| Schedule of Segments |
Key financial performance measures of the segments are as follows:
|
|
|
For the six months ended June 30,
|
| |
|
2024
|
|
2025
|
|
2025
|
| |
|
HKD
|
|
HKD
|
|
US$
|
|
REVENUES, NET
|
|
79,256,623 |
|
|
60,236,666 |
|
|
7,673,558 |
|
| |
|
|
|
|
|
|
|
|
|
|
COST OF REVENUES
|
|
|
|
|
|
|
|
|
|
|
– Related party
|
|
(3,504,012 |
)
|
|
(5,385,166 |
)
|
|
(686,017 |
)
|
|
– External
|
|
(59,393,295 |
)
|
|
(29,052,173 |
)
|
|
(3,700,961 |
)
|
| |
|
(62,897,307 |
)
|
|
(34,437,339 |
)
|
|
(4,386,978 |
)
|
|
Gross profit
|
|
16,359,316 |
|
|
25,799,327 |
|
|
3,286,580 |
|
| |
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
(2,045,399 |
)
|
|
(3,581,199 |
)
|
|
(456,209 |
)
|
|
General and administrative:
|
|
|
|
|
|
|
|
|
|
|
Lease expenses – Related party
|
|
(360,000 |
)
|
|
(360,000 |
)
|
|
(45,860 |
)
|
|
Depreciation
|
|
(276,041 |
)
|
|
(820,441 |
)
|
|
(104,516 |
)
|
|
Amortization
|
|
|
|
|
(1,241,642 |
)
|
|
(158,173 |
)
|
|
Staff cost
|
|
(7,743,398 |
)
|
|
(10,644,573 |
)
|
|
(1,356,014 |
)
|
|
Leases expenses
|
|
(2,110,406 |
)
|
|
(3,070,526 |
)
|
|
(391,155 |
)
|
|
Professional fee
|
|
(479,456 |
)
|
|
(2,937,417 |
)
|
|
(374,198 |
)
|
|
Reversal of expected credit losses
|
|
(267,373 |
)
|
|
2,291,797 |
|
|
291,952 |
|
|
Others
|
|
(2,590,533 |
)
|
|
(3,175,760 |
)
|
|
(404,560 |
)
|
|
Total expenses
|
|
(15,872,606 |
)
|
|
(23,539,761 |
)
|
|
(2,998,733 |
)
|
|
INCOME FROM OPERATION
|
|
486,710 |
|
|
2,259,566 |
|
|
287,847 |
|
| |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSES)
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
49,895 |
|
|
|
|
|
|
|
|
Interest expense
|
|
(1,460,788 |
)
|
|
(622,140 |
)
|
|
(79,255 |
)
|
|
Change in a fair value of investment of a joint venture
|
|
|
|
|
33,934 |
|
|
4,323 |
|
|
Agency income – related party
|
|
2,361,596 |
|
|
1,248,117 |
|
|
158,998 |
|
|
Other income
|
|
|
|
|
18,264 |
|
|
2,327 |
|
|
Other expense
|
|
(24,805 |
)
|
|
(15,885 |
)
|
|
(2,024 |
)
|
|
Total other income, net
|
|
925,898 |
|
|
662,290 |
|
|
84,369 |
|
|
INCOME BEFORE TAX EXPENSES
|
|
1,412,608 |
|
|
2,921,856 |
|
|
372,216 |
|
|
INCOME TAX EXPENSES
|
|
|
|
|
(885,588 |
)
|
|
(112,815 |
)
|
|
NET INCOME
|
|
1,412,608 |
|
|
2,036,268 |
|
|
259,401 |
|
|
|
|
As of
December 31,
2024
|
|
As of June 30,
2025
|
| |
|
HKD
|
|
HKD
|
|
US$
|
|
Total assets
|
|
135,647,692 |
|
|
137,766,523 |
|
|
17,550,100 |
|
|
Total liabilities
|
|
(78,821,221 |
)
|
|
(79,582,661 |
)
|
|
(10,138,048 |
)
|
|
Net assets
|
|
56,826,471 |
|
|
58,183,862 |
|
|
7,412,052 |
|
|
Key financial performance measures of the segments are as follows:
|
|
|
For the years ended December 31,
|
| |
|
2023
|
|
2024
|
|
2024
|
| |
|
HKD
|
|
HKD
|
|
US$
|
|
Revenues, net
|
|
174,202,627 |
|
|
235,667,734 |
|
|
30,339,448 |
|
| |
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
|
|
|
|
|
|
|
|
|
– Related parties
|
|
(34,213,521 |
)
|
|
(7,915,189 |
)
|
|
(1,018,987 |
)
|
|
– External
|
|
(104,940,795 |
)
|
|
(178,307,992 |
)
|
|
(22,955,056 |
)
|
| |
|
(139,154,316 |
)
|
|
(186,223,181 |
)
|
|
(23,974,043 |
)
|
|
Gross profit
|
|
35,048,311 |
|
|
49,444,553 |
|
|
6,365,405 |
|
| |
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
(3,132,277 |
)
|
|
(4,392,521 |
)
|
|
(565,486 |
)
|
|
General and administrative:
|
|
|
|
|
|
|
|
|
|
|
Depreciation – related party
|
|
(720,000 |
)
|
|
(720,000 |
)
|
|
(92,692 |
)
|
|
Depreciation
|
|
(2,540,273 |
)
|
|
(3,831,567 |
)
|
|
(493,269 |
)
|
|
Amortization
|
|
(112,049 |
)
|
|
(1,481,738 |
)
|
|
(190,756 |
)
|
|
Staff cost
|
|
(13,260,898 |
)
|
|
(18,486,483 |
)
|
|
(2,379,917 |
)
|
|
Professional fee
|
|
(2,204,622 |
)
|
|
(2,840,139 |
)
|
|
(365,634 |
)
|
|
Provision for expected credit losses
|
|
(1,383,316 |
)
|
|
(1,253,368 |
)
|
|
(161,356 |
)
|
|
Others
|
|
(2,648,351 |
)
|
|
(4,867,313 |
)
|
|
(626,610 |
)
|
|
Total expenses
|
|
(26,001,786 |
)
|
|
(37,873,129 |
)
|
|
(4,875,720 |
)
|
|
Income from operation
|
|
9,046,525 |
|
|
11,571,424 |
|
|
1,489,685 |
|
| |
|
|
|
|
|
|
|
|
|
|
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
92,951 |
|
|
31,954 |
|
|
4,114 |
|
|
Interest expense
|
|
(5,759,182 |
)
|
|
(3,759,032 |
)
|
|
(483,931 |
)
|
|
Agency income – related party
|
|
2,662,034 |
|
|
1,170,664 |
|
|
150,709 |
|
|
Other income
|
|
326 |
|
|
134,230 |
|
|
17,280 |
|
|
Other expense
|
|
(302,784 |
)
|
|
—
|
|
|
—
|
|
|
Total other expenses, net
|
|
(3,306,655 |
)
|
|
(2,422,184 |
)
|
|
(311,828 |
)
|
|
Income before tax expenses
|
|
5,739,870 |
|
|
9,149,240 |
|
|
1,177,857 |
|
|
|
|
As of December 31,
|
| |
|
2023
|
|
2024
|
|
2024
|
| |
|
HKD
|
|
HKD
|
|
US$
|
|
Total assets
|
|
90,616,829 |
|
|
135,647,692 |
|
|
17,463,045 |
|
|
Total liabilities
|
|
(93,003,639 |
)
|
|
(78,821,221 |
)
|
|
(10,147,305 |
)
|
|
Net (liabilities) assets
|
|
(2,386,810 |
)
|
|
56,826,471 |
|
|
7,315,740 |
|
|