HKE HOLDINGS(01726) - 2025 - 年度业绩

Annual Results Announcement Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income 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] Consolidated Statement of Financial Position 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][38] Notes to the Consolidated Financial Statements 1. General Information 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] - The Company's functional currency is Hong Kong Dollars, while the presentation currency is Singapore Dollars[8] 2. Basis of Preparation 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] 3. Application of New and Revised IFRSs 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] 4. New and Revised IFRSs Issued But Not Yet Effective 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] 5. Revenue and Segment Information 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] 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] 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 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 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 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 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 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] 11. Loss Per Share 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 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] 13. Derivative Financial Instruments 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 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] 15. Convertible Bonds 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] - The convertible bonds were recognized as financial liabilities designated at fair value through profit or loss[35] 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 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] 17. Share Capital 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] Management Discussion and Analysis Business Review 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] - 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][44] - The trading and asset management business primarily engages in derivative trading and provides advisory and asset management services to diversify revenue streams[41][45] Engineering Business 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][43] - 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] Fintech Platform Business 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] - The Group was granted a virtual asset trading platform operator license by the SFC on June 17, 2025[44] Trading and Asset Management Business 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] - Revenue sources for this segment include gains or losses from derivative financial instrument trading and asset management fees from managed funds[45] 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] - The Group is preparing a new platform to assist cryptocurrency mining equipment holders in selling their hashrate[46] - 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] Financial Review 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] - 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] - Administrative expenses increased by 2.2% to SGD 23 million, primarily for developing the fintech platform business and applying for licenses[53] - Finance costs increased by 175.9% to SGD 0.2 million, mainly due to interest expenses from new borrowings and lease renewals[54] - The Group's annual loss expanded to SGD 13.6 million[55] 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 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] Other Income 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 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] Administrative Expenses 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] Finance Costs 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] Loss for the Year 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 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] 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] - The Group's cash and cash equivalents were approximately SGD 18.5 million, primarily denominated in USD, SGD, and HKD[61] Shareholders' Equity 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 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 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][59] Capital Structure 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] - The Company conducted share placements in 2023 and 2024, and issued convertible bonds in February 2025[62] Foreign Exchange Risk 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] - 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] Employees and Remuneration Policy 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] Capital Commitments and Contingent Liabilities 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][71] Use of Proceeds 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] 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] - 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] - 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][77] Other Information Significant Events After Review Period 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] Corporate Governance Code 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] Standard Code for Securities Transactions by Directors 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] Purchase, Sale or Redemption of the Company's Listed Securities 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] Auditor's Scope of Work 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] Audit Committee 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] - The Audit Committee reviewed and recommended the adoption of the Group's annual results[84] Annual General Meeting 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] Final Dividend 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] Closure of Register of Members for AGM 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] Publication of Annual Results and Annual Report 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] Board Information 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]