Financial Performance - For the six months ended June 30, 2022, the company's revenue increased by 4.6% to approximately SGD 6.8 million, compared to SGD 6.5 million in the same period last year[36]. - Gross profit decreased by approximately SGD 0.3 million to about SGD 1.0 million, resulting in a gross margin of 14.7%, down from 19.3% in the previous year[40]. - The company reported a net loss of SGD 0.5 million, compared to a net loss of SGD 0.3 million in the same period last year, representing a 66.7% increase in losses[40]. - The company incurred a loss before tax of SGD 499 thousand for the six months ended June 30, 2022, compared to a loss of SGD 264 thousand in the previous year, reflecting an increase in losses of approximately 89.0%[101]. - Total comprehensive loss for the period was SGD 825 thousand, compared to SGD 261 thousand in the same period last year, marking an increase of about 215.3%[101]. - The group recorded a pre-tax loss of SGD 499,000 for the six months ended June 30, 2022, compared to a loss of SGD 264,000 in 2021, reflecting a deterioration in performance[144]. - Basic loss per share for the six months ended June 30, 2022, was SGD (0.05), compared to SGD (0.03) for the same period in 2021[144]. Revenue Sources - The contribution from private sector projects was SGD 3.2 million, accounting for 47.1% of total revenue, while public sector projects contributed SGD 3.6 million, accounting for 52.9%[43]. - Major customers contributing over 10% of total revenue included Customer A with SGD 2,780,000, Customer B with SGD 1,711,000, and Customer C with SGD 1,325,000[131]. - The total transaction price allocated to remaining performance obligations as of June 30, 2022, was SGD 188,514,000, significantly up from SGD 62,202,000 in 2021, indicating a growth of approximately 202.5%[132]. Project and Contract Information - As of June 30, 2022, the company had eight ongoing projects with a total contract value of approximately SGD 201.4 million, of which SGD 12.9 million has been recognized as revenue[37]. - During the period, the company secured a new project with a total contract value of approximately SGD 139.0 million[38]. Cost and Expenses - The service costs increased by approximately 9.4% to about SGD 5.8 million, consistent with the increase in revenue[44]. - Administrative expenses increased by approximately SGD 0.3 million or 15.0% to about SGD 2.3 million, primarily due to higher employee costs compared to the same period last year[49]. - Other income decreased by approximately SGD 0.1 million or 20.0% to about SGD 0.4 million due to reduced government subsidies related to COVID-19[47]. Cash Flow and Assets - As of June 30, 2022, the group had cash and bank balances of approximately SGD 17.5 million, up from about SGD 14.0 million as of December 31, 2021[53]. - The company reported a cash flow from operating activities of SGD (499) thousand, compared to SGD (264) thousand for the same period in 2021, indicating a decline in operational cash flow[117]. - The net cash generated from investing activities was SGD 4,165 thousand, significantly higher than SGD 9 thousand in the prior year, primarily due to proceeds from the sale of property, plant, and equipment amounting to SGD 9,454 thousand[120]. - Current assets amounted to SGD 23,997 thousand as of June 30, 2022, compared to SGD 18,789 thousand at the end of 2021, representing an increase of about 27.5%[104]. - The company's total assets were valued at SGD 56,636 thousand as of June 30, 2022, slightly up from SGD 56,499 thousand at the end of 2021[104]. Shareholder Information - As of June 30, 2022, major shareholders include HMK holding 529,792,000 shares, representing approximately 57.86% of the company's issued voting shares[82]. - Zheng Yonghua holds 90% of HMK, thus is deemed to have an interest in the 529,792,000 shares held by HMK[85]. - The company did not repurchase any shares during the reporting period[76]. Corporate Governance - The board of directors and management are committed to maintaining high standards of corporate governance to protect shareholder interests[90]. - The company has adopted a code of conduct for securities trading that is not less stringent than the listing rules[92]. - The company has complied with all applicable principles and provisions of the corporate governance code during the reporting period[91]. Challenges and Market Conditions - The ongoing challenges include supply chain disruptions, labor and material shortages, which are expected to impact bidding prices and profit margins[35]. - The company adopted a more cautious approach to bidding for new projects due to market volatility and cost pressures[36]. Employee Costs - Employee costs totaled approximately SGD 2.7 million for the period, consistent with the same period last year[63]. - Total compensation for key management personnel in 2022 was SGD 600,000, a slight increase from SGD 597,000 in 2021, reflecting a growth of approximately 0.5%[176]. - Salary, allowances, and benefits for key management personnel amounted to SGD 579,000 in 2022, compared to SGD 577,000 in 2021, indicating a marginal increase of about 0.3%[176].

Financial Performance - The group reported a revenue growth of 7.6% in 2021, rebounding from a contraction of 4.1% in 2020, with the construction sector growing by 20.1% compared to a 38.4% decline in 2020[35]. - The group's revenue for the year ended December 31, 2021, increased by approximately SGD 7.2 million, or 102.8%, to approximately SGD 14.6 million compared to the previous fiscal year[36]. - Gross profit rose from a gross loss of approximately SGD 34,000 for the year ended December 31, 2020, to a gross profit of approximately SGD 3.0 million for the year ended December 31, 2021[47]. - The gross profit margin improved to approximately 20.7% for the year ended December 31, 2021, compared to a gross loss margin of approximately 0.5% for the previous year[47]. - The net loss for the year ended December 31, 2021, increased by approximately 29.0% to approximately SGD 4.0 million from approximately SGD 3.1 million for the year ended December 31, 2020[51]. - Other income decreased from approximately SGD 1.9 million for the year ended December 31, 2020, to approximately SGD 0.9 million for the year ended December 31, 2021[48]. - The distributable reserves for the company as of December 31, 2021, were approximately SGD 23,270,000, a decrease from SGD 29,344,000 in 2020[118]. Operational Challenges - Labor shortages due to cross-border restrictions have led to increased labor costs, impacting overall productivity and operational costs[34]. - The construction industry in Singapore is expected to remain below pre-pandemic levels throughout 2022, indicating ongoing challenges in the market[35]. - New project bidding prices remain competitive, but profit margins are expected to decline significantly due to rising construction costs and labor shortages[35]. - The implementation of COVID-19 safety measures has led to decreased productivity and increased costs across the industry[34]. - The group is preparing for another challenging year in 2022, anticipating impacts from rising operational costs and labor shortages[29]. Strategic Initiatives - The group is focusing on enhancing its digital capabilities to drive productivity growth, particularly in response to labor shortages in the construction industry[35]. - The company is leveraging various government grants to enhance its digital delivery initiatives[35]. - The group is actively seeking construction projects and investment opportunities while monitoring market conditions closely[30]. - The company is investing $10 million in research and development to advance its technology capabilities[88]. - A new partnership with a leading logistics provider is expected to streamline operations and improve delivery times[88]. Shareholder and Governance - The company focuses on maximizing returns for shareholders while considering business development needs and financial stability before declaring dividends[116]. - The board has resolved not to recommend any final dividend for the current year, consistent with the previous year[119]. - The company has established a compensation committee to determine the remuneration policy based on operational performance and market practices[153]. - The company’s board of directors is required to obtain shareholder approval for their remuneration at the annual general meeting[154]. - The board consists of six members, including two executive directors and three independent non-executive directors[191]. Market Position and Customer Base - Revenue from the group's top five customers accounted for approximately 88.0% of total revenue in the current year, down from 98.0% in the previous year[112]. - The largest customer represented about 48.8% of total revenue, an increase from 35.7% in 2020[178]. - The company aims to consolidate and expand its market share in the electromechanical industry in Singapore[143]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[88]. Risk Management - The company faces risks related to the non-recurring nature of its projects, which may impact financial performance if new contracts are not secured[142]. - The company has implemented policies to mitigate credit risk, including credit limit assessments and monitoring procedures for overdue receivables[146]. - The company may experience cash flow issues due to potential delays in trade receivables and retention payments from clients[146]. - The company heavily relies on foreign workers, with a significant impact on operations and financial performance due to shortages and increased costs associated with local labor[147]. Human Resources - The total employee cost for the year ended December 31, 2021, was approximately SGD 5.6 million, slightly up from SGD 5.5 million in 2020, with a total of 142 employees compared to 129 in 2020[72]. - The company regularly assesses the availability of human resources to meet operational and expansion needs[147]. - The company has maintained strong relationships with suppliers and subcontractors, ensuring support in material pricing and delivery[113]. Compliance and Audit - The financial statements for the year were audited by Baker Tilly TFW LLP, who will be eligible for reappointment at the upcoming annual general meeting[185]. - Independent non-executive directors have confirmed compliance with independence guidelines as per listing rules[135]. - The company has maintained compliance with listing rules regarding the appointment of at least three independent non-executive directors throughout the year[195].

Financial Performance - For the six months ended June 30, 2021, the company's revenue increased by 160.0% to approximately SGD 6.5 million, compared to SGD 2.5 million in the same period last year[27]. - Gross profit improved from a loss of approximately SGD 0.4 million to a profit of approximately SGD 1.3 million, resulting in a gross profit margin of 19.3%[31]. - The net loss for the period was reduced to SGD 0.3 million from SGD 2.2 million in the previous year, representing an 86.4% improvement[31]. - The company reported a loss per share of SGD 0.03, compared to SGD 0.24 in the same period last year, marking an 87.5% improvement[31]. - Total comprehensive loss for the period was SGD (261,000), a reduction from SGD (2,184,000) in the prior year[84]. - The company incurred a loss before tax of SGD (264,000) for the six months ended June 30, 2021, compared to a loss of SGD (2,157,000) in the previous year[84]. - The company reported a revenue of SGD 6,538,000 for the six months ended June 30, 2021, a significant increase of 161% compared to SGD 2,505,000 for the same period in 2020[128]. Project and Contract Information - The company has ten ongoing projects with a total contract value of approximately SGD 81.8 million, of which approximately SGD 19.6 million has been recognized as revenue[29]. - Three new projects were awarded during the six months ended June 30, 2021, with a total contract value of approximately SGD 35.0 million[30]. - The company expects to recognize SGD 62,202,000 in revenue from contracts with remaining performance obligations within one to two years[131]. Market Conditions - The construction demand in Singapore is projected to be between SGD 23 billion and SGD 28 billion for 2021, an increase from SGD 19.5 billion in 2020[26]. - The company is adopting a more cautious approach to new project tenders due to uncertainties in the construction market and potential supply chain disruptions[26]. Cost and Expenses - Service costs increased by approximately SGD 2.4 million or 82.8% to about SGD 5.3 million for the six months ended June 30, 2021, consistent with revenue growth[35]. - Administrative expenses decreased by approximately SGD 0.4 million or 16.7% to about SGD 2.0 million, attributed to the recovery of business activities[39]. - Other income decreased by approximately SGD 0.2 million or 28.6% to about SGD 0.5 million due to reduced government grants and interest income[37]. Financial Position - As of June 30, 2021, the company had cash and bank balances of approximately SGD 17.3 million, up from SGD 16.6 million as of December 31, 2020[43]. - The current ratio and debt-to-equity ratio were approximately 2.6 times and 0%, respectively, indicating a stable financial position[43]. - The company reported a total liability of SGD 7,563,000, down from SGD 7,886,000 at the end of 2020[88]. - The company's net asset value decreased to SGD 51,818,000 from SGD 52,079,000 at the end of 2020[88]. Shareholder Information - As of June 30, 2021, the total equity held by directors and senior executives in the company was 549,792,000 shares, representing 60.05% of the issued voting shares[65]. - The company maintains a public float of at least 25% of its total issued shares as per listing rules[80]. - The company did not repurchase any shares during the reporting period, nor did it buy or sell any of its shares[64]. Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring compliance with applicable accounting standards[79]. - The company has adhered to corporate governance standards as outlined in the listing rules[76]. - No significant matters affecting the group's business or financial performance were noted post-reporting period[81]. Employee and Management Costs - Employee costs totaled approximately SGD 2.7 million, compared to SGD 2.5 million for the six months ended June 30, 2020[50]. - The remuneration for key management personnel for the six months ended June 30, 2021, was SGD 597,000, a decrease of 6.7% from SGD 640,000 in the same period of 2020[164]. - The employer's contribution to the defined contribution plan was SGD 20,000 for the six months ended June 30, 2021, compared to SGD 26,000 in the same period of 2020, reflecting a 23.1% decrease[164].

SOLIS HOLDINGS LIMITED 守益控股有限公司 SOLIS HOLDINGS LIMITED (incorporated in the Cayman Islands with limited liability) Stock Code: 2227 ANNUAL REPORT 2020 ANNUAL REPORT 2020 年報 SOLIS HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） 股份代號：2227 年 報 2020 目錄 目錄 公司資料 2 主席報告 4 管理層討論及分析 5 本公司董事及高層管理人員履歷詳情 11 董事會報告 16 企業管治報告 28 環境、社會及管治報告 45 獨立核數師報告 67 合併損益及其他全面收益表 73 合併財務狀況表 74 合併權益變動表 75 合併現金流量表 76 合併財務報表附註 78 五年財務概要 138 01 守益控股有限公司 • 2020年年報 公司資料 公司資料 執行董事 鄭湧華先生（主席） 張瑞清先生（於二零二零年六月二十三日獲重新委任） 陳凱犇先生（於二零二零年十月十五日獲委任） 梁乾原先生（於二零二零年六月十九日辭任 ...

SOLIS HOLDINGS LIMITED 守益控股有限公司 (incorporated in the Cayman Islands with limited liability) Stock Code: 2227 Interim Report 2020 SOLIS HOLDINGS LIMITED 守益控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號：2227 中期報告 2020 目錄 目錄 公司資料 02 管理層討論及分析 04 其他資料 10 綜合損益及其他全面收益表 16 綜合財務狀況表 17 綜合權益變動表 18 綜合現金流量表 19 綜合財務報表附註 21 01 守益控股有限公司 • 2020年中期報告 公司資料 公司資料 獨立非執行董事 企業管治委員會 執行董事 鄭湧華先生（主席） 張瑞清先生（於二零二零年六月二十三日獲委任） 張加樂先生 關浣非博士 葉偉其先生 審核委員會 張加樂先生（主席） 關浣非博士 葉偉其先生 薪酬委員會 葉偉其先生（主席） 鄭湧華先生 張加樂先生 提名委員會 關浣非博士（主席） 張加樂先生 張瑞清先生（於二零二零年六月二十三日獲委任） 張瑞清先生（主席）（於二 ...

守益控股有限公司 SOLIS HOLDINGS LIMITED SOLIS HOLDINGS LIMITED 守益控股有限公司 (incorporated in the Cayman Islands with limited liability) Stock Code: 2227 Annual Report 2019 Annual Report 2019 年報 SOLIS HOLDINGS LIMITED 守益控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號：2227 年 報 2019 目錄 目錄 公司資料 2 主席報告 4 管理層討論及分析 5 本公司董事及高層管理人員履歷詳情 14 董事會報告 19 企業管治報告 30 環境、社會及管治報告 45 獨立核數師報告 67 合併損益及其他全面收益表 72 合併財務狀況表 73 合併權益變動表 74 合併現金流量表 75 合併財務報表附註 77 五年財務概要 138 01 守益控股有限公司 • 2019年年報 公司資料 公司資料 執行董事 鄭湧華先生（主席） 梁乾原先生（於二零一九年十二月十三日獲委任） 鄭永明先生（於二零二零年一月四日辭任） 張瑞清先生 ...

Financial Performance - For the six months ended June 30, 2019, the company's revenue increased by 52.8% to approximately SGD 13.6 million, compared to SGD 8.9 million in the same period last year[43]. - Gross profit decreased from approximately SGD 3.4 million to about SGD 1.4 million, resulting in a gross margin decline from 38.2% to 27.9% due to increased subcontracting work on ongoing projects[44]. - The company recorded a loss of approximately SGD 0.8 million for the period, compared to a profit of SGD 1.2 million for the same period in 2018[66]. - Revenue increased by approximately SGD 4.7 million or 52.8% to SGD 13.6 million for the six months ended June 30, 2019, compared to SGD 8.9 million for the same period in 2018[56]. - Gross profit decreased by approximately SGD 2.0 million or 58.8% to SGD 1.4 million, with a gross margin of 10.3% compared to 38.2% in the previous year[61]. - The company incurred an operating loss before tax of SGD 829,000 for the period, compared to a profit of SGD 1,489,000 in the prior year, reflecting a significant downturn[149]. - The net loss for the period was SGD 829,000, compared to a profit of SGD 1,227,000 in the same period last year, marking a shift from profitability to loss[149]. - The total comprehensive loss for the period amounted to SGD 838,000, contrasting with a comprehensive income of SGD 1,230,000 in the previous year[149]. - Basic and diluted loss per share for the first half of 2019 was SGD (0.10), compared to earnings of SGD 0.19 per share in the same period of 2018[149]. Project and Contract Status - As of June 30, 2019, the company had seven ongoing projects with a total contract value of approximately SGD 48.0 million, of which about SGD 40.5 million was recognized as revenue[46]. - The company completed one project during the period with a total contract value of approximately SGD 24.5 million[45]. - No new contracts were secured in the competitive Singapore construction market during the six months ended June 30, 2019, but a new contract worth approximately SGD 6.8 million was obtained afterward[51]. - The ongoing projects are primarily in public facilities, private residential complexes, educational institutions, and healthcare sectors, with contract values ranging from SGD 2.9 million to SGD 12.7 million[50]. - The management noted delays in ongoing projects due to client schedules, but these delays are not expected to significantly impact the company's financial performance[50]. - The company remains focused on bidding for new projects to maintain competitiveness in the local construction market despite ongoing challenges[43]. - The company will continue to actively participate in new project tenders to secure more contracts and enhance its market position[43]. Financial Position and Cash Flow - Cash and bank balances amounted to approximately SGD 19.1 million as of June 30, 2019, compared to SGD 18.3 million as of December 31, 2018[68]. - Total interest-bearing borrowings were approximately SGD 45,000 as of June 30, 2019, down from approximately SGD 1.4 million as of December 31, 2018[68]. - The current ratio and debt-to-equity ratio were approximately 4.7 times and 0.1% respectively as of June 30, 2019[68]. - Operating cash flow generated was SGD 2,613 million, compared to SGD 7 million in the previous year, indicating a significant improvement[163]. - The company’s cash flow from financing activities was a net outflow of SGD 1,398 million, compared to SGD 267 million in the previous year[169]. Employee and Administrative Costs - As of June 30, 2019, the group had a total of 237 employees, with total employee costs amounting to approximately SGD 3.8 million, compared to SGD 3.7 million for the same period in 2018[78]. - Administrative expenses increased by approximately SGD 0.6 million or 30.0% to SGD 2.6 million, mainly due to increased manpower costs for the tender department[62]. Use of IPO Proceeds - As of June 30, 2019, the total amount of net proceeds from the IPO was approximately SGD 132.2 million, with SGD 11.1 million utilized[101]. - The planned use of net proceeds includes hiring personnel (SGD 3.7 million), purchasing machinery and equipment (SGD 1.3 million), and expanding internal capabilities (SGD 6.9 million)[106]. - The group plans to utilize all remaining net proceeds by December 31, 2020, based on the market conditions and new project awards[104]. - The group has temporarily suspended its business expansion plans until sufficient projects are secured[97]. - The group aims to enhance its internal capabilities by hiring project managers, engineers, and BIM-certified personnel[99]. Shareholder and Governance Information - The major shareholder HMK holds 519,792,000 shares, representing 61.88% of the total issued voting shares[124]. - The rights of directors and senior executives to purchase shares or bonds are not applicable during this period, and no arrangements have been made for them to benefit from such purchases[115]. - The company did not redeem any shares during the period, nor did it or any of its subsidiaries purchase or sell any of its shares[118]. - The company has no other interests or positions in shares or related securities as of June 30, 2019, apart from those disclosed[123]. - The company confirmed compliance with corporate governance codes throughout the reporting period[135]. - The audit committee was established to oversee financial reporting and risk management, consisting of three independent non-executive directors[137]. Market and Operational Insights - The company anticipates continued challenges and volatility in the mechanical and electrical industry in Singapore and the region over the next 12 months[43]. - The company has not issued any new strategies or products during the reporting period[125]. - There are no significant changes in user data or market expansion plans disclosed in the report[126]. - The company has not engaged in any mergers or acquisitions during the reporting period[127]. - All revenue is derived from operations in Singapore, where the company’s properties, plants, and equipment are also located[197]. Revenue Breakdown - Major customers contributing over 10% of total revenue included Customer A with SGD 3,369,000, Customer B with SGD 2,669,000, Customer C with SGD 2,625,000, and Customer D with SGD 2,550,000[191]. - The revenue from electromechanical system installation for the six months ended June 30, 2019, was SGD 13,627,000, compared to SGD 8,893,000 for the same period in 2018, representing a growth of approximately 53.5%[190]. - Other income for the six months ended June 30, 2019, included interest income of SGD 177,000, government grants of SGD 40,000, and total other income amounting to SGD 352,000[199].

SOLIS HOLDINGS LIMITED 守益控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號：2227 **2018 MIX Paper from Ponsible sour FSC F8C" 0022951 2 公司资料 4 主席報告 5 管理層討論及分析 13 本公司董事及高層管理人員履歷詳情 18 董事會報告 30 企業管治報告 45 環境、社會及管治報告 68 獨立核數師報告 73 合併損益及其他全面收益表 74 合併財務狀況表 75 合併權益變動表 76 合併現金流量表 78 合併財務報表附註 138 五年财務概要 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|------------------|------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | 守益控股有限公司 | 2018年年報 | | | | | | | | | | | | | | | | 公司資料 | | | | | | | | | | | | 執行董 ...