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SU Group Holdings Reports First Half Fiscal Year 2024 Results

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– 11.7% YoY Increase in Security Guarding and Screening Services Segment Revenues
– Cash and Cash Equivalents Increase Nearly 200% YoY

HONG KONG, July 1, 2024 /PRNewswire/ — SU Group Holdings Limited (Nasdaq: SUGP) (“SU Group” or the “Company”), an integrated security-related engineering services company in Hong Kong, today announced financial results for the six months ended March 31, 2024. All U.S. dollar figures cited in this press release are based on the exchange rate of HK$7.8257 against US$1.00 as of March 29, 2024.

SU Group’s Chairman and CEO, Dave Chan, commented, “Our business fundamentals remain strong, supported by our expanding portfolio of security-related engineering services and a strengthened balance sheet following our successful IPO on Nasdaq in January 2024. On a segment basis, we achieved an 11.7% increase in revenues year over year from security guarding and screening services for the six months ending March 31, 2024, compared to the same period last year. Our total revenue, which declined slightly year over year, would have been meaningfully higher if not for the timing shift of certain contracts to the second half of the year. Additionally, we absorbed the impact of a significant, non-recurring government contract recognized in the previous period but not in the current one.”

SU Group’s Chief Financial Officer, Calvin Kong, noted, “We continue to execute our financial model effectively, with increased revenue from higher-margin segments driving a 4.4% increase in gross profit for the six months ending March 31, 2024, compared to the same period last year. Importantly, our cash and cash equivalents increased nearly 200%, following the successful completion of our initial public offering earlier this year, giving us the resources to support our long-term growth. We remain focused on expanding our gross margins and enhancing operational efficiency as we strive to build value for all shareholders.”

“We are in an exciting phase of our company’s development, working to leverage our core business platform to drive accelerated growth,” added SU Group’s Chairman and CEO, Dave Chan. “We will continue to expand our portfolio of security-related engineering services, enhance our position through new strategic partnerships, and capture increased revenue opportunities in our target higher-margin segments. We aim to build upon our advantaged position with customers as we move forward.”

Financial Results for the Six Months Ended March 31, 2024

Revenues decreased by approximately 5.4% to approximately HK$91.8 million for the six months ended March 31, 2024, from approximately HK$97.0 million for the six months ended March 31, 2023. The decline reflects a shift in timing of certain contracts from being recognized as revenue in the six months ended March 31, 2024 to now being expected to be recognized as revenue in the six months ended December 31, 2024, combined with the impact of a material non-recurring government contract that was recognized as revenue in the six months ended March 31, 2023 but not in the six months ended March 31, 2024. Revenues from provision of security guarding and screening services increased 11.7% to HK$35.6 million for the six months ended March 31, 2024, from HK$31.9 million for the six months ended March 31, 2023. Revenues from project and maintenance decreased 12.4% to HK$53.6 million for the six months ended March 31, 2024, from HK$61.1 million for the six months ended March 31, 2023. Revenues from equipment leasing decreased 34.1% to HK$2.6 million for the six months ended March 31, 2024, from HK$4.0 million for the six months ended March 31, 2023.

Cost of revenues decreased by 8.8% to HK$65.2 million for the six months ended March 31, 2024, from HK$71.5 million for the six months ended March 31, 2023, mainly due to a change in the contract size mix of the security-related engineering services performed.

Gross profit increased by 4.4% to HK$26.6 million for the six months ended March 31, 2024,  from HK$25.5 million for the six months ended March 31, 2023, mainly resulting from the decrease in cost of revenues.

Selling, general and administrative expenses increased by 12.7% to HK$15.6 million for the six months ended March 31, 2024, from HK$13.8 million for the six months ended March 31, 2023. The increase was mainly due to higher professional service fees required for the Company being a public entity.

Losses on disposal of property and equipment decreased by 20.7% to HK$0.6 million for the six months ended March 31, 2024, from HK$0.8 million for the six months ended March 31, 2023, mainly due to a decrease in the number of X-ray machines disposed.

Other income decreased by 26.8% to HK$0.8 million for the six months ended March 31, 2024, from HK$1.1 million for the six months ended March 31, 2023. The decrease was mainly due to a decrease in government subsidies.

Income tax expenses decreased by 45.0% to HK$1.0 million for the six months ended March 31, 2024, from HK$1.8 million for the six months ended March 31, 2023. The decrease was mainly due to a decrease in income before income tax and the reduction of assessable profits of certain subsidiaries since certain expenses incurred by the Company for and on behalf of the group were allocated to the subsidiaries.

Net income was HK$10.1 million (US$1.3 million) for the six months ended March 31, 2024, compared to HK$10.1 million for the six months ended March 31, 2023.

The Company had a balance of cash and cash equivalents of HK$47.2 million (US$6.0 million) with working capital of approximately HK$77.0 million (US$9.9 million), as of March 31, 2024.

About SU Group Holdings Limited

SU Group (Nasdaq: SUGP) is an integrated security-related services company that primarily provides security-related engineering services, security guarding and screening services, and related vocational training services in Hong Kong. Through its subsidiaries, SU Group has been providing turnkey services to the existing infrastructure or planned development of its customers through the design, supply, installation, and maintenance of security systems for over two decades. The security systems that SU Group provides services include threat detection systems, traffic and pedestrian control systems, and extra-low voltage systems in private and public sectors, including commercial properties, public facilities, and residential properties in Hong Kong. For more information visit www.sugroup.com.hk.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,” “should,” “will,” “could” and similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to renew contracts with recurring customers; the Company’s ability to secure new contracts; the Company’s ability to accurately estimate risks and costs and perform contracts based on the Company’s estimates; the Company’s relationship with the Company’s suppliers and ability to manage quality issues of the systems; the Company’s ability to obtain or renew the Company’s registrations, licenses, and certificates; the Company’s ability to manage the Company’s subcontractors; the labor costs and the general condition of the labor market; the Company’s ability to effectively manage inventories; the Company’s ability to compete effectively; the Company’s dependence on a small number of suppliers for a substantial portion of the Company’s supplies; the Company’s ability to successfully manage the Company’s capacity expansion and allocation in response to changing industry and market conditions; implementation of the Company’s expansion plans and the Company’s ability to obtain capital resources for planned growth; the Company’s ability to acquire sufficient products and obtain equipment and services from the Company’s suppliers in suitable quantity and quality; the Company’s dependence on key personnel; the Company’s ability to expand into new businesses, industries, or internationally and to undertake mergers, acquisitions, investments, or divestments; changes in technology and competing products; general economic and political conditions, including those related to the security-related engineering services industry; possible disruptions in commercial activities caused by events such as natural disasters, terrorist activities, political, economic, and social instability, and fluctuations in foreign currency exchange rates, and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission (the “SEC”), including the Company’s most recently filed Annual Report on Form 20-F and its subsequent filings. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

 

(Financial Tables Follow)

 

SU GROUP HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

As of 

September 30,
2023

As of 

March 31,
2024

As of 

March 31,
2024

HK$

HK$

US$

Assets

Current assets

Cash and cash equivalents

16,400,123

47,221,060

6,034,100

Trade receivables, net

34,978,153

30,647,497

3,916,263

Inventories

40,919,214

44,977,581

5,747,420

Prepaid expenses and other current assets

1,590,259

6,645,049

849,132

Contract assets

3,187,403

6,176,549

789,265

Prepaid income tax

—

907,025

115,903

Total current assets

97,075,152

136,574,761

17,452,082

Non-current assets

Property and equipment, net

8,405,563

7,563,170

966,453

Intangible assets, net

144,879

102,379

13,082

Goodwill

1,271,160

1,271,160

162,434

Prepaid expenses and other non-current assets

—

2,485,909

317,660

Deferred offering expenses

3,853,500

—

—

Operating lease right-of-use assets, net

1,113,926

2,441,475

311,982

Investment in key management insurance policy

1,157,520

1,157,520

147,913

Deferred tax assets

1,418,419

1,595,125

203,832

Total non-current assets

17,364,967

16,616,738

2,123,356

TOTAL ASSETS

114,440,119

153,191,499

19,575,438

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Trade payables

16,104,581

6,826,897

872,369

Notes payables

3,503,768

2,738,293

349,910

Other payables

2,633,447

3,669,077

468,850

Accrued payroll and welfare

8,228,964

7,706,548

984,774

Operating lease liabilities – current

204,156

1,012,762

129,415

Income tax payable

1,058,040

—

—

Contract liabilities

22,748,443

37,570,236

4,800,879

Total current liabilities

54,481,399

59,523,813

7,606,197

Non-current liabilities

Operating lease liabilities – non-current

61,229

591,272

75,555

Other payables – non-current

996,069

600,525

76,738

Deferred tax liabilities

1,468,575

1,299,223

166,020

Other liabilities

1,008,306

590,917

75,510

Total non-current liabilities

3,534,179

3,081,937

393,823

Total liabilities

58,015,578

62,605,750

8,000,020

Commitments and contingencies

Shareholders’ equity

Ordinary shares (par value of HK$0.01 per share; 750,000,000 ordinary

    shares authorized and 12,000,000 and 13,647,500 ordinary shares

    issued and outstanding as of September 30, 2023 and March 31, 2024,

    respectively.)

120,000

132,500

16,931

Shares subscription receivables

(119,990)

(90)

(12)

Additional paid-in capital

14,642,029

39,691,720

5,071,971

Retained earnings

41,782,502

50,761,619

6,486,528

Total SU Group Holdings Limited shareholders’ equity and total

    shareholders’ equity

56,424,541

90,585,749

11,575,418

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

114,440,119

153,191,499

19,575,438

 

 

SU GROUP HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the Six Months Ended March 31,

2023

2024

2024

HK$

HK$

US$

Revenues

97,043,825

91,845,615

11,736,409

Cost of revenues

(71,545,676)

(65,231,088)

(8,335,496)

Gross profit

25,498,149

26,614,527

3,400,913

Operating expenses

Selling, general and administrative expenses

(13,835,332)

(15,598,350)

(1,993,221)

Losses on disposal of property and equipment

(802,010)

(636,289)

(81,308)

Income from operations

10,860,807

10,379,887

1,326,384

Other income (expenses)

Other income

1,053,080

771,005

98,522

Finance expenses

(36,798)

(50,854)

(6,498)

Total other income, net

1,016,282

720,151

92,024

Income before income tax expenses

11,877,089

11,100,038

1,418,408

Income tax expenses

(1,773,354)

(976,169)

(124,739)

Net income

10,103,735

10,123,869

1,293,669

Less: Net income attributable to non-controlling interests

(105,775)

—

—

Net income attributable to SU Group Holdings Limited’s

    ordinary shareholders

9,997,960

10,123,869

1,293,669

Net income per share

Basic and diluted

0.83

0.81

0.10

Weighted average number of shares

Basic and diluted

12,000,000

12,464,481

12,464,481

 

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SOURCE SU Group Holdings Limited

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Coreline Soft and Mint Medical Announce Partnership to Advance AI-Enabled Lung Cancer Screening

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HEIDELBERG, Germany and SEOUL, South Korea, June 18, 2026 /PRNewswire/ — Coreline Soft and Mint Medical today announced a partnership to advance AI-enabled lung cancer screening, following more than six months of technical collaboration and integration work. Through this collaboration, Coreline Soft’s AI imaging platform AVIEW has been integrated into mint Lesion, Mint Medical’s flagship platform for structured reporting and standardized imaging data management, to support clinical lung cancer screening workflows.

The partnership supports an end-to-end workflow connecting AI-powered pulmonary nodule detection, multi-disease analysis, structured reporting, longitudinal nodule tracking, and multi-site reading management. While initially focused on Germany, where LDCT-based lung cancer screening entered statutory health insurance reimbursement in April 2026, the collaboration is designed to scale across international markets where structured and operationally rigorous screening programs are emerging.

Background: Why Germany, Why Now

Germany’s national screening framework requires double reading by independent institutions, CAD software utilization, longitudinal follow-up, quality assurance, and GDPR-compliant multi-site data management. In this context, AI’s role has evolved from optional decision support to operational necessity. What hospitals now require is not simply a high-performing algorithm, but an integrated workflow that connects detection, structured reporting, and follow-up into a reliable, scalable system. This collaboration is built to meet that requirement — and to serve as a replicable model for other national programs adopting similar standards.

“With the integration of Coreline Soft’s AI solution into mint Lesion, we are specifically addressing the requirements of lung cancer screening and enabling scalable, quality-assured workflows, longitudinal follow-up, and optimized interaction with AI results. Coreline Soft contributes an established and clinically validated solution that complements our structured reporting workflows very well. The partnership also allows us to bring the full workflow to our markets in a consolidated way and provide hospitals with seamless access.”
— Onur Özek, Managing Director, Mint Medical

“Coreline Soft has developed AI that goes beyond pulmonary nodule detection, analyzing findings related to lung cancer, COPD, and coronary artery calcification from a single chest CT through opportunistic analysis. Mint Medical’s mint Lesion platform connects those AI-derived findings to structured reporting and longitudinal patient management, which is exactly what Germany’s national screening infrastructure demands. When detection, structured reporting, and follow-up management are joined in a single operational flow, AI becomes the infrastructure that transforms how a healthcare system operates.”
— Jin-Kook Kim, CEO, Coreline Soft

Coreline Soft’s AVIEW has been applied in over 2.5 million real-world clinical reads across hospitals in 19 countries, and is the adopted AI solution in major lung cancer screening initiatives including HANSE (Germany), IMPULSION (France), and RISP (Italy).
Through the mint Lesion platform, partner technologies are incorporated directly into the radiologist’s reading process, supporting standardized data collection from medical images. The open environment allows radiologists to utilize AI-augmented third-party applications while documenting findings in a structured format.
The integration of AVIEW into mint Lesion is designed to enable AI-detected lung nodule findings to be incorporated into structured reporting workflows, supporting Lung-RADS classifications, volume doubling time (VDT) calculations, and follow-up planning. This helps reduce manual workload and improve consistency across multi-site lung cancer screening operations.

About Coreline Soft
Coreline Soft is a medical AI company that develops and commercializes AI-powered chest CT imaging software. Its flagship AI platform, AVIEW, simultaneously detects pulmonary nodules, quantifies emphysema, and assesses coronary artery calcification from a single low-dose chest CT — delivering multiple clinical insights without additional imaging.

About Mint Medical
Mint Medical, a Snke company, is a global leader in software solutions for structured reporting and data-driven radiology. Its flagship platform, mint Lesion, streamlines the diagnostic workflow in clinical routine and research by transforming medical images into high-quality, reproducible data. Mint Medical provides a vendor-neutral ecosystem that integrates advanced, AI-augmented solutions from third-party partners — including automated lesion detection and segmentation — directly into the radiologist’s reading process. By bridging the gap between imaging findings and standardized clinical criteria, Mint Medical enables the precise, longitudinal assessments essential for the advancement of precision medicine.

Media Contacts
Coreline Soft
General Inquiries
Email: global.mkt@corelinesoft.com

PR Inquiries
Youna Kim, PR Manager
Email: youna.kim@corelinesoft.com

Subject Matter Expert
Franck Ruiz, Marketing Management
Email: franck.ruiz@corelinesoft.com

Mint Medical
Media Inquiries
Corina Leibli, VP MarCom
Email: corina.leibli@mint-medical.com
Phone: +49 6221 32180-21 (CET+1)

Subject Matter Expert
Dr. Sigrid Auweter, Product Management
Email: sigrid.auweter@mint-medical.com

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Mobility Technology Firm KPIT Expands its Vietnam Presence with New Center and University Partnerships

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June 18, 2026

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Partnering with leading universities and creating 100+ job opportunities, KPIT signals long-term commitment to Vietnam’s technology talent ecosystem.

HANOI, Vietnam, June 18, 2026 /PRNewswire/ — KPIT Technologies, a global technology partner to the Automotive and Mobility ecosystem, announced an expansion of its Vietnam presence with the inauguration of a new technology center in Hanoi and strategic collaborations with two leading universities. With over 25 years of specialized expertise in mobility, experience across 2000+ vehicle production programs, and software powering 20+ million vehicles on the road, this marks an important step in KPIT’s long-term commitment to Southeast Asia and its vision to help shape the future of Mobility.  

A strategic base for Southeast Asia’s Mobility growth

The global mobility industry is focusing on strengthening its competitive advantage by reducing vehicle costs, improving manufacturing efficiency, faster release of vehicles and features, and differentiated consumer experiences. Southeast Asia is emerging as an important region in the mobility value chain. For KPIT, Vietnam represents both a strong local opportunity and a strategic gateway into a fast-evolving regional ecosystem. The new technology center will serve as a hub for engineering, innovation, and collaboration, supporting mobility programs across Southeast Asia and the broader Asia-Pacific region.

KPIT’s growing presence in Vietnam reflects its strategy of being close to the markets where mobility is being reimagined. The company already works with Mobility leaders across Germany, Japan, USA, China, India and other markets.

The Vietnam center has already employed several local engineers and will add 100+ positions in the near future.

Building a long-term talent ecosystem and job opportunities in Vietnam

As part of its long-term vision for the country, KPIT has also signed Memorandums of Understanding with Hanoi University of Science and Technology (HUST- is Vietnam’s first and leading technical university, known for its strong academic tradition, quality faculty, and research achievements); and VinUniversity (VinUni is a private, not-for-profit university built to international standards, with strategic collaborations with Cornell University and the University of Pennsylvania). These partnerships are aimed at strengthening industry-academia collaboration, developing next-gen Mobility talent, and creating huge job opportunities for students and young professionals in Vietnam.

Commenting on the expansion, Sachin Tikekar, President & Joint MD, KPIT Technologies, said, “Vietnam is an important long-term market and talent hub for KPIT in Southeast Asia. We see strong potential in its talent, energy, and pace of innovation, with both homegrown and global vehicle makers continuing to invest in the country. With our new technology center and partnerships with leading universities, we are committed to building local talent, creating high-quality jobs, and establishing a meaningful long-term presence in the region.” 

About KPIT

KPIT is reimagining mobility to create a cleaner, smarter, and safer world. With 25+ years of expertise, KPIT is transforming Software and AI-Defined Vehicles. www.kpit.com 

Media Contact

Sunil Ravish
Sr. Director – Marketing, Media Relations
sunil.r@kpit.com 

Photo: https://mma.prnewswire.com/media/2997180/KPIT_Vietnam_office_inauguration.jpg

 

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Vibefam Raises US$1 Million to Build an AI-Powered Operating System for Fitness Businesses

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SINGAPORE and NEW YORK, June 18, 2026 /PRNewswire/ — Vibefam, the all-in-one operating system for fitness businesses, announced the completion of a US$1 million seed funding round led by a Singapore-based family office with a strong track record of backing category-defining technology companies. In addition to capital, the investor brings deep operating insight and a network built through years of supporting founders and working alongside leading venture investors.

Today, Vibefam powers more than 700 fitness locations worldwide and serves over 500,000 end users. The platform supports a diverse range of fitness businesses, including Pilates studios, yoga studios, strength and conditioning gyms, dance academies, martial arts schools, and boutique fitness brands.

The investment will accelerate Vibefam’s mission to help fitness businesses launch, operate, and scale through a unified platform that combines operations, payments, customer engagement, and growth solutions within a single platform.

The funding comes at a time when fitness operators are increasingly seeking intelligent operating platforms that unify operations, payments, and customer engagement, replacing fragmented technology stacks and legacy software platforms.

“Fitness businesses deserve technology that works as hard as they do,” said Serene Lim, Co-Founder and CEO of Vibefam. “Many operators still juggle multiple disconnected systems to manage bookings, payments, customer communication, marketing, and reporting. We’re building a platform that brings everything together, helping businesses operate more efficiently while delivering better experiences to their customers.”

The newly raised capital will primarily be invested into artificial intelligence and embedded financial services, two areas the company believes will fundamentally reshape how service businesses operate.

In July 2026, Vibefam will launch Vibe AI, a messaging-native customer engagement platform that allows members to interact with fitness businesses through natural conversations. From answering enquiries and recommending classes to completing bookings and re-engaging inactive customers, the platform helps businesses deliver instant service at scale without increasing administrative workload.

The company is also expanding its embedded finance capabilities through a growing network of financial partners, enabling eligible businesses to access funding directly within the Vibefam platform to support expansion, hiring, equipment purchases, and working capital needs. By leveraging operational data already available on Vibefam, eligible businesses can gain faster access to growth capital with significantly reduced paperwork and approval times.

“We believe the future of business software will be proactive, intelligent, and deeply embedded into the daily operations of every business,” Lim added. “The opportunity extends far beyond managing bookings and payments. We’re building infrastructure that helps fitness businesses acquire customers, automate operations, access capital, and make better decisions every day.”

The funding will support continued product development, strategic hiring, and the expansion of Vibefam’s AI and embedded finance capabilities as the company continues its evolution into a comprehensive operating system for fitness businesses.

About Vibefam

Vibefam is an AI-powered operating system for fitness businesses. The platform helps gyms, studios, and wellness operators manage scheduling, memberships, payments, customer engagement, reporting, and growth from a single platform. Today, Vibefam powers more than 700 fitness locations worldwide and serves over 500,000 end users.

Vibefam is also backed by leading early-stage investors including Hustle Fund and Ignite Asia, alongside strategic investors and operators from the fitness and wellness industry who bring deep expertise in building and scaling consumer and service businesses.

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SOURCE Vibefam

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