早前，美国及英国政府联合行动，起诉陈志涉及跨国电信诈骗及洗黑钱，涉案网络更被指每日骗取3000 万美元。起诉书披露，犯罪网络涉及20间香港公司及多名香港公民。 智通财经APP获悉，柬埔寨经营电信诈骗园区的太子集团创办人陈志，先后遭美国及新加坡等多个国家 提出起诉、制裁及冻结资产。据最新资料显示，香港证监会及保监局已对太子集团的关联公司采取行 动。 香港证监会网站资料显示，太子集团关联的Mighty Divine Investment Management Limited及Mighty Divine Securities Limited，其牌照状态已显示为"牌照被暂时吊销"，而备注为"终止了受规管活动业 务"。 此外，香港保监局网站关于Mighty Divine Insurance Brokers Limited的牌照条件更新，新增限制措施包括 不得进行任何受规管活动；亦不得收取、持有或处理任何客户或潜在客户款项，除非获得保监局事先书 面同意等，生效日期为2025年10月28日。 事件曝光后，陈志在香港持有的两家上市公司致浩达控股(01707)及坤集团(00924)的动向备受关注。早 前另一上市公司FSM Ho ...

Summary of Key Points Core Viewpoint - As of October 28, a total of 94 stocks reached their 52-week highs, indicating a positive trend in the market, with notable performances from Xingming Holdings, Dexiang Real Estate, and Shetu Holdings, which achieved high rates of 65.00%, 47.83%, and 31.94% respectively [1]. Group 1: Stocks Reaching 52-Week Highs - Xingming Holdings (08425) closed at 0.132 with a high of 0.132, achieving a high rate of 65.00% [1] - Dexiang Real Estate (00199) closed at 0.670 with a high of 0.680, achieving a high rate of 47.83% [1] - Shetu Holdings (08392) closed at 0.078 with a high of 0.095, achieving a high rate of 31.94% [1] - Wanli Printing (08385) reached a high rate of 16.67% [1] - Senhao Group (08285) reached a high rate of 12.31% [1] Group 2: Additional Stocks with Notable Highs - St. Tang Holdings (08305) closed at 0.680 with a high of 0.730, achieving a high rate of 7.35% [1] - Yide Investment Holdings (06182) closed at 0.950 with a high of 0.960, achieving a high rate of 6.67% [1] - Junyu Foundation (01757) closed at 0.710 with a high of 0.820, achieving a high rate of 6.49% [1] Group 3: Stocks Reaching 52-Week Lows - FSM Holdings (01721) reached a low rate of -32.94% [3] - Far East Holdings International (00036) reached a low rate of -27.75% [3] - Kun Group (00924) reached a low rate of -26.81% [3] - China New Economy Equity (02958) reached a low rate of -26.04% [3] - Daohe Global (00915) reached a low rate of -13.33% [3]

該等制裁對本公司之影響 為免存疑，本公司本身並非受制裁實體。據本公司董事作出一切合理查詢後所深 知及盡悉，本集團主要於新加坡、馬來西亞、香港及中華人民共和國經營業務， 其重要資產位於新加坡及香港，而本集團的大部分客戶及供應商並非位於美國。 此外，本公司或其附屬公司或彼等各自的董事及高級管理層成員概無參與導致該 等 制 裁 的 涉 嫌 活 動 ， 而 Li 先 生 已 不 再 擔 任 本 公 司 、 其 附 屬 公 司 及 聯 營 公 司 的 董 事，且在本集團內並無擔任任何職務或角色。 – 1 – 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，概不對因本公告全部 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。 FSM Holdings Limited （於開曼群島註冊成立之有限公司） （股份代號：1721） 補充公告 茲提述FSM Holdings Limited（「本公司」）日期為二零二五年十月二十一日之公告 （「 該 公 告 」）。 除 另 有 ...

FSM Holdings Limited FSM Holdings Limited（「本公司」）董事會（「董事會」）成員載列如下。 執行董事 黃月蓮 （ 行政總裁 ） 獨立非執行董事 （於開曼群島註冊成立之有限公司） （股份代號：1721） 董事名單與其角色和職能 劉振豪 董事會轄下設有三個委員會。下表提供各董事會成員在該等委員會所擔任職位的 資料。 | | 董事委員 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 董事會 | | | | | 黃月蓮 | – | – | – | | 梁子盈 | C | M | M | | 黃保強 | M | C | C | | 劉振豪 | M | M | M | 附註： C： 相關董事委員會主席 M： 相關董事委員會成員 梁子盈 黃保強 香港，二零二五年十月二十二日 ...

Core Viewpoint - FSM Holdings has been sanctioned by the U.S. Treasury Department's Office of Foreign Assets Control due to allegations involving its executive director Li Thet's participation in a multinational criminal organization related to fraud and money laundering activities [1] Group 1: Company Actions - Following the announcement, the company has taken immediate measures to ensure compliance with applicable laws and regulations [1] - An internal assessment has been initiated to evaluate any potential impacts on the company [1] - The company is seeking professional advice to assess and handle the situation, with plans to issue further announcements as appropriate [1] Group 2: Executive Changes - Li Thet has resigned from his positions as executive director of the company, its subsidiaries, and associated companies, effective October 21, 2025 [1] - As a result of his resignation, Li Thet will no longer serve as the chairman of the board and the chairman of the nomination committee from October 21, 2025 [1]

Core Viewpoint - FSM HOLDINGS has been impacted by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) sanctioning its executive director, Mr. Li Thet, due to alleged involvement in a multinational criminal organization related to fraud and money laundering activities [1] Group 1 - The U.S. Treasury Department's OFAC issued a press release on October 14, 2025, designating Mr. Li Thet for his alleged participation in a criminal organization [1] - Mr. Li Thet has decided to resign from his positions as executive director of the company, its subsidiaries, and associated companies, effective October 21, 2025 [1] - Following his resignation, Mr. Li Thet will no longer serve as the chairman of the board and the chairman of the nomination committee [1]

Core Viewpoint - FSM HOLDINGS has been sanctioned by the U.S. Department of the Treasury's Office of Foreign Assets Control due to allegations involving its executive director Li Thet's participation in a multinational criminal organization related to fraud and money laundering activities [1] Group 1: Company Actions - The company has initiated internal assessments to evaluate any potential impacts resulting from the sanctions [1] - FSM HOLDINGS is seeking professional advice to address and manage the situation appropriately [1] - The company plans to issue further announcements at an appropriate time regarding the developments [1] Group 2: Executive Changes - Li Thet has resigned from his positions as executive director of the company, its subsidiaries, and associated companies, effective from October 21, 2025 [1] - Following his resignation, Li Thet will no longer serve as the chairman of the board or the chairman of the nomination committee [1]

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，概不對因本公告全部 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。 FSM Holdings Limited （於開曼群島註冊成立之有限公司） （股份代號：1721） 執行董事之制裁及辭任 執行董事之制裁 FSM Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，其已獲悉美國 財政部外國資產控制辦公室（「外國資產控制辦公室」）於二零二五年十月十四日發佈 之新聞稿（「新聞稿」），其指定（其中包括）本公司執行董事Li Thet先生（「Li先生」）涉嫌 參與太子集團跨國犯罪組織（「太子集團跨國犯罪組織」）的網絡詐騙及洗錢活動而遭 外國資產控制辦公室實施制裁（詳見https://home.treasury.gov/news/press-releases/sb0278）。 於獲悉新聞稿後，本公司立即採取措施以確保全面遵守適用法律法規，並就此事 對本公司可能構成之任何潛在影響啟動 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9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: | FSM Holdings Limited | | | | | | 呈交日期: | 2025年10月2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 | FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01721 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股 ...

Company Information This section provides essential corporate details, including board members, committees, key personnel, registered offices, and financial advisors [Board of Directors](index=3&type=section&id=Board%20of%20Directors) This section lists the company's Board of Directors, including executive directors Mr. Li Thet (Chairman) and Ms. Wong Yuet Lin (Chief Executive Officer), and three independent non-executive directors - The Board of Directors is chaired by **Mr. Li Thet**, with **Ms. Wong Yuet Lin** serving as Chief Executive Officer[3](index=3&type=chunk) [Audit Committee](index=3&type=section&id=Audit%20Committee) The Audit Committee is chaired by Ms. Leung Tsz Ying, with Mr. Wong Po Keung and Mr. Lau Chun Ho as members - The Audit Committee is chaired by **Ms. Leung Tsz Ying**[3](index=3&type=chunk) [Remuneration Committee](index=3&type=section&id=Remuneration%20Committee) The Remuneration Committee is chaired by Mr. Wong Po Keung, with Mr. Li Thet, Mr. Lau Chun Ho, and Ms. Leung Tsz Ying as members - The Remuneration Committee is chaired by **Mr. Wong Po Keung**[3](index=3&type=chunk) [Nomination Committee](index=3&type=section&id=Nomination%20Committee) The Nomination Committee is chaired by Mr. Li Thet, with Mr. Wong Po Keung, Mr. Lau Chun Ho, and Ms. Leung Tsz Ying as members - The Nomination Committee is chaired by **Mr. Li Thet**[3](index=3&type=chunk) [Company Secretary](index=3&type=section&id=Company%20Secretary) Mr. Yip Kit Chau serves as the Company Secretary - The Company Secretary is **Mr. Yip Kit Chau**[3](index=3&type=chunk) [Authorized Representatives](index=3&type=section&id=Authorized%20Representatives) Mr. Li Thet and Mr. Yip Kit Chau are the company's authorized representatives - The authorized representatives are **Mr. Li Thet** and **Mr. Yip Kit Chau**[3](index=3&type=chunk) [Auditor](index=3&type=section&id=Auditor) The company's auditor is PricewaterhouseCoopers - The company's auditor is **PricewaterhouseCoopers**[3](index=3&type=chunk) [Registered Office](index=3&type=section&id=Registered%20Office) The company's registered office is located at Cricket Square, Cayman Islands - The company's registered office is located at **Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands**[3](index=3&type=chunk) [Principal Place of Business in Hong Kong](index=3&type=section&id=Principal%20Place%20of%20Business%20in%20Hong%20Kong) The company's principal place of business in Hong Kong is Unit 813, 8th Floor, 68 Kimberley Road, Tsim Sha Tsui, Kowloon - The company's principal place of business in Hong Kong is **Unit 813, 8th Floor, 68 Kimberley Road, Tsim Sha Tsui, Kowloon, Hong Kong**[3](index=3&type=chunk) [Principal Share Registrar and Transfer Office in Cayman Islands](index=3&type=section&id=Principal%20Share%20Registrar%20and%20Transfer%20Office%20in%20Cayman%20Islands) The principal share registrar and transfer office in the Cayman Islands is Conyers Trust Company (Cayman) Limited - The principal share registrar and transfer office in the Cayman Islands is **Conyers Trust Company (Cayman) Limited**[3](index=3&type=chunk) [Hong Kong Share Registrar and Transfer Office](index=4&type=section&id=Hong%20Kong%20Share%20Registrar%20and%20Transfer%20Office) The Hong Kong share registrar and transfer office is Tricor Investor Services Limited - The Hong Kong share registrar and transfer office is **Tricor Investor Services Limited**[4](index=4&type=chunk) [Legal Advisers](index=4&type=section&id=Legal%20Advisers) The legal advisers as to Hong Kong law are Linklaters - The legal advisers as to Hong Kong law are **Linklaters**[4](index=4&type=chunk) [Principal Bankers](index=4&type=section&id=Principal%20Bankers) The company's principal bankers include DBS Bank Ltd. and Bank of Communications Co., Ltd. Hong Kong Branch - Principal bankers include **DBS Bank Ltd.** and **Bank of Communications Co., Ltd. Hong Kong Branch**[4](index=4&type=chunk) [Company Website](index=4&type=section&id=Company%20Website) The company's website is www.fsmtech.com, but information on the website does not form part of this interim report - The company's website is **www.fsmtech.com**[4](index=4&type=chunk) [Stock Code](index=4&type=section&id=Stock%20Code) The company's stock code is 1721 - The company's stock code is **1721**[4](index=4&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) During the reporting period, the company's revenue increased by 13.3% year-on-year to 7,981 Thousand SGD, and gross profit rose to 3,604 Thousand SGD, with gross margin improving to 45.2%; however, due to net exchange losses and increased mobile game R&D expenses, loss attributable to owners expanded to 3,973 Thousand SGD 2025 First Half Condensed Consolidated Statement of Profit or Loss Key Data (Thousand SGD) | Indicator | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 7,981 | 7,043 | +13.3% | | Cost of sales | (4,377) | (4,228) | +3.5% | | Gross profit | 3,604 | 2,815 | +28.0% | | Other income | 50 | 13 | +284.6% | | Other (losses)/gains, net | (2,868) | 1,181 | -343.0% | | Selling and distribution expenses | (388) | (229) | +69.4% | | Administrative expenses | (2,271) | (2,575) | -11.8% | | Mobile game R&D expenses | (1,547) | (1,432) | +8.0% | | Operating loss | (3,420) | (227) | +1406.6% | | Finance (costs)/income, net | (169) | 110 | -253.6% | | Loss before income tax | (3,589) | (117) | +2976.1% | | Income tax expense | (384) | (296) | +29.7% | | Loss for the period attributable to owners of the Company | (3,973) | (413) | +862.0% | | Basic and diluted loss per share (Singapore cents) | (0.3973) | (0.0413) | +862.0% | - Gross margin improved from **40.0%** in the same period of 2024 to **45.2%** in 2025[63](index=63&type=chunk) - Net exchange (losses)/gains shifted from a gain of **1,181 Thousand SGD** in 2024 to a loss of **2,870 Thousand SGD** in 2025, significantly contributing to the expanded loss[31](index=31&type=chunk)[64](index=64&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended 30 June 2025, the company reported a total comprehensive loss of 2,291 Thousand SGD, an increase from 900 Thousand SGD in the prior year, primarily due to increased loss for the period, partially offset by other comprehensive income from currency translation differences 2025 First Half Condensed Consolidated Statement of Comprehensive Income Key Data (Thousand SGD) | Indicator | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Loss for the period | (3,973) | (413) | | Currency translation differences | 1,682 | (487) | | Other comprehensive income/(loss) for the period, net of tax | 1,682 | (487) | | Total comprehensive loss for the period attributable to owners of the Company | (2,291) | (900) | - Currency translation differences shifted from a loss of **487 Thousand SGD** in the same period of 2024 to a gain of **1,682 Thousand SGD** in 2025, positively impacting comprehensive income[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of 30 June 2025, the company's total assets were 48,216 Thousand SGD, a decrease from 31 December 2024, with total equity at 27,870 Thousand SGD and total liabilities at 20,346 Thousand SGD, where non-current liabilities represent a larger proportion 30 June 2025 Condensed Consolidated Statement of Financial Position Key Data (Thousand SGD) | Indicator | 30 June 2025 | 31 December 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 10,083 | 10,600 | -4.9% | | Current assets | 38,133 | 41,294 | -7.6% | | **Total assets** | **48,216** | **51,894** | **-7.1%** | | **Equity** | | | | | Total equity | **27,870** | **30,161** | **-7.5%** | | **Liabilities** | | | | | Non-current liabilities | 15,168 | 16,004 | -5.2% | | Current liabilities | 5,178 | 5,729 | -9.6% | | **Total liabilities** | **20,346** | **21,733** | **-6.5%** | | **Total equity and liabilities** | **48,216** | **51,894** | **-7.1%** | - Cash and cash equivalents decreased from **36,225 Thousand SGD** to **32,773 Thousand SGD**, reflecting cash outflows[7](index=7&type=chunk) - Accumulated losses shifted from a retained profit of **3,624 Thousand SGD** as of 31 December 2024 to a loss of **358 Thousand SGD** as of 30 June 2025[7](index=7&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of 30 June 2025, the company's total equity decreased from 30,161 Thousand SGD at the beginning of the year to 27,870 Thousand SGD, primarily due to a loss for the period of 3,973 Thousand SGD, partially offset by a 1,682 Thousand SGD increase in reserves from currency translation differences 2025 First Half Condensed Consolidated Statement of Changes in Equity Key Data (Thousand SGD) | Indicator | Balance at 1 January 2025 | Loss for the period | Currency translation differences | Balance at 30 June 2025 | | :--- | :--- | :--- | :--- | :--- | | Share capital | 1,695 | – | – | 1,695 | | Reserves | 24,842 | – | 1,682 | 26,533 | | (Accumulated losses)/Retained earnings | 3,624 | (3,973) | – | (358) | | **Total equity** | **30,161** | **(3,973)** | **1,682** | **27,870** | - In the first half of 2025, reserves increased by **1,682 Thousand SGD** due to currency translation differences, compared to a decrease of **487 Thousand SGD** in the same period of 2024[8](index=8&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended 30 June 2025, net cash used in operating activities was 3,315 Thousand SGD, net cash generated from investing activities was 214 Thousand SGD, and net cash used in financing activities was 296 Thousand SGD, resulting in a net decrease of 3,397 Thousand SGD in cash and cash equivalents 2025 First Half Condensed Consolidated Statement of Cash Flows Key Data (Thousand SGD) | Indicator | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | (3,315) | (304) | | Net cash generated from investing activities | 214 | 369 | | Net cash used in financing activities | (296) | (310) | | Net decrease in cash and cash equivalents | (3,397) | (245) | | Cash and cash equivalents at 1 January | 36,225 | 38,936 | | Effect of exchange rate changes | (55) | 19 | | Cash and cash equivalents at 30 June | 32,773 | 38,710 | - Net cash used in operating activities significantly increased from **304 Thousand SGD** in the same period of 2024 to **3,315 Thousand SGD** in 2025[9](index=9&type=chunk) - Cash inflow from investing activities primarily stemmed from **271 Thousand SGD** in interest received, while property, plant and equipment purchases amounted to **60 Thousand SGD**[9](index=9&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section details the basis of preparation, significant accounting policies, estimates, financial risk management, segment information, revenue breakdown, other gains/losses, finance income/costs, income tax expense, loss per share, dividend policy, balance sheet item specifics, capital commitments, and related party transactions for the condensed consolidated interim financial information - The Group primarily engages in **precision engineering, sheet metal fabrication, and online mobile game development and publishing**[10](index=10&type=chunk) - Financial information is presented in **Singapore Dollars (SGD)** and prepared in accordance with **International Accounting Standard 34 "Interim Financial Reporting"**[11](index=11&type=chunk)[12](index=12&type=chunk) [General Information](index=9&type=section&id=General%20Information) This section introduces FSM Holdings Limited and its subsidiaries (the Group), outlining their principal business activities in precision engineering, sheet metal fabrication, and online mobile game development and publishing, and states the company's incorporation in the Cayman Islands - The Group's principal activities are **precision engineering, sheet metal fabrication, and online mobile game development and publishing**[10](index=10&type=chunk) - The Company was incorporated in the **Cayman Islands on 5 February 2018**[10](index=10&type=chunk) - The condensed consolidated interim financial information is presented in **Singapore Dollars ("SGD")**[11](index=11&type=chunk) [Basis of Preparation](index=9&type=section&id=Basis%20of%20Preparation) This section clarifies that the condensed consolidated interim financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2024 - The condensed consolidated interim financial information is prepared in accordance with **International Accounting Standard 34 "Interim Financial Reporting"**[12](index=12&type=chunk) - It should be read in conjunction with the Group's annual financial statements for the year ended **31 December 2024**[12](index=12&type=chunk) [Significant Accounting Policies](index=9&type=section&id=Significant%20Accounting%20Policies) This section states that the accounting policies applied in preparing these condensed consolidated interim financial statements are consistent with those followed in the annual consolidated financial statements, and lists adopted and unadopted standard amendments - The accounting policies applied in preparing these condensed consolidated interim financial statements are **consistent with those followed in the annual consolidated financial statements for the year ended 31 December 2024**[13](index=13&type=chunk) [Amendments to Standards Adopted by the Group](index=9&type=section&id=Amendments%20to%20Standards%20Adopted%20by%20the%20Group) This section lists amendments to standards that became mandatory for accounting periods beginning on or after 1 January 2025 and have been adopted by the Group, noting no significant impact on the Group's results or financial position - The adoption of amendments to **IAS 21 and IFRS 1 "Lack of Exchangeability"** had no significant impact on the Group's results and financial position[14](index=14&type=chunk) [Current Standards Amendments Not Yet Adopted](index=10&type=section&id=Current%20Standards%20Amendments%20Not%20Yet%20Adopted) This section lists issued but not yet effective standard amendments that have not been early adopted by the Group, and anticipates no material impact on the Group's financial statements - Unadopted standard amendments include **IFRS 10 and IAS 28 (Amendments) "Sale or Contribution of Assets between an Investor and its Associate or Joint Venture"**[15](index=15&type=chunk) - These new standards, amendments, and annual improvements are not expected to have a **material impact** on the Group's transactions for the current or future reporting periods and the foreseeable future[15](index=15&type=chunk) [Estimates and Financial Risk Management](index=10&type=section&id=Estimates%20and%20Financial%20Risk%20Management) This section explains that preparing interim financial information requires management judgments, estimates, and assumptions, and notes that the Group faces market, credit, and liquidity risks, with no changes in risk management policies since 31 December 2024 - The preparation of interim financial information requires management to make **judgments, estimates, and assumptions**, and actual results may differ from these estimates[16](index=16&type=chunk) - The Group's business is exposed to various financial risks: **market risk (including foreign currency risk and interest rate risk), credit risk, and liquidity risk**[17](index=17&type=chunk) - Risk management policies have **not changed** since 31 December 2024[18](index=18&type=chunk) [Estimates](index=10&type=section&id=Estimates) This section emphasizes that the significant judgments and sources of estimation uncertainty made by management in applying accounting policies for interim financial information are the same as those for the annual consolidated financial statements - The significant judgments made by management in applying accounting policies and the key sources of estimation uncertainty are **the same as those applied to the consolidated financial statements for the year ended 31 December 2024**[16](index=16&type=chunk) [Financial Risk Management](index=11&type=section&id=Financial%20Risk%20Management) This section outlines the financial risk factors faced by the Group, including market risk, credit risk, and liquidity risk, and states that the carrying amounts of most financial instruments are reasonable approximations of fair value, except for specific items - The Group's business is exposed to various financial risks: **market risk (including foreign currency risk and interest rate risk), credit risk, and liquidity risk**[17](index=17&type=chunk) - Except for rental deposits, trade and other receivables, the company has no other significant financial instruments, and the carrying amounts of these balances, net of impairment, are **reasonable approximations of fair value**[19](index=19&type=chunk) [Segment Information](index=11&type=section&id=Segment%20Information) The Group's chief operating decision maker identifies two reportable segments: manufacturing business and online business, with manufacturing revenue growing by 10.5% and online business revenue by 32.4% - The Group identifies two reportable segments: **manufacturing business (precision engineering and sheet metal fabrication)** and **online business (development, publishing, and operation of online mobile games)**[20](index=20&type=chunk)[21](index=21&type=chunk) Segment Revenue (Thousand SGD) | Segment | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Manufacturing business | 6,797 | 6,149 | +10.5% | | Online business | 1,184 | 894 | +32.4% | | **Total** | **7,981** | **7,043** | **+13.3%** | [Overview of Segments and Principal Businesses](index=11&type=section&id=Overview%20of%20Segments%20and%20Principal%20Businesses) This section details the Group's two main reportable segments: the manufacturing business, focused on precision engineering and sheet metal fabrication, and the online business, dedicated to developing, publishing, and operating online mobile games - The manufacturing business focuses on **sheet metal fabrication for precision engineering and precision machining services**[20](index=20&type=chunk) - The online business develops, publishes, and operates **online mobile games**[21](index=21&type=chunk) [Segment Profit/(Loss) Before Income Tax](index=12&type=section&id=Segment%20Profit%2F(Loss)%20Before%20Income%20Tax) The manufacturing business recorded a reportable segment result of 1,369 Thousand SGD in the first half of 2025, while the online business recorded a loss of 2,232 Thousand SGD, leading to a Group loss before income tax of 3,589 Thousand SGD Segment Results (Thousand SGD) | Segment | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Manufacturing business | 1,369 | 2,251 | | Online business | (2,232) | (2,374) | | **Total reportable segment results** | **(863)** | **(123)** | | Loss before income tax | (3,589) | (117) | - Revenue growth in the manufacturing business primarily came from revenue recognized **"at a point in time"**, while all online business revenue was recognized **"over time"**[22](index=22&type=chunk) [Segment Assets](index=13&type=section&id=Segment%20Assets) As of 30 June 2025, manufacturing business assets totaled 26,910 Thousand SGD, and online business assets were 1,125 Thousand SGD, bringing total segment assets to 28,035 Thousand SGD Segment Assets (Thousand SGD) | Segment | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Manufacturing business | 26,910 | 35,081 | | Online business | 1,125 | 2,369 | | **Total segment assets** | **28,035** | **37,450** | | Corporate assets | 20,181 | 14,444 | | **Total assets** | **48,216** | **51,894** | - Total non-current assets by location show **7,045 Thousand SGD** in Singapore and **2,797 Thousand SGD** in Malaysia[24](index=24&type=chunk) [Segment Liabilities](index=14&type=section&id=Segment%20Liabilities) As of 30 June 2025, manufacturing business liabilities were 3,793 Thousand SGD, and online business liabilities were 696 Thousand SGD, totaling 4,489 Thousand SGD for segment liabilities Segment Liabilities (Thousand SGD) | Segment | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Manufacturing business | 3,793 | 3,423 | | Online business | 696 | 1,636 | | **Total segment liabilities** | **4,489** | **5,059** | | Corporate liabilities | 15,857 | 16,674 | | **Total liabilities** | **20,346** | **21,733** | [Disaggregation of Revenue from Contracts with Customers](index=14&type=section&id=Disaggregation%20of%20Revenue%20from%20Contracts%20with%20Customers) The Group's revenue primarily originates from Singaporean customers, who contributed 6,797 Thousand SGD in the first half of 2025, with other countries contributing 1,184 Thousand SGD Revenue by Customer Location (Thousand SGD) | Customer Location | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Singapore | 6,797 | 6,149 | | Other countries | 1,184 | 894 | | **Total** | **7,981** | **7,043** | [Information About Major Customers](index=15&type=section&id=Information%20About%20Major%20Customers) In the first half of 2025, two major customers (Customer A and Customer B) contributed 3,489 Thousand SGD and 2,975 Thousand SGD in revenue, respectively, collectively accounting for 70.9% of total revenue Major Customer Revenue (Thousand SGD) | Customer | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Customer A | 3,489 | 3,381 | | Customer B | 2,975 | 2,447 | - Two customers contributed **over 10%** of the Group's total revenue in both reporting periods[29](index=29&type=chunk) [Revenue](index=15&type=section&id=Revenue) The Group's revenue primarily derives from sales of fabricated sheet metal products, provision of machining services, and sales of in-game virtual items, with sales of goods contributing 6,663 Thousand SGD and sales of in-game virtual items contributing 1,184 Thousand SGD in the first half of 2025 Revenue Composition (Thousand SGD) | Revenue Source | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Sales of goods | 6,663 | 6,123 | | Machining services | 134 | 26 | | Sales of in-game virtual items | 1,184 | 894 | | **Total** | **7,981** | **7,043** | - Revenue from sales of goods increased by **8.8%** year-on-year, machining services by **415.4%**, and sales of in-game virtual items by **32.4%**[30](index=30&type=chunk) [Other (Losses)/Gains, Net](index=16&type=section&id=Other%20(Losses)%2FGains,%20Net) In the first half of 2025, the Group recorded net other losses of 2,868 Thousand SGD, primarily due to net exchange losses of 2,870 Thousand SGD, compared to net exchange gains of 1,181 Thousand SGD in the prior year Other (Losses)/Gains, Net (Thousand SGD) | Indicator | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Net exchange (losses)/gains | (2,870) | 1,181 | | Gain on disposal of property, plant and equipment | 2 | – | | **Total** | **(2,868)** | **1,181** | - Net exchange losses were the primary reason for the shift from net other gains to net other losses[31](index=31&type=chunk) [Finance (Costs)/Income, Net](index=16&type=section&id=Finance%20(Costs)%2FIncome,%20Net) In the first half of 2025, the Group recorded net finance costs of 169 Thousand SGD, mainly comprising the discounted value of shareholder loans (non-cash finance costs) of 417 Thousand SGD and other finance costs, partially offset by bank interest income of 271 Thousand SGD Finance (Costs)/Income, Net (Thousand SGD) | Indicator | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Finance income (bank deposits) | 271 | 536 | | Finance costs (release of discounted value of shareholder loan) | (417) | (396) | | Other finance costs | (23) | (30) | | **Finance (costs)/income, net** | **(169)** | **110** | - Non-cash finance costs from the discounted value of shareholder loans increased from **396 Thousand SGD** in the same period of 2024 to **417 Thousand SGD** in 2025[32](index=32&type=chunk) [Loss Before Income Tax](index=17&type=section&id=Loss%20Before%20Income%20Tax) In the first half of 2025, the Group's loss before income tax significantly increased to 3,589 Thousand SGD from 117 Thousand SGD in the prior year, primarily influenced by cost of inventories sold, employee benefit expenses, depreciation and amortization, and mobile game advertising Loss Before Income Tax Composition (Thousand SGD) | Item | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 1,684 | 1,565 | | Employee benefit expenses | 3,933 | 4,196 | | Depreciation of property, plant and equipment | 369 | 604 | | Depreciation of right-of-use assets | 166 | 186 | | Mobile game R&D expenses (excluding staff costs, amortisation and depreciation) | 26 | 23 | | Mobile game advertising | 317 | 174 | | Auditor's remuneration (audit services) | 186 | 173 | - Employee benefit expenses decreased from **4,196 Thousand SGD** to **3,933 Thousand SGD**, but mobile game advertising expenses increased from **174 Thousand SGD** to **317 Thousand SGD**[33](index=33&type=chunk) [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense) In the first half of 2025, the Group's income tax expense increased to 384 Thousand SGD from 296 Thousand SGD in the prior year, mainly due to increased taxable profits from the Singapore manufacturing business Income Tax Expense (Thousand SGD) | Indicator | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Current income tax | 391 | 343 | | Deferred income tax | (7) | (47) | | **Income tax expense** | **384** | **296** | - Income tax expense increased by **29.7%**, primarily due to increased taxable profits from the **Singapore manufacturing business**[34](index=34&type=chunk)[67](index=67&type=chunk) [Singapore Corporate Income Tax](index=17&type=section&id=Singapore%20Corporate%20Income%20Tax) Singapore corporate income tax is calculated at a rate of 17% and applies to the taxable income of subsidiaries incorporated in Singapore - Singapore corporate income tax is calculated at a rate of **17%**[35](index=35&type=chunk) [Malaysia Corporate Income Tax](index=18&type=section&id=Malaysia%20Corporate%20Income%20Tax) Malaysia corporate income tax is calculated at a rate of 24% and applies to the taxable income of subsidiaries incorporated in Malaysia - Malaysia corporate income tax is calculated at a rate of **24%**[36](index=36&type=chunk) [China Corporate Income Tax](index=18&type=section&id=China%20Corporate%20Income%20Tax) China corporate income tax offers tax incentives for small and micro-profit enterprises, with an effective tax rate of 5% on the first 3 million RMB of annual taxable income - For small and micro-profit enterprises, the effective corporate income tax rate is **5%** on the first **3 million RMB** of annual taxable income[37](index=37&type=chunk) [Hong Kong Profits Tax](index=18&type=section&id=Hong%20Kong%20Profits%20Tax) Hong Kong profits tax operates on a two-tiered system, with the first 2 million HKD of assessable profits taxed at 8.25% and the remainder at 16.5%; no provision for profits tax was made for the Group's Hong Kong subsidiaries during the reporting period due to absence of taxable profits - Hong Kong profits tax two-tiered system: **8.25%** on the first **2 million HKD** of profits, and **16.5%** on the remainder[38](index=38&type=chunk) - No Hong Kong profits tax provision was made for the Group's Hong Kong-incorporated subsidiaries for the six months ended 30 June 2025, as they generated **no assessable profits** in or derived from Hong Kong[38](index=38&type=chunk) [Cayman Islands and British Virgin Islands Corporate Income Tax](index=18&type=section&id=Cayman%20Islands%20and%20British%20Virgin%20Islands%20Corporate%20Income%20Tax) The Group is not subject to any corporate income tax in the Cayman Islands and British Virgin Islands - The Group is **not subject to any tax** in the Cayman Islands and British Virgin Islands[39](index=39&type=chunk) [Loss Per Share](index=18&type=section&id=Loss%20Per%20Share) In the first half of 2025, basic loss per share significantly increased to 0.3973 Singapore cents from 0.0413 Singapore cents in the prior year, with diluted loss per share being the same as basic loss per share due to the absence of potentially dilutive shares Loss Per Share (Singapore cents) | Indicator | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (Thousand SGD) | (3,973) | (413) | | Weighted average number of ordinary shares in issue (Thousand shares) | 1,000,000 | 1,000,000 | | **Basic loss per share (Singapore cents)** | **(0.3973)** | **(0.0413)** | [Basic](index=18&type=section&id=Basic) Basic loss per share is calculated by dividing the loss attributable to owners of the Company by the weighted average number of ordinary shares in issue - Basic loss per share was **0.3973 Singapore cents**[41](index=41&type=chunk) [Diluted](index=18&type=section&id=Diluted) Diluted loss per share is the same as basic loss per share due to the absence of potentially dilutive shares - Diluted loss per share is **equal to basic loss per share** as there are no potentially dilutive shares[41](index=41&type=chunk) [Interim Dividend](index=19&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the six months ended 30 June 2025 - The Directors do not recommend the payment of an interim dividend for the six months ended **30 June 2025**[42](index=42&type=chunk) [Property, Plant and Equipment](index=19&type=section&id=Property,%20Plant%20and%20Equipment) As of 30 June 2025, the carrying value of property, plant and equipment was 9,641 Thousand SGD, a decrease from 9,969 Thousand SGD at the beginning of the year, primarily affected by depreciation and currency translation differences Property, Plant and Equipment Movement (Thousand SGD) | Indicator | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | At 1 January | 9,969 | 10,685 | | Additions | 60 | 165 | | Depreciation | (369) | (604) | | Currency translation differences | (19) | 10 | | **At 30 June** | **9,641** | **10,256** | - Depreciation expense decreased from **604 Thousand SGD** in the same period of 2024 to **369 Thousand SGD** in 2025[43](index=43&type=chunk) [Trade and Other Receivables](index=20&type=section&id=Trade%20and%20Other%20Receivables) As of 30 June 2025, total trade and other receivables amounted to 2,931 Thousand SGD, with net trade receivables at 2,512 Thousand SGD, and the Group typically grants customers credit terms of 30 to 90 days Trade and Other Receivables (Thousand SGD) | Indicator | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Trade receivables, net | 2,512 | 2,482 | | Prepayments | 183 | 273 | | Deposits | 74 | 73 | | Other receivables | 162 | 291 | | **Total** | **2,931** | **3,119** | - The aging analysis of trade receivables shows that amounts aged **0 to 30 days** represent the highest proportion at **1,480 Thousand SGD**[44](index=44&type=chunk) [Trade and Other Payables and Provision for Restoration Costs](index=21&type=section&id=Trade%20and%20Other%20Payables%20and%20Provision%20for%20Restoration%20Costs) As of 30 June 2025, total trade and other payables amounted to 3,910 Thousand SGD, including trade payables of 1,399 Thousand SGD and accrued expenses of 2,246 Thousand SGD, with a non-current provision for restoration costs of 102 Thousand SGD Trade and Other Payables and Provision for Restoration Costs (Thousand SGD) | Indicator | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Non-current: Provision for restoration costs | 102 | 100 | | Current: Trade payables | 1,399 | 913 | | Current: Accrued expenses | 2,246 | 2,660 | | Current: Other payables | 265 | 351 | | **Total** | **4,012** | **4,024** | - Trade payables increased from **913 Thousand SGD** as of 31 December 2024 to **1,399 Thousand SGD** as of 30 June 2025[45](index=45&type=chunk) [Contract Liabilities](index=22&type=section&id=Contract%20Liabilities) As of 30 June 2025, contract liabilities were 119 Thousand SGD, primarily comprising unamortized revenue from sales of in-game virtual items, expected to be fulfilled within one year or less Contract Liabilities (Thousand SGD) | Indicator | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Sales of in-game virtual items | 119 | 385 | | **Total** | **119** | **385** | - Contract liabilities primarily consist of **unamortized revenue from sales of in-game virtual items**[46](index=46&type=chunk) - The Group expects to fulfill the remaining performance obligations for these contract liabilities within **one year or less**[47](index=47&type=chunk) [Borrowings](index=22&type=section&id=Borrowings) As of 30 June 2025, the Group's total borrowings amounted to 14,138 Thousand SGD, mainly consisting of shareholder loans of 13,928 Thousand SGD and other bank financing Borrowings (Thousand SGD) | Indicator | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Shareholder loan | 13,928 | 14,589 | | Other bank financing | 210 | 286 | | **Total borrowings** | **14,138** | **14,875** | | Of which: Non-current liabilities | 13,982 | 14,722 | | Of which: Current liabilities | 156 | 153 | - The shareholder loan is **interest-free, unsecured, and for a term of five years**, provided by Maodong Limited, wholly owned by Mr. Li[49](index=49&type=chunk) - Other bank financing is **secured by two machines**[49](index=49&type=chunk) [Share Capital](index=23&type=section&id=Share%20Capital) As of 30 June 2025, the company's authorized share capital was 2,000,000,000 ordinary shares of 0.01 HKD each, with 1,000,000,000 shares issued and fully paid, amounting to 1,695 Thousand SGD - The issued and fully paid share capital consists of **1,000,000,000 ordinary shares of 0.01 HKD each**, with a share capital amount of **1,695 Thousand SGD**[50](index=50&type=chunk) [Capital Commitments](index=23&type=section&id=Capital%20Commitments) As of 30 June 2025, the Group had capital commitments of 90 Thousand SGD, contracted but not provided for, primarily related to the purchase of property, plant and equipment - As of 30 June 2025, the Group had capital commitments of **90 Thousand SGD**, contracted but not provided for in the condensed consolidated interim financial statements, related to the purchase of property, plant and equipment[51](index=51&type=chunk) [Related Party Transactions](index=24&type=section&id=Related%20Party%20Transactions) This section discloses the Group's transactions and balances with related parties, including shareholder loan interest, remuneration for directors' children and spouses, and key management compensation - Related parties include **Mr. Li Thet (Director and Shareholder), Maodong (a company wholly owned by Mr. Li), Ms. Wong Yuet Lin (Director), and their children**[52](index=52&type=chunk) [Names and Relationships with Related Parties](index=24&type=section&id=Names%20and%20Relationships%20with%20Related%20Parties) This section lists the names of related parties with whom the Group has transactions or balances and their relationships with the Group, including directors, shareholders, and their family members - Related parties include **Mr. Li Thet (Director and Shareholder), Maodong (a company wholly owned by Mr. Li), Ms. Wong Yuet Lin (Director), and her children**[52](index=52&type=chunk) [Transactions with Related Parties](index=24&type=section&id=Transactions%20with%20Related%20Parties) This section discloses transactions with related parties for the first half of 2025, including shareholder loan interest from Maodong of 417 Thousand SGD, and remuneration payable or paid to directors' children of 183 Thousand SGD Transactions with Related Parties (Thousand SGD) | Transaction Type | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Interest on shareholder loan from Maodong | 417 | 396 | | Remuneration payable or paid to directors' children | 183 | 115 | | Remuneration payable or paid to directors' spouses | – | 128 | [Key Management Compensation](index=25&type=section&id=Key%20Management%20Compensation) In the first half of 2025, total key management (executive directors) compensation amounted to 350 Thousand SGD, including fees, salaries, allowances, benefits, and defined contribution retirement schemes Key Management Compensation (Thousand SGD) | Compensation Type | Six Months Ended 30 June 2025 | Six Months Ended 30 June 2024 | | :--- | :--- | :--- | | Fees and salaries, other allowances and benefits, bonuses | 340 | 301 | | Defined contribution retirement schemes | 10 | 9 | | **Total** | **350** | **310** | - Key management compensation increased by **12.9%** year-on-year[54](index=54&type=chunk) [Balances with Related Parties](index=25&type=section&id=Balances%20with%20Related%20Parties) As of 30 June 2025, balances with related parties primarily consisted of a shareholder loan from Maodong of 13,928 Thousand SGD Balances with Related Parties (Thousand SGD) | Related Party | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Shareholder loan from Maodong | 13,928 | 14,589 | [Management Discussion and Analysis](index=25&type=section&id=Management%20Discussion%20and%20Analysis) The Management Discussion and Analysis reviews the Group's manufacturing and online business performance, outlines the global economic outlook, and details the Group's strategies, while financially analyzing changes in revenue, gross profit, expenses, and loss for the period, and disclosing information on liquidity, shareholder loans, capital structure, asset pledges, major investment plans, contingent liabilities, capital commitments, foreign exchange risk, employees, remuneration policies, and share option scheme - The Group is committed to maintaining close relationships with manufacturing business customers, deploying external development strategies, and upgrading machinery to enhance production efficiency and competitiveness[59](index=59&type=chunk) - The Group will continuously review expenses and actively implement measures to reduce production and operating costs to improve overall operational efficiency[59](index=59&type=chunk) - The Group is dedicated to enhancing its online business through the development and optimization of mobile game products, and may explore opportunities to acquire high-quality mobile games from external developers and studios[60](index=60&type=chunk) [Business Review](index=26&type=section&id=Business%20Review) This section reviews the Group's manufacturing and online business performance during the reporting period, noting a 10.5% revenue growth in manufacturing, driven by increased demand in Singapore, and a 32.4% revenue growth in online business, with new games in testing and continuous advertising investment - The Group has two main business segments: **manufacturing business and online business**[56](index=56&type=chunk) [Manufacturing Business](index=26&type=section&id=Manufacturing%20Business) The manufacturing business focuses on precision engineering sheet metal fabrication and precision machining services, with production facilities in Singapore and Malaysia, and in the first half of 2025, revenue was approximately 6.8 million SGD, a 10.5% year-on-year increase, primarily due to rising demand in the Singapore market - The manufacturing business segment is dedicated to **sheet metal fabrication for precision engineering and precision machining services**, with production facilities in **Singapore and Malaysia**[57](index=57&type=chunk) - In the first half of 2025, manufacturing business revenue was approximately **6.8 million SGD**, an increase of **10.5%** year-on-year, primarily due to increased market demand in the **Singapore sheet metal manufacturing industry**[57](index=57&type=chunk) - Output in Singapore's precision engineering sector recorded year-on-year growth of **0.4%** and **10.3%** in Q1 and Q2 2025, respectively, driven by increased capital investment from **AI-related semiconductor manufacturers**[57](index=57&type=chunk) [Online Business](index=26&type=section&id=Online%20Business) The online business focuses on mobile game development, with its latest game in testing across various regions globally and continuous advertising investment, generating approximately 1.2 million SGD in revenue in the first half of 2025, a 32.4% year-on-year increase - The online business has established a dedicated development team focused on creating mobile games for a **global audience**[58](index=58&type=chunk) - During the reporting period, the latest game was in its **testing phase**, undergoing multiple tests in various regions including the **United States, Canada, Europe, and Asian markets**, with continuous investment in advertising and promotion[58](index=58&type=chunk) - In the first half of 2025, the online business generated approximately **1.2 million SGD** in revenue, an increase of **32.4%** year-on-year[58](index=58&type=chunk) [Business Outlook](index=27&type=section&id=Business%20Outlook) Facing global economic uncertainties, the Group will continue to strengthen customer relationships in its manufacturing business, upgrade machinery, reduce costs, optimize its online business, and explore opportunities to acquire high-quality mobile games and diversify revenue streams - The International Monetary Fund forecasts **3.0% global output growth in 2025**, but highlights downside risks such as trade restrictions, geopolitical tensions, and widening fiscal deficits[59](index=59&type=chunk) - The Group will focus on maintaining close relationships with manufacturing business customers, deploying external development strategies, and upgrading machinery and using robotics to **enhance production efficiency and competitiveness**[59](index=59&type=chunk) - The Group will continuously review expenses and actively implement measures to **reduce production and operating costs** to improve overall operational efficiency[59](index=59&type=chunk) - The Group is committed to enhancing its online business through the development and optimization of mobile game products, and may explore opportunities to **acquire high-quality mobile games** from external developers and studios[60](index=60&type=chunk) - The Board will also explore other business opportunities to **diversify revenue sources** and generate long-term sustainable value for shareholders[60](index=60&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) The financial review provides a detailed analysis of changes in the Group's revenue, gross profit, various expenses, and loss for the period, indicating that revenue growth was primarily driven by the manufacturing business, but exchange losses led to an overall expanded loss - Group revenue increased by **13.3%** year-on-year, primarily driven by increased market demand in the **Singapore sheet metal manufacturing industry**[61](index=61&type=chunk) - Gross profit grew by **28.0%**, and gross margin improved to **45.2%**, mainly due to increased revenue and improved gross margin in the manufacturing business[63](index=63&type=chunk) - Net exchange losses of approximately **2.9 million SGD** were recorded, compared to net exchange gains of approximately **1.2 million SGD** in the prior year, primarily due to the appreciation of the SGD against the USD and HKD[64](index=64&type=chunk) - Administrative expenses decreased by **11.8%**, mainly due to effective cost-saving measures[65](index=65&type=chunk) - Mobile game R&D expenses increased by **8.0%**, primarily due to increased staff costs incurred in developing and optimizing the Group's mobile games[66](index=66&type=chunk) - Income tax expense increased by **29.7%**, primarily due to increased taxable profits from the **Singapore manufacturing business**[67](index=67&type=chunk) - Loss for the period attributable to owners of the Company expanded to approximately **3.97 million SGD**[68](index=68&type=chunk) [Revenue](index=27&type=section&id=Revenue) In the first half of 2025, the Group's total revenue was 7,981 Thousand SGD, a 13.3% year-on-year increase, with the manufacturing business contributing 85.16% and the online business 14.84% Revenue Details (Thousand SGD) | Business Segment | Six Months Ended 30 June 2025 | Proportion (%) | Six Months Ended 30 June 2024 | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | Manufacturing business | 6,797 | 85.16 | 6,149 | 87.31 | | Online business | 1,184 | 14.84 | 894 | 12.69 | | **Total** | **7,981** | **100.00** | **7,043** | **100.00** | - Revenue growth was primarily due to **increased market demand in the Singapore sheet metal manufacturing industry**, leading to higher manufacturing business revenue[61](index=61&type=chunk) [Gross Profit and Gross Margin](index=28&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit increased from 2.8 million SGD to 3.6 million SGD, and gross margin improved from 40.0% to 45.2%, primarily due to increased revenue and improved gross margin in the manufacturing business - Gross profit increased by approximately **0.8 million SGD** to **3.6 million SGD**[63](index=63&type=chunk) - Gross margin increased from **40.0%** to **45.2%**[63](index=63&type=chunk) - The increase in gross profit was primarily due to **increased revenue and improved gross margin in the manufacturing business**[63](index=63&type=chunk) [Other (Losses)/Gains, Net](index=28&type=section&id=Other%20(Losses)%2FGains,%20Net) In the first half of 2025, the Group recorded net exchange losses of approximately 2.9 million SGD, compared to net exchange gains of approximately 1.2 million SGD in the prior year, mainly due to the appreciation of the SGD against the USD and HKD - Net exchange losses of approximately **2.9 million SGD** were recorded, compared to net exchange gains of approximately **1.2 million SGD** in the prior year[64](index=64&type=chunk) - The losses were primarily due to the **appreciation of the SGD against the USD and HKD**[64](index=64&type=chunk) [Administrative Expenses](index=28&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 11.8% from 2.6 million SGD to 2.3 million SGD, primarily due to effective cost-saving measures - Administrative expenses decreased by approximately **0.3 million SGD** or **11.8%** to approximately **2.3 million SGD**[65](index=65&type=chunk) - The decrease was primarily due to **effective cost-saving measures**[65](index=65&type=chunk) [Mobile Game Research and Development Expenses](index=28&type=section&id=Mobile%20Game%20Research%20and%20Development%20Expenses) Mobile game research and development expenses increased from 1.4 million SGD to 1.5 million SGD, primarily due to increased staff costs incurred in developing and optimizing mobile games - R&D expenses increased by approximately **0.1 million SGD** to approximately **1.5 million SGD**[66](index=66&type=chunk) - The increase was primarily due to **increased staff costs incurred in developing and optimizing the Group's mobile games**[66](index=66&type=chunk) [Income Tax Expense](index=28&type=section&id=Income%20Tax%20Expense) Income tax expense increased by 29.7% from 0.3 million SGD to 0.4 million SGD, primarily due to increased taxable profits from the Singapore manufacturing business - Income tax expense increased by approximately **0.1 million SGD** or **29.7%** to approximately **0.4 million SGD**[67](index=67&type=chunk) - The increase primarily stemmed from **increased taxable profits from the Singapore manufacturing business**[67](index=67&type=chunk) [Loss for the Period Attributable to Owners of the Company](index=28&type=section&id=Loss%20for%20the%20Period%20Attributable%20to%20Owners%20of%20the%20Company) Due to the aforementioned factors, the loss for the period attributable to owners of the Company expanded from 0.41 million SGD to 3.97 million SGD - Loss for the period attributable to owners of the Company was approximately **3.97 million SGD** (prior year: loss of approximately **0.41 million SGD**)[68](index=68&type=chunk) [Interim Dividend](index=28&type=section&id=Interim%20Dividend) The Board of Directors resolved not to declare any interim dividend for the six months ended 30 June 2025 - The Board of Directors resolved **not to declare any interim dividend** for the six months ended 30 June 2025[69](index=69&type=chunk) [Liquidity and Financial Resources](index=29&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's working capital and capital expenditure are primarily funded through shareholders' equity, operating cash, trade financing, bank loans, and shareholder loans; as of 30 June 2025, net current assets were approximately 33.0 million SGD, the current ratio was approximately 7.4 times, and the gearing ratio was approximately 52.5% - The Group's working capital and capital expenditure requirements have been primarily funded through a combination of **shareholders' equity, cash generated from operations, trade financing, bank loans, and shareholder loans**[71](index=71&type=chunk) - As of 30 June 2025, the Group's total equity attributable to owners of the Company was approximately **27.9 million SGD** (31 December 2024: approximately **30.2 million SGD**)[71](index=71&type=chunk) - As of 30 June 2025, the Group's net current assets were approximately **33.0 million SGD** (31 December 2024: approximately **35.6 million SGD**)[71](index=71&type=chunk) - As of 30 June 2025, the Group's current ratio was approximately **7.4 times** (31 December 2024: approximately **7.2 times**)[72](index=72&type=chunk) - As of 30 June 2025, the Group's gearing ratio was approximately **52.5%** (31 December 2024: approximately **51.6%**)[72](index=72&type=chunk) [Shareholder Loan](index=29&type=section&id=Shareholder%20Loan) Maodong (wholly owned by Mr. Li) provided the Company with an interest-free, unsecured, five-year shareholder loan totaling 100 million HKD (approximately 16.77 million SGD), primarily for general working capital and online business development - Maodong, wholly owned by Mr. Li, provided the Company with a shareholder loan totaling **100 million HKD (equivalent to approximately 16.77 million SGD)**[73](index=73&type=chunk) - The shareholder loan is **interest-free, unsecured, and for a term of five years**[73](index=73&type=chunk) - The Group primarily uses the shareholder loan for **general working capital and online business development**[73](index=73&type=chunk) [Capital Structure](index=29&type=section&id=Capital%20Structure) There have been no changes to the Group's capital structure since the listing of the company's shares on the Main Board of the Stock Exchange, with share capital consisting solely of ordinary shares - There have been **no changes** to the Group's capital structure since the listing of the Company's shares on the Main Board of the Stock Exchange[74](index=74&type=chunk) - The Company's share capital consists solely of **ordinary shares**[74](index=74&type=chunk) [Pledge of Assets](index=29&type=section&id=Pledge%20of%20Assets) As of 30 June 2025, the Group's other bank financing was secured by machinery with a carrying value of 0.4 million SGD - As of 30 June 2025, the Group's other bank financing was secured by the Group's machinery with a carrying value of **0.4 million SGD**[75](index=75&type=chunk) [Material Investments, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=29&type=section&id=Material%20Investments,%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) For the six months ended 30 June 2025, the Group held no material investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures - For the six months ended 30 June 2025, the Group held **no material investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures**[76](index=76&type=chunk) [Future Plans for Material Investments or Capital Assets](index=30&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Other than those disclosed in the prospectus, the Group had no other future plans for material investments or additions to capital assets as of 30 June 2025 - Other than those disclosed in the prospectus, the Group had **no other future plans for material investments or additions to capital assets** as of 30 June 2025[78](index=78&type=chunk) [Contingent Liabilities](index=30&type=section&id=Contingent%20Liabilities) As of 30 June 2025, the Group had no material contingent liabilities, guarantees, or litigation that would significantly impact its financial position or operating results - As of 30 June 2025, the Group had **no material contingent liabilities, guarantees, or litigation** that would significantly impact its financial position or operating results[79](index=79&type=chunk) [Capital Commitments](index=30&type=section&id=Capital%20Commitments) As of 30 June 2025, the Group's capital commitments amounted to approximately 0.09 million SGD, related to the purchase of property, plant and equipment - As of 30 June 2025, the Group's capital commitments of approximately **0.09 million SGD** were related to the purchase of property, plant and equipment[80](index=80&type=chunk) [Events After the Reporting Period](index=30&type=section&id=Events%20After%20the%20Reporting%20Period) There were no significant events after the reporting period up to the date of this interim report - There were **no significant events** after the reporting period up to the date of this interim report[81](index=81&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The Group is exposed to foreign exchange risk from fluctuations in the SGD against the USD and HKD, but did not engage in derivative agreements or use financial instruments for hedging during the reporting period - The Group is exposed to foreign exchange risk due to **fluctuations in the exchange rates of SGD against USD and HKD**[82](index=82&type=chunk) - During the reporting period, the Group was **not involved in any derivative agreements** and did not use any financial instruments to hedge its foreign exchange risk[82](index=82&type=chunk) - Management monitors the Group's foreign exchange risk and will consider **hedging significant foreign exchange exposures** when necessary[82](index=82&type=chunk) [Employees and Remuneration Policy](index=30&type=section&id=Employees%20and%20Remuneration%20Policy) As of 30 June 2025, the Group employed 208 full-time and part-time employees, with total employee benefit expenses of approximately 3.9 million SGD; remuneration policy is based on qualifications, experience, and performance, with on-the-job training provided - As of 30 June 2025, the Group employed **208 full-time and part-time employees** (31 December 2024: 229 employees)[83](index=83&type=chunk) - Total employee benefit expenses (including directors' emoluments) for the reporting period were approximately **3.9 million SGD** (prior year: approximately **4.2 million SGD**)[83](index=83&type=chunk) - Employee salaries are determined based on each employee's **qualifications, experience, performance, and suitability**[83](index=83&type=chunk) - The Group also provides **on-the-job training** to employees to enhance technical capabilities and occupational health and safety[83](index=83&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on 22 June 2018, expiring on 22 June 2028, to reward and retain employees; no share options have been granted, exercised, cancelled, or lapsed since its adoption - The Company adopted a share option scheme on **22 June 2018**, with an expiry date of **22 June 2028**[84](index=84&type=chunk) - The scheme aims to **reward or compensate employees** for their contributions to the Group, and/or enable the Group to **recruit and retain competent staff and attract talent**[84](index=84&type=chunk) - Since the adoption of the scheme, **no share options have been granted, exercised, cancelled, or lapsed**; there were also no outstanding share options as of 30 June 2025[84](index=84&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section covers corporate governance, changes in directors' information, disclosure of directors' and substantial shareholders' interests in shares, purchase/sale/redemption of the company's listed securities, the Audit Committee's review, and directors' compliance with securities dealing - The company has complied with **all applicable code provisions of the Corporate Governance Code**[86](index=86&type=chunk) - **Mr. Li Thet**, through his wholly-owned company Maodong Limited, holds **60.23%** of the company's issued share capital[88](index=88&type=chunk)[91](index=91&type=chunk) [Corporate Governance](index=31&type=section&id=Corporate%20Governance) The company is committed to maintaining high standards of corporate governance and has adopted and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules - The Company is committed to achieving and maintaining a **high level of corporate governance** to safeguard shareholders' interests and enhance corporate value and accountability[86](index=86&type=chunk) - For the six months ended 30 June 2025, the Company has **complied with all applicable code provisions of the Corporate Governance Code**[86](index=86&type=chunk) [Changes in Directors' Information](index=31&type=section&id=Changes%20in%20Directors'%20Information) This section discloses changes in directors' information, including Ms. Leung Tsz Ying's appointment as a member of the Nomination Committee and Mr. Wong Po Keung's appointment as an independent non-executive director and committee member of other listed companies - **Ms. Leung Tsz Ying** was appointed as a member of the Company's Nomination Committee, effective **25 March 2025**[89](index=89&type=chunk) - **Mr. Wong Po Keung** was appointed as an independent non-executive director and a member of relevant committees for **Weijun Bio-Tech Holdings Limited and Weijun Group Holdings Limited**[89](index=89&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=31&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of 30 June 2025, Mr. Li Thet held 60.23% of the company's issued share capital through controlled corporate interests; other than this, no other directors or chief executives had disclosable interests or short positions in shares Directors' Long Positions in Shares | Director Name | Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Li | Controlled corporation interest | 602,340,000 | 60.23% | - **Mr. Li** is deemed to be interested in the shares held by Maodong[88](index=88&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=32&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of 30 June 2025, Maodong, as beneficial owner, held 60.23% of the company's issued share capital, making it a substantial shareholder of the company Substantial Shareholders' Long Positions in Shares | Shareholder Name | Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Maodong | Beneficial owner | 602,340,000 | 60.23% | - Maodong is **directly and wholly owned by Mr. Li**[91](index=91&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended 30 June 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - For the six months ended 30 June 2025, neither the Company nor any of its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities**[93](index=93&type=chunk) - The Company holds **no treasury shares**[93](index=93&type=chunk) [Audit Committee](index=33&type=section&id=Audit%20Committee) The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results for the six months ended 30 June 2025 and discussed accounting principles and practices with management, with no disagreements - The Company's Audit Committee has reviewed the Group's **unaudited condensed consolidated interim results** for the six months ended 30 June 2025[94](index=94&type=chunk) - The Audit Committee had **no disagreements** with management regarding the accounting principles and practices discussed[94](index=94&type=chunk) [Directors' Securities Transactions](index=33&type=section&id=Directors'%20Securities%20Transactions) The Group has adopted the Model Code as the code of conduct for directors' securities transactions, and all directors confirmed full compliance with the code during the reporting period - The Group has adopted the **Model Code** as the code of conduct for directors' securities transactions[95](index=95&type=chunk) - All Directors confirmed their **full compliance with the Model Code** for the six months ended 30 June 2025[95](index=95&type=chunk)