Analogue Holdings Limited · HKEX:1977
Analogue — H1 2025 Earnings Presentation
53 slides from Analogue's earnings presentation, Aug 29, 2025
Slide 1: FY2025 Interim Results Investor Presentation
(Stock Code : 1977) ANALOGUE HOLDINGS LIMITED FY2025 Interim Results Investor Presentation 29 August 2025
Slide 2: Disclaimer
DISCLAIMER Disclaimer • All information including statements, views and opinions contained herein this report, this presentation and accessory discussions whether in writing, orally provided or in any other form (the “Information”) does not constitute an offer of any form for the purposes of any app
Slide 3: Contents
CONTENTS OUTLOOK & COMPANY FINANCIAL BUSINESS GROWTH Q&A OVERVIEW REVIEW REVIEW STRATEGIES 1 2 2 3 4 5 3
Slide 4: Company Overview
COMPANY OVERVIEW A leading provider of E&M engineering Over 47 years of operating history with solutions and ICT services for smart cities an extensive client portfolio with headquarters in HK and operations in Macau, the Mainland China, the US and the UK, covering diverse sectors including: • One-s
Slide 5: Key Highlights: Solid Foundation for Business Going Forward
KEY HIGHLIGHTS ◼ Record high contracts-in-hand, strong cash position and high recurring revenue streams ◼ Staying agile for the opportunities in our diverse business base, increased order intake Solid Foundation for by 39.8% year-on-year, providing a solid foundation for the business in the coming t
Slide 6: Key Highlights: Varied Business Opportunities
KEY HIGHLIGHTS ◼ Advanced MiMEP, innovative technologies and comprehensive capability instrumental in winning contracts. ATAL Design, Research and Training Centre proven to be an attractive hub for innovation, bringing together business partners to co- create solutions and position Group to lead in
Slide 7: Key Highlights: Commitment to Innovation
KEY HIGHLIGHTS ◼ Leadership in MiMEP, DfMA and BIM helped transform engineering workflows, improving quality, enhancing safety, reducing site time, minimising waste, and ultimately preventing site issues before Commitment to they arise Innovation ◼ Successfully integrating cutting-edge AI-enabled te
Slide 8: Financial Review
FINANCIAL REVIEW 8
Slide 9: Financial Highlights
FINANCIAL HIGHLIGHTS Sustained Market Leading Position Order Intake (HK$’M) Contracts-in-hand (HK$’M) 4,906.5 13,085.0 + 39.8% + 11.8% Revenue (HK$’M) Bank Balances and Cash (HK$’M) 2,874.2 1,140.1 + 10.1% Profit Attributable to Owners of the Company (HK$’M) Low Gearing Ratio 80.8 19.5% 9
Slide 10: Key Financial Data
KEY FINANCIAL DATA 1H2025 1H2024 (HK$’M) (HK$’M) Growth Revenue 2,874.2 3,265.4 (12.0%) Gross profit 484.3 477.7 1.4% Gross profit margin 16.8% 14.6% 2.2 p.p. Profit attributable to owners of the company 80.8 82.4 (1.9%) Basic earnings per share (cents) 6 6 - Dividend per share (cents) 2.60 2.38 9.2
Slide 11: Revenue Breakdown
REVENUE BREAKDOWN Revenue by Segment Revenue by Nature (HK$’M) (HK$’M) 2,111.3 2585.3 2208.2 1,564.9 717.0 620.6 616.9 614.7 303.2 289.0 294.6 238.9 49.2 65.3 54.5% 24.9% 10.5% 10.1% 64.7% 19.0% 9.0% 7.3% 76.8% 21.5% 79.2% 18.8% 1.7% 2.0% Total: 2,874.2 Total: 3,265.4 Total: 2,874.2 Total: 3,265.4 1
Slide 12: Healthy Financial Position
HEALTHY FINANCIAL POSITION 30 Jun 2025 31 Dec 2024 (HK$’M) (HK$’M) Current assets 3,764.4 3,699.4 Current liabilities 2,714.6 2,632.6 Bank balances and cash 1,140.1 1,035.9 Net current assets 1,049.8 1,066.9 Total assets less current liabilities 2,543.5 2,567.5 Current ratio 1.4x 1.4x Gearing ratio
Slide 13: Stably & Proactively Returning Capital to Shareholders
STABLY & PROACTIVELY RETURNING CAPITAL TO SHAREHOLDERS 8.52 7.25 4.50 4.27 4.02 2.60 2.38 2.00 1.00 11.27 8.77 9.52 4.38 FY2021 FY2022 FY2023 FY2024 1H2025 Dividend per share (HK cents) 13
Slide 14: Business Review
BUSINESS REVIEW 14
Slide 15: Building Services: Contracts-in-hand and Segment Revenue
Contracts-in-hand: HK$6,934 million Segment Revenue: (HK$’M) 1,905.9 1,363.5 201.2 205.1 0.3 0.3 1H2025 1H2024 Contracting work Maintenance work Sales of goods 15
Slide 16: Leadership in Advanced Techniques: MiMEP
LEADERSHIP IN ADVANCED TECHNIQUES Multi-trade Integrated Mechanical, Electrical and Plumbing (MiMEP) Modern Manufacturing • “MiMEP Design and Manufacturing Centre” and “MiMEP High Productivity Research Centre” in Zhuhai • Other MiMEP manufacturing facilities in Hong Kong Own Methodologies • The deve
Slide 17: 85% MiMEP Adoption
The Highest Rates of MiMEP Application in Hong Kong A Grade A office building at Caroline Hill Road in Causeway Bay 85% MiMEP Adoption The development of quality assurance for MiMEP aims to ensure win-win benefits for various stakeholders and to enhance quality and productivity. Advanced MiMEP can a
Slide 18: Captured the Shifting Market with Diverse Sectors
Captured the Shifting Market with Diverse Sectors Infrastructure Data Centres Hospitals Public & Private Housing Commercial Development Universities 18
Slide 19: Public Housing Development in Various Districts
SIGNATURE PROJECTS OF HOUSING AUTHORITY AND HOUSING SOCIETY Public Housing Development in Various Districts Kwun Tung North Fanling Southern Kwai Chung 19
Slide 20: Signature Projects of Housing Authority and Housing Society
SIGNATURE PROJECTS OF HOUSING AUTHORITY AND HOUSING SOCIETY Public Housing Development in Various Districts Kai Tak Tung Chung 20
Slide 21: Signature Projects: Data Centre and Hospitals
SIGNATURE PROJECTS Data Centre Hospitals Data Centre Fitting-out Work for Hospital in Lai King Hospital in North District a Major Data Centre Service Provider in Tseung Kwan O Hospital Photo sources credited: Architectural Services Department Website 21
Slide 22: Signature Projects: Commercial Development
SIGNATURE PROJECTS Commercial Development Commercial Development Commercial Development Commercial Development Commercial Development in Causeway Bay in Central in West Kowloon in Tung Chung 22
Slide 23: Signature Projects: Private Housing
SIGNATURE PROJECTS Private Housing Tung Chung Jordan Whampoa 23
Slide 24: Signature Projects: Universities and Infrastructure
SIGNATURE PROJECTS Universities Residence, Student Hostels and Academic Buildings at Various Universities Infrastructure HKIA Three Runway System New Works Tunnels and Sky Links 24
Slide 25: Signature Projects: Mainland China and Macau
SIGNATURE PROJECTS Shanghai, Mainland China Macau Commercial Development Mega Integrated Construction Podium Construction Significant Hotel Project Project Project Project 25
Slide 26: Environmental Engineering: Contracts-in-hand and Segment Revenue
ENVIRONMENTAL ENGINEERING Contracts-in-hand: HK$4,580 million Segment Revenue: (HK$’M) 478.9 363.5 203.4 223.9 34.7 33.2 1H2025 1H2024 Contracting work Maintenance work Sales of goods 26
Slide 27: Continuous Optimisation of Environmental and Climate Solutions
ENVIRONMENTAL ENGINEERING Continuous Optimisation of Environmental and Climate Solutions Environmental Engineering Technologies: • AI-enabled Digital Twins • AlgoWater • ATAL Multi-Stages Flocculation Sedimentation III New Business Development Unit Smart Data Automation (SDA) Bringing the various ne
Slide 28: Environmental Engineering Signature Projects: Sewage, Flood, Water
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Sewage Yuen Long Effluent Polishing Plant Cheung Chau Sewage Treatment San Shek Wan Sewage Treatment Works and Disposal Facilities Flood Prevention Water In-situ Reprovisioning of Sha Tin Tsuen Wan Water Treatment Works Yuen Long Barrage and Nullah Cerami
Slide 29: Environmental Engineering Signature Projects: Landfill
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Landfill Gas Treatment Leachate Treatment Works for New Leachate Treatment Plant for West New Territories (WENT) Landfill West New Territories Landfill North East New Territories Landfill Gas Power Generation Phase II Extension (WENTX) Extension (NENTX) D
Slide 30: Environmental Engineering Signature Projects: Laundry and Storage Systems
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Laundry Service System Automatic Storage & Transportation System Supply and Installation of Laundry Service System Supply and installation of Automatic Storage & for Garment Sorting and Finishing, Shum Wan Laundry Transportation System for Hospital Author
Slide 31: Operation and Maintenance Projects
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Organic Resources Recovery Centre Food Waste Pre-treatment facilities at Food Waste Pre-treatment facilities at (O PARK1) Tai Po Sewage Treatment Works Sha Tin Sewage Treatment Works Operation and Maintenance Projects (Operation Stage) Pillar Point Sewage
Slide 32: Mainland Projects: Wastewater Treatment & Combined Heat and Power
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Mainland Projects – Wastewater Treatment & Combined Heat and Power Wastewater Treatment Plant, Qingdao Combined Heat and Power, Combined Heat and Power, Shanghai Chongming Shanghai Qingpu 32
Slide 33: Overseas Projects: Wastewater Treatment
ENVIRONMENTAL ENGINEERING SIGNATURE PROJECTS Overseas Projects – Wastewater Treatment Dhobighat Wastewater Treatment Plant, Nepal Rijeka Wastewater Treatment Plant, Croatia 33
Slide 34: ICBT: Contracts-in-hand and Segment Revenue
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES Contracts-in-hand: HK$863 million Segment Revenue: (HK$’M) 213.1 202.7 81.6 68.3 23.5 8.5 1H2025 1H2024 Contracting work Maintenance work Sales of goods 34
Slide 35: Go Forward with the Trends in Advanced Technology
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES Go Forward with the Trends in Advanced Technology Leveraging our own R&D, design and talent development, the green and intelligent building solutions offered by the ICBT segment integrate a wide range of technologies: • AI-enabled Digital Twin • En
Slide 36: ICBT Signature Projects: Commercial Development
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES SIGNATURE PROJECTS Supply and installation of advanced technologies into the projects (e.g. BMS, ICT, ELV, IoT Systems etc.) Commercial Development Commercial Development in Causeway Bay Commercial Development in West Kowloon Commercial Development
Slide 37: ICBT: Commercial Development and Private Housing
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES Commercial Development Private Housing Commercial Development in Quarry Bay Private Residence in Tseung Kwan O 37
Slide 38: ICBT Signature Projects: Infrastructure
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES SIGNATURE PROJECTS Laundry Service System Infrastructure Supply and Installation of Smart Washroom Supply and Installation of BMS, ICT, and Smart Supply and Installation of Automatic Vehicle Systems and Associated Equipment for the Systems for Hong
Slide 39: ICBT Signature Projects: Hospitals
INFORMATION, COMMUNICATIONS & BUILDING TECHNOLOGIES SIGNATURE PROJECTS Supply and Installation of BMS Hospitals and Security Solutions Supply and Implementation of Energy Saving Solutions 39
Slide 40: Lifts & Escalators: Contracts-in-hand and Segment Revenue
Contracts-in-hand: HK$708 million, up 6.1% Segment Revenue: (HK$’M) 152.7 130.6 113.2 117.4 5.7 8.3 1H2025 1H2024 Contracting work Maintenance work Sales of goods 40
Slide 41: Extending the Quality Service, Going Global As Always
Extending the Quality Service Going Global As Always Hong Kong & Mainland China • Maintenance contracts for a diverse range of buildings in Hong Kong were major profit contributors • Nanjing factory has streamlined manufacturing processes, expanded product offerings and enhanced product quality Unit
Slide 42: Signature Projects: Diverse Sectors
SIGNATURE PROJECTS Diverse Sectors ATAL Tower Data Centre at Wing Kei Road, Vehicle Show Room Private Residence in Kwai Chung Kwai Chung in Hong Kong in Kowloon City 42
Slide 43: Signature Projects: Diverse Sectors (Government and Public Housing)
SIGNATURE PROJECTS Diverse Sectors Joint-user Government Office Provision of Universal Accessibility Public Housing Building in Tseung Kwan O Facilities at Footbridges, Elevated in Shatin Walkways and Subways 43
Slide 44: Signature Projects: Laundry and Automated Parking
SIGNATURE PROJECTS Laundry Service System Automated Parking System Tsuen Wan Kai Tak Inland Revenue Tower 44
Slide 45: Overseas Projects
SIGNATURE PROJECTS Overseas Projects Mexico City Sao Paulo, Brazil Florida, US Manhattan, New York City Newcastle upon Tyne, UK Manchester, UK Manchester, UK 45
Slide 46: Maintenance Business
MAINTENANCE BUSINESS Generate 1H2025 1H2024 Contribution to the 1H2025 Recurring Revenue HK$616.9M HK$614.7M + 0.4% Group’s revenue 21.5% Hong Kong Zhuhai Macao Bridge Castle Peak Power Station ◼ Contracts for Maintenance of ◼ Provision of Integrated Mechanical Installations, and Maintenance and Pro
Slide 47: Maintenance Business: Housing Authority, MTR and Hong Kong Port
MAINTENANCE BUSINESS Housing Authority Hong Kong Port and Shenzhen Bay Control ◼ A Maintenance Contracts Point in the Hong Kong Zhuhai Macao Bridge for Fire Service Installation and Water Supply ◼ Maintenance Services of Automatic Vehicle Clearance System for Tai Po, North and Shatin Region Support
Slide 48: Maintenance Business: Escalator System, Ocean Park, Science Park
MAINTENANCE BUSINESS Central to Mid-Levels Escalator and Walkway System Ocean Park ◼ Management, Operation and ◼ Maintenance Contract Maintenance Contract for Central for Lifts and Escalators to Mid-Levels Escalator and Walkway System System Hong Kong Science Park Kowloon East Regional Headquarters
Slide 49: Outlook & Growth Strategies
THANK OUTLOOK YOU & GROWTH STRATEGIES 49
Slide 50: Continuous Improvement of Core Strengths and Investment in Innovation
GROWTH OPPORTUNITIES Continuous Improvement of Core Strengths and Investment in Innovation Building Core Strengths Innovating for Quality ◼ Distinct from peers, a leading provider of E&M engineering ◼ Advanced the adoption of MiMEP, DfMA, BIM, AI, and solutions and ICT services for smart cities Digi
Slide 51: Capturing the Valuable Business Opportunities Arising in Multiple Markets
GROWTH OPPORTUNITIES Capturing the Valuable Business Opportunities Arising in the Multiple Markets Hong Kong Mainland China Overseas ◼ Government capital works worth ◼ China continues to show resilience, ◼ Progress with expansion in the HK$90 to HK$120 billion achieving technological southern part o
Slide 52: Q&A
Q&A 52
Slide 53: Thank You
THANK YOU 53