Win-Fung Fibreglass is a Malaysia-based manufacturer of fiberglass reinforced plastic (FRP) products — a composite material combining glass fibers with polymer resin that is lightweight, corrosion-resistant, and used as an alternative to steel or concrete in harsh industrial environments. Win-Fung's core products include tanks, ducting and fittings, FRP lining, and air pollution control equipment, used primarily to store and transport corrosive chemicals or manage industrial exhaust. Win-Fung also provides installation, repair, maintenance, and on-site consultation services tied to its installed product base. Customers are concentrated in chemical processing, water and wastewater treatment, and power generation industries, with Win-Fung selling primarily in Malaysia, Australia (32% of FY25 revenue), Singapore, and China. Win-Fung sells on a per-project or per-order basis with no long-term contracts, making revenue lumpy and dependent on continuously winning new orders. Raw material costs — resin, fiberglass mats, and other composite inputs — are the primary cost driver, sourced from third-party suppliers. Win-Fung argues it is differentiated by in-house design capabilities, ISO 9001 certification, and over 25 years of management experience. FRP manufacturing accounts for roughly 98% of revenue; the remaining 2% comes from recently acquired food and beverage operations in Malaysia, alongside a minority stake in Carlico, a Hong Kong-based wine distributor — both early-stage and immaterial to the core business.