Hong Kong ZCloud Technology Construction Limited (Stock Code: 9900)

2025–2026 Annual Report – Key Investor Highlights

Executive Summary

Hong Kong ZCloud Technology Construction Limited (“HK ZCloud” or “the Group”) has published its annual report for the financial year ended 31 March 2026 (FY2026), providing a comprehensive overview of its performance, operating environment, financial position, and strategic outlook.

1. Financial Performance

• Significant Revenue and Profit Decline:
  • Revenue fell sharply by 33.2% to HK\$851.2 million (from HK\$1,275.2 million in FY2025).
  • Profit attributable to shareholders dropped by 77.5% to HK\$7.0 million (from HK\$31.1 million in FY2025).
  • Basic earnings per share: HK0.23 cent (down from HK1.04 cents, restated, in FY2025).
• Key Factors for Decline:
  • Lower gross profit margins due to additional costs incurred for project finalisation and maintenance.
  • Rising material costs and the shift from bamboo to metal scaffolding further pressured margins.
  • Decrease in fair value of financial assets at fair value through profit or loss (FVTPL).
  • No share of result from associate this year (vs. last year positive impact).
  • Administrative expenses decreased and reversal of impairment losses under ECL (expected credit loss) model provided some relief.
• Balance Sheet and Liquidity:
  • Total assets: HK\$360.8 million; Total equity: HK\$302.6 million; Total liabilities: HK\$58.2 million.
  • Current ratio: 6.1x (FY2025: 3.3x) – indicating a strong liquidity position.
  • Bank balances and cash: HK\$182.0 million (up from HK\$134.8 million).
  • Gearing ratio: 0.3% (down from 0.6%), reflecting a low debt profile.
• Return on Equity/Assets:
  • ROE: 2.5% (down from 11.7%).
  • ROA: 2.1% (down from 8.1%).

2. Corporate Actions and Capital Structure

• Change of Company Name: The company changed its name from “Gain Plus Holdings Limited” to “Hong Kong ZCloud Technology Construction Limited” effective 28 April 2025.
• Share Subdivision:
  • Each share of HK\$0.01 was subdivided into eight shares of HK\$0.00125 each, effective 19 August 2025.
  • Authorised share capital: HK\$7,800,000 divided into 6,240,000,000 shares of HK\$0.00125 par value.
  • Total issued shares after subdivision: 2,976,000,000.
• No Dividend Declared: The Board resolved not to recommend a final dividend for FY2026.
• Public Float: At least 25% of company’s issued share capital is held by the public.

3. Business Operations and Risks

• Business Focus:
  • Provision of building construction services and RMAA (repair, maintenance, addition & alteration) services in Hong Kong.
• Customer Concentration Risk:
  • The largest customer accounted for 86% of revenue; top five customers accounted for 98% – a substantial concentration risk for investors to note.
• Supplier Concentration:
  • Largest supplier: 27% of total cost of services; top five suppliers: 52%.
• Key Risks Highlighted:
  • Non-recurrent project-based revenue – no guarantee of future contracts.
  • High reliance on public and private construction projects in Hong Kong.
  • Delays/cancellations in public sector projects due to political, funding, or legal issues may impact operations.
  • Increased costs, labour shortages, and changes in scaffolding regulations could continue to pressure margins.

4. Strategic Outlook and Market Environment

• Challenging Market Environment:
  • Hong Kong’s construction industry faces headwinds from global economic uncertainties, high inflation, subdued residential market, and rising unemployment in the sector.
  • Removal of stamp duty had limited effect on housing demand; developers remain cautious.
  • Competitive tendering environment with aggressive low-price bidding presents risks of shrinking margins and limited project pipeline.
• Opportunities:
  • Government investment in public infrastructure still provides some stability and demand for subcontracting, especially RMAA services.
  • Ongoing property upkeep and retrofitting in both public and private sectors offer potential, but competition is intense.
• Strategy:
  • Maintain a prudent approach, monitor cash and liquidity, and cautiously explore new business opportunities for long-term value creation.

5. Other Noteworthy Items for Shareholders

• Significant Investment:
  • HK\$28.7 million is invested in Widegold Investment Fund II SP 1, an unlisted fund constituting 7.9% of group assets. Unrealised gain for the year was HK\$1.0 million. Investors should note exposure to unlisted funds and potential valuation volatility.
• Employees:
  • Headcount fell from 398 to 132 by year end due to project cycle completion, but staff costs increased due to hiring during peak project phase.
• Audit and Governance:
  • Deloitte Touche Tohmatsu re-appointed as auditor.
  • Extensive emphasis on corporate governance, risk management, and internal control with annual reviews conducted.
• Directors’ Interests:
  • Mr. Wong Howard (Chairman & CEO) controls 32.33% of shares via Asia General Industries Limited.
  • Mr. Liu Zhiyi holds 5.31% (directly and indirectly).
  • Giant Winchain Limited (controlled by Mr. Lai Wai Lam Ricky) holds 16.88%.

6. Price Sensitive and Market-Moving Information

• Substantial fall in revenue and profit, combined with heavy customer concentration and project-based revenue, pose significant risks and could impact share price negatively.
• No dividend payout, even with a strong cash position, may disappoint income-focused investors.
• Recent share subdivision may increase liquidity but does not fundamentally alter company value.
• Change in company name and branding signals a shift in strategic direction, but the core business remains unchanged.
• Ongoing market risks in Hong Kong construction sector and high competitive pressures remain unresolved.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors should carefully review the full annual report and consider their own financial circumstances and investment objectives before making any investment decisions. The author and publisher accept no responsibility for any losses arising from reliance on the information provided.

香港雲端科技建設有限公司（港交所編號：9900）2025–2026年度報告 — 投資者重點摘要

執行摘要

香港雲端科技建設有限公司（「本集團」或「公司」）發佈截至2026年3月31日止年度的年度報告，詳細披露了集團最新營運、財務狀況及未來展望。

1. 財務表現

• 收入及盈利大幅下滑：
  • 收入按年下跌33.2%至8.51億港元（去年：12.75億港元）。
  • 股東應佔溢利下跌77.5%至700萬港元（去年：3,110萬港元）。
  • 每股基本盈利：0.23港仙（去年經調整：1.04港仙）。
• 主要下跌原因：
  • 部分項目完工及維修期需額外成本，導致毛利率收窄。
  • 原材料成本上升，且竹棚轉用金屬棚加重成本壓力。
  • 金融資產公允價值下跌，且本年度無聯營公司盈利分成。
  • 行政開支減少；預期信貸虧損撥回對業績有正面影響。
• 資產負債及流動性：
  • 總資產：3.61億港元；權益：3.03億港元；總負債：5,819萬港元。
  • 流動比率6.1倍，現金及結餘1.82億港元（去年：1.35億港元）。
  • 資本負債比率0.3%，負債極低。
• 回報率：
  • 股東權益回報率2.5%（去年：11.7%）；資產回報率2.1%（去年：8.1%）。

2. 企業行動及資本架構

• 改名：公司於2025年4月28日由「佳明控股有限公司」更名至「香港雲端科技建設有限公司」。
• 股份細分：
  • 每股0.01港元細分為8股，每股0.00125港元，2025年8月19日生效。
  • 經細分後，法定股本為7,800,000港元（6,240,000,000股）；發行股本為2,976,000,000股。
• 無派息：董事會決定2026年度不派末期股息。
• 公眾持股：最少25%股份為公眾持有。

3. 營運及風險

• 業務重點： 提供樓宇建築及RMAA（維修、保養、加改建）服務。
• 客戶集中風險： 最大客戶佔收入86%，前五大客戶合共佔98%，高度集中需特別留意。
• 供應商集中： 最大供應商佔27%，前五大佔52%。
• 主要風險：
  • 項目型收入不可持續，無保證未來有新合約。
  • 高度依賴香港公私營建築項目。
  • 公共工程因政治、撥款、法律等因素延期或取消，會影響公司表現。
  • 成本上升、勞工短缺、棚架法規改變持續壓力毛利。

4. 市場及前景

• 市場挑戰： 全球經濟不穩、通脹高企、本地住宅市道淡靜、行業失業率上升。
• 機遇： 政府基建投資帶來穩定需求，RMAA服務有潛力，但競爭激烈。
• 策略： 持審慎態度，嚴控現金流，審慎尋求可行新機會，為股東創造長遠價值。

5. 其他股東關注事項

• 重大投資： 2,868萬港元投資於Widegold Investment Fund II SP 1，佔資產7.9%，本年度錄得未變現收益100萬港元。投資者須留意非上市基金的估值波動風險。
• 員工： 年底員工人數降至132人（去年398人），全年人力成本反而上升，因為項目高峰期需大量招聘。
• 審計及管治： 由德勤繼續擔任審計師，公司高度重視企業管治及風險內控。
• 董事持股：
  • 主席黃浩然持股32.33%（經Asia General Industries Limited）。
  • 劉志毅持股5.31%。
  • Giant Winchain Limited（黎偉霖控制）持股16.88%。

6. 可能影響股價的重要事項

• 收入及盈利大跌、客戶集中及項目型收入模式風險高，潛在拖累股價。
• 即使現金充裕，仍不派息，或令收息股東失望。
• 股份細分增加流通量，但未改變基本面。
• 公司更名及品牌更新，主營業務未有重大調整。
• 香港建造業持續面對挑戰，行業壓力無明顯改善。

免責聲明

本文僅供參考，不構成任何投資建議。投資者應審慎閱讀完整年報，根據自身財務狀況及投資目標作出決策。作者及出版人不會就任何因依賴本文資料而造成的損失承擔責任。

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