Mecom Power Holdings Limited (1183.HK) announced its full-year 2025 financial results: revenue increased by 22.8% year-on-year, and net profit surged dramatically by 405.6%; actively expanding into smart manufacturing businesses, moving towards high value-added and overseas markets

Financial Highlights

(March 30, 2026 – Hong Kong) Mecom Power Holdings Limited(“Company” or “Mecom Power,” stock code: 1183) is pleased to announce the annual results for the year ended December 31, 2025 (“the year”) of the Company and its subsidiaries (collectively referred to as “the Group”).

Despite the impact of geopolitical and trade environment changes on global economic development in 2025, technology innovation-driven industrial upgrading and regional infrastructure development remain robust. In major markets, Macao is promoting economic diversification through its '1+4' industrial plan, while the Hong Kong government is actively pushing forward with the construction of the 'Northern Metropolis.' Additionally, Singapore's construction industry is entering a rapid growth cycle. These regional infrastructure and engineering projects have brought stable demand to the group’s construction business. Meanwhile, the construction industry is accelerating its transformation towards new industrialization, smart manufacturing, and green practices. Therefore, our group is aligning with industry trends by actively upgrading its business and continuously expanding into high value-added construction materials and smart manufacturing, gradually forming a development pattern covering multiple business areas and regional markets. Driven by infrastructure needs and industrial upgrading opportunities across various regions, our group has continued to secure diverse clients and projects, laying a solid foundation for performance growth.

Benefiting from project resources across multiple regions and the group’s strong reputation in the industry, revenue reached MOP 1,850.5 million (2024 fiscal year: MOP 1,506.6 million), representing a year-on-year increase of 22.8%. Due to generally higher gross profit margins in Hong Kong and Singapore projects, as their revenue contribution continued to rise, the group’s gross profit surged by 55.2% year-on-year to MOP 183.8 million (2024 fiscal year: MOP 118.4 million), with overall gross margin improving to 9.9% (2024 fiscal year: 7.9%). Net profit increased by 405.6% year-on-year to MOP 20.7 million (2024 fiscal year: MOP 4.1 million), with the net profit margin for the year reaching 1.1% (2024 fiscal year: 0.3%).

As of December 31, 2025, the value of uncompleted contracts in hand for the group’s smart manufacturing business and construction business was MOP 601.9 million (2024: MOP 618.1 million) and MOP 539.0 million (2024: MOP 682.1 million), respectively.

Overview of Key Businesses

Smart Manufacturing Business – Steady Growth in Demand for New Construction Materials

The smart manufacturing business is a core segment of the group, encompassing the research, production, and sales of new construction materials and intelligent machinery. During the year, the group actively expanded into the field of new construction materials and extended its reach into complete intelligent machinery manufacturing, striving to inject strong growth momentum into the group through high value-added products. As a result, revenue from this segment increased by 13.1% year-on-year to MOP 1,259.0 million (2024 fiscal year: MOP 1,113.2 million), accounting for approximately 68.0% of total revenue. During the year, the group delivered a total of about 243,646 tons of order contracts, supplying various customized new construction materials widely used in large public and private engineering projects in Macao, Hong Kong, and Singapore, including large-scale integrated commercial developments in Hong Kong’s core business districts, the Hong Kong International Airport Sky Corridor, Macao’s new reclamation zone project, and the Sentosa steel tube column processing project in Singapore. Thanks to the group’s good market reputation, efficient delivery capabilities, and superior product quality, the gross margin of this business further improved to 10.5% (2024 fiscal year: 8.1%).

Construction Business – Infrastructure and Engineering Projects Driving Significant Revenue Growth

Revenue from the construction business increased significantly by approximately 50.9% year-on-year to MOP 590.7 million (2024 fiscal year: MOP 391.4 million), accounting for 31.9% of the group’s total revenue (2024 fiscal year: 26.0%). The growth was mainly driven by the completion of key milestones and successful delivery of several major projects, including the data center for Macao’s smart city initiative and civil construction projects for the Ma Kok substation. Additionally, the group successfully secured a series of large construction and renovation projects, mechanical and electrical engineering projects, and facilities management service contracts, including (i) renovation projects and equipment procurement services for the Macao government data center; (ii) refurbishment and improvement works for casino enterprises; and (iii) renewal of maintenance and servicing contracts for mechanical and electrical systems and operational facilities for casino enterprises and public sector projects, with new contracts valued at over MOP 323.5 million. By enhancing project management and execution efficiency, the gross margin of the construction business also recorded good growth, rising from 7.8% in the same period last year to 8.8% during the year.

Technological Innovation and Smart Manufacturing Upgrade

In the field of intelligent machinery manufacturing, the group has deepened its strategic cooperation with Beijing Research Institute of Architectural Machinery (‘Beijing Jianji Yuan’), a central enterprise, focusing on the research and market promotion of green energy, new materials, and complete sets of intelligent equipment. Under this framework, the group further established a strategic partnership with Beijing Kaibo Window Cleaning Machinery Technology Co., Ltd., a wholly-owned subsidiary of Beijing Jianji Yuan, officially commencing production of intelligent window cleaning equipment. Such products can be widely applied in various types of high-rise buildings such as skyscrapers and luxury hotels. Currently, these products have successfully received orders and completed multiple batches of deliveries, including supplies to key building projects in the Middle East and Greater Bay Area.

Outlook

Looking ahead, despite the numerous uncertainties in the global economic environment, the group remains cautiously optimistic about the infrastructure and industrial upgrading demands in key target markets. In Macao, the continuous recovery of the tourism industry and the government's efforts to promote moderate economic diversification will provide stable demand for the group's specialized engineering and maintenance services. In Hong Kong, with the deepening implementation of major projects such as the 'Northern Metropolis,' the demand for smart infrastructure and high-quality building materials is expected to peak. Meanwhile, Singapore's construction industry is in a strong growth cycle, with stable public housing development and large-scale infrastructure projects offering significant overseas engineering opportunities. The group will continue to focus on the Macao market while actively exploring project resources in high-growth markets such as Hong Kong and Singapore. Additionally, the group has identified the trend of global computing power network construction driven by artificial intelligence and cloud services, and will actively participate in more data center construction and long-term maintenance operations projects to further expand its business coverage.

The group is also actively seizing market opportunities in new construction materials and intelligent machinery. On one hand, it continues to promote product development in areas related to green building materials, new construction materials, and intelligent development. On the other hand, it introduces dedicated machinery such as intelligent robots to capture the vast market opportunities with a more comprehensive product portfolio. The group will also actively expand its smart manufacturing business footprint and plans to further push its products into China's South China region and overseas markets such as the Middle East, Africa, Australia, and Southeast Asia.

To address potential business growth, the group is also committed to driving capacity upgrades. Currently, the group's Phase I production plant in Jiangmen, Guangdong, is operating efficiently. Therefore, the group officially completed the land bidding and payment procedures for the Phase II production plant in February 2026. At present, the Phase II plant is in the planning stage, and upon completion, it is expected to significantly enhance the group's overall production capacity, further strengthening economies of scale and market competitiveness.

Facing macroeconomic uncertainties, the group will maintain a keen insight into the industry, strengthen risk management, and consolidate its core competitive advantages through multi-dimensional efforts in technological innovation, capacity upgrades, and market expansion. As the business develops across multiple lines, the group will strive to build a more robust and risk-resilient business structure, accelerate business development, and drive shareholder returns.

About Mecom Power Holdings Limited

Mecom Power Holdings is a well-known integrated construction company in Macao, listed on the Hong Kong Stock Exchange on February 13, 2018. Over the years, the company has undertaken several highly complex architectural engineering and steel structure projects, high-voltage substation and data center construction projects, and provided facility management and maintenance services for large hotels/entertainment venues/data centers. Notable engineering projects include the Cotai City mega-resort, the world's largest water performance venue, and the world's first skyscraper luxury hotel featuring a free-form design outer skeleton. Additionally, the group has established new production and R&D facilities in Jiangmen, Guangdong Province, China, to explore new structural materials for prefabricated buildings, thereby accelerating business development.

Company website: http://www.mecommacau.com/index.html

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