Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 1.95% on July 24, with a trading volume of 2.504 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of July 23, 2024, the fund's shares totaled 2.166 billion, with a total size of 3.863 billion yuan, reflecting a year-to-date increase of 447.94% in shares and 922.49% in size [1] Fund Performance - The current fund manager, Ma Jun, has managed the fund since its inception, achieving a return of 78.32% during the management period [2] - The fund's recent trading activity shows a cumulative trading amount of 41.889 billion yuan over the last 20 trading days, with an average daily trading amount of 2.094 billion yuan [1] - Year-to-date, the cumulative trading amount is 125.021 billion yuan, with an average daily trading amount of 0.926 billion yuan [1] Holdings Overview - Major holdings in the fund include: - Innovent Biologics (9.52% holding, 26 million yuan market value) - WuXi Biologics (9.47% holding, 25.8 million yuan market value) - BeiGene (8.73% holding, 23.8 million yuan market value) - CanSino Biologics (7.62% holding, 20.8 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 19.6 million yuan market value) [2] - Other significant holdings include CSPC Pharmaceutical Group (6.34% holding) and Ascletis Pharma (2.86% holding) [2]

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 0.56% on July 18, with a trading volume of 2.25 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of July 17, 2024, the fund's latest share count was 2.025 billion, with a total size of 3.63 billion yuan, reflecting an increase of 412.28% in shares and 860.92% in size since December 31, 2023 [1] Group 2 - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 79.25% during the management period [2] - The top holdings of the fund include Innovent Biologics, WuXi Biologics, BeiGene, and others, with significant weightings such as 9.52% for Innovent Biologics and 9.47% for WuXi Biologics [2] - The fund's trading liquidity is strong, with a cumulative trading amount of 40.368 billion yuan over the last 20 trading days, averaging 2.018 billion yuan per day [1][2]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1]. Group 1: Fund Performance - As of July 9, 2024, the Hong Kong Innovative Drug ETF (159567) closed with a gain of 1.08% and a trading volume of 2.352 billion yuan [1]. - The fund's share volume increased by 419.87% from 3.95 million shares at the end of 2023 to 20.55 million shares by July 8, 2024 [1]. - The fund's size grew by 749.27%, from 378 million yuan at the end of 2023 to 3.209 billion yuan by July 8, 2024 [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the cumulative trading amount for the ETF reached 42.082 billion yuan, with an average daily trading amount of 2.104 billion yuan [1]. - Since the beginning of the year, the ETF has recorded a total trading amount of 100.143 billion yuan over 124 trading days, averaging 808 million yuan per day [1]. Group 3: Fund Management - The current fund manager, Ma Jun, has managed the Hong Kong Innovative Drug ETF since its inception on January 3, 2024, achieving a return of 56.11% during the management period [1]. Group 4: Top Holdings - The ETF's top holdings include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others, indicating a focus on leading companies in the innovative drug sector [2]. - The fund's holdings are diversified across several key players in the biotechnology and pharmaceutical industries, with significant positions in companies like China Biologic Products and CSPC Pharmaceutical Group [2].

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed down 1.44% on July 7, with a trading volume of 1.402 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of July 4, 2024, the fund's latest share count was 1.995 billion shares, with a total size of 3.203 billion yuan, reflecting a 404.69% increase in shares and a 747.72% increase in size year-to-date [1] Group 2 - The fund's liquidity showed a cumulative trading amount of 44.415 billion yuan over the last 20 trading days, with an average daily trading amount of 2.221 billion yuan [1] - Year-to-date, the cumulative trading amount reached 96.310 billion yuan over 122 trading days, with an average daily trading amount of 789 million yuan [1] - The current fund manager, Ma Jun, has managed the fund since its inception, achieving a return of 60.51% during the tenure [1] Group 3 - The top holdings of the Hong Kong Innovative Drug ETF include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others [2] - The fund's holdings are diversified across various companies in the innovative drug sector, with significant investments in both domestic and international firms [2]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1]. Group 1: Fund Performance - As of June 24, the Hong Kong Innovative Drug ETF (159567) closed with a gain of 2.25% and a trading volume of 2.373 billion yuan [1]. - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - The latest share count reached 1.478 billion, with a total fund size of 2.217 billion yuan as of June 23, reflecting a 273.92% increase in shares and a 486.71% increase in size since December 31, 2024 [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 38.434 billion yuan, averaging 1.922 billion yuan per day [1]. - Year-to-date, the ETF has seen a total trading amount of 79.325 billion yuan over 113 trading days, averaging 0.702 billion yuan per day [1]. Group 3: Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 49.94% during the management period [1]. Group 4: Top Holdings - The ETF's top holdings include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others, with significant market values attributed to each [2].

Financial Performance - The group's revenue increased by approximately 13.4% from about SGD 14,008,000 in 2023 to approximately SGD 15,889,000 in 2024[12] - The gross profit for the year was approximately SGD 3,784,000, with a gross margin of about 23.8%, down from 37.2% in 2023[16] - The group recorded a loss of approximately SGD 902,000 for the year, a significant improvement from a loss of about SGD 2,280,000 in 2023[20] - The pre-tax loss for the year was approximately SGD 706,000, down from about SGD 1,960,000 in 2023[19] - The net loss attributable to equity holders for the year was SGD 901,630, compared to SGD 2,280,454 in 2023, indicating a reduction of 60.5%[159] - Basic and diluted loss per share improved to SGD (0.381) from SGD (0.963) year-over-year[159] - The total comprehensive loss for the year was SGD 699,281, a significant improvement from SGD 2,155,421 in 2023[159] Revenue Breakdown - The total revenue from sales of signage and related products in Singapore for the year ended December 31, 2024, was approximately SGD 11,835,000, compared to SGD 11,639,000 in 2023, indicating a stable demand in the construction sector[23] - Revenue from renovation services for commercial and residential projects increased to approximately SGD 4,054,000 in 2024, up from SGD 2,369,000 in 2023, reflecting a growth of about 70.9%[23] - Revenue from renovation and refurbishment services for the year ended December 31, 2024, was SGD 4,054,373[147] Expenses and Costs - Selling and administrative expenses increased by approximately 17.7% to about SGD 4,154,000, primarily due to higher advertising and other expenses[17] - The total employee costs for the year ended December 31, 2024, were approximately SGD 4,084,000, compared to SGD 4,319,000 in 2023, showing a reduction of about 5.4%[29] - Financing costs reduced to SGD 105,191 from SGD 130,003, indicating better management of debt[159] Cash and Liquidity - As of December 31, 2024, the group's cash and cash equivalents increased to approximately SGD 4,505,000, up from SGD 4,292,000 in 2023[22] - Cash generated from operating activities was SGD 1,903,534 in 2024, down from SGD 2,519,178 in 2023[167] - The net cash increase for cash and cash equivalents was SGD 183,466 in 2024, compared to SGD 1,867,062 in 2023[169] - The company actively manages liquidity risks associated with contracts ranging from 1 to 4 years, monitoring cash flow to ensure sufficient working capital[99] Debt and Borrowings - The total borrowings of the group as of December 31, 2024, were approximately SGD 2,514,000, a decrease from SGD 2,804,000 in 2023[21] - The group's debt-to-asset ratio as of December 31, 2024, was approximately 14.2%, down from 15.2% in 2023[21] - The company’s borrowings include property loans of approximately SGD 1,603,000 and lease liabilities of about SGD 910,000 as of December 31, 2024[103] Governance and Compliance - The board has established the group's mission, values, and strategy, emphasizing sustainable growth and stakeholder value creation[42] - All directors confirmed compliance with the trading code for the year ending December 31, 2024, with no known violations[43] - The board consists of five members, including two executive directors and three independent non-executive directors[44] - The Audit Committee held 4 meetings during the year ending December 31, 2024, with all members attending all sessions[57] - The company maintains a strict anti-discrimination policy to ensure equal employment opportunities for all candidates and employees[66] Risk Management - The company has established a risk management and internal control system, which has been deemed sufficient and effective by the audit committee and board for the year ending December 31, 2024[76] - The board is responsible for assessing the nature and extent of risks acceptable in achieving strategic objectives[76] Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely and equal access to information for shareholders and potential investors[85] - The company has set up multiple channels for communication with shareholders and investors[86] Accounting Policies - The group has applied new and revised International Financial Reporting Standards (IFRS) for the first time in the preparation of consolidated financial statements, effective from January 1, 2024, with no significant impact on the financial position or performance for the current and prior years[172][174]. - Revenue from customer contracts is recognized when control of the goods or services is transferred to the customer, in accordance with IFRS 15[185]. - The group recognizes income from subsidiaries based on received and receivable dividends, with impairment testing required if dividends exceed the subsidiary's total comprehensive income[183]. Employee Composition - As of December 31, 2024, the board consisted of 4 males (80%) and 1 female (20%), reflecting the company's commitment to board diversity[65] - The gender composition of employees, including senior management, was approximately 76% male and 24% female as of December 31, 2024[66]

Financial Performance - Total revenue for the year ended December 31, 2024, was SGD 15,889,279, an increase of 13.4% from SGD 14,008,147 in 2023[5] - Gross profit decreased to SGD 3,783,876, down 27.4% from SGD 5,211,622 in the previous year[5] - The net loss attributable to owners for the year was SGD 901,630, a significant improvement compared to a loss of SGD 2,280,454 in 2023[5] - The company reported a basic and diluted loss per share of SGD 0.381, improved from SGD 0.963 in 2023[5] - The company incurred a loss of approximately SGD 902,000 for the year ended December 31, 2024, compared to a loss of SGD 2,280,000 in 2023[36] - Gross profit for the year ended December 31, 2024, was approximately SGD 3,784,000, with a gross margin of about 23.8%, down from 37.2% in 2023[36] - Sales and administrative expenses increased by approximately SGD 625,000 or 17.7% to SGD 4,154,000 in 2024, primarily due to increased advertising and other expenses[36] - The pre-tax loss for the year ended December 31, 2024, was approximately SGD 706,000, a decrease from SGD 1,960,000 in the previous year, primarily due to the reduction in expected credit loss provisions[38] Assets and Liabilities - Total assets as of December 31, 2024, were SGD 17,707,583, a decrease from SGD 18,434,829 in 2023[6] - Current liabilities totaled SGD 6,685,192, slightly down from SGD 6,745,354 in the previous year[6] - The company’s equity totalled SGD 10,220,869, down from SGD 10,920,150 in the previous year[7] - Total liabilities were reported at SGD 7,486,714, including bank loans of SGD 1,603,224[26] - The total interest-bearing borrowings as of December 31, 2024, were approximately SGD 2,514,000, down from SGD 2,804,000 in 2023, with a debt-to-asset ratio of approximately 14.2%[39] Cash and Liquidity - Cash and bank balances increased to SGD 4,505,235 from SGD 4,292,329 in 2023, indicating improved liquidity[6] - The group's cash and bank balances increased by approximately SGD 213,000 to SGD 4,505,000 as of December 31, 2024, compared to SGD 4,292,000 in 2023, driven by net cash from operating activities of approximately SGD 1,684,000[40] - Interest expenses on bank loans decreased to SGD 83,641 in 2024 from SGD 110,353 in 2023[28] Revenue Segmentation - The signage business generated revenue of SGD 11,834,906, while renovation and refurbishment services contributed SGD 4,054,373[26] - Major customer A in the signage business contributed SGD 2,092,881 in revenue for 2024, down from SGD 2,484,095 in 2023[23] - Major customer B in the renovation and refurbishment services did not contribute over 10% of total revenue in 2024[23] - Revenue from Singapore was SGD 11,834,906, while revenue from China increased significantly to SGD 4,054,373 from SGD 2,368,749 in 2023, marking a growth of approximately 70.9%[25] - Revenue from sales of signage and advertising in the public and private sectors in Singapore was approximately SGD 11,835,000 for the year ended December 31, 2024, compared to SGD 11,639,000 in 2023, reflecting stable demand in the construction sector[41] - The group reported an increase in revenue from renovation and refurbishment services for commercial and residential projects, amounting to approximately SGD 4,054,000 in 2024, up from SGD 2,369,000 in 2023, indicating a growth of approximately SGD 1,685,000[41] Accounting and Governance - The company has not applied any new accounting standards that are effective from January 1, 2024, indicating a stable accounting policy environment[11] - The group is currently evaluating the impact of the new International Financial Reporting Standards on its financial statements[14] - The introduction of IFRS 18 will significantly change the presentation of financial performance in the income statement, enhancing comparability and transparency[13] - The board believes that good corporate governance is a key element in managing the group's business and affairs, and it has complied with the corporate governance code during the year[55] - The audit committee has reviewed the group's annual performance for the year ended December 31, 2024[60] Future Outlook and Strategy - The group has no significant investments or acquisitions planned for the future as of December 31, 2024, indicating a cautious approach to capital allocation[43] - The group anticipates stable demand in Singapore's construction sector but faces challenges in China due to adverse economic conditions and rising material costs, leading to a strategic focus on Singapore operations[48] Employee and Dividend Information - The total employee costs for the year ended December 31, 2024, were approximately SGD 4,084,000, a decrease from SGD 4,319,000 in 2023, reflecting a reduction in workforce[46] - No dividends were declared or proposed for the year ended December 31, 2024, consistent with the previous year[47] Shareholding and Securities - As of December 31, 2024, Absolute Truth Investments Limited holds 39,337,600 shares, representing 16.61% of the company's issued share capital[52] - The company did not purchase, sell, or redeem any of its listed securities during the year ended December 31, 2024[54] Events After Reporting Period - There were no significant events after the reporting period up to the date of this announcement[58]

Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 6,249,879, a decrease of 19.5% compared to SGD 7,768,876 for the same period in 2023[2] - Gross profit increased to SGD 3,076,712, representing a 38.6% increase from SGD 2,219,570 in the previous year[2] - Net profit for the period was SGD 2,102,685, up 173.5% from SGD 767,579 in the same period last year[2] - Basic and diluted earnings per share rose to SGD 0.888, compared to SGD 0.324 for the same period in 2023[2] - Other income increased to SGD 82,440 from SGD 43,384 in the previous year, reflecting a growth of 90.4%[2] - Revenue from the signage business was SGD 5,442,292, down 6.9% from SGD 5,843,009 in the previous year, while renovation services revenue decreased significantly to SGD 807,587 from SGD 1,925,867[12] - The net profit attributable to owners for the six months ended June 30, 2024, was SGD 2,102,685, representing a substantial increase of 173.5% compared to SGD 767,579 in the same period of 2023[21] - Basic and diluted earnings per share for the period were SGD 0.888, up from SGD 0.324 in the previous year, reflecting improved profitability[21] - The profit for the same period was approximately SGD 2,103,000, compared to SGD 768,000 in 2023, indicating a significant increase[33] - Gross profit for the six months ended June 30, 2024, was approximately SGD 3,077,000, with a gross margin of about 49.2%, up from 28.6% in 2023[32] Cash Flow and Assets - Cash generated from operating activities was SGD 947,634, an increase from SGD 833,262 in the previous year[7] - The company reported a net cash increase of SGD 677,053 for the period, compared to SGD 564,597 in the same period last year[7] - Total assets less current liabilities amounted to SGD 13,572,744, up from SGD 11,689,475 as of December 31, 2023[3] - The company's cash and cash equivalents increased by approximately SGD 840,000, primarily due to net cash generated from operating activities of about SGD 948,000[34] - As of June 30, 2024, total borrowings amounted to SGD 2,590,000, down from SGD 2,804,000 as of December 31, 2023[35] Liabilities and Equity - The company’s total liabilities decreased to SGD 4,290,164 from SGD 6,745,354 as of December 31, 2023[3] - The total equity as of June 30, 2024, was SGD 12,845,928, an increase from SGD 10,920,150 as of December 31, 2023[4] - Trade receivables as of June 30, 2024, were SGD 7,505,285, down from SGD 9,028,795 as of December 31, 2023, indicating improved collection efforts[23] Expenses and Costs - The company incurred total finance costs of SGD 52,988, a decrease from SGD 72,662 in the same period of 2023, indicating improved cost management[18] - Income tax expense for the period was SGD 421,900, significantly higher than SGD 186,700 in the previous year, reflecting increased taxable profits[19] - Total employee costs for the six months ended June 30, 2024, were approximately SGD 1,041,000, compared to SGD 1,663,000 for the same period in 2023, representing a decrease of about 37.2%[44] Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[22] - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[57] - As of June 30, 2024, the executive director Chen Tianji held 39,337,600 shares, representing 16.61% of the issued share capital[48] Corporate Governance and Future Plans - The company remains committed to adhering to the corporate governance code and has implemented measures to enhance internal control systems[54] - The company plans to manage expenses prudently and continuously review business strategies to adapt to the current market environment[39] - There were no significant investments or acquisitions during the review period, and no specific future plans for major investments or capital assets as of June 30, 2024[41] - The group had no capital commitments as of June 30, 2024, consistent with the previous period[43] - There were no significant events occurring after June 30, 2024[45] Employment - As of June 30, 2024, the group employed a total of 76 employees, a decrease from 81 employees as of December 31, 2023[44] Audit and Review - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated results for the six months ended June 30, 2024[59] - The company has adopted a share option scheme since September 21, 2018, with 22,400,000 options unexercised as of June 30, 2024[55] - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2024[53]

Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 6,249,879, a decrease of 19.5% compared to SGD 7,768,876 for the same period in 2023[4] - Gross profit increased to SGD 3,076,712, representing a gross margin of 49.2%, compared to SGD 2,219,570 and a gross margin of 28.5% in the previous year[4] - Net profit for the period was SGD 2,102,685, a significant increase of 173.5% from SGD 767,579 in the same period last year[4] - Basic and diluted earnings per share rose to SGD 0.888, up from SGD 0.324, reflecting a growth of 174.1%[4] - The net profit for the six months ended June 30, 2024, was SGD 2,102,685, compared to SGD 767,579 for the same period in 2023, representing a significant increase of 174.5%[8] - Profit attributable to owners of the company was SGD 2,102,685 for the six months ended June 30, 2024, compared to SGD 767,579 in the same period of 2023, representing a significant increase[23] - The company's pre-tax profit for the six months ended June 30, 2024, was approximately SGD 2,524,585, compared to SGD 954,279 in the same period of 2023[35] Assets and Liabilities - Total assets as of June 30, 2024, were SGD 13,572,744, an increase from SGD 11,689,475 as of December 31, 2023[5] - Current liabilities decreased to SGD 4,290,164 from SGD 6,745,354, indicating improved liquidity[5] - The company reported a total equity of SGD 12,845,928, up from SGD 10,920,150 at the end of 2023[6] - The total borrowings of the company as of June 30, 2024, were SGD 2,590,000, down from SGD 2,804,000 at the end of 2023[37] - Trade receivables, net of expected credit loss provisions, were SGD 2,602,902 as of June 30, 2024, compared to SGD 4,243,243 at the end of 2023[25] - The company’s asset-liability ratio was approximately 14.5% as of June 30, 2024, compared to 15.2% at the end of 2023[37] Cash Flow and Liquidity - The company has maintained a strong cash position with bank and cash balances totaling SGD 5,132,606 as of June 30, 2024[5] - Cash generated from operating activities for the six months ended June 30, 2024, was SGD 947,634, an increase of 13.7% compared to SGD 833,262 in 2023[9] - The cash and cash equivalents as of June 30, 2024, amounted to SGD 5,132,606, up from SGD 3,083,757 as of June 30, 2023, reflecting a growth of 66.5%[9] - The company’s cash flow from financing activities for the six months ended June 30, 2024, was a net outflow of SGD 267,581, slightly lower than SGD 268,665 in the same period of 2023[9] - Cash and cash equivalents increased by approximately SGD 840,000, reaching SGD 5,133,000 as of June 30, 2024, compared to SGD 4,292,000 at the end of 2023[37] Income and Expenses - Other income increased to SGD 82,440 from SGD 43,384, showing a growth of 90.5% year-on-year[4] - The interest income for the six months ended June 30, 2024, was SGD 37,138, while other income totaled SGD 45,302, leading to a total other income of SGD 82,440, compared to SGD 43,384 in 2023[18] - The company incurred total finance costs of SGD 52,988 for the six months ended June 30, 2024, down from SGD 72,662 in the same period of 2023, indicating a reduction of 27%[20] - The income tax expense for the six months ended June 30, 2024, was SGD 421,900, significantly higher than SGD 186,700 in 2023, reflecting an increase of 126.5%[21] - The company experienced a decrease in sales and administrative expenses, which were approximately SGD 1,049,000 for the six months ended June 30, 2024, a reduction of about 20.3% from SGD 1,316,000 in 2023[35] - Total employee costs for the six months ended June 30, 2024, were approximately SGD 1,041,000, compared to SGD 1,663,000 for the same period in 2023, reflecting a decrease in workforce from 81 to 76 employees[46] Revenue Breakdown - The company’s revenue from the signage business was SGD 5,442,292, while revenue from renovation services was SGD 807,587 for the six months ended June 30, 2024[14] - Revenue from sales of signage and advertising in Singapore for the six months ended June 30, 2024, was approximately SGD 5,442,000, a decrease of about 6.9% or SGD 401,000 compared to SGD 5,843,000 in the same period of 2023, primarily due to intense market competition[38] - Revenue from renovation and refurbishment services for commercial and residential properties for the six months ended June 30, 2024, was approximately SGD 808,000, down from SGD 1,926,000 in the same period of 2023, attributed to reduced demand and heightened competition[39] Corporate Governance and Future Outlook - The company is committed to exploring new market opportunities and enhancing product development strategies moving forward[2] - The outlook for the construction sector in Singapore indicates a slow recovery, but challenges remain due to competitive bidding prices and rising material costs[41] - The group has no significant investments or future plans for major capital assets as of June 30, 2024[43] - The group has no foreign currency hedging policy but monitors foreign exchange risks closely[42] - The board is committed to adhering to corporate governance codes and enhancing internal control systems[56] - The audit committee reviewed the unaudited condensed consolidated results for the six months ended June 30, 2024, ensuring compliance with applicable accounting standards and GEM listing rules[61] Shareholder Information - The company’s major shareholder, Absolute Truth Investments Limited, holds 39,337,600 shares, representing approximately 16.61% of the issued share capital[50] - As of June 30, 2024, a total of 23,680,000 share options were available for grant under the share option scheme[22] Events After Reporting Period - There were no significant events occurring after June 30, 2024[47] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[24] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[59]

Financial Performance - The company's revenue for the year ended December 31, 2023, decreased by 53.9% to approximately SGD 14,008,000 from SGD 30,379,000 in 2022[11]. - The gross profit for the year was approximately SGD 5,212,000, with a gross margin of about 37.2%, compared to 11.1% in 2022[15]. - The company recorded a loss of approximately SGD 2,280,000 for the year, compared to a loss of SGD 1,622,000 in 2022[19]. - The pre-tax loss for the year was approximately SGD 1,960,000, compared to SGD 1,622,000 in the previous year[18]. - Total revenue for the year ended December 31, 2023, was SGD 14,008,147, a decrease of 53.8% compared to SGD 30,379,066 in 2022[160]. - Gross profit increased to SGD 5,211,622 from SGD 3,361,595, representing a growth of 55.0% year-over-year[160]. - The company reported a net loss of SGD 2,280,454 for the year, compared to a loss of SGD 1,621,897 in the previous year, indicating a 40.5% increase in losses[160]. - Basic and diluted loss per share was SGD 0.963, compared to SGD 0.695 in 2022, reflecting a 38.6% increase in loss per share[160]. - Other income decreased significantly to SGD 87,759 from SGD 347,283, a decline of 74.7%[160]. - The company incurred a net foreign exchange loss of SGD 282,817, compared to SGD 90,847 in the previous year, indicating a 211.5% increase in losses due to foreign exchange[160]. - Expected credit loss provisions increased to SGD 3,317,458 from SGD 1,007,581, marking a 229.5% rise[160]. - Selling and administrative expenses decreased to SGD 3,529,467 from SGD 4,178,024, a reduction of 15.5%[160]. - The company reported a pre-tax loss of SGD 1,960,364, compared to a loss of SGD 1,621,897 in 2022, reflecting a 20.9% increase in pre-tax losses[160]. Revenue Breakdown - Revenue from the sale of signage and advertising in the public and private sectors in Singapore increased to approximately SGD 11,639,000 in 2023 from SGD 7,539,000 in 2022, reflecting a growth of about SGD 4,100,000 due to a recovery in construction activity[22]. - Revenue from renovation services for commercial and residential projects decreased significantly to approximately SGD 2,369,000 in 2023 from SGD 22,840,000 in 2022, attributed to reduced demand and increased competition[24]. - Revenue from renovation and refurbishment service contracts for the year ended December 31, 2023, was approximately SGD 2,368,749, recognized using the input method over time[148]. Expenses and Costs - The company's selling and administrative expenses decreased by 15.5% to approximately SGD 3,529,000 from SGD 4,178,000 in 2022[16]. - Total employee costs, including director remuneration, amounted to approximately SGD 4,319,000 in 2023, compared to SGD 3,834,000 in 2022[29]. Cash Flow and Assets - As of December 31, 2023, the group's cash and cash equivalents increased to approximately SGD 4,292,000, up from SGD 2,516,000 in 2022[21]. - The company experienced a net cash inflow from operating activities of SGD 2,519,178 in 2023, a significant improvement from a cash outflow of SGD 4,217,713 in 2022[168]. - Total assets decreased from SGD 18,570,113 in 2022 to SGD 18,434,829 in 2023, a decline of approximately 0.73%[162]. - Current liabilities increased significantly from SGD 2,722,498 in 2022 to SGD 6,745,354 in 2023, an increase of about 147%[162]. - Net cash and cash equivalents rose from SGD 2,516,009 in 2022 to SGD 4,292,329 in 2023, representing a growth of approximately 70.7%[170]. Governance and Compliance - The board of directors confirmed compliance with the corporate governance code for the year ending December 31, 2023[42]. - The board held 5 meetings and 1 annual general meeting during the year, with attendance rates for executive directors ranging from 80% to 100%[47]. - All independent non-executive directors have confirmed their independence according to GEM listing rules, ensuring compliance with governance standards[53]. - The company has appointed three independent non-executive directors, constituting over one-third of the board, with at least one possessing relevant professional qualifications[51]. - The roles of the chairman and CEO are clearly separated to ensure effective governance and management oversight[50]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2023[44]. - The board is responsible for developing strategies to enhance business growth and shareholder value[46]. - The company has established a remuneration committee to recommend policies regarding the compensation of directors and senior management, considering various factors including performance and market comparisons[119]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence as per GEM listing rules[125]. Risk Management - The board is responsible for evaluating and maintaining an effective risk management and internal control system to protect shareholder investments[77]. - The risk management framework has been deemed sufficient and effective as of December 31, 2023, following reviews by the audit committee and the board[77]. - The company actively manages customer credit limits and monitors cash flow to ensure sufficient working capital and repayment arrangements[20]. Shareholder Information - The company has established multiple channels for communication with shareholders to enhance transparency[88]. - Shareholders holding at least 10% of the voting rights can request a special general meeting within two months of submission[81]. - The company has adopted revised articles of association at a special general meeting held on June 30, 2023[84]. - The company reported a significant ownership structure, with Chen Tianji holding 39,337,600 shares, representing approximately 16.61% of the total issued share capital[127]. - Absolute Truth Investments Limited, fully owned by Chen Tianji, also holds 39,337,600 shares, equating to 16.61% of the issued share capital[129]. Future Outlook - The company anticipates a slow recovery in the construction sector in Singapore, with ongoing challenges due to competitive bidding and rising material costs[12]. - The company will continue to manage its expenses and review its business strategies to adapt to the current market environment[12]. - The company expects to continue operating as a going concern, having sufficient resources for the foreseeable future[176].