WING LEE DEV (09639) announced its interim results for the period ending September 30, 2025, reporting revenue of HKD 252 million and net profit of HKD 19.21 million. While the financial performance reflects a phased adjustment due to project cycles and payment schedules—resulting in a temporary deviation between reported figures and operational progress—the company’s core business resilience and growth potential remain evident.
The adjustment stems from two key factors: First, several large-scale civil engineering projects are nearing completion, leading to a natural tapering of revenue recognition, while newly awarded projects are still in preparatory phases and have yet to contribute materially. Second, trade receivables rose from HKD 24.545 million as of March-end to HKD 44.674 million by September-end, with the majority falling within a low-risk "under 30 days" payment window. The incremental receivables fully offset the profit adjustment.
Notably, the company’s diversified business structure demonstrated optimization, with steady growth in cable engineering, new energy operations, and equipment leasing—now pivotal revenue pillars. Key project wins across all three segments underscore deepening market penetration:
- **New Energy Business**: Secured the contract for Hong Kong’s first smart concrete batching plant at Lam Tei Quarry, providing full-scope civil and installation services. The facility, with seven planned production lines, will become China’s largest upon completion. Additionally, new energy equipment orders exceeding HKD 150 million were secured post-October, bolstering profitability. The company also co-founded the "Zero-Carbon Smart Alliance" with industry leaders like Sany Group and CATL, advancing integrated solutions across solar-storage-charging-recycling chains and establishing a flagship "zero-carbon smart space" pilot site—already generating technical and revenue milestones.
- **Civil Engineering**: Strengthened its foothold in Hong Kong’s infrastructure market with major public projects, including the Hong Kong International Airport’s Parking Lot 5, Kowloon City roadworks, and Lamma Power Plant ancillary works.
- **Electromechanical Engineering**: Awarded an eight-year cable-laying master contract for Kowloon and the New Territories, alongside maintenance and upgrade projects for CLP Power, reinforcing long-term stability.
Looking ahead, the dual-driver strategy of "new energy + green construction" is poised to unlock sustained growth. The new energy segment, as the core engine, will expand integrated services through strategic partnerships, capitalizing on carbon neutrality policies and Hong Kong’s decarbonization roadmap. Civil engineering will benefit from the HKD 120 billion annual public works budget and HKD 30 billion reserved funds, particularly for Northern Metropolis development. Electromechanical operations are set to leverage CLP Power’s HKD 52.9 billion five-year infrastructure plan and smart grid demand.
With a robust order pipeline, strategic transformation gains, and policy tailwinds, WING LEE DEV is well-positioned for steady revenue and profit growth, delivering sustainable shareholder returns.
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