Core Insights - HKE HOLDINGS (01726) reported annual results for the year ending June 30, 2025, with revenue of SGD 22.9772 million, representing a year-on-year increase of 24.65% [1] - The company experienced a shareholder loss of SGD 13.627 million, which widened by 7.74% compared to the previous year [1] - Basic loss per share was recorded at 1.27 cents [1] Revenue Analysis - The increase in revenue was primarily attributed to a shift in the project portfolio within the engineering business [1] - Although the number of projects undertaken by the group decreased, the scale of the projects increased, leading to an overall rise in contract revenue [1]

HKE Holdings Limited （於開曼群島註冊成立之有限公司） （股份代號：1726） 提名委員會職權範圍 序 言 股東週年大會 – 2 – 6. 除本文另有註明外，提名委員會會議將依照本公司之組織章程規管董事會議 及程序的條文進行。 7. 提名委員會每年至少舉行一次會議。提名委員會主席須應提名委員會任何成 員要求召開會議。 8. 會議議程及任何相關提名委員會文件應全部及時送交全體提名委員會成員， 並 至 少 於 建 議 召 開 提 名 委 員 會 會 議 前 三 天（或 其 他 協 定 期 限）送 出。 9. 本公司有責任及時向提名委員會提供足夠資料，以使其能作出知情決定。所 提供的資料必須為完整及可靠。當董事要求高級管理層自願提供資料之外的 詳盡資料時，相關董事應作出進一步必要查詢。董事會及各董事將可自行並 獨立接觸高級管理層。 10. 提名委員會之秘書須為本公司的公司秘書或彼委任之代表。 1. HKE Holdings Limited（「本公司」）於2018年4月18日於香港聯合交易所有限公司 （「香港聯交所」）主 板 上 市。 載於香港聯交所證券上市規則（「上市規則」）附錄C1的企業管治守 ...

[Annual Results Announcement](index=1&type=section&id=Annual%20Results%20Announcement) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended June 30, 2025, the Group's revenue significantly increased by **24.6%** to **SGD 22.98 million**, but gross profit margin declined due to changes in engineering business project mix and increased competition, leading to an expanded annual loss of **SGD 13.63 million** from increased administrative expenses and finance costs Consolidated Statement of Profit or Loss and Other Comprehensive Income (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 22,977,219 | 18,433,408 | +24.6% | | Cost of services provided/sales | (13,807,467) | (9,596,136) | +43.9% | | Gross profit | 9,169,752 | 8,837,272 | +3.8% | | Other income | 413,404 | 568,927 | -27.4% | | Net other gains and losses | 36,226 | 625,748 | -94.2% | | Administrative expenses | (22,973,877) | (22,472,788) | +2.2% | | Finance costs | (169,385) | (61,390) | +175.9% | | Loss before tax | (13,523,880) | (12,502,231) | +8.2% | | Income tax expense | (103,769) | (146,920) | -29.4% | | Loss for the year | (13,627,649) | (12,649,151) | +7.7% | | Basic loss per share (SGD cents) | (1.27) | (1.20) | +5.8% | | Diluted loss per share (SGD cents) | (1.29) | (1.20) | +7.5% | - Total comprehensive loss for the year increased from **SGD 12.71 million** in 2024 to **SGD 14.24 million** in 2025, primarily due to expanded exchange differences on translation of overseas operations[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities slightly decreased, and net current assets reduced; non-current liabilities significantly increased due to new borrowings, leading to a decline in net assets from **SGD 26.83 million** in 2024 to **SGD 12.97 million** Consolidated Statement of Financial Position (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 7,508,292 | 7,268,607 | +3.3% | | Total current assets | 36,875,832 | 49,945,991 | -26.2% | | Total current liabilities | 18,219,349 | 30,053,022 | -39.4% | | Net current assets | 18,656,483 | 19,892,969 | -6.2% | | Total assets less current liabilities | 26,164,775 | 27,161,576 | -3.7% | | Total non-current liabilities | 13,199,218 | 334,076 | +3850.8% | | Net assets | 12,965,557 | 26,827,500 | -51.6% | - Non-current liabilities significantly increased, primarily due to new borrowings of **SGD 12.62 million** from the controlling shareholder[7](index=7&type=chunk)[38](index=38&type=chunk) [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [1. General Information](index=5&type=section&id=1.%20General%20Information) HKE Holdings Limited, incorporated in the Cayman Islands and listed on the HKEX Main Board, primarily operates engineering, fintech platform, and trading and asset management businesses in Singapore, with Mr. Lian Haomin as the ultimate controlling party - The Company is an investment holding company with principal businesses covering engineering, fintech platform, and trading and asset management[8](index=8&type=chunk) - The Company's functional currency is Hong Kong Dollars, while the presentation currency is Singapore Dollars[8](index=8&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with International Financial Reporting Standards, HKEX Listing Rules, and Hong Kong Companies Ordinance disclosure requirements, primarily measured at historical cost convention - The consolidated financial statements comply with International Financial Reporting Standards, HKEX Listing Rules, and Hong Kong Companies Ordinance disclosure requirements[9](index=9&type=chunk) [3. Application of New and Revised IFRSs](index=6&type=section&id=3.%20Application%20of%20New%20and%20Revised%20IFRSs) The Group adopted all revised International Financial Reporting Standards effective July 1, 2024, with no significant changes to its accounting policies, financial statement presentation, or reported amounts - The adoption of new and revised International Financial Reporting Standards had no significant impact on the Group's financial statements[10](index=10&type=chunk) [4. New and Revised IFRSs Issued But Not Yet Effective](index=6&type=section&id=4.%20New%20and%20Revised%20IFRSs%20Issued%20But%20Not%20Yet%20Effective) The Group has not yet applied new and revised International Financial Reporting Standards issued but not yet effective, and is currently assessing their potential impact without determining materiality - The Group is evaluating the impact of International Financial Reporting Standards not yet effective, but cannot currently determine their materiality[11](index=11&type=chunk) [5. Revenue and Segment Information](index=6&type=section&id=5.%20Revenue%20and%20Segment%20Information) The Group operates four segments: engineering, fintech platform, trading and asset management, and investment holding; total revenue grew **24.6%** in FY2025, driven by engineering and trading and asset management, with Singapore contributing most revenue and high customer concentration - The Group operates four operating segments: engineering business, fintech platform business, trading and asset management business, and investment holding[13](index=13&type=chunk) External Customer Revenue by Segment for FY2025 (SGD) | Segment | 2025 (SGD) | | :--- | :--- | | Engineering business | 21,536,609 | | Fintech platform business | – | | Trading and asset management business | 1,440,610 | | Investment holding | – | | **Total** | **22,977,219** | - Revenue from Singapore accounted for **94%** of total revenue, indicating high geographical concentration[18](index=18&type=chunk) Revenue by Service Type for FY2025 (SGD) | Service Type | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated design and build services | 20,485,073 | 16,131,316 | +27.0% | | Maintenance and other services | 1,051,536 | 1,017,980 | +3.3% | | Virtual asset custody solution services | – | 313,111 | -100.0% | | Asset management services | 573,698 | 313,780 | +82.8% | | Hedging services and transaction fee income | 59,529 | 18,088 | +229.1% | | Net trading income | 807,383 | 639,133 | +26.3% | | **Total revenue** | **22,977,219** | **18,433,408** | **+24.6%** | [6. Other Income](index=10&type=section&id=6.%20Other%20Income) The Group's other income for FY2025 was approximately **SGD 0.41 million**, a **27.4%** decrease from 2024, mainly due to lower interest and rental income Details of Other Income (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Government grants | 17,813 | 5,233 | +240.4% | | Interest income | 200,479 | 344,856 | -41.9% | | Rental income | 162,375 | 182,333 | -11.0% | | Others | 32,737 | 36,505 | -10.3% | | **Total** | **413,404** | **568,927** | **-27.4%** | [7. Net Other Gains and Losses](index=11&type=section&id=7.%20Net%20Other%20Gains%20and%20Losses) Net other gains and losses for FY2025 significantly decreased by **94.2%** to **SGD 0.04 million**, primarily due to reduced fair value gains on cryptocurrencies and the absence of a one-off gain from subsidiary disposal last year Details of Net Other Gains and Losses (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Net foreign exchange gains | 153,580 | 129,782 | +18.3% | | Loss on disposal of property, plant and equipment | (5,597) | (1,930) | +189.0% | | Gain on disposal of a subsidiary | – | 253,476 | -100.0% | | Gain on bargain purchase | – | 31,279 | -100.0% | | Impairment loss on long-term deposits | (202,236) | – | N/A | | Reversal of impairment loss on cryptocurrencies | 52,237 | – | N/A | | Fair value gain on convertible bonds designated at FVTPL | 348,937 | – | N/A | | Fair value loss on investment properties | (334,890) | (200,066) | +67.4% | | Realised gain on disposal of cryptocurrencies | 27,726 | – | N/A | | Fair value (loss)/gain on cryptocurrencies | (3,531) | 413,207 | -100.9% | | **Total** | **36,226** | **625,748** | **-94.2%** | [8. Loss Before Tax](index=11&type=section&id=8.%20Loss%20Before%20Tax) Loss before tax for FY2025 was **SGD 13.52 million**, an **8.2%** increase from last year, with finance costs significantly rising due to new loans and lease renewals, alongside increased depreciation expenses Components of Loss Before Tax (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 169,385 | 61,390 | +175.9% | | Depreciation of right-of-use assets | 745,525 | 647,181 | +15.2% | | Depreciation of property, plant and equipment | 501,602 | 370,916 | +35.2% | | Loss on disposal of property, plant and equipment | 5,597 | 1,930 | +189.0% | | Reversal of impairment loss on cryptocurrencies | (52,237) | – | N/A | | Impairment loss on long-term deposits | 202,236 | – | N/A | [9. Income Tax Expense](index=12&type=section&id=9.%20Income%20Tax%20Expense) Income tax expense for FY2025 was **SGD 0.10 million**, a **29.4%** decrease from last year, primarily due to reduced Singapore corporate income tax and over-provision in prior years Details of Income Tax Expense (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax: Singapore corporate income tax | 164,947 | 214,484 | -23.1% | | Current tax: Hong Kong profits tax | – | 2,415 | -100.0% | | Current tax: Over-provision in prior years | (60,405) | (52,985) | +14.0% | | Deferred tax | (773) | (16,994) | -95.5% | | **Total** | **103,769** | **146,920** | **-29.4%** | [10. Dividends](index=12&type=section&id=10.%20Dividends) The Board does not recommend a dividend for the year ended June 30, 2025, consistent with the prior year - No dividends were declared for the current or prior year[25](index=25&type=chunk) [11. Loss Per Share](index=12&type=section&id=11.%20Loss%20Per%20Share) Basic loss per share for FY2025 was **1.27 SGD cents** and diluted loss per share was **1.29 SGD cents**, both increasing from last year, primarily impacted by fair value gains on convertible bonds Loss Per Share Calculation (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Loss attributable to owners of the Company (for basic loss) | 13,626,988 | 12,648,291 | | Fair value gain on convertible bonds designated at FVTPL | 348,937 | – | | Loss attributable to owners of the Company (for diluted loss) | 13,975,925 | 12,648,291 | | Weighted average number of ordinary shares (for basic loss) | 1,076,757,051 | 1,052,467,201 | | Effect of conversion of convertible bonds | 3,761,096 | – | | Weighted average number of ordinary shares (for diluted loss) | 1,080,518,147 | 1,052,467,201 | | Basic loss per share (SGD cents) | 1.27 | 1.20 | | Diluted loss per share (SGD cents) | 1.29 | 1.20 | [12. Trade Receivables](index=13&type=section&id=12.%20Trade%20Receivables) Trade receivables increased to **SGD 5.12 million** in FY2025, with credit terms typically 30 to 90 days; the Group applies the simplified approach under IFRS 9 for expected credit losses and recognized no impairment losses this year Ageing Analysis of Trade Receivables (SGD) | Ageing | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 1,588,723 | 1,403,441 | +13.2% | | 31 to 60 days | 798,519 | 1,139,072 | -29.9% | | 61 to 90 days | 1,757,337 | 682,063 | +157.6% | | 91 to 180 days | 892,740 | 175,196 | +409.6% | | Over 180 days | 85,723 | 41,101 | +108.6% | | **Total** | **5,123,042** | **3,440,873** | **+48.9%** | - The Group recognized no impairment losses on trade receivables[28](index=28&type=chunk) [13. Derivative Financial Instruments](index=14&type=section&id=13.%20Derivative%20Financial%20Instruments) The fair values of derivative financial instrument assets and liabilities both decreased in FY2025, primarily involving unlisted swap contracts Fair Value of Derivative Financial Instruments (SGD) | Item | 2025 Fair Value (SGD) | 2024 Fair Value (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Assets: Unlisted swap contracts | 308,053 | 430,229 | -28.4% | | Assets: Unlisted option contracts | – | 8,928 | -100.0% | | **Total assets** | **308,053** | **439,157** | **-29.9%** | | Liabilities: Unlisted swap contracts | 183,817 | 426,631 | -56.9% | | Liabilities: Unlisted option contracts | – | 8,928 | -100.0% | | **Total liabilities** | **183,817** | **435,559** | **-57.8%** | [14. Trade and Other Payables](index=14&type=section&id=14.%20Trade%20and%20Other%20Payables) Trade and other payables significantly decreased by **56.7%** to **SGD 12.03 million** in FY2025, primarily due to a substantial reduction in amounts due to customers Details of Trade and Other Payables (SGD) | Item | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 2,450,213 | 1,301,065 | +88.3% | | Amounts due to customers | 4,948,712 | 23,389,930 | -78.9% | | Accrued expenses | 932,856 | 487,205 | +91.5% | | Goods and services tax payable | 147,405 | 216,666 | -31.9% | | Staff costs payable | 3,300,746 | 1,820,732 | +81.3% | | Consideration payable for acquisition | – | 399,397 | -100.0% | | Others | 247,034 | 144,150 | +71.4% | | **Total** | **12,026,966** | **27,759,145** | **-56.7%** | - Credit terms for trade payables typically range from 14 to 90 days[31](index=31&type=chunk) [15. Convertible Bonds](index=15&type=section&id=15.%20Convertible%20Bonds) On February 19, 2025, the Company completed the issuance of convertible bonds with a principal amount of **HKD 26 million** (approximately **SGD 4.5 million**), an initial conversion price of **HKD 2.50** per share, and designated as a financial liability at fair value through profit or loss upon initial recognition - On February 19, 2025, the Company issued convertible bonds with a principal amount of **HKD 26 million** and an initial conversion price of **HKD 2.50** per share[33](index=33&type=chunk) - The convertible bonds were recognized as financial liabilities designated at fair value through profit or loss[35](index=35&type=chunk) Movements in Convertible Bonds (SGD) | Item | Amount (SGD) | | :--- | :--- | | At July 1, 2024 | – | | Issuance of convertible bonds | 4,512,151 | | Fair value adjustment | (348,937) | | Exchange adjustment | (282,300) | | At June 30, 2025 | 3,880,914 | [16. Borrowings](index=15&type=section&id=16.%20Borrowings) As of June 30, 2025, the Group obtained new unsecured loans of **SGD 12.62 million** from controlling shareholder Mr. Lian Haomin, bearing **2.5%** annual interest and repayable by May 15, 2027 Details of Borrowings (SGD) | Item | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Loan from Mr. Lian Haomin, a controlling shareholder of the Company - unsecured | 12,620,510 | – | - The borrowing is unsecured, bears interest at **2.5%** per annum, and is repayable by May 15, 2027[38](index=38&type=chunk) [17. Share Capital](index=16&type=section&id=17.%20Share%20Capital) As of June 30, 2025, the Company's issued ordinary shares increased to **1,077,746,668**, and share capital rose to **SGD 1.82 million**, primarily due to the exercise of share options Movements in Share Capital (SGD) | Item | 2025 Number of Shares | 2025 Share Capital Equivalent (SGD) | 2024 Number of Shares | 2024 Share Capital Equivalent (SGD) | | :--- | :--- | :--- | :--- | :--- | | At July 1 | 1,076,078,524 | 1,812,705 | 1,050,030,000 | 1,767,677 | | Issue of shares | – | – | 25,550,000 | 44,166 | | Exercise of share options | 1,668,144 | 2,874 | 498,524 | 862 | | At June 30 | 1,077,746,668 | 1,815,579 | 1,076,078,524 | 1,812,705 | - In FY2025, **1,668,144** share options with a weighted average exercise price of **HKD 0.79** per share were exercised[40](index=40&type=chunk) [Management Discussion and Analysis](index=17&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=17&type=section&id=Business%20Review) The Group's diversified businesses include healthcare engineering in Singapore, a fintech platform, and trading and asset management; engineering benefits from healthcare facility expansion, fintech secured a virtual asset trading license, and trading and asset management diversifies revenue through derivatives and asset management services - The Group is a specialized contractor in the healthcare industry, focusing on radiation shielding engineering and providing integrated design and build services primarily in Singapore[41](index=41&type=chunk) - The Group has developed a fintech services platform covering virtual assets and Web3 assets, and was granted a virtual asset trading platform operator license by the SFC in June 2025[41](index=41&type=chunk)[44](index=44&type=chunk) - The trading and asset management business primarily engages in derivative trading and provides advisory and asset management services to diversify revenue streams[41](index=41&type=chunk)[45](index=45&type=chunk) [Engineering Business](index=17&type=section&id=Engineering%20Business) Singapore government plans to expand healthcare facilities are expected to drive demand for medical-related radiation shielding engineering, with the Group actively involved in new hospital planning and existing facility upgrade projects - The Singapore government's plan to expand healthcare-related facilities is expected to drive demand for medical-related radiation shielding engineering[42](index=42&type=chunk)[43](index=43&type=chunk) - The Group is involved in planning a new hospital in eastern Singapore and anticipates participating in more projects for old equipment replacement and facility upgrades[43](index=43&type=chunk) [Fintech Platform Business](index=18&type=section&id=Fintech%20Platform%20Business) The Group is committed to developing a trusted, user-centric, and compliant fintech trading services platform covering traditional financial markets, virtual assets, and Web3 assets, having secured a virtual asset trading platform operator license from the SFC - The Group is dedicated to developing a trusted, user-centric, and compliance-driven fintech trading services platform, covering traditional financial markets, virtual assets, and Web3 assets[44](index=44&type=chunk) - The Group was granted a virtual asset trading platform operator license by the SFC on June 17, 2025[44](index=44&type=chunk) [Trading and Asset Management Business](index=18&type=section&id=Trading%20and%20Asset%20management%20Business) The Group enriches its core fintech trading services platform ecosystem and diversifies revenue streams by offering advisory and asset management services alongside derivative instrument trading - The Group enriches its core fintech trading services platform ecosystem by providing advisory and asset management services and derivative instrument trading[45](index=45&type=chunk) - Revenue sources for this segment include gains or losses from derivative financial instrument trading and asset management fees from managed funds[45](index=45&type=chunk) [Prospects](index=19&type=section&id=Prospects) The Group will maintain its market position in Singapore's healthcare engineering sector while actively developing its fintech platform, including a cryptocurrency mining equipment hashrate sales platform; Hong Kong's support for virtual assets and the Group's focus on regulatory compliance are expected to drive fintech growth, with trading and asset management also expanding under strict risk control - The Group will strive to maintain its market position in Singapore's healthcare engineering industry and diversify its business into the fintech platform[46](index=46&type=chunk) - The Group is preparing a new platform to assist cryptocurrency mining equipment holders in selling their hashrate[46](index=46&type=chunk) - The Group embraces virtual asset industry regulations, aiming to be a regulated and transparent market leader, and will closely monitor regulatory changes to seize market opportunities[47](index=47&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) The Group's FY2025 revenue grew **24.6%** to **SGD 22.98 million**, driven by changes in engineering business project mix and derivative trading and asset management services; however, declining gross margin, increased administrative expenses, and finance costs led to an expanded annual loss of **SGD 13.63 million** - The Group's revenue was approximately **SGD 23 million**, a **24.6%** year-on-year increase, primarily due to changes in the engineering business project mix[48](index=48&type=chunk) - Gross profit margin decreased from **47.9%** to **39.9%**, mainly due to increased pricing competition, higher project complexity, and increased costs in the engineering business[50](index=50&type=chunk) - Administrative expenses increased by **2.2%** to **SGD 23 million**, primarily for developing the fintech platform business and applying for licenses[53](index=53&type=chunk) - Finance costs increased by **175.9%** to **SGD 0.2 million**, mainly due to interest expenses from new borrowings and lease renewals[54](index=54&type=chunk) - The Group's annual loss expanded to **SGD 13.6 million**[55](index=55&type=chunk) [Revenue](index=20&type=section&id=Revenue) The Group's total revenue for FY2025 increased by **24.6%** to **SGD 22.98 million**, primarily driven by integrated design and build services and derivative trading and asset management services Revenue by Operating Activities (SGD) | Operating Activity | 2025 (SGD) | 2024 (SGD) | Change (%) | | :--- | :--- | :--- | :--- | | Integrated design and build services | 20,485,073 | 16,131,316 | +27.0% | | Maintenance and other services | 1,051,536 | 1,017,980 | +3.3% | | Virtual asset custody solution services | – | 313,111 | -100.0% | | Derivative trading and asset management services | 1,440,610 | 971,001 | +48.4% | | **Total** | **22,977,219** | **18,433,408** | **+24.6%** | [Gross Profit](index=21&type=section&id=Gross%20Profit) The Group's gross profit for FY2025 was approximately **SGD 9.2 million**, with gross profit margin decreasing to **39.9%**, primarily impacted by changes in engineering business project mix, increased competition, and higher costs Gross Profit and Gross Profit Margin (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Gross Profit | 9,200,000 (approx) | 8,800,000 (approx) | | Gross Profit Margin | 39.9% | 47.9% | - The decline in gross profit margin was mainly due to changes in the engineering business project mix, leading to increased pricing competition, higher project complexity, and increased costs for large contracts[50](index=50&type=chunk) [Other Income](index=21&type=section&id=Other%20Income) The Group's other income for FY2025 was approximately **SGD 0.4 million**, representing **1.8%** of revenue, a decrease from the prior year Other Income (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Other Income | 400,000 (approx) | 600,000 (approx) | | Percentage of Revenue | 1.8% | 3.1% | [Net Other Gains and Losses](index=21&type=section&id=Net%20Other%20Gains%20and%20Losses) The Group's net other gains and losses for FY2025 were approximately **SGD 0.1 million**, representing **0.2%** of revenue, mainly due to reduced fair value gains on cryptocurrencies and the absence of a one-off gain from subsidiary disposal Net Other Gains and Losses (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Net Other Gains and Losses | 100,000 (approx) | 600,000 (approx) | | Percentage of Revenue | 0.2% | 3.4% | - The decrease was mainly due to reduced fair value gains on cryptocurrencies and the absence of a one-off gain from the disposal of a subsidiary last year[52](index=52&type=chunk) [Administrative Expenses](index=21&type=section&id=Administrative%20Expenses) The Group's administrative expenses for FY2025 were approximately **SGD 23 million**, representing **100.0%** of revenue, primarily for developing the fintech platform business and applying for a virtual asset trading license Administrative Expenses (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Administrative Expenses | 23,000,000 (approx) | 22,500,000 (approx) | | Percentage of Revenue | 100.0% | 121.9% | - The increase was mainly due to higher IT expenses and cloud service fees for developing the fintech platform business and applying for a virtual asset trading platform operator license[53](index=53&type=chunk) [Finance Costs](index=21&type=section&id=Finance%20Costs) The Group's finance costs for FY2025 were approximately **SGD 0.2 million**, a **175.9%** year-on-year increase, primarily due to higher interest expenses from new borrowings and lease renewals Finance Costs (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Finance Costs | 200,000 (approx) | 100,000 (approx) | | Change | +175.9% | N/A | - The increase was mainly due to interest expenses from new borrowings obtained in May 2025 and higher interest expenses recognized on lease renewals[54](index=54&type=chunk) [Loss for the Year](index=22&type=section&id=Loss%20for%20the%20Year) The Group's loss for the year in FY2025 was approximately **SGD 13.6 million**, an expansion from the prior year Loss for the Year (SGD) | Metric | 2025 (SGD) | 2024 (SGD) | | :--- | :--- | :--- | | Loss for the Year | 13,600,000 (approx) | 12,600,000 (approx) | [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's shareholders' equity significantly decreased in FY2025, and the gearing ratio substantially increased due to new borrowings; the current ratio remained at **2.0**, with increased cash and cash equivalents, while the Group maintains prudent financial management but faces foreign exchange risk from HKD-denominated funds - Total shareholders' equity as of June 30, 2025, was approximately **SGD 13 million**, a significant decrease from **SGD 26.8 million** as of June 30, 2024[56](index=56&type=chunk) Financial Position Indicators | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Current Assets (SGD) | 36,900,000 (approx) | 49,900,000 (approx) | | Current Liabilities (SGD) | 18,200,000 (approx) | 30,100,000 (approx) | | Current Ratio | 2.0 | 1.7 | | Gearing Ratio | 31.2% | 1.2% | - The increase in gearing ratio was primarily due to new interest-bearing borrowings obtained from the controlling shareholder[57](index=57&type=chunk) - The Group's cash and cash equivalents were approximately **SGD 18.5 million**, primarily denominated in USD, SGD, and HKD[61](index=61&type=chunk) [Shareholders' Equity](index=22&type=section&id=Shareholders'%20Equity) The Group's total shareholders' equity as of June 30, 2025, was approximately **SGD 13 million**, a significant decrease from **SGD 26.8 million** as of June 30, 2024 Total Shareholders' Equity (SGD) | Year | Amount (SGD) | | :--- | :--- | | June 30, 2025 | 13,000,000 (approx) | | June 30, 2024 | 26,800,000 (approx) | [Financial Position](index=22&type=section&id=Financial%20Position) The Group's current ratio is **2.0**, and the gearing ratio significantly increased to **31.2%** due to new borrowings, indicating increased financial leverage Liquidity Ratios | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Current Assets (SGD) | 36,900,000 (approx) | 49,900,000 (approx) | | Current Liabilities (SGD) | 18,200,000 (approx) | 30,100,000 (approx) | | Current Ratio | 2.0 | 1.7 | | Gearing Ratio | 31.2% | 1.2% | [Borrowings](index=22&type=section&id=Borrowings) As of June 30, 2025, the Group had unsecured loans of approximately **SGD 12.6 million** from the controlling shareholder, bearing **2.5%** annual interest and repayable by May 15, 2027 - As of June 30, 2025, the Group had unsecured loans of approximately **SGD 12.6 million** from the controlling shareholder, bearing **2.5%** annual interest and repayable by May 15, 2027[58](index=58&type=chunk)[59](index=59&type=chunk) [Capital Structure](index=23&type=section&id=Capital%20Structure) The Company's shares were listed on the HKEX Main Board on April 18, 2018, with share placements in 2023 and 2024, and convertible bonds issued in February 2025, to optimize its capital structure - The Company's shares were listed on the Main Board of the Stock Exchange on April 18, 2018[62](index=62&type=chunk) - The Company conducted share placements in 2023 and 2024, and issued convertible bonds in February 2025[62](index=62&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) The Group's primary transactions are SGD-denominated, but HKD-denominated proceeds from listing and convertible bonds expose it to foreign exchange risk, currently without derivative hedging - The Group's principal transactions are denominated in Singapore Dollars, but retained proceeds from the listing and convertible bond issuance are denominated in Hong Kong Dollars, exposing it to foreign exchange risk[66](index=66&type=chunk) - The Group currently does not use derivative financial instruments to hedge foreign exchange risk, but may consider adopting a significant foreign currency hedging policy in the future[66](index=66&type=chunk) [Employees and Remuneration Policy](index=25&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **113** employees with total staff costs of approximately **SGD 20.7 million**; the Group implements annual performance reviews, provides on-the-job training, and adjusts remuneration and discretionary bonuses based on performance and market conditions Employees and Staff Costs | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 113 | 149 | | Total Staff Costs (SGD) | 20,700,000 (approx) | 20,600,000 (approx) | - The Group attracts and retains employees through annual performance reviews, on-the-job training, salary increments, and discretionary bonuses[70](index=70&type=chunk) [Capital Commitments and Contingent Liabilities](index=25&type=section&id=Capital%20Commitments%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no guarantees provided to customers, nor any significant capital commitments or contingent liabilities - The Group had no pledged assets, guarantees provided to customers, or significant capital commitments at the end of the reporting period[65](index=65&type=chunk)[71](index=71&type=chunk) [Use of Proceeds](index=25&type=section&id=Use%20of%20Proceeds) The Group detailed the planned and actual use of proceeds from its listing, 2023 and 2024 placements, and convertible bond issuance; most funds were allocated to fintech platform business and general working capital, with some listing proceeds remaining unutilized - Net proceeds from the listing were approximately **HKD 74 million**, primarily for property acquisition, staff recruitment, performance bonds, vehicle and machinery purchases, marketing, and general working capital[72](index=72&type=chunk) Use of Net Proceeds from Listing (HKD '000) | Purpose | Planned Use (HKD '000) | Actual Use (HKD '000) | Unutilized Balance (HKD '000) | Expected Date of Full Utilization | | :--- | :--- | :--- | :--- | :--- | | Acquisition of additional properties for workshop and office use | 34,000 | 29,623 | 4,377 | On or before June 30, 2026 | | Recruitment of additional staff | 21,500 | 21,500 | – | Not applicable | | Issuance of performance bonds | 4,800 | 144 | 4,656 | On or before June 30, 2026 | | Acquisition of additional vehicles and machinery | 5,100 | 1,100 | 4,000 | On or before June 30, 2026 | | Enhancement of marketing efforts | 2,300 | 1,659 | 641 | On or before June 30, 2026 | | General working capital | 6,300 | 6,300 | – | Not applicable | - Net proceeds from the 2023 placing, approximately **HKD 93.56 million**, were fully utilized, with **80%** for fintech platform business, **10%** for engineering business, and **10%** for general working capital[74](index=74&type=chunk) - Net proceeds from the 2024 placing, approximately **HKD 50.59 million**, were fully utilized, with **90%** for fintech platform business and **10%** for general working capital[75](index=75&type=chunk) - Net proceeds from convertible bonds, approximately **HKD 25.8 million**, were largely utilized, with **80%** for fintech platform business and **20%** for general working capital[76](index=76&type=chunk)[77](index=77&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) [Significant Events After Review Period](index=28&type=section&id=Significant%20Events%20After%20Review%20Period) Subsequent to the reporting period, Mr. Tsang Wing Fung resigned as Executive Director and ceased to be a member of the Remuneration and Nomination Committees, effective July 23, 2025 - Mr. Tsang Wing Fung resigned as Executive Director and a member of the Board's Remuneration and Nomination Committees[79](index=79&type=chunk) [Corporate Governance Code](index=28&type=section&id=Corporate%20Governance%20Code) The Company adopted and complied with all mandatory disclosure requirements and code provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules during the review period - The Company fully complied with all mandatory disclosure requirements and code provisions of the HKEX Corporate Governance Code[80](index=80&type=chunk) [Standard Code for Securities Transactions by Directors](index=28&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for Securities Transactions by Directors in Appendix C3 of the Listing Rules as its code of conduct, with all directors confirming full compliance during the review period - All Directors confirmed full compliance with the Standard Code for Securities Transactions by Directors during the review period[81](index=81&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor its subsidiaries engaged in any purchase, sale, or redemption of listed securities during the review period[82](index=82&type=chunk) [Auditor's Scope of Work](index=29&type=section&id=Auditor%27s%20Scope%20of%20Work) The Group's auditor, ZHONGHUI ANDA CPA Limited, confirmed that the consolidated financial statement figures in this announcement align with the audited consolidated financial statements, though their work does not constitute an assurance engagement - Auditor ZHONGHUI ANDA confirmed that the financial figures in this announcement align with the audited consolidated financial statements[83](index=83&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, comprising all independent non-executive directors and chaired by Mr. Cheung Kwok Yan, reviewed and recommended the Board adopt the Group's annual results, deeming them compliant with applicable accounting standards and requirements - The Audit Committee, composed of four independent non-executive directors, is responsible for reviewing and approving financial reporting procedures, risk management, and internal control systems[84](index=84&type=chunk) - The Audit Committee reviewed and recommended the adoption of the Group's annual results[84](index=84&type=chunk) [Annual General Meeting](index=29&type=section&id=Annual%20General%20Meeting) The Company will hold its Annual General Meeting on or about November 27, 2025, with the relevant notice to be published and dispatched in due course - The Annual General Meeting is expected to be held on or about November 27, 2025[85](index=85&type=chunk) [Final Dividend](index=29&type=section&id=Final%20Dividend) The Board resolved not to declare a final dividend for the review period, consistent with the prior year - The Board resolved not to declare a final dividend for the review period[86](index=86&type=chunk) [Closure of Register of Members for AGM](index=30&type=section&id=Closure%20of%20Register%20of%20Members%20for%20AGM) To determine shareholders eligible to attend and vote at the Annual General Meeting, the Company will suspend its share transfer registration from November 24, 2025, to November 27, 2025 - Share transfer registration will be suspended from November 24 to November 27, 2025, to determine eligibility for voting at the Annual General Meeting[87](index=87&type=chunk) [Publication of Annual Results and Annual Report](index=30&type=section&id=Publication%20of%20Annual%20Results%20and%20Annual%20Report) This results announcement will be published on the HKEX and the Company's websites, with the annual report to be dispatched to shareholders and published on the same websites in due course - This results announcement and the annual report will be published on the HKEX website (www.hkexnews.hk) and the Company's website (hke.holdings)[88](index=88&type=chunk) [Board Information](index=30&type=section&id=Board%20Information) As of the date of this announcement, the Board comprises three executive directors, two non-executive directors, and four independent non-executive directors - Board members include Mr. Lian Haomin (Chairman and Executive Director), Mr. Koh Lee Huat, Mr. Zhou Peng, Mr. Zheng Yaowu, Mr. Lam Hoi Kai, Mr. Siu Man Ho, Professor Pang Kam Keung, Mr. Cheung Kwok Yan, and Ms. Lam Lam[89](index=89&type=chunk)

Core Viewpoint - HKE HOLDINGS (01726.HK) will hold a board meeting on September 29, 2025, to review and approve the annual performance for the year ending June 30, 2025, and to discuss the potential distribution of a final dividend, if any [1] Summary by Category - **Company Announcement** - HKE HOLDINGS has scheduled a board meeting for September 29, 2025 [1] - The meeting will focus on the annual performance review for the fiscal year ending June 30, 2025 [1] - The board will also consider the distribution of a final dividend [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。 HKE Holdings Limited （於開曼群島註冊成立之有限公司） （股份代號：1726） 召開董事會會議日期 HKE Holdings Limited（「本公司」）董事（「董事」及各「董事」）會（「董事會」）謹此宣佈將 於2025年9月29日（星期一）舉行董事會會議，藉以審議及批准（其中包括）本公司及其附 屬公司截至2025年6月30日止年度的年度業績以及派發末期股息（倘有）。 承董事會命 HKE Holdings Limited 公司秘書 葉智強 香港，2025年9月17日 於本公告日期，董事會包括三名執行董事連浩民先生、許利發先生及周鵬先生；兩名非 執行董事鄭耀武先生及林凱佳先生；及四名獨立非執行董事蕭文豪先生、龐錦強教授、 張國仁先生及林琳小姐。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: HKE Holdings Limited 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01726 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | 本月底法定/註冊股本總額： HKD 1 ...

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]

致：香港交易及結算所有限公司 公司名稱: HKE Holdings Limited 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01726 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,500,000,000 | HKD | | 0.01 | HKD | | 15,000,000 | 本月底法定/註冊股本總額： HKD 15,000,000 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行 ...

Revenue Performance - Revenue for the six months ended December 31, 2024, was S$10,556,175, representing a 27.5% increase from S$8,276,252 in the same period of 2023[11]. - Revenue from external customers for the six months ended December 31, 2023, was S$8,276,252, an increase from S$7,593,283 in the same period of 2022, representing a growth of approximately 9%[46]. - Revenue from Singapore accounted for 94% of total revenue for the six months ended December 31, 2024, up from 92% in 2023[50]. - Major customers contributing over 10% of total revenue included Customer A with S$1,564,770, Customer B with S$2,595,056, and Customer C with S$3,556,622 for the six months ended December 31, 2024[48]. - Revenue from integrated designs and building services was S$9,235,945 for the six months ended December 31, 2024, compared to S$7,114,902 in 2023, indicating a growth of approximately 30%[54]. - The Group's revenue for the six months ended December 31, 2024, was approximately S$10.6 million, an increase of about S$2.3 million or 27.5% compared to S$8.3 million for the same period in 2023[169]. - Revenue from integrated designs and building services was approximately S$9.2 million for the six months ended December 31, 2024, an increase of approximately S$2.1 million, or 29.8%, compared to S$7.1 million for the same period in 2023[200]. Profitability and Losses - Gross profit decreased to S$2,884,492, down 26.6% from S$3,932,617 year-over-year[11]. - Loss before taxation for the period was S$7,558,257, compared to a loss of S$6,760,605 in the previous year, indicating a 11.8% increase in losses[11]. - Total comprehensive loss for the period amounted to S$7,588,838, which is a 10.3% increase from S$6,881,750 in the prior year[11]. - Basic and diluted loss per share was 0.70 Singapore cents, compared to 0.65 Singapore cents in the previous year, reflecting a 7.7% increase in loss per share[13]. - The company reported a loss for the period attributable to owners of the Company of S$7,556,541, compared to S$6,811,489 in the previous year, marking an increase of 10.9%[13]. - The consolidated loss after tax for the six months ended December 31, 2023, was S$6,812,255, compared to a loss of S$6,760,605 before tax[46]. - The segment results showed a consolidated loss before tax of S$7,558,257, with the Engineering Business reporting a loss of S$229,851 and the FinTech Platform Business a loss of S$5,807,191[41]. - The Investment Holding segment reported a loss of S$1,600,671, contributing to the overall consolidated loss after tax of S$7,556,861[41]. Expenses and Costs - Administrative expenses were S$10,835,011, slightly reduced from S$11,146,585 in the previous period, showing a 2.8% decrease[11]. - Finance costs increased to S$63,916, up 90.6% from S$33,464 in the previous year, indicating rising financing expenses[11]. - Total staff costs for the six months ended December 31, 2024, amounted to S$9,766,694, a decrease from S$10,077,833 in 2023[68]. - The cost of materials recognized as cost of services rendered/sales was S$1,009,150, an increase from S$822,367 in 2023[68]. - Interest income decreased to S$144,202 for the six months ended December 31, 2024, from S$208,093 in 2023, a decline of approximately 30.7%[20]. Asset and Liability Management - Total non-current assets increased to S$8,354,490 as of December 31, 2024, up from S$7,268,607 on June 30, 2024, representing a growth of approximately 14.9%[15]. - Current assets decreased significantly to S$27,811,618 from S$49,945,991, a decline of about 44.3%[15]. - Total current liabilities decreased to S$15,877,085 from S$30,053,022, a reduction of approximately 47.1%[15]. - Net current assets dropped to S$11,934,533, down from S$19,892,969, indicating a decline of about 40.0%[15]. - Total equity decreased to S$19,461,500 from S$26,827,500, reflecting a decline of approximately 27.6%[16]. - The company’s reserves decreased significantly from S$25,018,490 to S$17,652,280, a decline of approximately 29.0%[16]. - Lease liabilities increased to S$792,181 from S$298,734, representing a growth of about 165.5%[16]. - The Group's total non-current assets as of December 31, 2024, were S$8,354,490, an increase from S$7,268,607 as of June 30, 2024[52]. - The Group's current portion of other receivables decreased from S$24,623,041 as of June 30, 2024, to S$7,605,230 as of December 31, 2024, suggesting a significant reduction in short-term receivables[91]. - Deposits with brokers decreased from S$23,577,883 as of June 30, 2024, to S$6,306,101 as of December 31, 2024, indicating a shift in trading strategy or reduced trading activity[91]. Cash Flow Analysis - Operating cash flows before working capital changes were S$(7,079,952) for the six months ended December 31, 2024, compared to S$(6,268,437) in 2023, reflecting a decline of about 12.9%[20]. - Net cash used in operating activities was S$8,724,990 for the six months ended December 31, 2024, compared to S$5,624,878 in 2023, representing an increase of approximately 55.5%[20]. - Cash and cash equivalents at the end of the period were S$6,246,367, down from S$11,708,603 at the end of the previous period, a decrease of about 46.7%[21]. - The company reported a net cash decrease in cash and cash equivalents of S$9,327,091 for the six months ended December 31, 2024, compared to S$884,262 in 2023, indicating a significant increase in cash outflow[21]. - Net cash from investing activities was S$(352,806) for the six months ended December 31, 2024, compared to S$5,046,495 in 2023, indicating a significant decline in cash inflow from investments[21]. Strategic Initiatives and Future Outlook - The company continues to explore new strategies for market expansion and product development to improve future performance[10]. - The Group acquired two subsidiaries in 2023, focusing on trading derivatives and providing advisory and asset management services, to diversify income sources and enhance financial service offerings[166]. - The Group is developing a user-centric FinTech trading service platform to empower users to explore various asset classes, including virtual and Web3 assets[178][182]. - The Group aims to strengthen its market position in the medical and healthcare construction sectors and continue developing its FinTech and Trading and Asset Management Businesses[185]. - The Group sees opportunities for more projects due to the ongoing replacement and upgrades of old machines and facilities in response to future healthcare demands[177][181]. - The Group is actively participating in planning a new hospital in Eastern Singapore and upgrading existing facilities to address future pandemic challenges[190]. - The Group is confident in the growth of its FinTech Platform Business, supported by government initiatives to develop Hong Kong as an international financial center for virtual assets[187]. Share Capital and Options - The share capital increased slightly to S$1,813,235 from S$1,812,705, showing a marginal growth[16]. - The total number of issued and fully paid ordinary shares increased to 1,076,387,019 from 1,076,078,524 at the beginning of the period, reflecting an increase of 308,495 shares due to the exercise of share options[117]. - A total of 308,495 share options were exercised during the period at a weighted average exercise price of HK$1.30 per share, resulting in HK$3,085 credited to share capital and HK$400,239 credited to share premium[118]. - The company issued 25,550,000 ordinary shares at a placing price of HK$2.00 per share on May 28, 2024, raising a total of HK$50,333,500 net of issuance expenses[118]. - The total share capital as of December 31, 2024, was HK$10,763,870, reflecting the cumulative impact of share options exercised and new shares issued[117]. - The company has adopted a share option scheme to reward participants and encourage them to enhance the company's value, with options granted to directors and employees[126]. - The total share options exercised during the year ended June 30, 2024, amounted to 498,524 at a weighted average exercise price of HK$1.28 per share, contributing HK$4,985 to share capital and HK$632,216 to share premium[119]. Regulatory and Compliance - The company has not applied new IFRSs that are not yet effective, which are expected to have no material impact on the financial statements[32]. - The Group has adopted all applicable new and revised International Financial Reporting Standards effective from July 1, 2024, with no significant impact on the financial statements[35]. - The Group is collaborating with regulators to acquire a Virtual Asset Trading Platform Operators Licence in Hong Kong, anticipating growth in the FinTech Platform Business[179]. - The Group views regulatory developments as opportunities for long-term growth in the virtual assets industry[188].

Financial Performance - Revenue for the six months ended December 31, 2024, was SGD 10,556,175, an increase of 27.5% compared to SGD 8,276,252 for the same period in 2023[4] - Gross profit decreased to SGD 2,884,492 from SGD 3,932,617, reflecting a decline of 26.7%[4] - The net loss for the period was SGD 7,556,861, compared to a net loss of SGD 6,812,255 in the previous year, indicating an increase in loss of 10.9%[4] - Total comprehensive loss for the period was SGD 6,881,750, slightly improved from SGD 7,588,838 in the prior year[5] - The company reported a consolidated loss before tax of SGD 7,558,257 for the six months ending December 31, 2024, compared to a loss of SGD 6,760,605 for the same period in 2023, indicating a deterioration in financial performance[22] - The company recorded a loss of approximately SGD 7.6 million for the six months ending December 31, 2024, compared to a loss of about SGD 6.8 million in the same period of 2023[73] Assets and Liabilities - Non-current assets increased to SGD 8,354,490 from SGD 7,268,607, representing a growth of 14.9%[7] - Current assets decreased significantly to SGD 27,811,618 from SGD 49,945,991, a decline of 44.3%[7] - Current liabilities were reduced to SGD 15,877,085 from SGD 30,053,022, a decrease of 47.1%[8] - The company's equity decreased to SGD 19,461,500 from SGD 26,827,500, a decline of 27.5%[8] - The company’s total liabilities increased significantly, with trade and other payables showing a decrease of SGD (15,388,787) in the current period compared to an increase of SGD 1,752,184 in the previous year[12] - As of December 31, 2024, total shareholders' equity was approximately SGD 19.5 million, down from SGD 26.8 million on June 30, 2024[74] Cash Flow and Investments - Operating cash flow before changes in working capital was SGD (7,079,952) for the six months ended December 31, 2024, compared to SGD (6,268,437) in 2023, indicating a decline of about 12.9%[12] - Total cash and cash equivalents decreased to SGD 6,246,367 as of December 31, 2024, down from SGD 11,708,603 at the end of 2023, marking a decline of approximately 46.6%[13] - The company reported a net cash outflow from investing activities of SGD (352,806) for the six months ended December 31, 2024, compared to a net cash inflow of SGD 5,046,495 in the same period of 2023[13] - The company’s financing activities resulted in a net cash outflow of SGD (249,295) for the six months ended December 31, 2024, compared to SGD (305,879) in the previous year[13] Revenue Sources - Revenue from major customers for the six months ending December 31, 2024, included Customer A at SGD 1,564,770, Customer B at SGD 2,595,056, and Customer C at SGD 3,556,622, with Customer C showing a significant increase from SGD 510,870 in 2023[26] - Revenue from Singapore accounted for 94% of total revenue for the six months ending December 31, 2024, up from 92% in 2023, highlighting the region's dominance in the company's operations[27] - Revenue from comprehensive design and construction services was approximately SGD 9.2 million, up by about SGD 2.1 million or 29.8% from SGD 7.1 million in the previous year[65] - Revenue from trading and asset management services increased to approximately SGD 0.7 million, a rise of about SGD 0.3 million or 73.7% compared to SGD 0.4 million in the prior period[67] Operational Developments - The company continues to focus on expanding its market presence and enhancing its service offerings, although specific new products or technologies were not detailed in the report[4] - The company is participating in the planning of a new hospital in eastern Singapore, which is expected to drive demand for radiation protection engineering[57] - The company is developing a fintech trading service platform that aims to provide users with access to various asset classes, including virtual assets and Web3 assets[58] - The company has acquired two subsidiaries focused on derivatives trading and asset management services to diversify its revenue sources[54] - The company has acquired two subsidiaries engaged in consulting and asset management services, marking the beginning of a new trading and asset management division[59] Employee and Administrative Costs - Employee costs for the six months ending December 31, 2024, totaled approximately SGD 9.8 million, slightly down from SGD 10.1 million for the same period in 2023[87] - Administrative expenses decreased by approximately SGD 0.3 million or 2.8% to about SGD 10.8 million, representing 102.6% of revenue, compared to 134.7% in the previous year[72] Shareholder Information - The company did not declare an interim dividend for the six months ended December 31, 2024, compared to no dividend in 2023[38] - The board has resolved not to declare any interim dividend for the six months ended December 31, 2024, consistent with the previous period[104] Compliance and Standards - The company did not apply any new or revised International Financial Reporting Standards that would have a significant impact on the financial statements for the current or prior periods[19] - The company has adopted all applicable new and revised International Financial Reporting Standards effective from July 1, 2024, without significant changes to accounting policies or reported amounts[19] - The audit committee, composed entirely of independent non-executive directors, has reviewed the unaudited results for the six months ended December 31, 2024, and confirmed compliance with applicable accounting standards[103]