade receivables
The Group usualy provide customers with a credit term
of 0 to 60 days. For the setlement of trade receivables
from provision of enginering consultancy services,
the Group usualy reaches an agrement on the term
of each payment with the customer by taking into
acount of factors such as, among other things, the
credit history of the customer, its liquidity position and
the Group’s working capital neds, which varies on a
case-by-case basis that requires the judgment and
experience of the management.
9. 贸易及其他应收款项
本集团董事认为，由于贸易及其他
应收款项的结余于产生初期的到期
期限较短，故其公平值与其账面值
并无重大差异。
贸易应收款项
本集团通常向客户提供0至60日的
信贷期。就结算提供工程顾问服务的
贸易应收款项而言，本集团通常就
每笔付款的年期与客户达成协议，
计及（其中包括）客户的信贷记录、
其流动资金状况及本集团营运资金
需要（按个别情况而有所不同）等因
素，并须依靠管理层的判断及经验。
| 17,378 |
|---|
| 12,057 |
| 7,688 |
| 26,024 |
| 15,62 8 |
| 78,775 |
21宝燵控股有限公司 中期报告 2025
9. TRADE AND OTHER RECEIVABLES
(CONTINUED)
Based on the invoice dates, the ageing analysis of the
trade receivables was as folows:
As at
30 June
As at
31 December
于二零二五年
六月
三十日
于二零二四年
十二月
三十一日
HK$’000HK$’000
千港元千港元
(Unaudited)(Audited)
（未经审核）（经审核）
0–30 days0至30日18,478
31–60 days31至60日13,208
61–90 days61至90日7,391
91–365 days91至365日19,753
Over 365 days超过365日10,251
69,081
Other receivables
Other receivables represent resident site staf salary
and medical insurance paid as wel as secondment
staf salaries, which have ben fuly reimbursed
from HKSAR Government authorities subsequently.
In respect of projects awarded by the HKSAR
Government, it is required to recruit resident site staf to
perform site supervision and maintain proper records of
site activities. Pursuant to the contract terms, the actual
expenditure paid to those employed resident site staf
are entitled to be reimbursed by HKSAR Government
on a monthly basis.
- （续）
根据发票日期，贸易应收款项的账
龄分析如下：
其他应收款项
其他应收款项指已付驻地盘员工薪
金及医疗保险以及调派员工薪金，
其后已获香港特区政府机构悉数补
偿。就香港特区政府所授予的项目
而言，我们可能须招聘驻地盘员工
进行地盘监督及维持适当的地盘活
动记录。根据合约条款，支付予我
们雇用的驻地盘员工的实际开支可
由香港特区政府每月补偿。
| 1,921 |
|---|
| 13,162 |
| 15,083 |
| 993 |
|---|
| 158 |
| 44 |
| – |
| 726 |
| 1,921 |
22Boltek Holdings Limited Interim Report 2025
10. TRADE AND OTHER PAYABLES
As at
30 June
As at
31 December
于二零二五年
六月
三十日
于二零二四年
十二月
三十一日
HK$’000HK$’000
千港元千港元
(Unaudited)(Audited)
（未经审核）（经审核）
Trade payables (note (a)贸易应付款项（附注(a)）5,055
Acruals and other payables应计费用及其他应付款项15,618
20,673
Notes:
(a) The Group is usualy granted by supliers with a credit term
of 0 to 30 days.
The ageing analysis of trade payables based on the invoice
dates is as folows:
As at
30 June
As at
31 December
于二零二五年
六月
三十日
于二零二四年
十二月
三十一日
HK$’000HK$’000
千港元千港元
(Unaudited)(Audited)
（未经审核）（经审核）
0–30 days0至30日3,298
31–60 days31至60日404
61–90 days61至90日200
91–365 days91至365日609
Over 365 days超过365日544
5,055
(b) Al amounts are short-term and hence, the carying values of
the Group’s trade payables and acruals and other payables
are considered to be a reasonable aproximation of fair
value.
10. 贸易及其他应付款项
附注：
(a) 供应商授予本集团的信贷期限一般为
0至30日。
贸易应付款项按发票日期的账龄分析
如下：
(b) 所有款项均为短期，因此，本集团贸
易应付款项及应计费用以及其他应付
款项的账面值被视为公平值的合理近
似值。
23宝燵控股有限公司 中期报告 2025
11. SHARE CAPITAL
Number of
sharesHK$’000
股份数目千港元
Authorised:法定：
Ordinary share of HK$0.01每股面值0.01港元的普通股
As at 1 January 2024,
31 December 2024,
1 January 2025 and
30 June 2025
于二零二四年一月一日、
二零二四年十二月三十一日、
二零二五年一月一日及
二零二五年六月三十日1,500,000,00015,000
Isued and fuly paid:已发行及缴足：
As at 1 January 2024,
31 December 2024,
1 January 2025 and
30 June 2025
于二零二四年一月一日、
二零二四年十二月三十一日、
二零二五年一月一日及
二零二五年六月三十日800,0008,000
12. RESERVES
The amounts of the Group’s reserves and the
movements during the periods are presented in
the condensed consolidated statement of changes
in equity of the condensed consolidated financial
statements.
(a) Capital reserve
Capital reserve of the Group as at 30 June
2025 and 31 December 2024 represents the
diference betwen the nominal value of the
share capital of subsidiaries acquired by the
Group and the nominal value of the Company’s
shares isued for the acquisition under the,
reorganisation when the Company’s share
were listed on GEM of the Stock Exchange (the
“Reorganisation”).
11. 股本
12. 储备
本集团于期内的储备金额及变动乃
于简明综合财务报表的简明综合权
益变动表呈列。
(a) 资本储备
本集团于二零二五年六月三十
日及二零二四年十二月三十一
日的资本储备指本集团所收购
附属公司的股本面值与根据本
公司股份在联交所GEM上市
时进行的重组（「重组」）进行
收购所发行本公司股份的面值
之间的差额。
24Boltek Holdings Limited Interim Report 2025
12. RESERVES (CONTINUED)
(b) Share premium
The share premium includes the diference
betwen the par value of the shares of the
Company and net proceds received from the
isuance of the shares of the Company.
Under the Companies Law of the Cayman
Islands, the share premium acount of the
Company may be aplied for payment of
distributions or dividends to the shareholders
provided that imediately folowing the date on
which the distribution or dividend is proposed to
be paid, the Company is able to pay its debts as
they fal due in the ordinary course of busines.
- （续）
(b) 股份溢价
股份溢价包括本公司股份面值
与自发行本公司股份收取的所
得款项净额之间的差额。
根据开曼群岛公司法，本公司
的股份溢价账可用于向股东支
付分派或股息，惟紧随建议支
付分派或股息日期后，本公司
能够于日常业务过程中其偿付
到期债务。
25宝燵控股有限公司 中期报告 2025
MANAGEMENT DISCUSION AND
ANALYSIS
DEVELOPMENT OF BUSINES AND
PROSPECTS
The Group is an enginering consultant in Hong Kong with a
focus on the field of infrastructure developments.
For the six months ended 30 June 2025, the Group recorded
a net profit of aproximately HK$13.5 milion as compared
to a net profit of aproximately HK$12.1 milion for the
same period in 2024. Given the rising number of project
quotation invitations received from both potential and existing
customers, along with the sucesful implementation of cost-
saving measures that reduced administrative expenses, the
Company is wel-positioned for future growth. The Directors
remain cautiously optimistic about the Group’s busines
outlok.
OUTLOK
The Group always strives to improve our operation eficiency
and profitability of our busines. The Group wil also
proactively sek oportunities to expand our customer base
and our market share and undertake more projects which wil
enhance value to our shareholders.
FINANCIAL REVIEW
Revenue
Our revenue increased to aproximately HK$89.9 milion for
the Period by aproximately HK$1.1 milion or 1.3%, from
aproximately HK$88.8 milion for the six months ended 30
June 2024. This was principaly due to an increase in project
awarded during the Period.
管理层讨论及分析
业务发展及前景
本集团为专注基础设施发展领域的香港工
程顾问。
截至二零二五年六月三十日止六个月，本
集团录得纯利约13.5百万港元，而二零
二四年同期录得纯利约12.1百万港元。鉴
于自潜在及现有客户接获的项目报价邀请
数目日益增加，加上成功实施节约成本措
施以降低行政开支，本公司已为未来增长
作好准备。董事对本集团的业务前景谨慎
乐观。
前景
本集团一直致力于提高业务营运效率及盈
利能力。本集团亦将积极寻求机会以扩大
客户群及市场份额，承接更多项目以提升
股东价值。
财务回顾
收益
我们的收益自截至二零二四年六月三十日
止六个月约88.8百万港元增加约1.1百万
港元或1.3%至本期间约89.9百万港元。
此乃主要由于本期间获授项目增加所致。
26Boltek Holdings Limited Interim Report 2025
Direct costs
Direct costs amounted aproximately HK$58.6 milion for
the Period, which remain stable comparing to the six months
ended 30 June 2024.
Gros profit
Our gros profit increased to at aproximately HK$31.3
milion for the Period by aproximately HK$1.5 milion or
5.0%, from aproximately HK$29.8 milion for the six months
ended 30 June 2024. The rise in gros profit was atributed
to the increase in the Company’s revenue, while maintaining a
similar level of direct costs.
Other income and other gain
Other income and other gain decreased by aproximately
HK$0.8 milion or 60.6% from aproximately HK$1.4 milion
for the six months ended 30 June 2024 to aproximately
HK$0.5 milion for the Period. The decrease was primarily
atributed to a reduction in bank interest income from time
deposits, steming from lower interest rates, as wel as a
decrease in government subsidies.
Administrative expenses
Our administrative expenses decreased to aproximately
HK$15.9 milion for the Period, by aproximately HK$1.5
milion or 8.6%, from aproximately HK$17.4 milion for
the six months ended 30 June 2024. The decrease was
mainly due to the cost-saving measures implemented by the
Company folowing the acquisition of Team 73 HK Limited
on 11 August 2023, a landscape architecture company
incorporated in Hong Kong with limited liabilities, alowed
for the sharing of administrative costs among the Group,
efectively lowering the administrative expenses incured
during the Period.
直接成本
本期间的直接成本约为58.6百万港元，其
与截至二零二四年六月三十日止六个月相
比，维持稳定。
毛利
我们的毛利自截至二零二四年六月三十日
止六个月约29.8百万港元增加约1.5百万
港元或5.0%至本期间约31.3百万港元。
毛利增加乃由于本公司收益增加，而直接
成本维持于相若水平。
其他收入及其他收益
其他收入及其他收益由截至二零二四年六
月三十日止六个月约1.4百万港元减少约
0.8百万港元或60.6%至本期间约0.5百万
港元。该减少乃主要由于利率下降导致定
期存款银行利息收入减少，以及政府补贴
减少。
行政开支
行政开支由截至二零二四年六月三十日止
六个月约17.4百万港元减少约1.5百万港
元或8.6%至本期间约15.9百万港元。该
减少乃主要由于本公司于二零二三年八月
十一日收购地利环境顾问有限公司（于香
港注册成立的有限责任景观建筑公司）后
实施节约成本措施，使本集团可分摊行政
费用，有效降低本期间产生的行政开支。
27宝燵控股有限公司 中期报告 2025
Income tax expense
Income tax expense increased by aproximately HK$0.9
milion or 55.5% from aproximately HK$1.6 milion for the six
months ended 30 June 2024 to aproximately HK$2.4 milion
for the Period, the increase was mainly due to the increase in
taxable profit for the Period.
Dividend
The Board has resolved to declare an interim dividend of
HK0.0125 per ordinary share for the Period (the “Interim
Dividend”), payable in cash on or about Tuesday, 30
September 2025 to the shareholders of the Company (the
“Shareholders”) whose names apear on the register of
members of the Company (the “Register of Members”) on
Wednesday, 27 August 2025.
CLOSURE OF REGISTER OF MEMBERS
For the purpose of ascertaining the Shareholders’ entitlement
to the Interim Dividend, the Register of Members wil be
closed from Monday, 25 August 2025 to Wednesday, 27
August 2025, both days inclusive, during which period
no transfer of the Company’s shares shal be registered.
In order to qualify for the Interim Dividend, al properly
completed transfer forms acompanied by the relevant share
certificates must be lodged with the Company’s branch
share registrar and transfer ofice in Hong Kong, Boardrom
Share Registrars (HK) Limited, at 2103B, 21/F, 148 Electric
Road, North Point, Hong Kong, for registration no later than
4:30 p.m. on Friday, 22 August 2025.
LIQUIDITY AND FINANCIAL RESOURCES
The Group financed its operations primarily through cash
generated from its operating activities.
Cash and cash equivalents and time
deposits
As at 30 June 2025, the Group’s cash and bank balances
amounted to aproximately HK$40.7 milion (As at 31
December 2024: HK$36.5 milion).
所得税开支
所得税开支由截至二零二四年六月三十日
止六个月约1.6百万港元增加约0.9百万港
元或55.5%至本期间约2.4百万港元，该
增加乃主要由于本期间应课税溢利增加所
致。
股息
董事会已决议宣派本期间每股普通股
0.0125港元之中期股息（「中期股息」），
股息将于二零二五年九月三十日（星期二）
或前后以现金方式向于二零二五年八月
二十七日（星期三）名列本公司股东名册
（「股东名册」）之本公司股东（「股东」）支
付。
暂停办理股份过户登记手续
为确定股东收取中期股息之资格，本公司
将于二零二五年八月二十五日（星期一）至
二零二五年八月二十七日（星期三）止（首
尾两日包括在内）暂停办理股份过户登记
手续，期间不会办理本公司股份过户登记
手续。为享有中期股息，股东最迟须于二
零二五年八月二十二日（星期五）下午四时
三十分前，将所有填妥过户表格连同有关
股票送达本公司的香港股份过户登记分处
宝德隆证券登记有限公司，地址为香港北
角电气道148号21楼2103B室以办理登记
手续。
流动资金及财务资源
本集团主要透过经营活动所得现金为我们
的营运拨付资金。
现金及现金等价物以及定期存款
于二零二五年六月三十日，本集团的现
金及银行结余约为40.7百万港元（于二零
二四年十二月三十一日：36.5百万港元）。
28Boltek Holdings Limited Interim Report 2025
Net curent asets
As at 30 June 2025, the Group had net curent asets of
aproximately HK$146.8 milion (As at 31 December 2024:
HK$130.7 milion).
Total equity
The equity of the Group mainly comprises share capital, share
premium and reserves. As at 30 June 2025, the Group’s total
equity atributable to owners of the Company amounted to
aproximately HK$149.6 milion (As at 31 December 2024:
HK$136.2 milion).
CAPITAL STRUCTURE
There has ben no change in the capital structure of the
Group during the Period and up to the date of this report.
TREASURY POLICY
The Group has adopted a conservative aproach towards
its treasury policies and thus maintained a healthy liquidity
position during the Period. The Group strives to reduce
exposure to credit risk by performing ongoing credit
asesments and evaluations of the financial status of its
customers. To manage liquidity risk, the Board closely
monitors the Group’s liquidity position to ensure that the
liquidity structure of the Group’s asets, liabilities and other
comitments can met its funding requirements from time to
time.
CONTINGENT LIABILITIES
As at 30 June 2025, the Group did not have any contingent
liabilities (As at 31 December 2024: nil).
流动资产净值
于二零二五年六月三十日，本集团的流动
资产净值约为146.8百万港元（于二零二四
年十二月三十一日：130.7百万港元）。
权益总额
本集团的权益主要包括股本、股份溢价及
储备。于二零二五年六月三十日，本公司
拥有人应占本集团的权益总额约为149.6
百万港元（于二零二四年十二月三十一日：
136.2百万港元）。
资本架构
于本期间及直至本报告日期，本集团的资
本架构并无发生变动。
库务政策
本集团采纳审慎的库务政策，因此于本期
间维持良好的流动资金状况。本集团致力
透过对其客户进行持续信贷评估及财务现
状评估以减少信贷风险。为管理流动资金
风险，董事会密切监管本集团的流动资金
状况，以确保本集团资产、负债及其他承
担的流动资金架构可满足其不时的资金需
求。
或然负债
于二零二五年六月三十日，本集团并无任
何或然负债（于二零二四年十二月三十一
日：零）。
29宝燵控股有限公司 中期报告 2025
EMPLOYES AND REMUNERATION
POLICY
As at 30 June 2025, including the Directors, the Group had a
total of 481 employes (As at 31 December 2024: 473).
The Group recognises employes as valuable asets and
the Group’s suces is underpined by its employes. In
line with the Group’s human resource policies, the Group is
comited to providing atractive remuneration packages,
and a fair and harmonious working environment to safeguard
the legitimate rights and interests of employes. The Group
regularly reviews the human resource policies which outline
the Group’s compensation, working hours, rest periods and
other benefits and welfare, to ensure compliance with laws
and regulations. We always place emphasis on atracting
qualified aplicants by ofering competitive remuneration
packages. These packages are reviewed based on
employes’ performance and reference to prevailing market
conditions, and are adjusted in a timely maner to kep them
in line with market benchmarking. In adition, the Company
has conditionaly adopted a share option scheme on 20
August 2018 so as to motivate, atract and retain the right
employes.
SIGNIFICANT INVESTMENT, MATERIAL
ACQUISITIONS OR DISPOSAL OF
SUBSIDIARIES, ASOCIATES AND JOINT
VENTURES
Except on disclosed herein, the Group did not have any
significant investments during the six months ended 30 June
2025 and did not have any material acquisition and disposal
of subsidiary, asociates or joint ventures during the Period.
雇员及薪酬政策
于二零二五年六月三十日，包括董事，本
集团共有481名雇员（于二零二四年十二
月三十一日：473名）。
本集团视雇员为宝贵资产，且本集团的成
功乃由其雇员提供支持而获得巩固。与本
集团的人力资源政策一致，本集团致力于
提供具吸引力的薪酬待遇及公平和谐的工
作环境，以保障雇员的合法权利及权益。
本集团定期审阅人力资源政策（概述本集
团的补偿、工时、休息期以及其他利益及
福利），以确保符合法律及法规。我们时
常著重透过提供具竞争力的薪酬待遇吸纳
合资格人选。该等待遇乃根据雇员表现及
参考现行市况进行审阅，并及时作出调整
以令其符合市场标杆。此外，本公司于二
零一八年八月二十日有条件采纳购股权计
划以激励、吸引及挽留优秀雇员。
对附属公司、联营公司及合营企
业进行的重大投资、重大收购或
出售
除本报告所披露者外，本集团于截至二零
二五年六月三十日止六个月并无作出任何
重大投资，且于本期间并无对附属公司、
联营公司或合营企业进行任何重大收购及
出售。
30Boltek Holdings Limited Interim Report 2025
CAPITAL RISK MANAGEMENT AND
FINANCIAL RISK MANAGEMENT
Capital management
The Group manages its capital to ensure that it wil be able to
continue as a going concern while maximising the return to
shareholders through the optimisation of the debt and equity
balance.
The management of the Group reviews the capital structure
from time to time. As a part of this review, the management
considers the cost of capital and the risks asociated with
each clas of capital.
Gearing ratio
Gearing ratio is calculated as total borowings (including
payables incured not in the ordinary course of busines)
divided by the total equity as at the respective reporting
dates. As at 30 June 2025 the Group’s gearing ratio was nil
(As at 31 December 2024: nil).
FOREIGN EXCHANGE EXPOSURE
Al of the Group’s asets, liabilities and transactions are
denominated in Hong Kong dolars. The Directors do not
consider that the Group is exposed to any material foreign
curency exchange risk. Therefore, no hedging devices or any
alternatives have ben implemented.
COMPETITION AND CONFLICT OF
INTERESTS
None of the Directors, the controling shareholders of the
Company or any of their respective close asociates (as
defined in the GEM Listing Rules) has engaged in any
busines that competes or may compete, either directly or
indirectly, with the busineses of the Group, or has any other
conflict of interests with the Group as required to be disclosed
pursuant to Rule 11.04 of the GEM Listing Rules during the
Period.
PURCHASE, SALE OR REDEMPTION OF
THE COMPANY’S LISTED SECURITIES
Neither the Company nor any of its subsidiaries has
purchased, sold or redemed any of the Company’s listed
securities during the Period.
资本风险管理及财务风险管理
资本管理
本集团对其资本进行管理以确保其能够持
续经营，并透过优化债务及权益结余为股
东带来最大回报。
本集团管理层不时对资本架构进行审阅。
作为审阅的一部分，管理层考虑资本成本
及与各类别资本有关的风险。
资产负债比率
资产负债比率乃按各报告日期的借款总额
（包括并非于日常业务过程中产生的应付
款项）除以权益总额计算。于二零二五年
六月三十日，本集团的资产负债比率为零
（于二零二四年十二月三十一日：零）。
外汇风险
本集团所有资产、负债及交易均以港元计
值。董事认为本集团不会面临任何重大外
汇风险。因此，并无采用任何对冲工具或
任何替代方法。
竞争及利益冲突
于本期间，董事、本公司控股东或彼等
各自任何紧密联系人（定义见GEM上市规
则）概无进行与本集团业务直接或间接构
成竞争或可能构成竞争的任何业务，或与
本集团产生根据GEM上市规则第11.04条
须予披露之任何其他利益冲突。
购买、出售或赎回本公司的上市
证券
于本期间，本公司及其任何附属公司概无
购买、出售或赎回任何本公司的上市证券。
31宝燵控股有限公司 中期报告 2025
DISCLOSURE OBLIGATION PURSUANT TO
THE GEM LISTING RULES
The Company does not have any other disclosure obligations
under Rules 17.22, 17.23 and 17.24 of the GEM Listing
Rules.
DISCLOSURE OF INTERESTS AND
OTHER INFORMATION
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS AND SHORT POSITIONS IN
THE SHARES, THE UNDERLYING SHARES
OR DEBENTURES OF THE COMPANY AND
ITS ASOCIATED CORPORATIONS
As at 30 June 2025, the interests and short positions of the
Directors and chief executive of the Company in the shares,
underlying shares and debentures of the Company or any of
its asociated corporations (within the meaning of Part XV of
the Securities and Futures Ordinance (“SFO”) which were
notified to the Company and the Stock Exchange pursuant
to Divisions 7 and 8 of Part XV of the SFO (including interests
or short positions which they were taken or demed to have
under such provisions of the SFO), or which were recorded in
the register required to be kept by the Company pursuant to
Section 352 of the SFO, or which were required, pursuant to
the required standard of dealings as refered to in Rule 5.46
of the GEM Listing Rules, to be notified to the Company and
the Stock Exchange, were as folows:
Long positions in ordinary shares of the
Company
Name of DirectorNature of interest
Number of
the shares held/
interested
Percentage of
shareholding
董事姓名权益性质
所持╱拥有权益
的股份数目股权百分比
Cheung Kwan TarInterest in a controled corporation (Note)576,000,00072.00%
张群达于受控法团的权益（附注）
Ng Pak HungBeneficial owner24,000,0003.00%
吴柏鸿实益拥有人
Note: These shares were held by Waywin Investment Holding Limited
(“Waywin”), a controled corporation of Mr. Cheung Kwan Tar.
GEM上市规则项下的披露责任
本公司并无任何其他须根据GEM上市规
则第17.22、17.23及17.24条作出披露的
责任。
权益披露及其他资料
董事及主要行政人员于本公司及
其相联法团的股份、相关股份或
债权证的权益及淡仓
于二零二五年六月三十日，董事及本公司
主要行政人员于本公司或其任何相联法团
（定义见证券及期货条例（「证券及期货条
例」）第XV部）的股份、相关股份及债权证
中拥有根据证券及期货条例第XV部第7及
第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有关条
文被当作或被视为拥有的权益或淡仓），
或记录于本公司根据证券及期货条例第
352条须备存的登记册的权益及淡仓，或
根据GEM上市规则第5.46条所指的交易
必守标准须知会本公司及联交所的权益及
淡仓如下：
于本公司普通股的好仓
附注： 该等股份由张群达先生的受控法团炜荣投资
控股有限公司（「炜荣」）持有。
32Boltek Holdings Limited Interim Report 2025
Long positions in ordinary shares of
asociated corporation – Waywin
Name of DirectorNature of interest
Number of
shares held/
interested
Percentage of
shareholding
董事姓名权益性质
所持╱拥有权益
的股份数目股权百分比
Cheung Kwan TarBeneficial owner1100%
张群达实益拥有人
Saved as disclosed above, as at 30 June 2025, none of the
Directors nor the chief executive of the Company had any
interests or short positions in any shares, underlying shares
or debentures of the Company or any of its asociated
corporations (within the meaning of Part XV of the SFO) as
recorded in the register required to be kept by the Company
pursuant to section 352 of the SFO.
于相联法团－炜荣普通股的好仓
除上文所披露者外，于二零二五年六月
三十日，概无董事或本公司的主要行政人
员于本公司或其任何相联法团（定义见证
券及期货条例第XV部）的任何股份、相关
股份或债权证中拥有记录于本公司根据证
券及期货条例第352条须备存的登记册的
任何权益或淡仓。
33宝燵控股有限公司 中期报告 2025
SUBSTANTIAL SHAREHOLDERS’
INTERESTS AND OTHER PERSONS’
INTERESTS AND SHORT POSITIONS IN THE
SHARES, AND UNDERLYING SHARES OF
THE COMPANY
As at 30 June 2025, the folowing parties (other than the
Directors or the chief executive of the Company) had interests
of 5% or more in the shares of the Company as recorded in
the register required to be kept by the Company pursuant to
section 336 of the SFO:
Long positions in ordinary shares of the
Company
Name of substantial
shareholderNature of interest
Number of
shares held/
interested
Percentage of
shareholding
主要股东姓名╱名称权益性质
所持╱拥有权益
的股份数目股权百分比
Cheung Kwan TarInterest in a controled corporation (Note 1)576,000,00072.00%
张群达于受控法团的权益（附注1）
Chiu Chui PingInterest of spouse (Note 2)576,000,00072.00%
赵翠萍配偶权益（附注2）
Waywin Investment Holding
Limited
Beneficial owner576,000,00072.00%
炜荣投资控股有限公司实益拥有人
Notes:
1. These shares were held by Waywin, a controled corporation of Mr.
Cheung Kwan Tar.
2. Ms. Chiu Chui Ping was demed to be interested in 576,000,000
shares of the Company through the interest of her spouse, Mr.
Cheung Kwan Tar.
Save as disclosed above, as at 30 June 2025, the Company
is not aware of any other person (other than the Directors or
chief executive of the Company) who had an interest or short
position in the shares or underlying shares of the Company as
recorded in the register required to be kept by the Company
under section 336 of the SFO.
主要股东权益及其他人士于本公
司股份及相关股份的权益及淡仓
于二零二五年六月三十日，以下人士（董
事或本公司主要行政人员除外）于本公司
股份中拥有记录于本公司根据证券及期货
条例第336条须备存的登记册的5%或以
上的权益：
于本公司普通股的好仓
附注：
- 。
2. 赵翠萍女士被视为透过其配偶张群达先生的
权益而于本公司576,000,000股份中拥有权
益。
除上文所披露者外，于二零二五年六月
三十日，本公司并不知悉任何其他人士（董
事或本公司主要行政人员除外）于本公司
股份或相关股份中拥有记录于本公司根据
证券及期货条例第336条须备存的登记册
的权益或淡仓。
34Boltek Holdings Limited Interim Report 2025
CORPORATE GOVERNANCE PRACTICE
The Company recognises the importance of corporate
transparency and acountability. The Company is comited
to achieving and maintaining a high standard of corporate
governance, as our Board believes that god and efective
corporate governance practices are key to obtaining and
maintaining the trust of the shareholders of the Company
and other stakeholders, and are esential for encouraging
acountability and transparency so as to sustain the
suces of the Group and to create long-term value for the
shareholders of the Company.
The Company’s corporate governance practices are based
on the Corporate Governance Code (the “CG Code”)
contained in part 2 of Apendix C1 of the GEM Listing Rules.
Pursuant to code provision C.2.1 of the CG Code, the roles of
chairman and chief executive oficer should be separated and
should not be performed by the same individual. However,
the Board believes that with the suport of the management,
vesting the roles of both chairman of the Board and chief
executive oficer on Mr. Cheung Kwan Tar can facilitate the
execution of the Group’s busines strategies and provide a
strong and consistent leadership to improve the Company’s
eficiency in decision-making. The Board considers that
apointment of Mr. Cheung Kwan Tar as the chairman of the
Board and the chief executive oficer of the Company wil not
impair the balance of power as al major decisions are made
in consultation with members of the Board. In adition, under
the supervision by the Board which curently consist of two
executive Directors and thre independent non-executive
Directors, the interests of the Shareholders wil be adequately
and fairly represented. Therefore, the Board considers the
deviation from the code provision C.2.1 of the CG Code is
apropriate under such circumstances. As such, the roles of
chairman and chief executive oficer of the Group were not
separated in acordance with code provision C.2.1 of the CG
Code.
企业管治常规
本公司明白企业透明度及问责制的重要
性。本公司致力于达致及维持高水平的企
业管治，此乃由于董事会认为，良好有效
的企业管治常规对取得及维持本公司股东
及其他利益相关者的信任尤其关键，并且
是鼓励问责性及透明度的重要元素，以便
持续本集团的成功及为本公司股东创造长
远价值。
本公司的企业管治常规乃基于GEM上市
规则附录C1第二部分所载的企业管治守
则（「企业管治守则」）。
根据企业管治守则的守则条文第C.2.1条，
主席与行政总裁职位应有区分，不应由同
一人担任。然而，董事会相信，在管理层的
支持下，由张群达先生同时兼任董事会主
席及行政总裁可以促进本集团业务策略的
执行并带来强大而贯彻的领导，从而提高
本公司的决策效率。董事会认为，由于所
有重大决定乃经咨询董事会成员后作出，
委任张群达先生为本公司董事会主席兼行
政总裁将无损权力平衡。此外，董事会目
前由两名执行董事及三名独立非执行董事
组成，透过发挥其监督作用将充分及公平
彰显股东的权益。因此，董事会认为，于
该情况下偏离企业管治守则的守则条文第
C.2.1条乃属适当。因此，本集团主席与行
政总裁之角色未有根据企业管治守则的守
则条文第C.2.1条予以区分。
35宝燵控股有限公司 中期报告 2025
The Board wil periodicaly review the efectivenes of this
arangement and consider separating the roles of chairman
of the Board and chief executive oficer of the Company
when it thinks apropriate, for the purpose of complying with
the CG Code and maintaining a high standard of corporate
governance practices of the Company.
To the best knowledge of the Board, save for code provision
C.2.1 of the CG Code, the Company has complied with the
CG Code during the Period and up to the date of this report.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted Rules 5.48 to 5.67 of the GEM
Listing Rules as the code of conduct regarding directors’
securities transactions by Directors in respect of the shares of
the Company (the “Code of Conduct”). After specific enquires
by the Company, al Directors have confirmed that they have
fuly complied with the required standard of dealings and the
Code of Conduct regarding directors’ securities transactions
throughout the Period and up to the date of this report.
SHARE OPTION SCHEME
The Company has adopted the share option scheme (the
“Share Option Scheme”) on 20 August 2018 and revised on
30 December 2022. The terms of the Share Option Scheme
are in acordance with the provisions of Chapter 23 of the
GEM Listing Rules. No share option has ben granted under
the Share Option Scheme since its adoption.
AUDIT COMITE
The Company has established an audit comite (the “Audit
Comite”) with writen terms of reference in compliance
with Rules 5.28 to 5.33 of the GEM Listing Rules. The primary
duties of the Audit Comite include, among others, (a)
making recomendations to our Board on the apointment,
reapointment and removal of the external auditor and
aproving the remuneration and terms of engagement of
the external auditor; (b) reviewing our financial statements,
our periodic reports and acounts and significant financial
reporting judgements contained therein; and (c) reviewing
our financial controls, internal control and risk management
systems. As at the date of this report, the Audit Comite
comprises of thre independent non-executive Directors,
namely Ms. Chik Wai Chun, Mr. Pang Chun Sing George and
Mr. Chan Kai Kow Macksion.
董事会将定期检讨此项安排的成效，并于
其认为合适时考虑将本公司董事会主席与
行政总裁之角色分开，以遵守企业管治守
则及维持本公司高标准的企业管治常规。
据董事会所深知，除企业管治守则的守则
条文第C.2.1条外，于本期间及直至本报
告日期，本公司均有遵守企业管治守则。
董事的证券交易
本公司已采纳GEM上市规则第5.48至
5.67条，作为有关董事就本公司股份进行
证券交易的行为守则（「行为守则」）。经本
公司作出特定查询后，全体董事已确认，
于整个本期间及直至本报告日期，彼等已
全面遵守交易必守标准及有关董事进行证
券交易的行为守则。
购股权计划
本公司已于二零一八年八月二十日采纳购
股权计划（「购股权计划」）并于二零二年
十二月三十日修订该计划。购股权计划的
条款符合GEM上市规则第23章的条文。
自采纳购股权计划以来，并无据此授出任
何购股权。
审核委员会
本公司已成立审核委员会（「审核委员
会」），其书面职权范围符合GEM上市规则
第5.28至5.33条。审核委员会的主要职责
为（其中包括）(a)就委任、续聘及罢免外聘
核数师以及批准委任外聘核数师的薪酬及
条款向董事会提供推荐建议；(b)审阅我们
的财务报表、定期报告及账目以及当中所
载的重大财务报告判断；及(c)检讨我们的
财务控制、内部控制及风险管理系统。于
本报告日期，审核委员会由三名独立非执
行董事戚伟珍女士、彭振声先生及陈启球
先生组成。
36Boltek Holdings Limited Interim Report 2025
The unaudited interim results of the Group for the six
months ended 30 June 2025 have not ben audited by the
Company’s independent auditors, but have ben reviewed
by the Audit Comite members who have provided advice
and coments thereon.
SIGNIFICANT EVENTS AFTER THE
REPORTING PERIOD
Up to the date of this report, there was no other significant
event relevant to the busines or finance performance of the
Group that come to the atention of the Directors after the six
months ended 30 June 2025. The Company wil make further
anouncement to kep the shareholders informed should
there is material future busines development of the Group,
and significant busines, operational and financial impacts
pursuant to the requirement of the GEM Listing Rules, if
aplicable.
By order of the Board
Boltek Holdings Limited
Cheung Kwan Tar
Chairman and executive Director
Hong Kong, 8 August 2025
As at the date of this report, the executive Directors are Mr.
Cheung Kwan Tar and Mr. Ng Pak Hung and the independent
non-executive Directors are Ms. Chik Wai Chun, Mr. Pang
Chun Sing George and Mr. Chan Kai Kow Macksion.
本集团截至二零二五年六月三十日止六个
月的未经审核中期业绩并未经本公司独
立核数师审核，惟已由审核委员会成员审
阅，且彼等已就此提供建议及意见。
报告期后重大事项
截至本报告日期，董事于截至二零二五年
六月三十日止六个月后并无知悉与本集团
业务或财务表现有关的其他重大事件。倘
本集团日后有重大业务发展，并根据GEM
上市规则的规定（如适用），出现重大业
务、营运及财务影响，本公司将另行刊发
公告，以知会股东。
承董事会命
宝燵控股有限公司
主席兼执行董事
张群达
香港，二零二五年八月八日
于本报告日期，执行董事为张群达先生及
吴柏鸿先生以及独立非执行董事为戚伟珍
女士、彭振声先生及陈启球先生。