[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This chapter presents the condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | H1 2025 (Thousand SGD) | H1 2024 (Thousand SGD) | | :--- | :--- | :--- | | Revenue | 14,529 | 25,937 | | Cost of sales and services | (12,447) | (18,515) | | Gross profit | 2,082 | 7,422 | | Net other income, gains and losses | 200 | 873 | | Selling expenses | (256) | (214) | | Administrative expenses | (12,505) | (13,675) | | Reversal of provision for expected credit losses on trade receivables | 106 | – | | Finance costs | (349) | (347) | | Loss before tax | (10,722) | (5,941) | | Income tax expense | (78) | (12) | | Loss for the period | (10,800) | (5,953) | | Total comprehensive expense for the period | (10,274) | (6,246) | | Loss per share (basic and diluted) | (0.20) SGD cents | (0.12) SGD cents | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This chapter provides the condensed consolidated statement of financial position as of June 30, 2025 Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (Thousand SGD) | December 31, 2024 (Thousand SGD) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 26,403 | 28,703 | | Current assets | 23,748 | 30,164 | | **Total assets** | **50,151** | **58,867** | | **Equity** | | | | Equity attributable to owners of the Company | 27,356 | 31,806 | | Non-controlling interests | 419 | 973 | | **Total equity** | **27,775** | **32,779** | | **Liabilities** | | | | Non-current liabilities | 2,129 | 2,731 | | Current liabilities | 20,247 | 23,357 | | **Total liabilities** | **22,376** | **26,088** | | **Total equity and liabilities** | **50,151** | **58,867** | | Net current assets | 3,501 | 6,807 | | Net assets | 27,775 | 32,779 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This chapter outlines the basis of preparation, accounting policies, business activities, revenue segmentation, other income, tax expenses, loss for the period, dividend policy, earnings per share calculation, investment property changes, and aging analysis of trade receivables and payables [1. General Information](index=5&type=section&id=1.%20General%20Information) The company is incorporated in the Cayman Islands, with main operations in Shanghai, Hong Kong, and Singapore, focusing on investment holding and various services - The Company is incorporated in the Cayman Islands, with its headquarters and principal places of business located in Shanghai, China, Hong Kong, and Singapore[9](index=9&type=chunk) - The Company is an investment holding company, and its operating subsidiaries primarily provide minimally invasive surgical solutions, medical products and related services, labor dispatch and ancillary services, dormitory services, information technology services, and construction ancillary services[9](index=9&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) These condensed consolidated financial statements are prepared in accordance with IAS 34 and HKEX Listing Rules, consistent with prior annual financial statements - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" issued by the International Accounting Standards Board and the applicable disclosure requirements of the Rules Governing the Listing of Securities on the Stock Exchange[10](index=10&type=chunk) - The accounting policies and methods of computation used in the preparation of these statements are consistent with those adopted in the annual financial statements for the year ended December 31, 2024[10](index=10&type=chunk) [3. Application of New and Revised International Financial Reporting Standards](index=5&type=section&id=3.%20Application%20of%20New%20and%20Revised%20International%20Financial%20Reporting%20Standards) The Group adopted new and revised IFRSs effective January 1, 2025, with no significant impact on accounting policies or financial statement presentation - The Group has adopted all new and revised International Financial Reporting Standards effective for accounting periods beginning on January 1, 2025[11](index=11&type=chunk) - The adoption of these standards has not resulted in significant changes to the Group's accounting policies, presentation of consolidated financial statements, or reported amounts for the current and prior periods[11](index=11&type=chunk) [4. Revenue](index=6&type=section&id=4.%20Revenue) The Group's revenue primarily derives from minimally invasive surgical solutions in China and various services in Singapore, with a significant 44% decrease in H1 2025 - The Group's revenue primarily derives from minimally invasive surgical solutions and medical product services in China, and labor dispatch, dormitory, information technology, and construction ancillary services in Singapore[12](index=12&type=chunk) Disaggregation of Revenue from Contracts with Customers (For the six months ended June 30) | Item | 2025 (Thousand SGD) | 2024 (Thousand SGD) | | :--- | :--- | :--- | | **Geographical markets** | | | | －China | 6,333 | 12,432 | | －Singapore | 6,818 | 7,894 | | Revenue from contracts with customers | 13,151 | 20,326 | | Rental income from provision of dormitory services | 1,378 | 5,611 | | **Total revenue** | **14,529** | **25,937** | | **Timing of revenue recognition** | | | | At a point in time (products and minimally invasive surgical solutions) | 6,333 | 12,302 | | Over time (services) | 6,818 | 8,024 | | Revenue from contracts with customers | 13,151 | 20,326 | | Rental income from provision of dormitory services | 1,378 | 5,611 | | **Total revenue** | **14,529** | **25,937** | Revenue from Major Customers (For the six months ended June 30) | Customer | 2025 (Thousand SGD) | 2024 (Thousand SGD) | | :--- | :--- | :--- | | Customer A (minimally invasive surgical solutions and medical product services) | 3,310 | 11,806 | [5. Net Other Income, Gains and Losses](index=7&type=section&id=5.%20Net%20Other%20Income%2C%20Gains%20and%20Losses) Net other income, gains, and losses for H1 2025 significantly decreased to 200 thousand SGD, primarily due to exchange losses Net Other Income, Gains and Losses (For the six months ended June 30) | Item | 2025 (Thousand SGD) | 2024 (Thousand SGD) | | :--- | :--- | :--- | | Government grants | 78 | 34 | | Dividend income from listed equity investments | 33 | 45 | | Interest income | 3 | 11 | | Forfeiture of customer deposits | – | 5 | | Work injury/worker compensation claims | 71 | 50 | | Sub-lease income | 226 | 183 | | Net fair value change of investments at fair value through profit or loss | 848 | 32 | | (Loss)/gain on disposal of investments at fair value through profit or loss | (370) | 7 | | Net exchange (loss)/gain | (826) | 449 | | Others | 137 | 57 | | **Total** | **200** | **873** | - Net other income, gains and losses decreased from **873 thousand SGD** in H1 2024 to **200 thousand SGD** in H1 2025, primarily due to exchange losses[16](index=16&type=chunk) [6. Income Tax Expense](index=8&type=section&id=6.%20Income%20Tax%20Expense) Income tax expense increased to 78 thousand SGD in H1 2025, mainly due to higher Singapore corporate income tax provision Income Tax Expense (For the six months ended June 30) | Item | 2025 (Thousand SGD) | 2024 (Thousand SGD) | | :--- | :--- | :--- | | Current tax | | | | －China corporate income tax (provision for the period) | – | 12 | | －Singapore corporate income tax (provision for the period) | 31 | – | | －Under-provision in prior years | 35 | – | | Total current tax | 66 | 12 | | Deferred tax | 12 | – | | **Total income tax expense** | **78** | **12** | - China business income tax provision is calculated at a tax rate of **25%**, while Singapore corporate income tax provision is calculated at a tax rate of **17%**[17](index=17&type=chunk) [7. Loss for the Period](index=9&type=section&id=7.%20Loss%20for%20the%20Period) Loss for the period expanded to 10.8 million SGD in H1 2025, influenced by depreciation, cost of inventories sold, and staff costs Loss for the Period Deducted Items (For the six months ended June 30) | Item | 2025 (Thousand SGD) | 2024 (Thousand SGD) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 220 | 55 | | Depreciation of right-of-use assets | 464 | 1,531 | | Depreciation of investment properties | 1,425 | 1,103 | | Direct operating expenses from investment properties generating rental income | 486 | 1,363 | | Research and development expenses | 415 | 245 | | Cost of inventories sold | 5,999 | 11,916 | | Staff costs (including directors' emoluments) | 11,826 | 13,645 | [8. Dividends](index=9&type=section&id=8.%20Dividends) The company neither paid nor declared dividends for the six months ended June 30, 2025 and 2024 - The Company neither paid nor declared dividends for the six months ended June 30, 2025 and 2024[19](index=19&type=chunk) [9. Loss Per Share](index=9&type=section&id=9.%20Loss%20Per%20Share) Basic and diluted loss per share expanded to 0.20 Singapore cents in H1 2025, primarily due to increased loss for the period Loss Per Share Calculation (For the six months ended June 30) | Item | 2025 (Thousand SGD) | 2024 (Thousand SGD) | | :--- | :--- | :--- | | Loss used in calculating basic and diluted loss per share | (10,253) | (6,043) | | Weighted average number of ordinary shares (Thousand Shares) | 5,170,000 | 5,170,000 | | Basic and diluted loss per share (SGD cents) | (0.20) | (0.12) | - Basic and diluted loss per share expanded from **0.12 SGD cents** in H1 2024 to **0.20 SGD cents** in H1 2025[6](index=6&type=chunk)[20](index=20&type=chunk) [10. Investment Properties](index=10&type=section&id=10.%20Investment%20Properties) Investment property acquisitions significantly decreased to 218 thousand SGD in H1 2025 compared to H1 2024 - Investment property acquisitions in H1 2025 amounted to **218 thousand SGD**, a significant decrease from **10.515 million SGD** in H1 2024[21](index=21&type=chunk) [11. Trade Receivables](index=10&type=section&id=11.%20Trade%20Receivables) Total trade receivables decreased to 4.316 million SGD as of June 30, 2025, though the proportion overdue by over 90 days increased Aging Analysis of Trade Receivables (Net of provision for impairment losses) | Overdue Date | June 30, 2025 (Thousand SGD) | December 31, 2024 (Thousand SGD) | | :--- | :--- | :--- | | Not overdue | 1,334 | 2,460 | | 1 to 30 days | 662 | 1,944 | | 31 to 60 days | 111 | 131 | | 61 to 90 days | 1,963 | 16 | | Over 90 days | 246 | 305 | | **Total** | **4,316** | **4,856** | [12. Trade Payables](index=10&type=section&id=12.%20Trade%20Payables) Total trade payables significantly decreased to 1.693 million SGD as of June 30, 2025, from 5.129 million SGD at December 31, 2024 Aging Analysis of Trade Payables | Invoice Date | June 30, 2025 (Thousand SGD) | December 31, 2024 (Thousand SGD) | | :--- | :--- | :--- | | Within 30 days | 584 | 1,872 | | 31 to 90 days | 550 | 3,134 | | 91 to 365 days | 446 | 92 | | Over 365 days | 113 | 31 | | **Total** | **1,693** | **5,129** | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This chapter reviews the Group's business and outlook, emphasizing the shift to China's minimally invasive surgical solutions, and analyzes financial performance, liquidity, financing, and market risk management [Business Review and Outlook](index=11&type=section&id=Business%20Review%20and%20Outlook) The Group is shifting its business focus from Singapore's labor dispatch and dormitory services to China's minimally invasive surgical solutions, anticipating challenges in Singapore operations - The Group is relocating its headquarters and principal place of business to Shanghai, China, to capitalize on the strong growth momentum in minimally invasive surgical solutions, medical products, and related services in mainland China[24](index=24&type=chunk) - Singapore's economic growth is projected to slow to **1.0%–3.0%** in 2025, with the construction sector continuing to face challenges, leading to a **75.4%** decrease in the Group's Singapore dormitory services revenue[24](index=24&type=chunk)[25](index=25&type=chunk) - The market size for minimally invasive surgical instruments in China is projected to reach **USD 1.71 billion** in 2025 and **USD 2.68 billion** by 2030, with a CAGR of **9.45%**, prompting the Group to enhance development capabilities, expand distribution networks, develop new products, and integrate resources to strengthen its market position[25](index=25&type=chunk)[26](index=26&type=chunk) - The Company will leverage its strengths in China and Hong Kong to expand its minimally invasive surgical solutions and medical products and related services business, while prudently considering a gradual reduction in certain Singapore operations and actively seeking other business opportunities in new industries[27](index=27&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) In H1 2025, the Group experienced significant declines in revenue and gross profit, leading to an expanded loss for the period, while maintaining sound liquidity and detailing fund utilization [Revenue](index=13&type=section&id=Financial%20Review-Revenue) Total revenue decreased by 44% to 14.5 million SGD in H1 2025, mainly due to product portfolio adjustments in China and reduced dormitory service revenue in Singapore Revenue Breakdown (For the six months ended June 30) | Service Category | H1 2025 (Thousand SGD) | H1 2024 (Thousand SGD) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | | Minimally invasive surgical solutions and medical products and related services fees | 6,333 | 12,302 | (48.5) | | Labor dispatch and ancillary services | 6,451 | 7,634 | (15.5) | | Dormitory services | 1,378 | 5,611 | (75.4) | | Construction ancillary services | 139 | 140 | (0.7) | | Information technology services | 228 | 250 | (8.8) | | **Total** | **14,529** | **25,937** | **(44.0)** | - Revenue from minimally invasive surgical solutions and medical products and related services fees decreased by **48.5%**, primarily due to challenging economic conditions, escalating global trade conflicts, and product portfolio adjustments[29](index=29&type=chunk) - Dormitory services revenue decreased by **75.4%**, mainly due to lower market demand and the cessation of operations at one of its dormitories since October 2024[30](index=30&type=chunk) [Gross Profit and Gross Profit Margin](index=13&type=section&id=Financial%20Review-Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit decreased to 2.1 million SGD in H1 2025, with the gross profit margin declining from 28.6% to 14.3% Gross Profit and Gross Profit Margin (For the six months ended June 30) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Gross profit (Thousand SGD) | 2,082 | 7,422 | | Gross profit margin | 14.3% | 28.6% | [Net Other Income, Gains and Losses](index=14&type=section&id=Financial%20Review-Net%20Other%20Income%2C%20Gains%20and%20Losses) Net other income and gains decreased to 0.2 million SGD in H1 2025, primarily attributable to exchange losses - Net other income and gains decreased to **0.2 million SGD**, primarily due to exchange losses[32](index=32&type=chunk) [Administrative Expenses](index=14&type=section&id=Financial%20Review-Administrative%20Expenses) Administrative expenses decreased to 12.5 million SGD in H1 2025, mainly due to a reduction in equity-settled share-based payments related to share options - Administrative expenses decreased by **1.2 million SGD** to **12.5 million SGD**, primarily due to a reduction in equity-settled share-based payments[33](index=33&type=chunk) [Income Tax Expense](index=14&type=section&id=Financial%20Review-Income%20Tax%20Expense) Income tax expense slightly increased to 78 thousand SGD in H1 2025 from 12 thousand SGD in H1 2024 - Income tax expense slightly increased to **78 thousand SGD**[34](index=34&type=chunk) [Loss for the Period](index=14&type=section&id=Financial%20Review-Loss%20for%20the%20Period) The Group recorded a loss for the period of 10.8 million SGD in H1 2025, primarily due to decreased revenue and gross profit margin - Loss for the period expanded to **10.8 million SGD**, primarily due to a decrease in both revenue and gross profit margin[35](index=35&type=chunk) [Dividends](index=14&type=section&id=Financial%20Review-Dividends) The Board of Directors resolved not to declare an interim dividend for the period - The Board of Directors resolved not to declare an interim dividend for the period[36](index=36&type=chunk) [Liquidity, Financial Resources and Gearing Ratio](index=14&type=section&id=Financial%20Review-Liquidity%2C%20Financial%20Resources%20and%20Gearing%20Ratio) The Group generally meets working capital needs through internal funds, maintaining a sound financial position, with the Board closely monitoring liquidity - The Group generally meets its working capital needs through internal funds and maintains a sound financial position[37](index=37&type=chunk) - The Board closely monitors the Group's liquidity position to ensure that its liquidity structure of assets, liabilities, and other commitments can meet funding requirements at all times[38](index=38&type=chunk) [Use of Proceeds from Listing](index=15&type=section&id=Financial%20Review-Use%20of%20Proceeds%20from%20Listing) Net proceeds of 82.6 million HKD (14.1 million SGD) from the listing have been largely utilized for dormitory acquisitions, securities investment, and capital injection into Jinhai Medical Use of Net Proceeds from Listing (As of June 30, 2025) | Intended Use | Original Allocation (Million HKD) | Amount Utilized as of June 30, 2025 (Million HKD) | Unutilized Amount as of June 30, 2025 (Million HKD) | Expected Timeline for Full Utilization of Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | | Funding for additional foreign worker dormitories | 77.1 | 46.6 | – | Not applicable | | Funding for additional 10 trucks | 5.5 | 1.8 | 1.9 | Before end of December 2025 | | Funding for investment in securities | – | 10.0 | – | Not applicable | | Loan repayment | – | Not applicable | Not applicable | Not applicable | | Capital injection into Jinhai Medical | – | 20.5 | – | Not applicable | | **Total** | **82.6** | **78.9** | **1.9** | | - The selection of new foreign worker dormitory sites was delayed due to the pandemic, leading to a reallocation of some funds for open market acquisition of listed securities[39](index=39&type=chunk) - The decline in the labor dispatch and ancillary services business reduced the demand for additional trucks, delaying the utilization of related net proceeds until before the end of December 2025[42](index=42&type=chunk) [Use of Proceeds from Placing](index=16&type=section&id=Financial%20Review-Use%20of%20Proceeds%20from%20Placing) Net proceeds of 99 million HKD from the October 2023 placing have been mostly used for healthcare business expansion and general working capital, with 8.0 million HKD remaining for labor dispatch services Use of Net Proceeds from Placing (As of June 30, 2025) | Intended Use | Original Allocation (Million HKD) | Amount Utilized as of June 30, 2025 (Million HKD) | Unutilized Amount as of June 30, 2025 (Million HKD) | Expected Timeline for Full Utilization of Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | | For expansion of healthcare industry business | 69.0 | 69.0 | – | Not applicable | | For expansion of labor dispatch and ancillary services business | 15.0 | 7.0 | 8.0 | Before end of December 2025 | | For general working capital of the Group | 15.0 | 15.0 | – | Not applicable | | **Total** | **99.0** | **91.0** | **8.0** | | - The Group is preparing to expand its labor dispatch and ancillary services business in China in 2025, with the remaining net proceeds expected to be fully utilized in 2025[43](index=43&type=chunk) [Cash and Cash Equivalents](index=17&type=section&id=Financial%20Review-Cash%20and%20Cash%20Equivalents) As of June 30, 2025, cash and cash equivalents totaled 4.9 million SGD, primarily held in major licensed banks in Singapore, China, and Hong Kong - As of June 30, 2025, cash and cash equivalents amounted to **4.9 million SGD**[44](index=44&type=chunk) - Cash is primarily denominated in **SGD (44.3%)**, **RMB (49.1%)**, and **HKD (6.6%)**[44](index=44&type=chunk) [Borrowings and Gearing Ratio](index=17&type=section&id=Financial%20Review-Borrowings%20and%20Gearing%20Ratio) Total current and non-current borrowings and lease liabilities slightly increased to 14.7 million SGD, with the gearing ratio rising from 44.3% to 52.8% Borrowings and Gearing Ratio | Indicator | June 30, 2025 (Thousand SGD) | December 31, 2024 (Thousand SGD) | | :--- | :--- | :--- | | Total borrowings and lease liabilities | 14,670 | 14,522 | | Gearing ratio | 52.8% | 44.3% | - The gearing ratio increased from **44.3%** as of December 31, 2024, to **52.8%** as of June 30, 2025[45](index=45&type=chunk) [Foreign Exchange Risk](index=17&type=section&id=Financial%20Review-Foreign%20Exchange%20Risk) The Group faces foreign exchange risk due to transactions primarily in RMB, functional currency in SGD, and HKD-denominated proceeds, resulting in a net exchange loss in H1 2025 - The Group primarily transacts in RMB, with its functional currency being SGD, and holds a significant portion of its listing proceeds in HKD, exposing it to foreign currency risk[46](index=46&type=chunk) - In H1 2025, overseas operations generated a currency translation gain of **0.5 million SGD**, but a net exchange loss of **0.8 million SGD** was recorded[46](index=46&type=chunk) [Pledge of the Group's Assets and Contingent Liabilities](index=17&type=section&id=Financial%20Review-Pledge%20of%20the%20Group%27s%20Assets%20and%20Contingent%20Liabilities) Certain lease liabilities and bank borrowings are secured by pledged lease assets, with no significant contingent liabilities during the period - Certain lease liabilities and bank borrowings are secured by pledged lease assets[47](index=47&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities[47](index=47&type=chunk) [Capital Expenditure and Capital Commitments](index=17&type=section&id=Financial%20Review-Capital%20Expenditure%20and%20Capital%20Commitments) Capital expenditure significantly decreased to 23 thousand SGD in H1 2025, primarily for vehicles, computers, and equipment, with no capital commitments at period-end - Capital expenditure in H1 2025 amounted to **23 thousand SGD**, a significant decrease from **0.3 million SGD** in H1 2024[48](index=48&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had no capital commitments[49](index=49&type=chunk) [Material Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=18&type=section&id=Financial%20Review-Material%20Investments%20Held%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) The Group invested in Shanghai Pailiya, expecting a 55% stake, and holds listed equity investments valued at 2.1 million SGD for dividend and fair value gains - Jinhai Shanghai injected up to **RMB 16,500,000** into Shanghai Pailiya, expecting to hold a **55%** stake, and Shanghai Pailiya will be accounted for as a subsidiary of the Company[50](index=50&type=chunk) - As of June 30, 2025, the Group held listed equity investments with a fair value of **2.1 million SGD**, aiming to generate returns through dividend income and fair value gains[51](index=51&type=chunk) [Off-Balance Sheet Transactions](index=18&type=section&id=Financial%20Review-Off-Balance%20Sheet%20Transactions) As of June 30, 2025, the Group had not entered into any significant off-balance sheet transactions - As of June 30, 2025, the Group had not entered into any significant off-balance sheet transactions[52](index=52&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=Financial%20Review-Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 458 employees, with remuneration based on qualifications and position, including sales incentive plans, and staff costs of 11.8 million SGD in H1 2025 Employee Count and Staff Costs | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of employees | 458 | 488 | | Staff costs (H1 2025) | 11.8 Million SGD | 13.6 Million SGD (H1 2024) | - The Group determines employee salaries based on qualifications, position, and experience, and has a sales incentive plan in place[54](index=54&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=19&type=section&id=Financial%20Review-Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The Group faces interest rate, foreign currency, credit, liquidity, fair value, and equity price risks, managed through monitoring and appropriate measures [Interest Rate Risk](index=19&type=section&id=Financial%20Review-Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk-Interest%20Rate%20Risk) The Group is exposed to cash flow interest rate risk from bank balances and fair value interest rate risk from fixed-rate finance lease obligations, with management monitoring but no hedging policy - The Group is exposed to cash flow interest rate risk from floating-rate bank balances and fair value interest rate risk from fixed-rate finance lease obligations[55](index=55&type=chunk) - Management monitors interest rate risk but currently has no interest rate hedging policy[55](index=55&type=chunk) [Foreign Currency Risk](index=19&type=section&id=Financial%20Review-Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk-Foreign%20Currency%20Risk) The Group faces foreign currency risk from USD, RMB, and HKD denominated balances, equity investments, and trade receivables/payables, managed by closely monitoring exchange rate movements - The Group is exposed to foreign currency risk due to holding bank balances, equity investments, trade receivables, and payables denominated in USD, RMB, and HKD[56](index=56&type=chunk) - The Group manages foreign currency risk by closely monitoring exchange rate movements[57](index=57&type=chunk) [Credit Risk](index=19&type=section&id=Financial%20Review-Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk-Credit%20Risk) To mitigate credit risk, the Group implements credit limits, approval, and monitoring procedures, assessing recoverability of trade debts and making adequate impairment provisions - The Group mitigates credit risk by establishing credit limits, approval, and monitoring procedures[58](index=58&type=chunk) - The Group recognizes loss allowances for expected credit losses on trade and other receivables, which are regularly updated to reflect changes in credit risk[58](index=58&type=chunk) [Liquidity Risk](index=20&type=section&id=Financial%20Review-Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk-Liquidity%20Risk) The Group manages liquidity risk by maintaining sufficient cash and cash equivalents to fund operations and mitigate cash flow fluctuations - The Group manages liquidity risk by monitoring its cash and cash equivalents levels, maintaining them at a level deemed sufficient by management to fund operations and mitigate the impact of cash flow fluctuations[59](index=59&type=chunk) [Fair Value Risk](index=20&type=section&id=Financial%20Review-Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk-Fair%20Value%20Risk) The Group is exposed to fair value risk arising from financial assets and liabilities measured at fair value on a recurring and non-recurring basis - The Group is exposed to fair value risk arising from financial assets and financial liabilities measured at fair value on a recurring and non-recurring basis[60](index=60&type=chunk) [Equity Price Risk](index=20&type=section&id=Financial%20Review-Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk-Equity%20Price%20Risk) The Group faces equity price risk from equity instruments designated as fair value through profit or loss, managed through portfolio diversification - The Group is exposed to equity price risk arising from equity instruments designated as fair value through profit or loss[61](index=61&type=chunk) - The Group manages price risk arising from investments in equity securities by diversifying its portfolio[61](index=61&type=chunk) [Share Option Scheme](index=20&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme in December 2023 to incentivize participants, with 128,603,750 options granted in January 2024 at HKD 2.54 per share, subject to vesting and performance conditions - The Company adopted a share option scheme on December 29, 2023, to incentivize eligible participants to contribute to the Company and its shareholders' interests[62](index=62&type=chunk) - Eligible participants of the share option scheme include directors and employees of the Company or its subsidiaries, service providers, and directors and employees of holding companies, fellow subsidiaries, or associated companies[63](index=63&type=chunk) - The scheme's authorized limit is **10%** of the shares in issue on the date of the EGM (**1,292,500,000 shares**), with a limit of **1%** of issued shares for any single participant within any twelve-month period[65](index=65&type=chunk) - The vesting period for share options shall not be less than **12 months**, the exercise period is **ten years** from the date of grant, and the subscription price is determined by the Board, not less than the closing price or par value[66](index=66&type=chunk)[67](index=67&type=chunk) Details of Share Options Granted on January 9, 2024 | Item | Details | | :--- | :--- | | Total number granted | 128,603,750 options | | Grantees | Mr. Liu Lei (71,087,500 options), Mr. Wang Zhenfei (6,462,500 options), eight other full-time employees (51,053,750 options) | | Exercise price | HKD 2.54 per share | | Exercise period | Ten years from the date of grant | | Vesting period | First tranche 20% (April 30, 2025), Second tranche 30% (April 30, 2026), Third tranche 50% (April 30, 2027) | | Performance targets | Performance targets determined by the Board must be met for the entire financial year immediately preceding each tranche's vesting date | | Clawback mechanism | Enforceable in cases of misconduct or termination of employment | | Financial assistance | No arrangements for provision | | Number of unexercised share options as of June 30, 2025 | 460,130,000 options (adjusted for share split) | [Other Information](index=24&type=section&id=Other%20Information) This chapter covers significant post-balance sheet events, including new share placings, confirms no share repurchases, and affirms directors' compliance with trading standards and corporate governance [Significant Post-Balance Sheet Events](index=24&type=section&id=Significant%20Post-Balance%20Sheet%20Events) New shares were placed in July and August 2025, issuing 120,000,000 shares for 161.0 million HKD, intended for healthcare M&A, R&D, and general working capital - On July 11, 2025, the Company entered into subscription agreements with three subscribers to subscribe for a total of **120,000,000 shares** at **HKD 1.35** per share[76](index=76&type=chunk) - On August 15, 2025, **120,000,000 subscription shares** were issued under general mandate, with net proceeds of **161.0 million HKD**[76](index=76&type=chunk) Proposed Use of Net Proceeds from Post-Balance Sheet Placing | Intended Use | Approximate Allocation (Million HKD) | Expected Time of Use | | :--- | :--- | :--- | | Funding for potential M&A of healthcare-related projects and investments in the healthcare industry | 96.6 | Before July 31, 2026 | | Research and development expenses | 32.2 | Before July 31, 2026 | | General working capital | 32.2 | Before July 31, 2026 | | **Total** | **161.0** | | [Repurchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's listed securities - During the period, neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities[80](index=80&type=chunk) [Directors' Securities Transactions](index=24&type=section&id=Directors%27%20Securities%20Transactions) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers, with all directors confirming compliance during the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' securities transactions[81](index=81&type=chunk) - All directors have confirmed that they have complied with the Model Code and its code of conduct for directors' securities transactions throughout the period[81](index=81&type=chunk) [Directors' and Controlling Shareholders' Interests in Competing Business](index=25&type=section&id=Directors%27%20and%20Controlling%20Shareholders%27%20Interests%20in%20Competing%20Business) During the period, no directors or controlling shareholders had interests in businesses competing with the Group or any other conflicts of interest - During the period, none of the directors or controlling shareholders, or their respective close associates, had any interests in any business apart from the Group's business that competes or is likely to compete with the Group's business, nor were there any other conflicts of interest with the Group[82](index=82&type=chunk) [Compliance with Corporate Governance Code](index=25&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied in all material aspects with the Corporate Governance Code principles and code provisions set out in Appendix C1 of the Listing Rules - The Company has applied the principles of the Corporate Governance Code set out in Appendix C1 of the Listing Rules and adopted all applicable code provisions as its own corporate governance code, complying with it in all material aspects during the period[83](index=83&type=chunk)[84](index=84&type=chunk) [Review by Audit Committee](index=25&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed the unaudited interim results, confirming compliance with accounting standards and Listing Rules, with no objections to disclosures - The Company's Audit Committee has reviewed the unaudited interim results (including the interim report) for the period and is of the opinion that the financial information and report were prepared in accordance with applicable accounting standards, the Listing Rules, and other applicable legal requirements, and has no objections to the adequacy of the disclosures made[85](index=85&type=chunk) [Publication of Information on the HKEX Website](index=25&type=section&id=Publication%20of%20Information%20on%20the%20HKEX%20Website) The interim results announcement is published on the HKEX and company websites, with the full interim report to be provided to shareholders and published online - The interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.jin-hai.com.hk)[86](index=86&type=chunk) [Acknowledgement](index=25&type=section&id=Acknowledgement) The Board of Directors extends its gratitude to all clients, management, staff, business partners, and shareholders for their continued support - The Board of Directors extends its gratitude to all clients, management, staff, business partners, and shareholders of the Group for their continued support[87](index=87&type=chunk) [Board of Directors](index=25&type=section&id=Board%20of%20Directors) As of the announcement date, the Board comprises eight directors: three executive, two non-executive, and three independent non-executive directors - As of the announcement date, the Board of Directors comprises eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors[89](index=89&type=chunk)

Core Viewpoint - The company, 今海医疗科技, is expected to report a tax loss of approximately 10.8 million Singapore dollars for the fiscal year ending June 30, 2025, and a tax loss of about 6 million Singapore dollars for the fiscal year ending June 30, 2024 [1] Financial Performance - The increase in net loss for the first half of 2025 is primarily attributed to a decrease in gross profit of around 5 million Singapore dollars [1] - The decline in revenue is linked to the company's minimally invasive surgical solutions, medical products and related services, and dormitory services [1]

（股份代號：2225） 盈利警告 本公告由今海醫療科技股份有限公司（「本公司」，連同其附屬公司及併表聯屬實 體，統稱「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及香港法例第571章證券及期貨條例第XIVA部下的內幕消息條文（定義 見上市規則）而作出。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東及潛在投資者，基於對 本集團截至二零二五年六月三十日止年度（「二零二五年上半年」）之未經審核綜 合管理賬目的初步審閱及董事會目前可得的其他資料，預計本集團將錄得稅後虧 損約10.8百萬新加坡元，而截至二零二四年六月三十日止年度（「二零二四年上半 年」）則錄得稅後虧損約6.0百萬新加坡元。二零二五年上半年的虧損淨額狀況增加 乃主要由於（其中包括）本集團的毛利減少約5百萬新加坡元，原因是本集團微創 手術解決方案及醫療產品及相關服務及宿舍服務的業務營運收入減少。 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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 J ...

Company Overview - Jin Hai Medical Technology Co., Ltd. primarily operates as a service provider, offering labor dispatch and supporting services to construction contractors in Singapore, along with dormitory, IT, and building maintenance services [2] - The company aims to leverage its advantages in Hong Kong and Singapore to expand its existing business and explore new industries and investment opportunities to enhance long-term returns for shareholders [2] Financial Performance - As of December 31, 2024, Jin Hai Medical Technology reported total revenue of 267 million yuan, representing a year-on-year growth of 10.07% [1] - The company experienced a significant decline in net profit, reporting a loss of 95.599 million yuan, a decrease of 471.95% compared to the previous year [1] - The gross profit margin stood at 22.84%, with a debt-to-asset ratio of 44.32% [1] Stock Performance - As of August 19, the stock price of Jin Hai Medical Technology was 0.88 HKD per share, reflecting a 10.0% increase on that day, with a trading volume of 13.96 million shares and a turnover of 11.71 million HKD [1] - Over the past month, the stock has seen a cumulative decline of 55.8%, and a year-to-date decline of 57.89%, underperforming the Hang Seng Index, which has increased by 25.51% [1] Valuation Metrics - The current price-to-earnings (P/E) ratio for Jin Hai Medical Technology is -40.99, ranking 58th in its industry, while the average P/E ratio for the support services industry is 6.26 [1] - Comparatively, other companies in the Chinese education sector have P/E ratios ranging from 1.42 to 2.59 [1] Upcoming Events - The company is scheduled to disclose its interim report for the fiscal year 2025 on August 29, 2025 [3] - On August 15, 2025, the company completed a placement of 120 million new shares, accounting for 2.27% of the enlarged share capital, at a price of 1.35 HKD per share, raising a net amount of 161 million HKD [3]

Core Viewpoint - The company, Jin Hai Medical Technology (02225.HK), will hold a board meeting on August 29, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend distribution, if any [1] Summary by Relevant Categories - **Company Performance** - The board meeting will focus on the interim results for the six months ending June 30, 2025 [1] - **Dividend Consideration** - The meeting will also include a discussion on the potential distribution of an interim dividend [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之內容概不負責， 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之任何損失承擔任何責任。 今海醫療科技股份有限公司 （股份代號：2225） （於開曼群島註冊成立的成員有限責任公司） 董事會會議日期 Jinhai Medical Technology Limited 今海醫療科技股份有限公司 董事會主席兼執行董事 陳國寶 香港，二零二五年八月十五日 於本公告日期，董事會由八名董事組成，其中三名執行董事為陳國寶先生、王振飛 先生及李雲平先生；兩名非執行董事為蔣江雨先生及王華生先生；及三名獨立非 執行董事為嚴健軍先生、范一民先生及楊美華女士。 今海醫療科技股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將於二零 二五年八月二十九日舉行董事會會議，旨在考慮及批准（其中包括）刊發本公司及 其附屬公司截至二零二五年六月三十日止六個月之中期業績及派發中期股息（如 適用）。 承董事會命 ...

Market Overview - The Hong Kong stock market continued its downward trend, with all three major indices in the red but maintaining above the 25,000 mark. The Hang Seng Index closed down 0.98% at 25,270.07 points, with a total turnover of HKD 31.27 billion [1] - Short-term market focus is on mid-year performance and cost-effectiveness, with potential volatility from US-China trade negotiations and fluctuations in US stocks [1] Blue-Chip Stocks Performance - JD Health (06618) led blue-chip stocks, rising 11.67% to HKD 61.25, contributing 11.31 points to the Hang Seng Index. The company's H1 2025 performance exceeded market expectations due to strong growth in the pharmaceutical category [2][4] - Other notable blue-chip movements included Xinyi Solar (00968) up 5.96%, Alibaba Health (00241) up 4.92%, while New World Development (00016) and Henderson Land (00012) saw declines of 5.35% and 4.63% respectively [2] Sector Highlights - Internet healthcare stocks showed strong performance, with Dingdang Health (09886) up 36.07% and JD Health (06618) up 11.67% following strong mid-year results [3][4] - The brokerage sector saw significant gains, with CITIC Securities (06066) up 10.98% and Zhongtai Securities (01375) up 9.03%, reflecting a structural shift in fund flows towards financial markets [5][6] - The photovoltaic sector also experienced gains, driven by a shortage and price increases in solar components, with Xinyi Solar (00968) rising 8.15% [6][7] Regulatory Developments - The Hong Kong Monetary Authority and the Securities and Futures Commission issued a joint statement regarding recent market fluctuations related to stablecoins, emphasizing a cautious approach to licensing [8] Notable Stock Movements - Silver诺医药-B (02591) surged 206.48% on its debut, reflecting strong market interest in GLP-1 drug treatments [9] - Liken Technology (00558) rose 46.02% following a strategic partnership for magnesium alloy humanoid robot development [10] - Far East China (02789) saw an 84.34% increase after announcing a profit forecast for H1 2025, driven by international market orders [11][12] - Jin Hai Medical Technology (02225) fell 50.56% after announcing a share subscription at a discount to market price [13]

今海医疗科技(02225)发布公告，认购事项的所有先决条件已获达成，并于2025年8月15日完成。合共1.2 亿股认购股份已按每股股份1.35港元的认购价成功发行予认购人的代名人。认购股份占紧接完成前本公 司现有已发行股本的2.32%;及经配发及发行认购股份扩大后的本公司已发行股本的约2.27%。 认购事项的所得款项总额约为1.62亿港元。认购事项的所得款项净额(经扣除相关成本及开支后)合共约 为1.61亿港元。本集团拟将认购事项的所得款项用于为潜在併购医疗保健相关项目及/或公司及投资医 疗保健相关产业提供资金;研发开支;及一般营运资金。 ...

Core Viewpoint - As of August 15, 2023, Jin Hai Medical Technology (02225.HK) experienced a significant decline in stock price, closing at HKD 0.890, down 50.56% from the previous trading day, with an intraday low of HKD 0.550, marking a new low for the past year [1] Group 1: Company Overview - Jin Hai Medical Technology Co., Ltd. (stock code: 2225) primarily operates as a service provider, with its subsidiary KT&T Group of Companies located in Singapore, offering labor dispatch and supporting services to local construction contractors [1] - The company has expanded its services beyond pure construction labor and resource provision to become a comprehensive solution provider for space management, including dormitory services, IT services, warehousing, cleaning, and building maintenance [1] Group 2: Business Strategy - The company aims to leverage the advantages of both Hong Kong and Singapore as platforms for external operations, actively seeking to expand existing businesses while entering new industries and exploring investment cooperation opportunities to enhance long-term returns for the company and its shareholders [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 今海醫療科技股份有限公司 呈交日期： 2025年8月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) | 02225 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | ...