Pengo Holdings Group Limited 鵬高控股集團有限公司 （ 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：1865） Should you have any queries in relation to this letter, please call the Hong Kong Share Registrar at (852) 2849 3399 during business hours from 9:00 a.m. to 5:00 p.m., Monday to Friday, excluding public holidays or send an email to 1865-corpcomm@unionregistrars.com.hk. Yours faithfully, Pengo Holdings Group Limited 各位非登記股東 （附註 1） NOTIFICATION LETTER 通 知 信 函 Dear Non-r ...

（於開曼群島註冊成立之有限公司） （Stock Code 股份代號：1865） Pengo Holdings Group Limited 鵬高控股集團有限公司 （ Incorporated in the Cayman Islands with limited liability ） Dear registered shareholder(s), 15 December 2025 NOTIFICATION LETTER 通 知 信 函 The following document(s) of Pengo Holdings Group Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.trendzon1865.com and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively the "Websites"):- • ...

| 公司資料 •••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 2 | | --- | | 管理層討論及分析 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 4 | | 其他資料 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• 15 | | 簡明綜合損益表 ••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••••• ...

FF301 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 鵬高控股集團有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年12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) | 01865 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,000 股份發行人及根據《上 ...

Core Viewpoint - Pengao Holdings Group (01865.HK) reported a decrease in total revenue for the six months ending September 30, 2025, amounting to approximately 23 million SGD, down by about 1.1 million SGD compared to the same period in 2024 [1] Revenue Breakdown - Revenue from gas pipeline projects increased by approximately 9.3 million SGD - Revenue from water pipeline projects decreased by about 12.1 million SGD - Revenue from construction and engineering services increased by approximately 1.8 million SGD [1] New Projects - In the first half of 2026, the company secured two new gas pipeline projects and two new water pipeline projects, with a total contract value of approximately 30.7 million SGD, which commenced during the reporting period [1] Losses - The loss for the first half of 2026 was approximately 7.1 million SGD, a reduction of about 2.5 million SGD compared to the loss of approximately 9.6 million SGD in the first half of 2025 [1]

Core Viewpoint - Peng Gao Holdings Group (01865) reported a decline in revenue and an improvement in losses for the six months ending September 30, 2025, indicating challenges in certain project areas while showing some resilience in others [1] Financial Performance - The company achieved revenue of SGD 23.023 million, a year-on-year decrease of 4.3% [1] - The loss attributable to shareholders was SGD 7.051 million, a year-on-year reduction of 26.18% [1] - The loss per share was SGD 0.96 [1] Revenue Breakdown - Revenue from gas pipeline projects increased by approximately SGD 9.3 million [1] - Revenue from water pipeline projects decreased by approximately SGD 12.1 million [1] - Revenue from construction and engineering services increased by approximately SGD 1.8 million [1]

Core Points - The company reported a revenue of SGD 23.023 million for the six months ending September 30, 2025, representing a year-on-year decrease of 4.3% [1] - The loss attributable to shareholders was SGD 7.051 million, which is a year-on-year decrease of 26.18% [1] - The loss per share was SGD 0.0096 [1] Revenue Breakdown - Revenue from gas pipeline projects increased by approximately SGD 9.3 million [1] - Revenue from water pipeline projects decreased by approximately SGD 12.1 million [1] - Revenue from construction and engineering services increased by approximately SGD 1.8 million [1]

Revenue and Profitability - For the six months ended September 30, 2025, the company reported total revenue of approximately SGD 23.0 million, a decrease of about SGD 1.1 million compared to SGD 24.1 million for the same period in 2024[10]. - The decrease in revenue was primarily due to an increase in gas pipeline project revenue by approximately SGD 9.3 million, a decrease in water pipeline project revenue by approximately SGD 12.1 million, and an increase in construction and engineering service revenue by approximately SGD 1.8 million[10]. - The group's revenue for the first half of 2026 decreased by approximately 1.1 million SGD or 4.3% to about 23.0 million SGD compared to the first half of 2025, which was approximately 24.1 million SGD[15]. - The gross profit for the first half of 2026 was approximately 2.5 million SGD, a decrease of about 0.2 million SGD from approximately 2.7 million SGD in the first half of 2025, resulting in a gross margin of 10.7%[16]. - Revenue for the six months ended September 30, 2025, was SGD 23,023,000, a decrease of 4.3% from SGD 24,056,000 in the same period of 2024[80]. - Gross profit for the same period was SGD 2,463,000, down from SGD 2,700,000, reflecting a decline of 8.8%[80]. - Operating loss for the six months was SGD 6,563,000, an improvement from SGD 9,089,000 in the previous year, indicating a reduction of 27.7%[80]. - Loss before tax decreased to SGD 7,095,000 from SGD 9,676,000, representing a 26.8% improvement[80]. Project and Contract Information - The company secured 2 new gas pipeline projects and 2 new water pipeline projects during the reporting period, with a total contract value of approximately SGD 30.7 million[10]. - The group has eight ongoing gas pipeline projects and eight ongoing water pipeline projects with a total contract value of approximately 143.7 million SGD, of which about 96.5 million SGD has been recognized as revenue as of September 30, 2025[12]. - The group anticipates that all ongoing projects are progressing according to schedule and will not incur any liabilities to third parties[12]. - The total unfulfilled performance obligations related to construction contracts amounted to 41,247 thousand SGD as of September 30, 2025, with 5,316 thousand SGD expected to be recognized as revenue within one year[105]. Financial Position and Assets - Total assets as of September 30, 2025, amounted to SGD 133,656,000, an increase from SGD 128,373,000 as of March 31, 2025[83]. - The group's net current assets increased to approximately SGD 66.1 million from SGD 60.0 million, with cash and bank balances rising to approximately SGD 16.6 million from SGD 8.6 million[30]. - Trade receivables decreased to SGD 43,675,000 from SGD 49,607,000, a decline of 12.0%[83]. - The total contract assets amounted to 19,991 thousand SGD as of September 30, 2025, up from 15,338 thousand SGD in 2024, indicating a growth of 30.1%[104]. - The company reported a net book value of intangible assets at 49 thousand SGD as of September 30, 2025, down from 65 thousand SGD as of March 31, 2025, representing a decline of 24.6%[118]. Expenses and Losses - Administrative expenses for the first half of 2026 were approximately 10.1 million SGD, down from about 14.3 million SGD in the first half of 2025, primarily due to reduced employee costs and professional fees[20]. - The group recorded a loss of approximately 7.1 million SGD in the first half of 2026, an improvement of about 2.5 million SGD compared to a loss of approximately 9.6 million SGD in the first half of 2025[23]. - Employee compensation for the first half of 2026 was approximately SGD 8.9 million, compared to SGD 9.4 million in the first half of 2025[32]. - The company incurred a loss of 7,051 thousand SGD during the period, contributing to a cumulative loss of 12,752 thousand SGD by September 30, 2025[86]. Cash Flow and Financing - Cash generated from operating activities for the six months ended September 30, 2025, was 314 thousand SGD, a significant decrease from 7,045 thousand SGD in the same period of 2024[88]. - The company reported a net cash inflow from investing activities of 4,002 thousand SGD, compared to a net outflow of 6,601 thousand SGD in the previous year[89]. - The company’s cash and cash equivalents increased significantly to 13,931 thousand SGD by September 30, 2025, up from 4,395 thousand SGD at the beginning of the period[89]. - The financial costs decreased from approximately 587,000 SGD in the first half of 2025 to about 532,000 SGD in the first half of 2026 due to a reduction in average borrowings[22]. - The company’s total liabilities decreased from 6,684 thousand SGD to 21,688 thousand SGD, indicating a significant increase in non-controlling interests[86]. Shareholder Information and Equity - The board has decided not to declare any interim dividend for the first half of 2026, consistent with the previous year[24]. - The company issued 566,720,000 shares in a rights issue, raising approximately 100.2 million HKD net proceeds[131]. - The company completed the issuance of 28,336,000 subscription shares, raising approximately 5.617 million HKD net proceeds[131]. - The total equity rose to SGD 89,372,000 from SGD 82,416,000, reflecting an increase of 8.5%[85]. - As of September 30, 2025, Liu Jianfu holds 56,150,000 shares, representing 7.62% of the company's issued shares[51]. Employee and Share Option Plans - The company had a total of 418 employees as of September 30, 2025, down from 501 employees as of March 31, 2025[32]. - A total of 92,000,000 share options were granted under the share option plan as of May 4, 2022, fully utilizing the existing plan authorization limit[62]. - The revised share option plan allows for a maximum issuance of 110,400,000 shares, which is 10% of the issued shares as of the special general meeting date[62]. - The company granted a total of 110,400,000 share options to twelve employees on June 15, 2023, with a fair value of approximately SGD 5.1 million[68]. - The share options granted are valid for a period of three years from June 15, 2023, with a vesting period of one year[63]. Other Financial Information - The company has not encountered significant operational difficulties due to foreign exchange risks, primarily related to transactions in HKD[46]. - There are no significant contingent liabilities as of September 30, 2025[48]. - The company’s financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance with relevant accounting standards[92]. - The company operates primarily in infrastructure pipeline construction and related engineering services, focusing on gas, water, telecommunications, and power industries[90].

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。 除上文所披露之變動外，配售協議及相關補充協議之所有其他條款及條件均 維持不變，並繼續全面有效。 承董事會命 鵬高控股集團有限公司 主席 （於開曼群島註冊成立的有限公司） （股 份 代 號：1865） Pengo Holdings Group Limited 鵬高控股集團有限公司 鹏高控股集團 Pengo Holdings Group Limited 有關根據特別授權配售可換股債券 之進一步延長最後截止日期 茲提述鵬高控股集團有限公司（「本公司」）日期為二零二五年八月一日及日期 為二零二五年十月三十一日的公告（「公告」）及日期為二零二五年九月五日的 通函（「通函」），內容有關（其中包括）根據特別授權配售可換股債券。除另有界 定者外，本公告所用詞彙與通函所界定者具有相同涵義。 進一步延長最後截止日期 誠如公告所披露，根據日期為二零二五年十月三十一日的補充協議，最後截 止日期將為二零二五年十一月三十日（或配售 ...

Summary of Key Points Core Viewpoint - As of November 21, 14 stocks reached their 52-week highs, with Hengfa Optical (01134), Chaowei Holdings (08059), and Cassava Resources (00841) leading the gains at 42.11%, 30.56%, and 22.49% respectively [1]. 52-Week Highs - Hengfa Optical (01134) closed at 0.375, with a peak price of 0.540, marking a 42.11% increase [1]. - Chaowei Holdings (08059) closed at 0.030, reaching a high of 0.047, reflecting a 30.56% rise [1]. - Cassava Resources (00841) closed at 0.200, with a maximum price of 0.207, indicating a 22.49% increase [1]. - Other notable stocks include Sibor Systems (08319) at 15.04%, MOS HOUSE (01653) at 11.46%, and Tianjin Jianfa (02515) at 5.19% [1]. 52-Week Lows - China Pengfei Group (03348) reached a low of 1.100, down 20.09% from its peak [1]. - China Information Technology (08178) closed at 0.285, reflecting a 19.35% decrease [1]. - XL Ernan Strategy - U (09799) saw a decline of 14.27% [1]. - Other significant declines include Hesai - W (02525) at -10.54% and MBC Bitcoin - U (03425) at -9.09% [1]. Additional Notable Stocks - Stocks like MBC Bitcoin (03430) and Tongyuan Kang Pharmaceutical - B (02410) also experienced declines of 6.64% and 6.62% respectively [2]. - The overall trend indicates a mix of significant gains in certain stocks while others are facing substantial losses, reflecting a volatile market environment [1][2].