董事會欣然宣佈，黃文耀先生（「黃先生」）已獲委任為公司秘書、授權代表及法律 程序代理人，自二零二五年九月二十九日起生效，以填補鄭女士辭任後的空缺。 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。 Jinhai Medical Technology Limited 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） 更換公司秘書、授權代表及法律程序代理人 今海醫療科技股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事會 （「董事會」）謹此宣佈，鄭遠女士（「鄭女士」）已辭任(i) 本公司之公司秘書（「公司 秘書」），(ii)根據香港聯合交易所有限公司（「聯交所」）證券上市規則第3.05條規定 之其中一名本公司授權代表（「授權代表」），及(iii)根據香港法例第622章《公司條 例》第16部代表本公司於香港接受法律程序文件或通知之本公司法律程序代理人 （「法律程序代理人」），由二零二五年九月二十九日起生效 ...

Company Information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by audit, nomination, and remuneration committees to ensure sound corporate governance - The Board members include Chairman Mr. Chan Kwok Po (Executive Director), CEO Mr. Wong Chun Fei (Executive Director), and Vice Chairman Mr. Jiang Jiangyu (Non-executive Director, appointed on January 28, 2025)[3](index=3&type=chunk) - The Audit, Nomination, and Remuneration Committees are all chaired by Independent Non-executive Director Mr. Yim Kin Kwan[3](index=3&type=chunk) [Principal Place of Business and Banks](index=3&type=section&id=Principal%20Place%20of%20Business%20and%20Banks) The company is registered in the Cayman Islands, with its headquarters and main China operations in Shanghai, and principal places of business in Singapore and Hong Kong, banking with Shanghai Pudong Development Bank, DBS Bank, and OCBC Bank - The company's registered office is in the Cayman Islands, with its headquarters and principal place of business in China located at 3/F, East Block, No. 1275 Meichuan Road, Putuo District, Shanghai[4](index=4&type=chunk) - The principal place of business in Hong Kong is at 3/F, GF Tower, 81 Lockhart Road, Wan Chai, and in Singapore at 31 Sungei Kadut Avenue[4](index=4&type=chunk) - Principal bankers include Shanghai Pudong Development Bank Co., Ltd. Hong Kong Branch, DBS Bank (Hong Kong) Limited, DBS Bank Ltd., and Oversea-Chinese Banking Corporation Limited[4](index=4&type=chunk) [Listing Information](index=4&type=section&id=Listing%20Information) The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with stock code 2225 and a board lot size of 5,000 shares - The company is listed on the Main Board of The Stock Exchange of Hong Kong Limited, with stock code 2225[5](index=5&type=chunk) - The board lot size for trading is **5,000 shares**[5](index=5&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Overview of Period Performance](index=5&type=section&id=Overview%20of%20Period%20Performance) For the six months ended June 30, 2025, the company experienced a significant decline in revenue, leading to an expanded loss for the period and an increase in total comprehensive expense Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Revenue | 14,529 | 25,937 | | Cost of sales and services | (12,447) | (18,515) | | Gross profit | 2,082 | 7,422 | | Other income, gains and losses, net | 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 for the period attributable to owners of the Company | (10,253) | (6,043) | | Basic and diluted loss per share (Singapore cents) | (0.20) | (0.12) | Condensed Consolidated Statement of Financial Position [Assets, Liabilities, and Equity Status](index=6&type=section&id=Assets,%20Liabilities,%20and%20Equity%20Status) As of June 30, 2025, the company's total assets and total equity both decreased compared to December 31, 2024, with a significant reduction in net current assets Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | **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** | | Net current assets | 3,501 | 6,807 | | Total assets less current liabilities | 29,904 | 35,510 | | Net assets | 27,775 | 32,779 | - Net current assets decreased from **S$6,807 thousand** as of December 31, 2024, to **S$3,501 thousand** as of June 30, 2025, a **48.6% decline**[8](index=8&type=chunk) Condensed Consolidated Statement of Changes in Equity [Analysis of Equity Changes](index=8&type=section&id=Analysis%20of%20Equity%20Changes) For the six months ended June 30, 2025, the company's total equity decreased due to loss for the period and other comprehensive expenses, despite an increase in share-based payments Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | June 30, 2025 (S$ thousand) | June 30, 2024 (S$ thousand) | | :--- | :--- | :--- | | At January 1 (audited) | 32,779 | 37,490 | | Loss for the period | (10,800) | (5,953) | | Other comprehensive income/(expense) for the period | 526 | (293) | | Total comprehensive income/(expense) for the period | (10,274) | (6,246) | | Share-based payments | 5,270 | 6,453 | | Forfeiture of share options | – | – | | Changes in equity for the period | (5,004) | 207 | | At June 30 | 27,775 | 37,697 | - Equity attributable to owners of the Company decreased from **S$31,806 thousand** as of January 1, 2025, to **S$27,356 thousand** as of June 30, 2025, primarily due to a **loss for the period of S$10,253 thousand**[9](index=9&type=chunk) Condensed Consolidated Statement of Cash Flows [Cash Flow Overview](index=9&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, the company experienced net cash outflow from operating activities, net cash inflow from investing activities, and net cash outflow from financing activities, resulting in a significant decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Net cash (used in)/generated from operating activities | (8,709) | 844 | | Net cash generated from/(used in) investing activities | 2,671 | (7,592) | | Net cash used in financing activities | (63) | (178) | | Net decrease in cash and cash equivalents | (6,101) | (6,926) | | Cash and cash equivalents at beginning of period | 10,446 | 20,196 | | Cash and cash equivalents at end of period | 4,889 | 13,173 | - Net cash used in operating activities was **S$8,709 thousand** in the first half of 2025, compared to a net inflow of **S$844 thousand** in the same period last year[11](index=11&type=chunk) - Cash and cash equivalents at the end of the period decreased from **S$10,446 thousand** at the beginning of the period to **S$4,889 thousand**[11](index=11&type=chunk) Notes to the Condensed Consolidated Financial Statements [1. General Information](index=10&type=section&id=1.%20General%20Information) Imhai Medical Technology Co., Ltd. is an investment holding company primarily engaged in providing minimally invasive surgical solutions, medical products and related services, labor dispatch, dormitory services, IT services, and construction support services - The Company is an investment holding company, and its operating subsidiaries are principally engaged in providing minimally invasive surgical solutions and medical products and related services, labor dispatch and ancillary services, dormitory services, information technology services, and construction support services for the construction and building industry[12](index=12&type=chunk) [2. Basis of Preparation](index=10&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the Listing Rules, with accounting policies consistent with the 2024 annual financial statements - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on the Stock Exchange[13](index=13&type=chunk) - The accounting policies and methods of computation used in the preparation of these condensed consolidated financial statements are consistent with those used in the annual financial statements for the year ended December 31, 2024[13](index=13&type=chunk) [3. Application of New and Revised International Financial Reporting Standards](index=10&type=section&id=3.%20Application%20of%20New%20and%20Revised%20International%20Financial%20Reporting%20Standards) The Group has adopted all new and revised International Financial Reporting Standards effective January 1, 2025, with no significant changes to accounting policies, financial statement presentation, or reported amounts for the current and prior periods - The Group has adopted all new and revised International Financial Reporting Standards issued by the International Accounting Standards Board that are relevant to its operations and effective for accounting periods beginning on January 1, 2025[14](index=14&type=chunk) - The adoption of these new and revised International Financial Reporting Standards has not resulted in significant changes to the Group's accounting policies, the presentation of the Group's consolidated financial statements, or the amounts reported for the current and prior periods[14](index=14&type=chunk) [4. Fair Value Measurement](index=11&type=section&id=4.%20Fair%20Value%20Measurement) The Group's fair value measurements use a three-level hierarchy, primarily involving investments at fair value through profit or loss (listed equities and funds) and equity investments at fair value through other comprehensive income (unlisted funds), with unlisted fund investments classified as Level 3 measurements Total Recurring Fair Value Measurements | Description | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | Investments at fair value through profit or loss | 2,081 | 4,479 | | Equity investments at fair value through other comprehensive income | 522 | 556 | | **Total recurring fair value measurements** | **2,603** | **5,035** | - Investments at fair value through profit or loss primarily consist of listed equity investments and listed fund investments, categorized as Level 1 inputs[19](index=19&type=chunk)[20](index=20&type=chunk) - Equity investments at fair value through other comprehensive income are unlisted fund investments, categorized as Level 3 inputs, with their fair value decreasing from **S$556 thousand** as of December 31, 2024, to **S$522 thousand** as of June 30, 2025[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) [5. Revenue and Segment Information](index=13&type=section&id=5.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from minimally invasive surgical solutions and medical product services in China, and labor dispatch, dormitory services, IT services, and construction support services in Singapore. Total revenue significantly decreased in the first half of 2025, mainly due to business adjustments in China and reduced demand for dormitory services in Singapore Disaggregation of Revenue from Contracts with Customers (For the six months ended June 30) | Geographical Market | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | 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** | - Total revenue for the first half of 2025 was **S$14,529 thousand**, a **44% decrease** compared to **S$25,937 thousand** in the same period of 2024[26](index=26&type=chunk) - Revenue from China decreased from **S$12,432 thousand** to **S$6,333 thousand**, and revenue from Singapore decreased from **S$7,894 thousand** to **S$6,818 thousand**[26](index=26&type=chunk) - Fees for providing minimally invasive surgical solutions and medical products and related services were **S$6,333 thousand** in the first half of 2025, compared to **S$12,302 thousand** in the prior year period, representing a key revenue source[26](index=26&type=chunk) [6. Other Income, Gains and Losses, Net](index=15&type=section&id=6.%20Other%20Income,%20Gains%20and%20Losses,%20Net) Other income, gains and losses, net, significantly decreased in the first half of 2025, primarily due to exchange losses offsetting net fair value changes in investments at fair value through profit or loss Other Income, Gains and Losses, Net (For the six months ended June 30) | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Government grants | 78 | 34 | | Dividend income from listed equity investments | 33 | 45 | | Interest income | 3 | 11 | | Work injury/worker compensation claims | 71 | 50 | | Sub-lease income | 226 | 183 | | Net fair value change on 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** | - Other income, gains and losses, net, for the first half of 2025 was **S$200 thousand**, a significant decrease from **S$873 thousand** in the same period of 2024[30](index=30&type=chunk) - Key changes include a net fair value change on investments at fair value through profit or loss increasing from **S$32 thousand** to **S$848 thousand**, but net exchange gain turning into a **loss of S$826 thousand** from a **gain of S$449 thousand**[30](index=30&type=chunk) [7. Finance Costs](index=16&type=section&id=7.%20Finance%20Costs) Finance costs slightly increased in the first half of 2025, mainly due to higher interest on bank borrowings Finance Costs (For the six months ended June 30) | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Interest on lease liabilities | 139 | 220 | | Interest on bank borrowings | 210 | 127 | | **Total** | **349** | **347** | - Interest on bank borrowings increased from **S$127 thousand** in the first half of 2024 to **S$210 thousand** in the first half of 2025[32](index=32&type=chunk) [8. Income Tax Expense](index=16&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense significantly increased in the first half of 2025, primarily due to provisions for Singapore corporate income tax and under-provision in prior years Income Tax Expense (For the six months ended June 30) | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | China corporate income tax | – | 12 | | Singapore corporate income tax (provision for the period) | 31 | – | | Singapore corporate income tax (under-provision in prior years) | 35 | – | | Deferred tax | 12 | – | | **Total income tax expense** | **78** | **12** | - China business income tax is calculated at a **25% tax rate**, while Singapore business income tax is provided at a **17% tax rate**[36](index=36&type=chunk) [9. Loss for the Period](index=17&type=section&id=9.%20Loss%20for%20the%20Period) The loss for the period expanded to S$10.8 million in the first half of 2025, primarily due to decreased revenue and lower gross profit margin, with depreciation, R&D expenses, and staff costs also contributing to the loss Items Deducted in Arriving at Loss for the Period (For the six months ended June 30) | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | 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 | | Research and development expenses | 415 | 245 | | Cost of inventories sold | 5,999 | 11,916 | | Staff costs (including directors' emoluments) | 11,826 | 13,645 | - The loss for the period was **S$10,800 thousand**, an increase from **S$5,953 thousand** in the prior year period[6](index=6&type=chunk) - Staff costs (including salaries, wages and other benefits, contributions to defined contribution plans, foreign worker levies, and equity-settled share-based payments) totaled **S$11,826 thousand**[37](index=37&type=chunk) [10. Dividends](index=17&type=section&id=10.%20Dividends) No dividends were paid or declared by the company for the six months ended June 30, 2025, and 2024 - No dividends were paid or declared by the Company for the six months ended June 30, 2025, and 2024[38](index=38&type=chunk) [11. Loss Per Share](index=18&type=section&id=11.%20Loss%20Per%20Share) Basic and diluted loss per share for the first half of 2025 was 0.20 Singapore cents, an increase from the prior year, mainly due to the expanded loss for the period Loss Per Share Calculation (For the six months ended June 30) | Indicator | 2025 (S$ thousand/thousand shares/Singapore cents) | 2024 (S$ thousand/thousand shares/Singapore cents) | | :--- | :--- | :--- | | Loss for the purpose of 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 (Singapore cents) | (0.20) | (0.12) | - Diluted loss per share is the same as basic loss per share as the Company had no potential dilutive ordinary shares outstanding[41](index=41&type=chunk) [12. Investment Properties](index=18&type=section&id=12.%20Investment%20Properties) The amount of investment properties acquired by the Group significantly decreased in the first half of 2025 Acquisition of Investment Properties (For the six months ended June 30) | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Acquisition of investment properties | 218 | 10,515 | [13. Trade Receivables](index=18&type=section&id=13.%20Trade%20Receivables) As of June 30, 2025, total trade receivables slightly decreased, but receivables overdue by 61-90 days significantly increased Ageing Analysis of Trade Receivables (Net of provision for impairment losses) | Ageing | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | 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** | - Trade receivables overdue by **61 to 90 days** significantly increased from **S$16 thousand** as of December 31, 2024, to **S$1,963 thousand** as of June 30, 2025[43](index=43&type=chunk) [14. Trade Payables](index=19&type=section&id=14.%20Trade%20Payables) As of June 30, 2025, total trade payables significantly decreased, primarily due to reductions in payables within 30 days and 31-90 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | 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** | - Total trade payables decreased from **S$5,129 thousand** as of December 31, 2024, to **S$1,693 thousand** as of June 30, 2025, a **67% reduction**[44](index=44&type=chunk) [15. Share Capital](index=19&type=section&id=15.%20Share%20Capital) As of June 30, 2025, the company's authorized and issued share capital remained unchanged, with 5,170,000 thousand issued ordinary shares at a par value of HK$0.0025 Share Capital Details | Item | Number of Shares (thousand shares) | Amount (S$ thousand) | | :--- | :--- | :--- | | Issued and fully paid as of June 30, 2025 | 5,170,000 | 2,252 | - On December 12, 2024, each existing share of **HK$0.01** par value in the company's share capital was subdivided into four subdivided shares of **HK$0.0025** par value each[45](index=45&type=chunk) [16. Share-based Payments](index=20&type=section&id=16.%20Share-based%20Payments) The company has a share option scheme to incentivize eligible participants. As of June 30, 2025, 460,130 thousand share options remained unexercised, with a weighted average exercise price of HK$0.635 - The share option scheme aims to provide eligible participants with an opportunity to acquire an ownership interest in the Company and encourage them to strive for enhancing the value of the Company and its shares[46](index=46&type=chunk) - Eligible participants include directors and employees of the Company or its subsidiaries, service providers, and directors and employees of holding companies, fellow subsidiaries, or associated companies[47](index=47&type=chunk) Details of Unexercised Share Options | Indicator | 2025 (thousand units/HK$) | 2024 (thousand units/HK$) | | :--- | :--- | :--- | | At January 1 | 509,245 | – | | Granted | – | 128,605 | | Lapsed | (49,115) | – | | At June 30 | 460,130 | 128,605 | | Exercisable at June 30 | 92,026 | – | | Weighted average exercise price (HK$) | 0.635 | 2.540 | - At the end of the period, the remaining contractual life of unexercised share options was **8.5 years**[55](index=55&type=chunk) [17. Contingent Liabilities](index=23&type=section&id=17.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: Nil)[59](index=59&type=chunk) [18. Related Party Transactions](index=23&type=section&id=18.%20Related%20Party%20Transactions) During the period, the Group engaged in transactions with related parties, including key management personnel remuneration and sub-lease income, and had a balance of borrowings from its ultimate holding company Related Party Transactions and Balances (For the six months ended June 30) | Item | 2025 (S$) | 2024 (S$) | | :--- | :--- | :--- | | Key management personnel remuneration – salaries and other benefits | 1,721 | 1,661 | | Sub-lease income received from an associate | 226 | – | | **Borrowings from ultimate holding company at period end (S$ thousand)** | **1,786** | **875** | - Sub-lease income of **S$226** was received from an associate whose ultimate beneficial owner is Mr. Chan Kwok Po, an executive director of the Group[60](index=60&type=chunk) [19. Approval of Condensed Consolidated Financial Statements](index=23&type=section&id=19.%20Approval%20of%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 29, 2025 - The condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 29, 2025[61](index=61&type=chunk) Management Discussion and Analysis [Business Review and Outlook](index=24&type=section&id=Business%20Review%20and%20Outlook) The Group's revenue decreased by 44% in the first half of 2025, mainly due to a slowdown in Singapore's economy and product portfolio adjustments in China's minimally invasive surgical solutions business. The future focus will shift to the China minimally invasive surgical market, with consideration to scale down Singapore operations, while seeking new business and investment opportunities - In the first half of 2025, the Group recorded revenue of **S$14.5 million**, a **44% decrease** compared to the same period last year[63](index=63&type=chunk) - The Board is shifting its business focus to providing minimally invasive surgical solutions, medical products, and related services in China, anticipating long-term growth in this sector[63](index=63&type=chunk) - The market size for minimally invasive surgical instruments in China is projected to reach **US$1.71 billion** in 2025 and **US$2.68 billion** by 2030, with a **CAGR of 9.45%**[63](index=63&type=chunk) - Given the anticipated slowdown in Singapore's economic growth, the Group is prudently considering the possibility of gradually scaling down some of its operations in Singapore[65](index=65&type=chunk)[66](index=66&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) The Group's revenue significantly decreased by 44% to S$14.5 million in the first half of 2025, with gross profit and gross profit margin also notably declining. The loss for the period expanded to S$10.8 million, primarily attributable to the dual impact of reduced revenue and gross profit margin Revenue Breakdown (For the six months ended June 30) | Service Type | H1 2025 (S$ thousand) | H1 2024 (S$ thousand) | 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 support services | 139 | 140 | (0.7) | | Information technology services | 228 | 250 | (8.8) | | **Total** | **14,529** | **25,937** | **(44.0)** | - Gross profit decreased from **S$7.4 million** in the first half of 2024 to **S$2.1 million** in the first half of 2025, with the gross profit margin declining from **28.6% to 14.3%**[69](index=69&type=chunk) - Administrative expenses decreased by **S$1.2 million**, mainly due to a reduction in share-based payments related to share options[71](index=71&type=chunk) - Loss for the period expanded from **S$6.0 million** in the first half of 2024 to **S$10.8 million** in the first half of 2025[73](index=73&type=chunk) [Liquidity, Financial Resources, and Gearing Ratio](index=27&type=section&id=Liquidity,%20Financial%20Resources,%20and%20Gearing%20Ratio) The Group's liquidity primarily comes from internal funds and listing proceeds. The use of listing proceeds has been adjusted multiple times, with placement proceeds mainly used for expanding the medical industry and labor dispatch businesses. As of June 30, 2025, cash and cash equivalents decreased, and the gearing ratio increased Use of Net Proceeds from Listing (As of June 30, 2025) | Intended Use | Original Allocation (HK$ million) | Amount Utilized as of June 30, 2025 (HK$ million) | Unutilized Amount as of June 30, 2025 (HK$ million) | | :--- | :--- | :--- | :--- | | Funding for additional foreign worker dormitories | 77.1 | 46.6 | – | | Funding for additional 10 trucks | 5.5 | 1.8 | 1.9 | | Funding for investment in securities | – | 10.0 | – | | Capital injection into Imhai Medical | – | 20.5 | – | | **Total** | **82.6** | **78.9** | **1.9** | Use of Net Proceeds from Placement (As of June 30, 2025) | Intended Use | Original Allocation (HK$ million) | Amount Utilized as of June 30, 2025 (HK$ million) | Unutilized Amount as of June 30, 2025 (HK$ million) | | :--- | :--- | :--- | :--- | | Expansion of medical industry business | 69.0 | 69.0 | – | | Expansion of labor dispatch and ancillary services business | 15.0 | 7.0 | 8.0 | | General working capital | 15.0 | 15.0 | – | | **Total** | **99.0** | **91.0** | **8.0** | - As of June 30, 2025, cash and cash equivalents were **S$4.9 million**, a significant decrease from **S$10.4 million** as of December 31, 2024[82](index=82&type=chunk) - The gearing ratio increased from **44.3%** as of December 31, 2024, to **52.8%** as of June 30, 2025[83](index=83&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk primarily due to assets and liabilities denominated in RMB and HKD, resulting in a net exchange loss in the first half of 2025 - The Group primarily transacts in RMB, with its functional currency being Singapore Dollars, and retains a significant portion of its listing proceeds denominated in HKD[84](index=84&type=chunk) - In the first half of 2025, currency translation differences arising from overseas operations resulted in a **gain of S$0.5 million**, while a net exchange loss of **S$0.8 million** was incurred[84](index=84&type=chunk) [Pledge of the Group's Assets and Contingent Liabilities](index=30&type=section&id=Pledge%20of%20the%20Group's%20Assets%20and%20Contingent%20Liabilities) As of June 30, 2025, certain lease liabilities and borrowings are secured by pledged lease assets, and the Group has no significant contingent liabilities - Certain lease liabilities and borrowings are secured by pledged lease assets with a total net book value of **S$9.8 million**[85](index=85&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities[86](index=86&type=chunk) [Capital Expenditure and Commitments](index=30&type=section&id=Capital%20Expenditure%20and%20Commitments) The Group's capital expenditure in the first half of 2025 was primarily for the purchase of property, plant, and equipment, with no capital commitments at period-end - The Group recorded capital expenditure of **S$23,000** for the purchase of property, plant, and equipment in the first half of 2025[87](index=87&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group had no capital commitments[88](index=88&type=chunk) [Material Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=31&type=section&id=Material%20Investments%20Held,%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates,%20and%20Joint%20Ventures) The Group, through Imhai Shanghai, is injecting capital into Shanghai Pailiya, which is expected to become a subsidiary. Additionally, the Group holds listed investments and manages internal funds through the acquisition of listed securities - Imhai Shanghai agreed to inject up to **RMB16,500,000** into Shanghai Pailiya, after which Imhai Shanghai will hold a **55% equity interest** in Shanghai Pailiya, making it a subsidiary of the Company[89](index=89&type=chunk) - As of June 30, 2025, the fair value of the Group's listed investments was **S$2.1 million**, a decrease from **S$4.5 million** as of December 31, 2024[90](index=90&type=chunk) - The Group generates returns through dividend income and fair value gains by acquiring certain listed securities in the open market[91](index=91&type=chunk) [Off-balance Sheet Transactions](index=31&type=section&id=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[92](index=92&type=chunk) [Employees and Remuneration Policy](index=32&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 458 employees and determines remuneration based on employee performance, qualifications, and position, with a sales incentive plan in place - As of June 30, 2025, the Group had **458 employees** (December 31, 2024: 488 employees)[93](index=93&type=chunk) - The Group determines employee salaries based on their qualifications, position, and experience, and has a sales incentive plan[93](index=93&type=chunk) - Worker and staff costs (including directors' and chief executive's emoluments) for the first half of 2025 were **S$11.8 million**, a decrease from **S$13.6 million** in the prior year period[93](index=93&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=32&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The Group faces interest rate risk, foreign currency risk, credit risk, liquidity risk, fair value risk, and equity price risk, which are managed through monitoring, portfolio diversification, and credit assessment measures - The Group is exposed to cash flow interest rate risk from floating interest rates earned on bank balances and fair value interest rate risk related to fixed-rate finance lease commitments[94](index=94&type=chunk) - The Group is exposed to foreign currency risk due to certain bank balances, investments, trade receivables, and payables denominated in USD, RMB, and HKD[96](index=96&type=chunk) - To mitigate credit risk, the Group has policies for setting credit limits, credit approval, and other monitoring procedures, and reviews the recoverability of individual trade debts[98](index=98&type=chunk)[99](index=99&type=chunk) - The Group manages liquidity risk by monitoring cash and cash equivalents levels and manages price risk arising from investments in equity securities through portfolio diversification[100](index=100&type=chunk)[102](index=102&type=chunk) Corporate Governance and Other Information [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations](index=33&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 June 30, 2025, Mr. Chan Kwok Po held 48.94% of the company's shares through controlled corporations, while Mr. Wong Chun Fei and Mr. Jiang Jiangyu held share options Directors'/Chief Executive's Long Positions in Shares of the Company | Name of Director/Chief Executive | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of the Company's Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Chan Kwok Po | Interest in controlled corporation | 2,530,000,000 | 48.94% | | Mr. Wong Chun Fei | Beneficial owner | 25,850,000 | 0.49% | | Mr. Jiang Jiangyu | Beneficial owner | 25,850,000 | 0.49% | - The beneficial interests held by Mr. Wong Chun Fei and Mr. Jiang Jiangyu are share options granted by the Company on January 9, 2024, under the Share Option Scheme[107](index=107&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=35&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, Baolai International Limited was a substantial shareholder, holding 48.94% of the company's shares. Ms. Jiang Xiahong was deemed to have the same interest due to spousal relationship, and Mr. Liu Lei held share options Substantial Shareholders' and Other Persons' Long Positions in Shares | Name of Shareholder/Entity | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Shares | | :--- | :--- | :--- | :--- | | Baolai | Beneficial owner | 2,530,000,000 | 48.94% | | Ms. Jiang Xiahong | Interest of spouse | 2,530,000,000 | 48.94% | | Mr. Liu Lei | Beneficial owner | 284,350,000 | 5.50% | - Ms. Jiang Xiahong is the spouse of Mr. Chan Kwok Po and is deemed, under the Securities and Futures Ordinance, to have an interest in all shares held by Mr. Chan Kwok Po through his controlled corporation[110](index=110&type=chunk) - The beneficial interest held by Mr. Liu Lei represents share options granted to him by the Company on January 9, 2024, under the Share Option Scheme[110](index=110&type=chunk) [Share Option Scheme](index=35&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on December 29, 2023, to incentivize eligible participants. As of June 30, 2025, the scheme's authorized limit and service provider sub-limit were both 0, with 92,260,000 shares under exercisable options - Eligible participants of the Share Option Scheme include directors, employees, service providers, and participants of related entities[111](index=111&type=chunk) - The vesting period for share options shall not be less than **12 months**, and the exercise period is within **ten years** from the date of grant[113](index=113&type=chunk)[114](index=114&type=chunk) - A total of **128,603,750 share options** were granted on January 9, 2024, with an exercise price of **HK$2.54 per share**, vesting in three tranches[115](index=115&type=chunk)[117](index=117&type=chunk) Share Option Scheme Limits (As of June 30, 2025) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Scheme authorized limit | 0 | 0 | | Service provider sub-limit | 0 | 0 | - As of June 30, 2025, **92,260,000 shares** under share options granted under all the Company's schemes were exercisable, representing **1.78%** of the weighted average number of issued shares of the relevant class[129](index=129&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=41&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During the period, neither the company, its subsidiaries, nor fellow subsidiaries entered into any arrangements enabling directors or their associates to acquire benefits through purchasing shares or debentures of the company or any other body corporate - Neither the Company, any of its subsidiaries, nor fellow subsidiaries entered into any arrangements at any time during the period that would enable directors or their respective associates to acquire benefits through purchasing shares or debentures of the Company or any other body corporate[132](index=132&type=chunk) [Changes in Directors' Information](index=41&type=section&id=Changes%20in%20Directors'%20Information) No other information is required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules - No other information is required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules[130](index=130&type=chunk) [Material Post-Balance Sheet Events](index=41&type=section&id=Material%20Post-Balance%20Sheet%20Events) On July 11, 2025, the company entered into subscription agreements with three subscribers to subscribe for a total of 120,000,000 shares at HK$1.35 per share, with net proceeds of HK$161.0 million to be used for potential M&A of healthcare-related projects, R&D expenses, 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 subscription shares** at a subscription price of **HK$1.35 per share**[131](index=131&type=chunk) - The net proceeds of **HK$161.0 million** are intended to be used for potential mergers and acquisitions of healthcare-related projects and/or companies and investments in healthcare-related industries (**HK$96.6 million**), research and development expenses (**HK$32.2 million**), and general working capital (**HK$32.2 million**)[133](index=133&type=chunk)[134](index=134&type=chunk) - The proceeds are expected to be fully utilized by July 31, 2026[134](index=134&type=chunk) [Repurchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=Repurchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the period, neither the company nor any of 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[135](index=135&type=chunk) [Directors' Securities Transactions](index=42&type=section&id=Directors'%20Securities%20Transactions) The company has adopted the Model Code as the code of conduct for directors' securities transactions, and all directors complied with it during the period - The Company has adopted the Model Code as the code of conduct for directors' securities transactions[136](index=136&type=chunk) - All directors have confirmed that they have complied with the Model Code and its code of conduct regarding directors' securities transactions throughout the period[136](index=136&type=chunk) [Directors' and Controlling Shareholders' Interests in Competing Businesses](index=43&type=section&id=Directors'%20and%20Controlling%20Shareholders'%20Interests%20in%20Competing%20Businesses) During the period, neither the directors nor the company's controlling shareholders or their respective close associates had any interests in any business that directly or indirectly competes with the Group's business - During the period, neither the directors nor the Company's controlling shareholders or their respective close associates had any interests in any business, other than the Group's business, that competes or is likely to compete, directly or indirectly, with the Group's business[137](index=137&type=chunk) [Compliance with Corporate Governance Code](index=43&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has complied in all material respects with the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules during the period - The Company has complied in all material respects with all applicable code provisions set out in the Corporate Governance Code during the period[139](index=139&type=chunk) [Review by Audit Committee](index=43&type=section&id=Review%20by%20Audit%20Committee) The company's Audit Committee has reviewed the unaudited interim results for the period and believes that the financial information and reporting comply with applicable accounting standards and the Listing Rules - 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 reporting are prepared in accordance with applicable accounting standards, the Listing Rules, and other applicable legal requirements[140](index=140&type=chunk)

Core Viewpoint - Jin Hai Medical Technology (02225) experienced a significant stock price increase of over 41% in the afternoon trading session, with a cumulative rise exceeding 80% post-earnings announcement [1] Financial Performance - The company reported a revenue of SGD 14.529 million, representing a year-on-year decrease of 43.98% [1] - Shareholder losses amounted to SGD 10.253 million, which is a year-on-year increase of 69.67% [1] Capital Raising and Use of Proceeds - The company plans to issue 120 million new shares, which will represent approximately 2.27% of the enlarged share capital [1] - The net proceeds from this issuance are expected to be around HKD 161 million, intended for potential acquisitions in the healthcare sector, funding for research and development, and general working capital [1] Strategic Partnerships - On July 2, the company's wholly-owned subsidiary, Shanghai Jin Hai Medical Technology Co., Ltd., entered into a five-year cooperation framework agreement with Ningbo David Medical Instruments Co., Ltd. [1] - This agreement aims to collaborate on endoscope products in the international market, focusing on creating competitive high-end medical device solutions [1]

Core Viewpoint - Jin Hai Medical Technology (02225) experienced a significant stock price increase of over 41% in the afternoon trading session, with a cumulative rise exceeding 80% post-earnings announcement, despite reporting a substantial decline in revenue and an increase in shareholder losses [1] Financial Performance - The company reported a revenue of 14.529 million Singapore dollars, representing a year-on-year decrease of 43.98% [1] - Shareholder losses amounted to 10.253 million Singapore dollars, which is a year-on-year increase of 69.67% [1] Capital Raising and Use of Proceeds - The company announced a plan to issue 120 million new shares, which will represent approximately 2.27% of the enlarged share capital [1] - The net proceeds from this issuance are expected to be around 161 million Hong Kong dollars, intended for potential acquisitions in the healthcare sector, research and development expenses, and general working capital [1] Strategic Partnerships - On July 2, the company's wholly-owned subsidiary, Shanghai Jin Hai Medical Technology Co., Ltd., entered into a five-year cooperation framework agreement with Ningbo David Medical Instruments Co., Ltd. [1] - This agreement aims to collaborate on endoscope products in the international market, focusing on creating competitive high-end medical device solutions [1]

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 今海醫療科技股份有限公司 呈交日期: 2025年9月1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 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02225 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.0025 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.0025 | HKD | | 20,000,000 | 本月底法 ...

Group 1 - The company reported a revenue of 14.529 million Singapore dollars for the six months ending June 30, 2025, representing a year-on-year decrease of 43.98% [1] - The loss attributable to shareholders was 10.253 million Singapore dollars, which is an increase of 69.67% compared to the previous year [1] - The loss per share was 0.2 Singapore cents [1]

Core Insights - The company, Jin Hai Medical Technology, reported a revenue of SGD 14.529 million for the six months ending June 30, 2025, representing a year-on-year decrease of 44% [1] - The gross profit was SGD 2.082 million, which is a significant decline of approximately 72% compared to the previous year [1] - The loss attributable to the company's owners was SGD 10.253 million, compared to a loss of SGD 6.043 million in the same period last year [1] - The basic loss per share was SGD 0.20 cents [1]

[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 ...