Wing Lee Development (09639) releases impressive first half report following listing, secures new 1 billion order to accelerate business development.

Since successfully listing on the main board of HKEX in October 2024, WING LEE DEV (09639) has also released its first performance report to the capital markets after going public. Recently, WING LEE DEV announced its interim report for the period ending September 30, 2024. The data shows that WING LEE DEV's key financial indicators have all increased to varying degrees, with the company's profitability continuing to strengthen and its business expansion yielding fruitful results. Revenue surged by 77%, with multiple large projects in hand Benefitting from an increase in the average contract size contributing to revenue, WING LEE DEV achieved a revenue of approximately 400 million Hong Kong dollars during the reporting period, representing a substantial year-on-year increase of 77%; the operating profit reached 48.465 million Hong Kong dollars, a year-on-year increase of 19%. WING LEE DEV is a new-generation Hong Kong infrastructure contractor engaged in civil and cable engineering as well as CECEP Solar Energy photovoltaic system engineering. In 2023, WING LEE DEV became the largest subcontractor for cable and civil pipeline installation in Hong Kong. WING LEE DEV's revenue mainly comes from three major businesses: civil engineering, cable engineering, and CECEP Solar Energy photovoltaic systems, with civil engineering being the main source of revenue, accounting for 75.8%. During the reporting period, revenue from this business reached 304 million Hong Kong dollars, a significant year-on-year increase of 111%. The Hong Kong International Airport's third runway project was a major driver of the company's revenue growth. In May 2024, WING LEE DEV was first included in the pre-qualified bidders list for civil engineering projects at Hong Kong International Airport, and the project contributed approximately 266 million Hong Kong dollars in revenue to the company during the reporting period. In addition, revenue from cable engineering amounted to 80.7 million Hong Kong dollars, a year-on-year increase of 37%. WING LEE DEV recently secured a cable engineering contract for excavation and laying of transmission cables in Kowloon and the New Territories, with a duration of 8 years and a total amount expected to exceed 1 billion Hong Kong dollars. WING LEE DEV stated that this project would be a major driver of revenue growth for the company's cable engineering business. As of September 30, 2024, WING LEE DEV still had as many as 25 projects in hand, with a total value of approximately 747 million Hong Kong dollars, an increase from the same period last year. The company believes that the existing and newly acquired project contracts will provide assurance for the company's future income and cash flow in the coming years. Leading in green innovation, actively expanding digital and new energy businesses In addition to its core businesses in engineering and cable, WING LEE DEV has also actively expanded into the field of new energy. Since 2018, WING LEE DEV has been involved in renewable energy businesses, specializing in the design, installation, and maintenance of CECEP Solar Energy photovoltaic systems. In recent years, the concept of sustainable development has gradually gained ground in the construction industry. WING LEE DEV has also actively practiced this concept, being the first to use electric machinery and equipment during construction, and planning to introduce more new energy equipment in the future, continuing to increase investment in photovoltaic-related businesses. One of WING LEE DEV's cornerstone investors is Sany Group, China's first engineering machinery enterprise to surpass one trillion RMB. The group has actively explored and innovated in green transformation and ecological development. In November 2024, Mr. Yao Hongli, Chairman and CEO of WING LEE DEV, and Mr. Xiang Wenbo, Chairman of Sany Group and Sany Heavy Industry, engaged in an in-depth exchange at the Shanghai Bauma Construction Machinery Exhibition, discussing the diverse changes and new opportunities in the engineering machinery industry, laying a solid foundation for their cooperation. Earlier in October, Mr. Yao Hongli led a team to Shanghai, Changsha, and Zhuzhou to visit and inspect Sany Group, exploring cooperation in areas such as pure electric construction equipment, pure electric heavy-duty truck charging and swapping, CECEP Solar Energy microgrid, and smart Internet of Things applications. During the visit, Mr. Yao Hongli toured Sany Heavy Industry Industrial Park in Kunshan, Shanghai, and held discussions with Sany Heavy Industry Chairman Chen Jiayuan and other executives, reaching broad consensus on deepening cooperation. Under the guidance of the "dual carbon" goals, the engineering machinery industry is accelerating its entry into a new stage of high-end, intelligent, and green development. WING LEE DEV is accelerating the development of its group in digital transformation, smart construction, and low-carbon green areas, and looks forward to working with industry colleagues to jointly promote the digitalization, intelligence, and low-carbon development and innovation of the engineering machinery industry. In addition, as a construction company, WING LEE DEV recognizes the importance of site safety. In recent years, the company has continuously strengthened the digital construction of its sites, using intelligent management methods to enhance site safety and management. It is understood that WING LEE DEV is currently working on the construction of the "SSSS Smart Site Management Platform." This platform aims to comprehensively monitor the site situation through the "Central Management Platform" system, including equipment and vehicle operation, identification and early warning of hazardous areas, and personnel safety monitoring. WING LEE DEV hopes that through the construction of this platform, it can greatly improve the digital and intelligent level of its sites, setting a benchmark for smart construction in the industry. As a leader in green innovation in the construction industry, WING LEE DEV states that going public is an important milestone for the company, laying a solid foundation for its business growth and development. Looking ahead, the company is committed to actively seeking opportunities to distribute new energy engineering machinery, becoming an important driving force for sustainable development in Hong Kong, and achieving mutual progress and development with society.