Core Viewpoint - The company announced that Mr. He Yuming will resign from his position as co-secretary of the company effective July 31, 2025, to focus on other business and personal matters [1] Company Summary - Mr. He Yuming's resignation is part of a strategic decision to allocate time to other business interests and personal affairs [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股份代號: 1413） 聯席公司秘書辭任 鑄 帝 控 股 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董 事（「董 事」） 會（「董事會」）謹 此 宣 佈，自 二 零 二 五 年 七 月 三 十 一 日 起，何 育 明 先 生（「何先生」） 為 投 入 時 間 於 其 他 業 務 及 個 人 事 務 而 辭 任 本 公 司 聯 席 公 司 秘 書 一 職。 何 先 生 已 確 認，彼 與 董 事 會 概 無 意 見 分 歧，亦 無 任 何 有 關 彼 辭 任 的 事 宜，乃 需 敦 請 聯 交 所 及 本 公 司 股 東 垂 注。 繼 何 先 生 辭 任 後，本 公 司 公 司 秘 書 ...

FEG Holdings Corporation Limited (Stock Code 股份代號: 1413) N OT IF IC ATI ON LET TE R 通 知 信 函 – Notice of Publication of 2024/25 Annual Report (the "Current Corporate Communications") 鑄帝控股集團有限公司 The English and Chinese versions of the Company's Current Corporate Communication (s) are available on the Company's website at www.feg-holdings.com and the website of The Stock Exchange of Hong Kong Limited (the "HKEx's website") at www.hkexnews.hk respectively (the "Website Version"). The Company strongly recommends ...

FEG Holdings Corporation Limited 鑄帝控股集團有限公司 (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code 股份代號: 1413) N OT IF IC ATI ON LET TE R 通 知 信 函 31 July 2025 Dear Registered Shareholder, FEG Holdings Corporation Limited (the "Company") – Notice of Publication of 2024/25 Annual Report (the "Current Corporate Communication(s)") The English and Chinese versions of the Company's Current Corporate Communication(s) are available on the Company's website at www.feg-holdings.com a ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section details the company's core corporate information, including board members, committees, legal advisors, and auditors, noting significant board and committee changes during and after the reporting period - The report details core corporate information including board members, committee structures, authorized representatives, legal advisors, registered office, principal bankers, and auditors, noting multiple changes in board and committee members, including chairman succession and director resignations and appointments, during and after the reporting period[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) The company experienced a **34.5%** revenue decrease and a shift from profit to loss attributable to owners, primarily due to reduced gross profit and increased gross loss, yet maintains cautious optimism for the future Financial Performance Summary | Metric | FY2024/25 (HKD) | FY2023/24 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. **405 million** | Approx. **618 million** | -34.5% | | (Loss)/Profit Attributable to Owners | Loss approx. **81.5 million** | Profit approx. **17.3 million** | Shift from profit to loss | - The shift from profit to loss was primarily due to decreased gross profit and increased gross loss. Despite international economic uncertainties, the Group maintains cautious optimism for future prospects, driven by sustained government investment in infrastructure, and actively seeks new investment opportunities to enhance profitability[16](index=16&type=chunk)[17](index=17&type=chunk)[21](index=21&type=chunk) [Directors and Senior Management](index=7&type=section&id=Directors%20and%20Senior%20Management) This section details the backgrounds and responsibilities of executive and independent non-executive directors, noting significant board changes during and after the reporting period with new appointments aimed at strengthening strategic, operational, and compliance capabilities - This chapter details the backgrounds, experience, and responsibilities of the company's executive and independent non-executive directors, noting significant board personnel changes during and after the reporting period, with multiple new directors appointed across construction, finance, and capital management to strengthen the company's strategic, operational, and compliance capabilities[25](index=25&type=chunk)[35](index=35&type=chunk)[59](index=59&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Overview](index=14&type=section&id=Industry%20Overview) Despite economic slowdown and labor shortages, Hong Kong's construction and foundation industry benefits from government-driven land development and infrastructure projects, with labor import schemes supporting future growth - Hong Kong's economic slowdown led to decreased demand for residential and commercial properties, but active government land development and surging infrastructure projects present opportunities for the foundation industry[84](index=84&type=chunk) - The construction industry faces severe labor shortages, with a projected deficit of **48,500 to 55,000 workers by 2027**. To address this, the government approved **12,840 quotas** through a supplementary labor scheme to ease labor constraints[86](index=86&type=chunk)[87](index=87&type=chunk) [Business Review and Outlook](index=15&type=section&id=Business%20Review%20and%20Outlook) As a Hong Kong foundation contractor, the Group's revenue primarily came from non-residential projects this year, incurring significant gross losses due to cost pressures, change order disputes, and payment delays on the HKIA Three-Runway System project; the Group plans to leverage industry experience and favorable government policies for future growth - The Group incurred significant gross losses on the Hong Kong International Airport Three-Runway System project due to: - Contractor denying original contract rates and suppressing prices - Accelerated work requested by the contractor not being recognized, with the Group instead accused of delays - Change orders for additional costs not being approved - Contractor delaying payments by understating work progress, impacting the Group's cash flow and revenue recognition[92](index=92&type=chunk)[102](index=102&type=chunk) - The Hong Kong government's 2024 Policy Address prioritizes housing and land issues, planning to increase public housing supply and advance major transport infrastructure projects, which is expected to generate substantial business opportunities for the construction industry[91](index=91&type=chunk) [Extract of Independent Auditor's Report](index=16&type=section&id=Extract%20of%20Independent%20Auditor's%20Report) The independent auditor issued a "qualified opinion" on the consolidated financial statements due to insufficient audit evidence for the opening balance of a construction contract deposit of RMB4,754,500 (approx. HKD5,153,000), a scope limitation from the prior auditor; the audit committee confirmed this relates only to the opening balance, does not affect current year financials or internal controls, and the deposit has been fully recovered - The auditor issued a qualified opinion due to insufficient audit evidence for the opening balance of a construction contract deposit of approximately **HKD5.153 million**, making it impossible to determine its transaction nature, commercial substance, and appropriate accounting treatment, which could significantly impact the corresponding figures for the year ended March 31, 2024[103](index=103&type=chunk)[105](index=105&type=chunk) - Although the deposit was fully refunded in July 2024, the auditor could not determine if the opening balance required adjustment due to audit scope limitations[104](index=104&type=chunk)[107](index=107&type=chunk) - The Audit Committee confirmed that the qualified opinion stemmed from scope limitations encountered by the previous auditor, relating solely to the opening balance, and has no impact on the current year's consolidated statement of financial position or consolidated profit[112](index=112&type=chunk)[117](index=117&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) This fiscal year, the Group's financial performance significantly declined, with total revenue down **34.5% to HKD405 million** due to fewer large construction projects; gross profit shifted from a **HKD34.8 million profit to a HKD60 million loss**, and administrative expenses surged **157.0%** due to increased staff welfare, resulting in a **HKD81.5 million loss** attributable to owners compared to a **HKD17.3 million profit** last year Financial Performance Metrics | Financial Metric | FY2024/25 (HKD million) | FY2023/24 (HKD million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 405.0 | 618.2 | -34.5% | | Cost of Sales | 464.9 | 583.4 | -20.3% | | Gross (Loss)/Profit | (60.0) | 34.8 | Shift from profit to loss | | Gross (Loss)/Profit Margin | (14.8)% | 5.6% | -20.4 percentage points | | Administrative and Other Operating Expenses | 29.3 | 11.4 | +157.0% | | (Loss)/Profit Attributable to Owners | (81.5) | 17.3 | -571.1% | - The decrease in revenue was primarily attributable to a reduction in the number of large contract construction and renovation projects undertaken during the year[123](index=123&type=chunk) - The significant increase in administrative expenses was mainly due to an increase of approximately **HKD11.7 million** in staff welfare expenses, including directors' and senior management's remuneration[132](index=132&type=chunk) [Use of Proceeds](index=22&type=section&id=Use%20of%20Proceeds) The Group raised approximately **HKD35.6 million** net from a new share placement on August 30, 2024, with all proceeds fully utilized as general working capital by March 31, 2025 Proceeds Utilization | Use | Planned Allocation (HKD million) | Utilized as of March 31, 2025 (HKD million) | Unutilized Balance (HKD million) | | :--- | :--- | :--- | :--- | | General Working Capital | 35.6 | 35.6 | 0 | [Principal Risks and Uncertainty](index=23&type=section&id=Principal%20Risks%20and%20Uncertainty) Key risks include industry slowdowns in Hong Kong's property market reducing foundation projects, compliance risks from regulatory changes increasing costs, construction uncertainties from unforeseen geological conditions leading to cost overruns, and client concentration risk from over-reliance on a few customers - Industry Risk: The Group's business is highly dependent on the continued development of the Hong Kong property market, and any market slowdown could have a significant adverse impact on its business and financial condition[150](index=150&type=chunk) - Construction Uncertainty: Foundation projects face risks from unforeseen geological or subsoil conditions, which could increase project complexity and lead to cost overruns, adversely affecting business operations and financial condition[156](index=156&type=chunk) - Customer Concentration Risk: A significant portion of the Group's revenue is derived from a few customers; a substantial reduction in projects awarded by major clients, without securing alternative projects from others, would materially and adversely affect the financial condition[157](index=157&type=chunk) [Liquidity, Financial Position and Capital Structure](index=26&type=section&id=Liquidity%2C%20Financial%20Position%20and%20Capital%20Structure) As of March 31, 2025, the Group's financial position showed improved liquidity, with issued share capital increasing to **HKD12 million** and cash and cash equivalents to **HKD33.9 million** through a new share placement; the current ratio rose from **3.1x to 4.3x**, and the gearing ratio significantly decreased from **11.1% to 2.4%** due to reduced bonds and bank loans, while maintaining a conservative treasury policy with immaterial foreign exchange exposure - On August 30, 2024, the company successfully placed **200 million new shares**, increasing the total number of issued shares to **1.2 billion**[173](index=173&type=chunk) Key Financial Ratios | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | Approx. **HKD33.9 million** | Approx. **HKD25.1 million** | | Current Ratio | Approx. **4.3x** | Approx. **3.1x** | | Gearing Ratio | Approx. **2.4%** | Approx. **11.1%** | - The increase in the current ratio was primarily due to a decrease in trade payables, retention payables, bonds, secured bank loans, and current tax liabilities; the decrease in the gearing ratio was mainly due to a reduction in bonds and secured bank loans[176](index=176&type=chunk)[181](index=181&type=chunk) [Significant Investment and Disposals](index=28&type=section&id=Significant%20Investment%20and%20Disposals) During the reporting period, the Group actively diversified its business by forming a joint venture in digital assets in November 2024, acquiring a money lending business in February 2025, and disposing of its subsidiary, Shenzhen Guanglianxing - Joint Venture Formation: A joint venture was established with Ding Shi Capital Limited, with a registered capital of **HKD25 million**, to engage in digital asset businesses including virtual real estate and decentralized finance, with the Group holding a **60% stake**[189](index=189&type=chunk) - Acquisition of Money Lending Business: On February 5, 2025, the Group acquired **100% equity** in Ling Feng International Finance Limited for **HKD200,000** in cash, aiming to diversify business and broaden its revenue base[190](index=190&type=chunk) - Disposal of Subsidiary: The Group disposed of its **100%-owned** subsidiary, Shenzhen Guanglianxing[191](index=191&type=chunk) [Environmental, Social and Governance Report](index=30&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) [Environmental](index=33&type=section&id=Environmental) The Group is committed to environmental compliance, holding ISO 14001:2015 certification, and implemented various measures for emissions, waste, and resource use; while construction soil disposal significantly increased, NOx and SOx emissions decreased, with a target to reduce greenhouse gas emissions and energy consumption by **5% by 2027** - The Group's environmental management system has received independent **ISO 14001:2015** certification, and a waste management policy has been established to reduce environmental impact[235](index=235&type=chunk) Environmental Performance | Environmental Metric | Unit | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Nitrogen Oxides (NOx) Emissions | kg | 75.1 | 86.3 | | Sulfur Oxides (SOx) Emissions | kg | 0.3 | 0.8 | | Construction Waste: Soil | tonnes | 92,464 | 18,289 | | Electricity Consumption | kWh | 15,510 | 10,560 | - The Group has set a target to reduce greenhouse gas emissions and energy consumption by **5% by 2027**, using 2022 as the baseline[239](index=239&type=chunk)[256](index=256&type=chunk) - The Group has identified physical risks (e.g., extreme weather) and transition risks (e.g., stricter environmental regulations) from climate change, and has developed corresponding risk management policies and response measures[264](index=264&type=chunk)[269](index=269&type=chunk) [Social](index=38&type=section&id=Social) The Group adheres to employment and labor laws, providing a safe, healthy, and equitable work environment, with its occupational health and safety management system compliant with OHSAS 18001; employee count decreased from **197 to 156**, with a **41% full-time staff turnover rate**, while emphasizing training, robust supply chain, product responsibility, anti-corruption, and whistleblowing policies for transparent governance - As of March 31, 2025, the Group had **156 employees**, comprising **123 males and 33 females**, with a full-time employee turnover rate of approximately **41%** for the year[278](index=278&type=chunk) - The Group's occupational health and safety management system is certified to **OHSAS 18001** international standards; no workplace accidents occurred during the reporting period, compared to **1 incident** resulting in **229 lost labor days** in the prior year[272](index=272&type=chunk)[290](index=290&type=chunk) - The Group maintains an approved list of suppliers and subcontractors to ensure service and procurement quality; during the reporting period, the Group collaborated with **172 suppliers and subcontractors**, of which **170 were located in Hong Kong**[298](index=298&type=chunk)[301](index=301&type=chunk) - The Group has established a strict anti-corruption policy and a whistleblowing policy, allowing employees and relevant third parties to report any suspected misconduct directly to designated personnel[309](index=309&type=chunk)[311](index=311&type=chunk) [Corporate Governance Report](index=46&type=section&id=Corporate%20Governance%20Report) [Corporate Governance Practices](index=46&type=section&id=Corporate%20Governance%20Practices) The company maintains high corporate governance standards, complying with Appendix C1 of the Listing Rules' Corporate Governance Code, except for a deviation where the Chairman and Chief Executive roles are not separate, with executive directors collectively performing CEO duties; the Board will continuously review this structure's effectiveness - The company has complied with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive are not separate; currently, the company has no Chief Executive Officer, and the responsibilities are jointly undertaken by the executive directors[321](index=321&type=chunk)[328](index=328&type=chunk) [Board of Directors](index=46&type=section&id=Board%20of%20Directors) The Board of Directors leads and oversees company affairs in shareholders' best interests, undergoing multiple member changes during the period; three independent non-executive directors, comprising over one-third of the Board, were appointed as required, with **18 board meetings** held and attendance records provided - During the reporting period, the composition of the Board of Directors underwent multiple changes, including resignations and appointments of the Chairman, executive directors, and independent non-executive directors[332](index=332&type=chunk) Board and Committee Meeting Attendance | Meeting Type | Number of Meetings | | :--- | :--- | | Board Meetings | 18 | | Audit Committee | 7 | | Nomination Committee | 5 | | Remuneration Committee | 4 | | General Meetings | 2 | [Board Committees](index=52&type=section&id=Board%20Committees) The company established Audit, Remuneration, and Nomination Committees to assist the Board; the Audit Committee reviews financial statements and internal controls, the Remuneration Committee sets director and executive compensation, and the Nomination Committee reviews board structure and diversity, recommending appointments, with independent non-executive directors forming the majority in each - The Audit Committee, comprising three independent non-executive directors, held **seven meetings** during the year, reviewing annual and interim financial results, risk management, and the effectiveness of internal control systems[361](index=361&type=chunk)[362](index=362&type=chunk) - The Nomination Committee, consisting of four members with an independent non-executive director as Chairman, held **five meetings** during the year, assessing the independence of independent non-executive directors and recommending new director appointments[363](index=363&type=chunk)[368](index=368&type=chunk) - The Remuneration Committee, comprising four members with an independent non-executive director as Chairman, held **four meetings** during the year, reviewing the remuneration policies and packages for all directors and senior management[376](index=376&type=chunk)[377](index=377&type=chunk) [Risk Management and Internal Control](index=59&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is responsible for establishing, maintaining, and reviewing the Group's risk management and internal control systems; due to a relatively simple company structure, no internal audit department exists, with the Board and Audit Committee directly overseeing these functions; this year, the Board reviewed internal control effectiveness and engaged an independent consultant to address delayed annual results and prior audit qualifications - The Group has not established an internal audit department, with related functions directly overseen by the Board and Audit Committee[413](index=413&type=chunk) - In response to the qualified opinion in the FY2023/24 audit report and the delay in this year's results announcement, the Board engaged an internal control consultant for an independent review and implemented corresponding remedial measures[115](index=115&type=chunk)[419](index=419&type=chunk) [Directors' Report](index=64&type=section&id=Directors'%20Report) [Principal Activities and Business Review](index=64&type=section&id=Principal%20Activities%20and%20Business%20Review) The company's principal business is investment holding, with subsidiaries primarily engaged in foundation engineering subcontracting in Hong Kong; detailed business review, financial performance, key risks, and future outlook are elaborated in the Chairman's Statement and Management Discussion and Analysis - The company is an investment holding company, with its principal subsidiaries engaged in construction services[443](index=443&type=chunk) [Dividends and Reserves](index=66&type=section&id=Dividends%20and%20Reserves) The Board resolved not to recommend any final dividend for the year ended March 31, 2025; the company's dividend policy considers the Group's financial position, capital levels, and future cash requirements - The Board resolved not to recommend a final dividend for the current year (FY2023/24: nil)[462](index=462&type=chunk) [Share Option Scheme](index=67&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on February 19, 2021, to incentivize contributors, with a total authorization of **100 million shares**; no options have been granted under the scheme as of the report date - The share option scheme was adopted on February 19, 2021, with a ten-year validity period and an authorized limit of **100 million shares**[473](index=473&type=chunk)[481](index=481&type=chunk) - As of the report date, the company has not granted any share options[490](index=490&type=chunk) [Major Customers and Suppliers](index=69&type=section&id=Major%20Customers%20and%20Suppliers) This year, the Group experienced high customer concentration, with the largest customer contributing **60%** of sales and the top five **91%**; supplier concentration was lower, with the largest accounting for **11%** of purchases and the top five for **35%** Customer and Supplier Concentration | Category | Percentage of Total (%) | | :--- | :--- | | **Sales** | | | Largest Customer | 60% | | Top Five Customers | 91% | | **Purchases** | | | Largest Supplier | 11% | | Top Five Suppliers | 35% | [Disclosure of Interests](index=70&type=section&id=Disclosure%20of%20Interests) As of March 31, 2025, only Mr. Yang Zhenwei among directors and chief executives held company shares, approximately **0.06%** of issued capital; Arena Investment Management (Singapore) Pte Ltd and its associates collectively held approximately **24.95%**, making them the largest shareholders - Executive Director Mr. Yang Zhenwei held **675,000 shares**, representing approximately **0.06%** of the company's issued share capital[504](index=504&type=chunk) - Principal shareholder Arena Investment Management (Singapore) Pte Ltd and its associates are deemed to have an interest in **299,400,000 shares**, representing **24.95%** of the company's issued share capital[506](index=506&type=chunk) [Independent Auditor's Report](index=77&type=section&id=Independent%20Auditor's%20Report) [Qualified Opinion](index=77&type=section&id=Qualified%20Opinion) Linksfield CPA Limited issued a qualified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, solely due to insufficient audit evidence for the opening balance of a construction contract deposit of RMB4,754,500 (approx. HKD5.153 million), a scope limitation from the prior auditor, preventing determination of its nature, commercial rationale, and accounting treatment - The auditor issued a qualified opinion, stating that, except for the possible effects of not being able to verify the opening balance of a deposit, the financial statements present a true and fair view of the Group's financial position[552](index=552&type=chunk) - The basis for the qualified opinion concerns a construction contract deposit of approximately **HKD5.153 million**; as the auditor was appointed only on November 18, 2024, and the previous auditor had already raised a qualified opinion on this item, the current auditor could not obtain sufficient audit evidence for the opening balance of this amount[555](index=555&type=chunk)[556](index=556&type=chunk) [Key Audit Matters](index=79&type=section&id=Key%20Audit%20Matters) Beyond the qualified opinion, the auditor identified three key audit matters: 1) recognition of construction service revenue and contract assets due to significant management judgment and estimation; 2) impairment of trade receivables and contract assets due to material carrying amounts and high estimation in determining impairment provisions; and 3) impairment of deposits due to material carrying values and significant judgment required for assessment - Recognition of construction service revenue and contract assets: This is considered a key audit matter due to the significant amounts involved and the reliance on management's significant judgments and estimates regarding progress towards completion and total costs[571](index=571&type=chunk)[572](index=572&type=chunk) - Impairment of trade receivables and contract assets: This constitutes a key audit matter due to the material carrying amounts and the high degree of estimation and judgment involved in determining expected credit loss (ECL) provisions[575](index=575&type=chunk)[577](index=577&type=chunk) - Impairment of deposits: This is considered a key audit matter because the carrying value of deposits is material to the financial statements, and their impairment assessment requires significant management judgment and estimation[581](index=581&type=chunk) [Consolidated Financial Statements](index=90&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=90&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the Group reported **HKD405 million** in revenue, a **34.5% YoY decrease**, resulting in a **HKD59.96 million gross loss** due to higher cost of sales; after expenses and tax credits, the total annual loss was **HKD81.52 million**, with **HKD81.516 million** attributable to owners, and basic and diluted loss per share of **7.30 HK cents** Consolidated Statement of Profit or Loss and Other Comprehensive Income | Item (HKD '000) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 404,950 | 618,193 | | Gross (Loss)/Profit | (59,955) | 34,759 | | (Loss)/Profit Before Income Tax | (86,646) | 21,163 | | Total (Loss)/Profit for the Year | (81,524) | 17,260 | | (Loss)/Profit Attributable to Owners of the Company | (81,516) | 17,260 | | Basic and Diluted (Loss)/Earnings Per Share (HK cents) | (7.30) | 1.73 | [Consolidated Statement of Financial Position](index=91&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HKD299 million**, total liabilities **HKD66.76 million**, and net assets **HKD232 million**, both total and net assets decreasing YoY; net current assets of **HKD206 million** indicate strong short-term solvency, with **HKD222 million** in equity attributable to owners Consolidated Statement of Financial Position | Item (HKD '000) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Non-Current Assets | 30,294 | 52,025 | | Total Current Assets | 268,319 | 329,147 | | **Total Assets** | **298,613** | **381,172** | | Total Current Liabilities | 62,155 | 106,961 | | Total Non-Current Liabilities | 4,601 | 7,830 | | **Total Liabilities** | **66,756** | **114,791** | | **Net Assets** | **231,857** | **266,381** | | **Total Equity** | **231,857** | **266,381** | [Consolidated Statement of Cash Flows](index=94&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This year, the Group reported a **HKD11.48 million** net cash outflow from operating activities, a **HKD8.24 million** net cash inflow from investing activities, and a **HKD12.01 million** net cash inflow from financing activities, resulting in a net increase of **HKD8.77 million** in cash and cash equivalents, with an ending balance of **HKD33.92 million** Consolidated Statement of Cash Flows | Item (HKD '000) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (11,476) | (28,330) | | Net Cash From Investing Activities | 8,236 | 2,667 | | Net Cash From Financing Activities | 12,012 | 25,450 | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **8,772** | **(213)** | | Cash and Cash Equivalents at Beginning of Year | 25,148 | 25,361 | | **Cash and Cash Equivalents at End of Year** | **33,920** | **25,148** | [Financial Summary](index=189&type=section&id=Financial%20Summary) This section provides a five-year overview (FY2021-2025) of key financial data, including revenue, gross profit, profit before tax, profit attributable to owners, total assets, total liabilities, and total equity, for quick reference and trend analysis Five-Year Financial Summary | Item (HKD '000) | 2021 | 2022 | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 481,710 | 548,839 | 338,318 | 618,193 | 404,950 | | **Gross Profit** | 60,823 | 46,167 | 11,910 | 34,759 | (59,955) | | **Profit/(Loss) Before Income Tax** | 40,013 | 28,261 | (153) | 21,163 | (86,646) | | **Profit/(Loss) for the Year Attributable to Owners of the Company** | 31,134 | 23,519 | 1,001 | 17,260 | (81,524) | | **Total Assets** | 115,041 | 282,668 | 292,714 | 381,172 | 298,613 | | **Total Liabilities** | 34,219 | 58,067 | 43,593 | 114,791 | 66,756 | | **Total Equity** | 80,822 | 224,601 | 249,121 | 266,381 | 231,857 |

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 FEG Holdings Corporation Limited 鑄帝控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股份代號: 1413） 截至二零二五年三月三十一日止年度之 年度業績公告 及恢復買賣 財務摘要 鑄 帝 控 股 集 團 有 限 公 司（前 稱 廣 聯 工 程 控 股 有 限 公 司）（「本公司」）董 事（「董 事」） 會（「董事會」）欣 然 呈 列 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度（「本年度」或「二 零 二 四╱二 五 財 年」）的 綜 合 財 務 業 績，連 同 截 至 二 零 二 四 年 三 月 三 十 一 日 止 相 應 年 度（「二零二三╱二四財 ...

Group 1 - The Hang Seng Index closed at 23,345.05 points, down 0.46% on May 16 [1] - Chudi Holdings (01413.HK) closed at HKD 0.08 per share, up 31.15%, with a trading volume of 10.605 million shares and a turnover of HKD 729,200, showing a volatility of 44.26% [1] Group 2 - Over the past month, Chudi Holdings has seen a cumulative decline of 15.28%, and a year-to-date decline of 60.39%, underperforming the Hang Seng Index which has increased by 16.92% [2] - As of September 30, 2024, Chudi Holdings reported total revenue of HKD 270 million, a year-on-year increase of 12.65%, while the net profit attributable to shareholders was a loss of HKD 4.354 million, a decrease of 150.08% [2] - The gross profit margin for Chudi Holdings is 4.51%, and the debt-to-asset ratio stands at 24.95% [2] - Currently, there are no institutional investment ratings for Chudi Holdings [2] - The average price-to-earnings (P/E) ratio for the construction industry is 9.33 times, with a median of 1.58 times; Chudi Holdings has a P/E ratio of 26.22 times, ranking 88th in the industry [2] - Other companies in the industry include Pujiang International (02060.HK) with a P/E of 1.01 times, Food King (Global) (08619.HK) at 1.24 times, Jincheng Group Holdings (01581.HK) at 1.52 times, China Pipe Industry (00380.HK) at 1.56 times, and Indigo Star (08373.HK) at 1.58 times [2] Group 3 - Chudi Holdings is a foundation engineering contractor based in Hong Kong, established in 1995, primarily engaging in foundation engineering through its main operating subsidiary, Guanglian Engineering Co., Ltd. [2] - The company undertakes various foundation engineering projects, including excavation, lateral support, and related works such as pile cap engineering, underground drainage, and site leveling [2]

Revenue and Economic Outlook - The Group's revenue primarily derived from foundation works in non-residential developments during the reporting period [7]. - The Hong Kong government plans to supply a total of 189,000 public housing units from 2025-26 to 2029-30, indicating significant opportunities in the construction industry [8]. - Major transport infrastructure projects, including Hung Shui Kiu Station and the Northern Link Main Line, are expected to commence construction in 2024 and 2025, respectively [8]. - The statutory environmental impact assessment for the Kau Yi Chau Artificial Islands project will begin at the end of 2024, further enhancing construction opportunities [8]. - The local economy of Hong Kong is anticipated to improve, allowing the Group to leverage its solid track record in the foundation industry [9]. - The Group's revenue from continuing operations increased by approximately HK$33.6 million or 12.7% to approximately HK$298.9 million for the Reporting Period, compared to approximately HK$265.3 million for the six months ended 30 September 2023 [31]. - Revenue from contracts with customers for the six months ended 30 September 2024 was HK$298,860,000, an increase of 12.7% compared to HK$265,294,000 for the same period in 2023 [141]. Financial Performance - The cost of sales increased from approximately HK$249.5 million to approximately HK$285.4 million, representing an increase of approximately HK$35.9 million or 14.4% [27]. - The overall gross profit decreased from approximately HK$15.8 million to approximately HK$13.5 million, a decrease of approximately 14.6% [34]. - The overall gross profit margin declined from 5.9% to 4.5% due to severe shortages of construction professionals and increased labor costs [34]. - The Group recorded a loss of approximately HK$4.8 million for the Reporting Period, compared to a profit of approximately HK$9.6 million for the six months ended 30 September 2023 [65]. - Other income and gains decreased by approximately HK$1.2 million from approximately HK$1.3 million for the six months ended 30 September 2023 to approximately HK$0.1 million for the Reporting Period [61]. - Finance costs increased from approximately HK$428,000 for the six months ended 30 September 2023 to approximately HK$801,000 for the Reporting Period, representing an increase of approximately 100% [64]. - The Group's income tax expense decreased from approximately HK$1,692,000 for the six months ended 30 September 2023 to approximately HK$1,317,000 for the Reporting Period [58]. - The company reported a loss attributable to owners of the Company of HK$4,824,000 for the six months ended 30 September 2024, compared to a profit of HK$9,640,000 for the same period in 2023 [83]. - Basic and diluted loss per share from continuing operations was HK$0.40 for the six months ended 30 September 2024, compared to earnings per share of HK$0.96 for the same period in 2023 [83]. Assets and Liabilities - Total non-current assets decreased to HK$36,271,000 as of 30 September 2024, down from HK$52,025,000 as of 31 March 2024 [84]. - Total current assets increased to HK$359,805,000 as of 30 September 2024, compared to HK$329,147,000 as of 31 March 2024 [84]. - The company reported net current assets of HK$266,920,000 as of 30 September 2024, an increase from HK$222,186,000 as of 31 March 2024 [84]. - Non-current liabilities totaled HK$5,937,000 as of 30 September 2024, a decrease from HK$7,830,000 as of 31 March 2024 [85]. - The company had total equity of HK$297,254,000 as of 30 September 2024, up from HK$266,381,000 as of 31 March 2024 [85]. Operational Insights - The Group's business performance is expected to vary amid uncertainties in different economic segments [22]. - The Group's performance obligations related to construction services are expected to be satisfied within approximately three years, with other amounts expected to be recognized as revenue within one year [102]. - The Group's cash and cash equivalents at the end of the period were HK$18,199,000, down from HK$27,344,000 at the end of the previous period [113]. - The Group's total cash flows from financing activities amounted to HK$20,923,000, a significant increase from HK$12,933,000 in the previous period [113]. - The Group's depreciation of property, plant, and equipment was HK$6,009,000, down from HK$7,208,000 in the previous period [112]. Director Remuneration and Corporate Governance - The remuneration of the Directors is determined based on the Group's operating results and individual performance [48]. - The company’s executive directors received total emoluments of HK$378,000, HK$288,000, HK$210,000, and HK$90,000 respectively for the six months ended 30 September 2023 [177]. - The company did not pay any emoluments to directors as an inducement to join or as compensation for loss of office during the six months ended 30 September 2024 [180]. - There were no arrangements for directors to waive any remuneration during the six months ended 30 September 2024 [180]. - The company appointed two new independent non-executive directors on 25 July 2024 [180]. Discontinued Operations - The company completed the disposal of Shenzhen Guanglianxing Trading Technology Co., Ltd. for a consideration of RMB1 (approximately HK$1) on 12 August 2024 [131]. - The company reported net cash outflows from operating activities of HK$4,000 for the period ended 12 August 2024 [171]. - The loss attributable to owners of the company from discontinued operations was HK$4,000 for the period [170]. - The cash and cash equivalents disposed of amounted to HK$1,000, with total consideration received being approximately HK$1 [172].

Financial Performance - The group's revenue from continuing operations for the six months ended September 30, 2024, was approximately HKD 298.9 million, compared to HKD 265.3 million for the same period in 2023, representing an increase of 12.3%[2] - The gross profit margin for the reporting period was approximately 4.5%, down from 5.9% for the same period in 2023[2] - The loss attributable to owners from continuing and discontinued operations was approximately HKD 4.8 million, compared to a profit of HKD 9.6 million for the same period in 2023[2] - Basic and diluted loss per share for the reporting period was approximately HKD 0.40 and HKD 0.47, respectively, compared to earnings of HKD 0.96 for the same period in 2023[2] - The group recorded a total loss and comprehensive expenses of approximately HKD 4.8 million during the reporting period, compared to a profit of approximately HKD 9.6 million for the six months ended September 30, 2023[83] Dividend and Shareholder Returns - The board of directors decided not to declare an interim dividend for the reporting period, consistent with the previous year[2] - The company did not recommend any dividend payment for the six months ended September 30, 2024, consistent with the previous year[48] - No interim dividend was recommended for the reporting period ending September 30, 2023[98] Assets and Liabilities - Total non-current assets decreased from HKD 52.0 million as of March 31, 2024, to HKD 36.3 million as of September 30, 2024[8] - Current assets increased from HKD 329.1 million as of March 31, 2024, to HKD 359.8 million as of September 30, 2024[11] - Current liabilities decreased from HKD 106.9 million as of March 31, 2024, to HKD 92.9 million as of September 30, 2024[14] - Net assets attributable to owners increased from HKD 266.4 million as of March 31, 2024, to HKD 297.3 million as of September 30, 2024[18] - As of September 30, 2024, trade payables amounted to HKD 30,472 thousand, a decrease from HKD 38,720 thousand as of March 31, 2024[56] Revenue Sources - The company primarily engages in providing construction services in Hong Kong, with no significant changes in its main business during the reporting period[20] - The company’s revenue from residential construction services was HKD 135,497,000, while non-residential construction services generated HKD 163,363,000 for the six months ended September 30, 2024[30] - Major customers contributing over 10% of revenue included Customer A with HKD 134,697,000, Customer B with HKD 129,307,000, and Customer C with HKD 34,091,000[27] Costs and Expenses - The company reported employee benefit expenses of HKD 89,410,000, which is a substantial increase from HKD 41,689,000 in the previous year, indicating a rise of approximately 114.3%[33] - The group’s sales cost increased from approximately HKD 249.5 million to about HKD 285.4 million, a rise of approximately HKD 35.9 million or 14.4%[70] - Overall gross profit decreased from approximately HKD 15.8 million to about HKD 13.5 million, a decline of approximately 14.6%, primarily due to a severe shortage of construction-related professionals and increased labor costs[70] - Administrative expenses surged from approximately HKD 5.3 million to about HKD 16.3 million, an increase of approximately HKD 11.0 million or 207.6%[72] Financing and Capital Structure - Financing costs increased to HKD 801,000 for the six months ended September 30, 2024, up from HKD 428,000 in the same period of 2023, reflecting a rise of approximately 87.2%[35] - The company issued bonds totaling HKD 1,000,000 with an annual interest rate of 4.00%, due in October 2024, and RMB 11,000,000 (approximately HKD 11,923,000) with an annual interest rate of 3.65%, due in July 2024[60] - The company's debt-to-equity ratio decreased from approximately 11.7% on March 31, 2024, to about 10.5% on September 30, 2024, primarily due to a reduction in secured bank loans[89] Taxation - The total income tax expense for the six months ended September 30, 2024, was HKD (1,317) thousand, compared to HKD (1,692) thousand for the same period in 2023[43] - The company maintained a tax rate of 16.5% for the estimated taxable profits, in line with the previous year[45] Corporate Governance and Structure - The company changed its name from "Kwong Luen Engineering Holdings Limited" to "FEG Holdings Corporation Limited" on October 2, 2024[102] - The company emphasizes the importance of corporate governance and transparency to maintain shareholder trust and create long-term value[124] - The Audit Committee was established on February 19, 2021, to oversee financial reporting processes and internal controls[127] - The interim financial results were reviewed by the Audit Committee, which found no objections to the accounting treatment adopted by the company[128] Market Outlook - The government projects a total public housing supply of 189,000 units from 2025-2026 to 2029-2030, indicating significant opportunities in the construction sector[66] - The group anticipates substantial growth in the construction industry over the coming years due to the government's labor optimization plan, which has approved 9,731 quotas to address labor shortages[64] - Management expects the construction industry to benefit from favorable government policies and ongoing demand for housing and infrastructure development[68]

Revenue Growth - The Group's revenue increased to approximately HK$618.2 million for the Year, representing an increase of approximately HK$279.9 million or 82.7% from approximately HK$338.3 million for FY2022/23[26] - Revenue contribution from two sizable projects awarded during the year was approximately HK$239.1 million and HK$162.9 million, compared to HK$66.2 million and HK$37.1 million in FY2022/23 respectively[26] - The total revenue for the year was approximately HKD 618.2 million, an increase of about 82.7% compared to approximately HKD 338.3 million for the previous fiscal year[64] - The Group recorded total revenue of approximately HK$618.2 million, representing an increase of approximately 82.7% compared to HK$338.3 million for the year ended 31 March 2023[88] - The two major projects contributed revenues of approximately HK$239.1 million and HK$162.9 million, respectively, for the current year[174] Profitability - The profit attributable to owners of the company was approximately HKD 17.3 million, a significant increase from approximately HKD 1.0 million in the previous fiscal year[64] - The increase in profit was mainly attributable to the rise in the Group's gross profit[88] - The overall gross profit of the Group rose from approximately HK$11.9 million for the year ended March 31, 2023, to approximately HK$34.8 million for the current year, an increase of approximately 192.4%[175] - The gross profit margin improved from 3.5% for the year ended March 31, 2023, to 5.6% for the current year due to revenue growth outpacing the increase in cost of sales[175] Cost and Expenses - The Group's cost of sales increased from approximately HK$326.4 million for the year ended 31 March 2023 to approximately HK$583.4 million for the Year, representing an increase of approximately HK$257.0 million or 78.7%[173] - Administrative expenses slightly increased from approximately HK$11.1 million to approximately HK$11.4 million, representing an increase of approximately HK$0.3 million or 2.7%[176] - Other income and gains decreased from approximately HK$6.3 million to about HK$1.3 million, primarily due to the absence of government subsidies received in the previous year[41] - The expected credit loss (ECL) on contract assets decreased from approximately HK$7.4 million to approximately HK$1.0 million, a reduction of approximately HK$6.4 million or 86.5%[197] Safety and Management - The Group reported one workplace accident during the reporting period, resulting in 229 lost workdays, compared to 301 lost workdays in the previous fiscal year[13] - The Group has implemented a comprehensive occupational health and safety management system certified to OHSAS 18001 international standards[4] - The Group has devised a staff handbook to define expectations and protect employees from unfair treatment and discrimination[5] Market and Economic Conditions - The Hong Kong economy experienced a real GDP growth of 3.3% in 2023, driven by the recovery of tourism and private consumption[22] - The Hong Kong construction industry is facing challenges due to a labor crunch, impacting both the construction and foundation sectors[124] - The overall demand for property developments and foundation works has decreased due to hesitance from property investors and developers[126] - The Government's active land development initiatives have led to a surge in infrastructure projects despite the economic slowdown[124] - The construction industry is expected to have ample room for growth when the economy of Hong Kong improves[125] Future Outlook and Strategies - The company is cautiously optimistic about its business prospects despite facing a manpower shortage in the construction industry[51] - The company plans to actively seek new investment opportunities to enhance profitability and maximize returns for shareholders[65] - The management will leverage its solid track record in the foundation industry and favorable government policies to explore different options[36] - The company aims to strengthen its existing business while exploring new strategies for market expansion[65] - The Hong Kong Government plans to build approximately 410,000 public housing units over the next decade, which may benefit the construction industry[129] - The Government has proposed to import up to 12,000 non-local workers to alleviate labor shortages in the construction sector[125] Audit and Compliance - A qualified opinion was expressed by the Auditor regarding deposits paid for a construction contract valued at RMB29,465,000 (approximately HK$31,936,000) due to insufficient documentation[130] - The auditor expressed concerns regarding the lack of sufficient documentary evidence related to the arrangements, impacting the classification and accounting treatment of RMB4,754,500 (approximately HK$5,153,000) paid to the Supply Chain Management Company[162] - The audit committee has approved a detailed review of the Group's workflow, decision-making, and record-keeping processes, expected to be completed by Q4 2024[190] Business Relationships - The company has established long-term business relationships with customers, ensuring the recoverability of contract assets[56] - The management has conducted assessments to evaluate the feasibility of the project based on publicly available information, confirming that neither Customer Z nor the Supply Chain Management Company appears to be connected with the management of the Group[163]