Lucide Ledger

A filing-first public record from Lucide House.

Issue 004 | U.S. Pilot | US

SUGP

SU Group Holdings Ltd

Screen state: Needs Review Source state: Stale Filing 20-F | 2026-01-16 Filing currency: HKD
Open Filing Back to Register Report a correction
Internal NCAV Discount 91.3%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
96,179,102HKD
Total Liabilities
39,797,383HKD
NCAV
7,188,978HKD
Cash
25,354,528HKD
NCAV per share
5.64HKD/share
Evidence
3 annual | 5 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
3
Requires inspection High NCAV Burn since the previous filing 56,381,719
Latest
56,381,7192025-09-30
Comparison
75,970,7712024-09-30
Change
-25.8%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 20-F 2025-09-30 · 0001753926-26-000125; REPORTED_FILING 20-F 2024-09-30

Requires inspection Negative OCF -15,456,974
Latest
-15,456,9742025-09-30
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-09-30 · 0001753926-26-000125

Supporting observation Share Count Reduced 1,383,984
Latest
1,383,9842025-09-30
Comparison
13,027,7522024-09-30
Change
-89.4%

Basis: 1Y share change <= -2% using the same share-count source

Source periods: SEC 20-F 2025-09-30 · 0001753926-26-000125; REPORTED_FILING 20-F 2024-09-30

Supporting observation Current Ratio > 1.5 2.82
Latest
2.822025-09-30
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-09-30 · 0001753926-26-000125

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 5 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Medium | Filing

Some rows are based on older filing data and require manual freshness review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-09-30
20-F
HKD
2024-09-30
20-F
HKD
2023-09-30
20-F
HKD
Revenue 192,386,583 182,164,539 163,690,966
Operating Income -19,985,563 10,931,603 10,751,568
Net Income -18,484,477 10,653,488 9,697,369
Cash From Operations -15,456,974 14,098,052 -13,540,058
Capex -1,640,534 -3,018,966 -775,120
Free Cash Flow -17,097,508 11,079,086 -14,315,178
Cash And Equivalents 25,354,528 52,338,132 16,400,123
Accounts Receivable 20,642,525 21,851,480 34,978,153
Inventory 25,770,281 47,613,381 40,919,214
Total Current Assets 96,179,102 135,327,035 97,075,152
Total Assets 125,948,105 157,077,960 114,440,119
Total Current Liabilities 34,128,737 53,257,601 54,481,399
Total Liabilities 39,797,383 59,356,264 58,015,578
Shareholders Equity 86,150,722 97,721,696 56,424,541
Shares Outstanding n/a 13,647,500 12,000,000
Shares Outstanding Diluted n/a n/a n/a
Weighted Avg Shares Diluted 1,383,984 13,027,752 12,000,000
Weighted Avg Shares Basic 1,383,984 13,027,752 12,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 5 quarterly periods available from Data Vault for this company.

Metric
2025-03-31
6-K
HKD
2024-09-30
6-K
HKD
2024-03-31
6-K
HKD
2023-09-30
6-K
HKD
2023-03-31
6-K
HKD
Revenue 107,912,380 182,164,539 91,845,615 163,690,966 97,043,825
Operating Income -4,734,431 10,931,603 10,379,887 10,751,568 10,860,807
Net Income -4,527,468 10,653,488 10,123,869 9,803,144 9,997,960
Cash From Operations -10,627,102 14,098,052 6,212,311 -13,540,058 n/a
Capex n/a -3,018,966 n/a -775,120 n/a
Free Cash Flow n/a 11,079,086 n/a -14,315,178 n/a
Cash And Equivalents 40,923,581 52,338,132 47,221,060 16,400,123 n/a
Total Current Assets 117,313,575 135,327,035 136,574,761 97,075,152 n/a
Total Liabilities 39,163,668 59,356,264 62,605,750 58,015,578 n/a
Shares Outstanding 13,847,500 13,647,500 13,647,500 12,000,000 n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 13,770,577 13,027,752 12,464,481 12,000,000 12,000,000
Weighted Avg Shares Basic 13,770,577 13,027,752 12,464,481 12,000,000 12,000,000
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 117,313,575HKD us-gaap:AssetsCurrent 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
Total Liabilities 39,163,668HKD us-gaap:Liabilities 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
Cash 40,923,581HKD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
Shares Outstanding 13,847,500 us-gaap:CommonStockSharesOutstanding 2025-03-31 1.00 Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
NCAV 78,149,907HKD derived 2025-03-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 5.64HKD derived 2025-03-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 91.3% derived 2025-03-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001969863
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001969863/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
5
Imported At
2026-08-15T12:52:52+00:00
Rendered At
2026-08-16T03:29:54+00:00

Run Audit

Mary Run
29510e1968ca4fb386d55ebe1e97a5de
Mary As Of
2026-08-01
Accession
0001753926-26-000125
CIK
0001969863
Mary Filing Date
2026-01-16
Filing Currency
HKD
Internal Discount
91.3%
Source State
Stale Filing
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=29510e1968ca4fb386d55ebe1e97a5de; mary_as_of=2026-08-01; mary_filing_date=2026-01-16; mary_accession=0001753926-26-000125; mary_cik=0001969863; gnni_supporting_filing_date=2026-01-16; internal_discount=0.912598; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.; source requires review

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