Ming Shing Group (NASDAQ: MSW) swings to US$3.6M loss on 51.6% revenue drop
Rhea-AI Filing Summary
Ming Shing Group Holdings Limited reported a sharp downturn for the six months ended September 30, 2025. Revenue fell 51.6% to US$8,431,393 from US$17,408,116 a year earlier, driven by completion of most contract works by March 31, 2025. The company swung from gross profit of US$2,398,855 to a gross loss of US$2,769,960, mainly due to additional variation-order work still under negotiation and cost overruns from delayed site instructions. Net income of US$984,549 turned into a net loss and total comprehensive expense of US$3,604,538. The balance sheet weakened, with total assets dropping to US$7,778,286 and shareholders’ equity moving to a deficit of US$(2,620,559), while bank and other borrowings remained high at US$7,332,066. Despite losses, operating activities generated US$670,596 in cash, and cash and cash equivalents increased to US$590,918.
Positive
- None.
Negative
- None.
Insights
Revenue halved, margins collapsed, and equity turned negative.
Ming Shing Group Holdings saw revenue decline from US$17,408,116 to US$8,431,393, reflecting a 51.6% contraction as major contracts were largely completed by March 31, 2025. This volume drop severely pressured operating leverage.
Gross profit of US$2,398,855 turned into a gross loss of US$2,769,960, mainly from unpriced variation orders and cost overruns linked to delayed site instructions. Net income of US$984,549 reversed to a net loss of US$3,604,538, while shareholders’ equity fell to a deficit of US$(2,620,559).
Liabilities of US$10,398,843 now exceed assets of US$7,778,286, and bank and other borrowings total US$7,332,066. Although operating cash flow was positive at US$670,596, ongoing reliance on debt and a negative equity position highlight elevated financial risk unless margins and project terms improve.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2026
Commission File Number: 001-42418
Ming Shing Group Holdings Limited
(Registrant’s Name)
Office Unit B8, 27/F
NCB Innovation Centre
No. 888 Lai Chi Kok Road
Kowloon, Hong Kong
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Other Information
Attached hereto as Exhibit 99.1 is a press release dated March 20, 2026, announcing Ming Shing Group Holdings Limited’s (the “Company”) unaudited financial and operating results for the six months ended September 30, 2025; attached hereto as Exhibit 99.2 are the unaudited condensed consolidated financial statements of the Company as of September 30, 2025 and for the six months ended September 30, 2025 and 2024; and attached hereto as Exhibit 99.3 is the management’s discussion and analysis of financial condition and results of operations of the Company.
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release, dated March 20, 2026 - Ming Shing Group Holdings Limited Announces Unaudited Financial Results For The Six Months Ended September 30, 2025 | |
| 99.2 | Unaudited Interim Condensed Consolidated Financial Statements as of September 30, 2025 and for the six months ended September 30, 2025 and 2024 | |
| 99.3 | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Ming Shing Group Holdings Limited | ||
| Date: March 20, 2026 | By: | /s/ Wenjin Li |
| Name: | Wenjin Li | |
| Title: | Chairman of the Board and Chief Executive Officer | |
| 3 |
Exhibit 99.1
Ming Shing Group Holdings Limited Announces Unaudited Financial Results For The Six Months Ended September 30, 2025
Hong Kong, March 20, 2026 (GLOBE NEWSWIRE) — Ming Shing Group Holdings Limited (“MSW” or the “Company”) (Nasdaq: MSW) is an exempted company with limited liability incorporated under the laws of the Cayman Islands with no material operations of its own. The Company, through its indirectly wholly-owned operating subsidiaries, MS (HK) Engineering Limited and MS Engineering Co., Limited, is engaged in wet trades works services in Hong Kong. The Company today announced its unaudited financial results for the six months ended September 30, 2025.
First Half of 2025 Financial and Operating Highlights
| ● | Total revenue decreased by 51.6% from US$17,408,116 to US$8,431,393 | |
| ● | Gross profit decreased by 215.5% from gross profit of US$2,398,855 to gross loss of US$2,769,960 | |
| ● | Net income and total comprehensive income decreased by 466.1% from net income of US$984,549 to net loss of US$3,604,539 |
Mr. Wenjin Li, Chief Executive Officer of the Company, commented, “In our operating history of approximately ten years, we have focused on providing wet trades work services in the role of a subcontractor. We take pride in our portfolio in wet trades works. In the six months ended September 30, 2025 we continue to provide quality wet trades works to our customers and expand our business. Leveraging our established track record, our expertise in wet trades operations and our experienced management team, we believe we are well-positioned to capture the growth of the wet trades works market in Hong Kong and expand our business.”
FINANCIAL RESULTS
Revenue
Revenue decreased by 51.6% from US$17,408,116 for the six months ended September 30, 2024 to US$8,431,393 for the six months ended September 30, 2025. The decrease was primarily due to most of the contract works were completed for the year ended March 31, 2025.
Cost of revenue
Cost of revenue decreased by 25.4% from US$15,009,261 for the six months ended September 30, 2024 to US$11,201,353 for the six months ended September 30, 2025. The decrease was generally in line with the decrease in revenue.
Gross profit and gross profit margin
The gross loss was US$2,769,960 for the six months ended September 30, 2025, as compared to the gross profit of US$2,398,855 for the six ended September, 2024, a decrease of US$5,168,815, or 215.5%.
The decrease in gross profit was mainly attributable to (a) additional work has been necessitated with variation orders for certain projects, but the amounts of these variation orders are still under negotiation with the relevant customer; and (b) unexpected delays in site instructions have led to cost overruns during the six months ended September 30, 2025 and additional work being required to meet project specifications.
Net (loss) income and total comprehensive (expense) income
Net income and total comprehensive income decreased by 466.1% from US$984,549 for the six months ended September 30, 2024 to net loss and total comprehensive expense of US$3,604,538 for the six months ended September 30, 2025. The decrease was mainly due to the gross loss suffered.
About Ming Shing Group Holdings Limited
Ming Shing Group Holdings Limited is a Hong Kong-based company mainly engaged in wet trades works, such as plastering works, tile laying works, brick laying works, floor screeding works and marble works. With a mission to become the leading wet trades works services provider in Hong Kong and the United States, the Company strives to provide quality services that comply with its customers’ quality standards, requirements, and specifications. The Company conducts its business through its two wholly-owned Hong Kong operating subsidiaries, MS (HK) Engineering Limited and MS Engineering Co. Limited. MS (HK) Engineering Limited is a registered subcontractor and a registered specialist trade contractor under the Registered Specialist Trade Contractors Scheme of the Construction Industry Council and undertakes both private and public sector projects, while MS Engineering Co., Limited mainly focuses on private sector projects. For more information, please visit the Company’s website: https://ir.ms100.com.hk.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “aim”, “anticipate”, “believe”, “estimate”, “expect”, “going forward”, “intend”, “may”, “plan”, “potential”, “predict”, “propose”, “seek”, “should”, “will”, “would” or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
For more information, please contact:
Ming Shing Group Holdings Limited
Investor Relations Department
Email: ir@ms100.com.hk
Exhibit 99.2
Ming Shing Group Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Balance Sheets
| September 30, | March 31, | |||||||
| 2025 | 2025 | |||||||
| US$ | US$ | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 590,918 | 249,923 | ||||||
| Accounts receivable, net | 1,878,096 | 4,222,982 | ||||||
| Contract assets | 1,546,303 | 5,304,061 | ||||||
| Deposits, prepayments and other current assets | 22,341 | 483,864 | ||||||
| Total current assets | 4,037,658 | 10,260,830 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 1,092,861 | 1,132,422 | ||||||
| Right-of-use assets – finance lease | 113,919 | 147,967 | ||||||
| Life insurance policy, cash surrender value | 167,224 | 167,224 | ||||||
| Contract assets | 2,288,277 | 1,636,414 | ||||||
| Deferred tax assets | 78,347 | 79,426 | ||||||
| Total non-current assets | 3,740,628 | 3,163,453 | ||||||
| Total assets | 7,778,286 | 13,424,283 | ||||||
| Current liabilities | ||||||||
| Accounts payable | 2,654,302 | 3,964,976 | ||||||
| Bank and other borrowings | 2,554,654 | 4,761,434 | ||||||
| Finance lease liabilities | 63,460 | 66,150 | ||||||
| Accrued expenses and other current liabilities | 11,282 | 412,470 | ||||||
| Income tax payable | 321,445 | 321,445 | ||||||
| Total current liabilities | 5,605,143 | 9,526,475 | ||||||
| Non-current liabilities | ||||||||
| Bank and other borrowings | 4,777,412 | 2,865,484 | ||||||
| Finance lease liabilities | 16,288 | 48,345 | ||||||
| Total non-current liabilities | 4,793,700 | 2,913,829 | ||||||
| Total liabilities | 10,398,843 | 12,440,304 | ||||||
| Shareholders’ equity | ||||||||
| Ordinary shares, 100,000,000 shares authorized; USD0.0005 par value, 12,975,000 and 12,975,000 shares issued and outstanding, as of September 30, 2025 and March 31, 2025, respectively | 6,488 | 6,488 | ||||||
| Additional paid in capital | 6,819,954 | 6,819,954 | ||||||
| Retained earnings | (9,447,001 | ) | (5,842,463 | ) | ||||
| Total shareholders’ equity | (2,620,559 | ) | 983,979 | |||||
| Total liabilities and shareholders’ equity | 7,778,284 | 13,424,283 | ||||||
Ming Shing Group Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income
For the six months ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| (unaudited) | (unaudited) | |||||||
| Revenue | 8,431,393 | 17,408,116 | ||||||
| Cost of revenue | (11,201,353 | ) | (15,009,261 | ) | ||||
| Gross (loss) profit | (2,769,960 | ) | 2,398,855 | |||||
| Operating expenses | ||||||||
| General and administrative expenses | (975,020 | ) | (995,737 | ) | ||||
| Total operating expenses | (975,020 | ) | (995,737 | ) | ||||
| (Loss) Income from operations | (3,744,980 | ) | 1,403,118 | |||||
| Other (expense) income | ||||||||
| Interest expense, net | (175,854 | ) | (221,609 | ) | ||||
| Other income | 14,743 | 398 | ||||||
| Total other (expense) income, net | (161,111 | ) | (221,211 | ) | ||||
| (Loss) Income before tax expense | (3,906,091 | ) | 1,181,907 | |||||
| Income tax benefit (expense) | 301,553 | (197,358 | ) | |||||
| Net income and total comprehensive income | (3,604,538 | ) | 984,549 | |||||
| Net income per share attributable to ordinary shareholders | ||||||||
| Basic and diluted | (0.28 | ) | 0.09 | |||||
| Weighted average number of ordinary shares used in computing net income per share | ||||||||
| Basic and diluted | 12,975,000 | 11,250,000 | ||||||
Ming Shing Group Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity
| Ordinary Shares | Additional | Total | ||||||||||||||||||||||
| Number of shares | Amount | Subscription receivable | paid in capital | Retained Earnings | Shareholders’ Equity | |||||||||||||||||||
| US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||
| Balance as of April 1, 2024 | 11,250,000 | 5,625 | (5,625 | ) | 1,282 | 996,980 | 998,262 | |||||||||||||||||
| Net profit for the period (unaudited) | - | - | - | - | 984,549 | 984,549 | ||||||||||||||||||
| Dividend declared (unaudited) | - | - | - | - | (1,108,692 | ) | (1,108,692 | ) | ||||||||||||||||
| Balance as of September 30, 2024 (unaudited) | 11,250,000 | 5,625 | (5,625 | ) | 1,282 | 872,837 | 874,119 | |||||||||||||||||
| Ordinary Shares | Additional | Total | ||||||||||||||||||
| Number of shares | Amount | paid in capital | Accumulated losses | Shareholders’ Equity | ||||||||||||||||
| US$ | US$ | US$ | US$ | |||||||||||||||||
| Balance as of April 1, 2025 | 11,250,000 | 6,488 | 6,819,954 | (5,842,463 | ) | 983,979 | ||||||||||||||
| Net loss for the period (unaudited) | - | - | - | (3,604,538 | ) | (3,604,538 | ) | |||||||||||||
| Balance as of September 30, 2025 (unaudited) | 11,250,000 | 6,488 | 6,819,954 | (9,447,001 | ) | (2,620,559 | ) | |||||||||||||
Ming Shing Group Holdings Limited and its subsidiaries
Unaudited Interim Condensed Consolidated Statements of Cash Flows
For the six months ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| (unaudited) | (unaudited) | |||||||
| Operating activities: | ||||||||
| Net (loss) income | (3,604,538 | ) | 984,549 | |||||
| Adjustments: | ||||||||
| Depreciation on equipment | 39,562 | 41,543 | ||||||
| Amortization of right-of-use assets – finance lease | 34,049 | 29,718 | ||||||
| Changes on cash value of life insurance policy | - | (4,853 | ) | |||||
| Expected credit loss allowance | (29,802 | ) | 321,548 | |||||
| Deferred Income taxes provision (benefits) | 1,080 | (58,828 | ) | |||||
| Change in working capital items: | ||||||||
| Change in accounts receivable | 2,537,115 | (244,954 | ) | |||||
| Change in contract assets | 2,942,461 | (52,659 | ) | |||||
| Change in deposits, prepayments and other current assets | 462,531 | (38,041 | ) | |||||
| Change in accounts payable | (1,310,674 | ) | (324,299 | ) | ||||
| Change in income tax payable | - | 24,960 | ||||||
| Change in accrued expenses and other current liabilities | (401,188 | ) | (126,791 | ) | ||||
| Cash provided by operating activities | 670,596 | 551,893 | ||||||
| Financing activities: | ||||||||
| Proceeds from new bank and other borrowings | 5,838,834 | 5,525,641 | ||||||
| Repayment of bank and other borrowings | (6,133,687 | ) | (4,440,790 | ) | ||||
| Principal payments for finance lease liabilities | (34,748 | ) | (33,308 | ) | ||||
| Advances to related parties | - | (1,108,692 | ) | |||||
| Payment of deferred IPO costs | - | (317,718 | ) | |||||
| Cash used in financing activities | (329,601 | ) | (374,867 | ) | ||||
| Net change in cash and cash equivalents | 340,995 | 177,026 | ||||||
| Cash and cash equivalents as of beginning of the period | 249,923 | 1,080,514 | ||||||
| Cash and cash equivalents as of the end of the period | 590,918 | 1,257,540 | ||||||
Exhibit 99.3
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
We are an exempted company with limited liability incorporated under the laws of the Cayman Islands on August 2, 2022. It is a holding company with no business operation.
The Company conducts its primary operations, which are provision of wet trades works, through its indirectly wholly owned subsidiaries, MS (HK) Engineering Limited and MS Engineering Co., Limited, which are incorporated and domiciled in Hong Kong SAR. They are wholly owned subsidiary of MS (HK) Construction Engineering Limited which was incorporated and is domiciled in British Virgin Islands.
Summary of Results of Operations
Financial Results For The Six Months Ended September 30, 2025
Unaudited Interim Condensed Consolidated Statements of Operations and Comprehensive Income
For the six months ended September 30, | Changes | |||||||||||||||
| 2025 | 2024 | Amount | % | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| US$ | US$ | US$ | ||||||||||||||
| Revenue | 8,431,393 | 17,408,116 | (8,976,723 | ) | (51.6 | )% | ||||||||||
| Cost of revenue | (11,201,353 | ) | (15,009,261 | ) | 3,807,908 | (25.4 | )% | |||||||||
| Gross (loss) profit | (2,769,960 | ) | 2,398,855 | (5,168,815 | ) | (215.5 | )% | |||||||||
| Operating expenses | ||||||||||||||||
| General and administrative expenses | (975,020 | ) | (995,737 | ) | 20,717 | (2.1 | )% | |||||||||
| Total operating expenses | (975,020 | ) | (995,737 | ) | 20,717 | (2.1 | )% | |||||||||
| (Loss) Income from operations | (3,744,980 | ) | 1,403,118 | (5,148,098 | ) | (366.9 | )% | |||||||||
| Other income (expense) | ||||||||||||||||
| Interest expense, net | (175,854 | ) | (221,609 | ) | 45,755 | (20.6 | )% | |||||||||
| Other income | 14,743 | 398 | 14,345 | 3,604.3 | % | |||||||||||
| Total other (expense) income, net | (161,111 | ) | (221,211 | ) | 60,100 | (27.2 | )% | |||||||||
| (Loss) Income before tax expense | (3,906,091 | ) | 1,181,907 | (5,087,998 | ) | (430.5 | )% | |||||||||
| Income tax benefit (expense) | 301,553 | (197,358 | ) | 498,911 | (252.8 | )% | ||||||||||
| Net (loss) income and total comprehensive (expense) income | (3,604,538 | ) | 984,549 | (4,589,087 | ) | (466.1 | )% | |||||||||
Revenue
Revenue decreased by 51.6% from US$17,408,116 for the six months ended September 30, 2024 to US$8,431,393 for the six months ended September 30, 2025. The decrease was primarily due to most of the contract works were completed for the year ended March 31, 2025.
Cost of revenue
Cost of revenue decreased by 25.4% from US$15,009,261 for the six months ended September 30, 2024 to US$11,201,353 for the six months ended September 30, 2025. The decrease was generally in line with the decrease in revenue.
Gross profit and gross profit margin
The gross loss was US$2,769,960 for the six months ended September 30, 2025, as compared to the gross profit of US$2,398,855 for the six ended September, 2024, a decrease of US$5,168,815, or 215.5%.
The decrease in gross profit was mainly attributable to (a) additional work has been necessitated with variation orders for certain projects, but the amounts of these variation orders are still under negotiation with the relevant customer; and (b) unexpected delays in site instructions have led to cost overruns during the six months ended September 30, 2025 and additional work being required to meet project specifications.
General and administrative expenses
General and administrative expenses decreased by 2.1% from US$995,737 for the six months ended September 30, 2024 to US$975,020 for the six months ended September 30, 2025. The decrease was mainly due to decrease in staff costs.
Other income (expense)
Other income (expense) decreased by 27.2% from US$221,211 for the six months ended September 30, 2024 to US$161,111 for the six months ended September 30, 2025. The decrease was mainly due to decrease in interests of bank and other borrowings.
Income tax benefit (expense)
Income tax expense decreased by 252.8% from US$197,358 for the six months ended September 30, 2024 to income tax benefit of US$301,553 for the six months ended September 30, 2025. The decrease was mainly due to decrease in income before tax expense.
Net (loss) income and total comprehensive (expense) income
Net income and total comprehensive income decreased by 466.1% from US$984,549 for the six months ended September 30, 2024 to net loss and total comprehensive expense of US$3,604,538 for the six months ended September 30, 2025. The decrease was mainly due to the gross loss suffered.
Unaudited Interim Condensed Consolidated Balance Sheets
| September 30, | March 31, | |||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 590,918 | 249,923 | ||||||
| Accounts receivable, net | 1,878,096 | 4,222,982 | ||||||
| Contract assets | 1,546,303 | 5,304,061 | ||||||
| Deposits, prepayments and other current assets | 22,341 | 483,864 | ||||||
| Total current assets | 4,037,658 | 10,260,830 | ||||||
| Non-current assets | ||||||||
| Property and equipment, net | 1,092,861 | 1,132,422 | ||||||
| Right-of-use assets – finance lease | 113,919 | 147,967 | ||||||
| Life insurance policy, cash surrender value | 167,224 | 167,224 | ||||||
| Contract assets | 2,288,277 | 1,636,414 | ||||||
| Deferred tax assets | 78,347 | 79,426 | ||||||
| Total non-current assets | 3,740,628 | 3,163,453 | ||||||
| Total assets | 7,778,286 | 13,424,283 | ||||||
| Current liabilities | ||||||||
| Accounts payable | 2,654,302 | 3,964,976 | ||||||
| Bank and other borrowings | 2,554,654 | 4,761,434 | ||||||
| Finance lease liabilities | 63,460 | 66,150 | ||||||
| Accrued expenses and other current liabilities | 11,282 | 412,470 | ||||||
| Income tax payable | 321,445 | 321,445 | ||||||
| Total current liabilities | 5,605,143 | 9,526,475 | ||||||
| Non-current liabilities | ||||||||
| Bank and other borrowings | 4,777,412 | 2,865,484 | ||||||
| Finance lease liabilities | 16,288 | 48,345 | ||||||
| Total non-current liabilities | 4,793,700 | 2,913,829 | ||||||
| Total liabilities | 10,398,843 | 12,440,304 | ||||||
| Shareholders’ equity | ||||||||
| Ordinary shares, 100,000,000 shares authorized; USD0.0005 par value, 12,975,000 and 12,975,000 shares issued and outstanding, as of September 30, 2025 and March 31, 2025, respectively | 6,488 | 6,488 | ||||||
| Additional paid in capital | 6,819,954 | 6,819,954 | ||||||
| Retained earnings | (9,447,001 | ) | (5,842,463 | ) | ||||
| Total shareholders’ equity | (2,620,559 | ) | 983,979 | |||||
| Total liabilities and shareholders’ equity | 7,778,284 | 13,424,283 | ||||||
Cash and cash equivalents
Cash and cash equivalents increased from US$249,923 as of March 31, 2025 to US$590,918 as of September 30, 2025. The increase was mainly resulted from our business operations as well as the repayments and proceeds from bank and other borrowings.
Accounts receivable, net
Accounts receivable, net decreased from USS$4,222,982 as of March 31, 2025 to US$1,878,096 as of September 30, 2025. The decrease was mainly due to the different credit periods granted by us to different customers and the fluctuation of the amounts we received from different customers as of the respective reporting dates.
Contract assets
Contract assets changed from US$6,940,475 as of March 31, 2025 to US$3,834,580 as of September 30, 2025, the decrease was generally in line with the decrease in revenue.
Right-of-use (“ROU”) assets – finance lease
ROU assets decreased from US$147,967 as of March 31, 2025 to US$113,919 as of September 30, 2025. The decrease was mainly attributable to the amortization of the assets recognized during the six months ended September 30, 2025.
Accounts payable
Accounts payable mainly comprised of trade payables to subcontractors and suppliers of materials. Account payable decreased from US$3,964,976 as of March 31, 2025 to US$2,654,302 as of September 30, 2025, primarily due to the different credit periods granted by the suppliers to us and the fluctuation of the amounts we paid to different suppliers as of the respective reporting dates.
Bank and other borrowings
Outstanding bank and other borrowings balance increased from US$7,626,918 as of March 31, 2025 to US$7,332,066 as of September 30, 2025. Such increase was mainly due to the business funding needs in respect of the expansion of our business scale.
Finance lease liabilities
Finance lease liabilities decreased from US$114,495 as of March 31, 2025 to US$79,748 as of September 30, 2025. The decrease was mainly due to the repayment of finance lease liabilities during the six months ended September 30, 2025.
Unaudited Interim Condensed Consolidated Statements of Cash Flows
For the six months ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| US$ | US$ | |||||||
| (unaudited) | (unaudited) | |||||||
| Cash provided by operating activities | 670,596 | 551,893 | ||||||
| Cash used in investing activities | - | - | ||||||
| Cash used in financing activities | (329,601 | ) | (374,867 | ) | ||||
| Net change in cash and cash equivalents | 340,995 | 177,026 | ||||||
| Cash and cash equivalents as of beginning of the period | 249,923 | 1,080,514 | ||||||
| Cash and cash equivalents as of the end of the period | 590,918 | 1,257,540 | ||||||
Cash Flows
Net cash provided by operating activities was US$670,596 for the six months ended September 30, 2025, compared to US$551,893 for the six months ended September 30, 2024. The increase was mainly due to the changes in accounts receivable and contract assets.
Net cash provided by financing activities was US$329,601 for the six months ended September 30, 2025, compared to US$374,867 for the six months ended September 30, 2024. The decrease was primarily due to the decrease in advances to related parties.
FAQ
How did Ming Shing Group (MSW) perform in the six months ended September 30, 2025?
What caused the 51.6% revenue decline at Ming Shing Group (MSW)?
Why did Ming Shing Group (MSW) record a gross loss in the latest period?
What is Ming Shing Group’s (MSW) balance sheet position as of September 30, 2025?
How are Ming Shing Group’s (MSW) cash flows and liquidity trending?
What business does Ming Shing Group (MSW) operate and through which entities?
Filing Exhibits & Attachments
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