股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中食民安控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08283 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 160,000,000 | HKD | | 0.125 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 160,000,000 | HKD | | 0.125 HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 ...

集团聚焦文旅、餐饮领域，利用新媒体运营与数字化工具提供全链路流量赋能，解决传统商家在数字 化、响应速度和精准营销方面的痛点。集团计划于本年内推出结合AI的数智酒柜，是产业数字化创新 的重要突破。该酒柜采用"智能体交互+场景化体验+数据化运营"模式，为本地生活提供多维度流量赋 能：在空间维度优化场景资源配置，提升空间利用与消费转化效率;在文化维度作为酒文化与品牌故事 的传递载体，丰富场景文化内涵;在科技维度依托物联网、大数据技术，集成智能交互、娱乐与便捷服 务功能，实现空间、文化、科技的深度融合。 中食民安(08283)发布公告，集团随着市场环境不断变化及科技应用日益普及，一直在积极探索新业务 机遇，计划将业务范围拓展至数字化本地生活服务领域，以把握新经济趋势带来的增长潜力。 作为领先的本地生活产业互联网平台，集团致力于通过数字化手段赋能商家、重塑生态、激活区域经 济。集团整合AI数智、餐饮、零售、文旅、潮玩IP等资源，构建"智能连接+数据驱动+生态协同"的数字 生态体系，助力行业创新发展。 其行业价值在于整合多元广告形式，借助AI智能交互实现海量精准触达，开启数智传媒时代;推动数字 产业化，将酒柜从存储工具升 ...

集团聚焦文旅、餐饮领域，利用新媒体运营与数字化工具提供全链路流量赋能，解决传统商家在数字 化、响应速度和精准营销方面的痛点。集团计划于本年内推出结合AI的数智酒柜，是产业数字化创新 的重要突破。该酒柜采用"智能体交互+场景化体验+数据化运营"模式，为本地生活提供多维度流量赋 能：在空间维度优化场景资源配置，提升空间利用与消费转化效率;在文化维度作为酒文化与品牌故事 的传递载体，丰富场景文化内涵;在科技维度依托物联网、大数据技术，集成智能交互、娱乐与便捷服 务功能，实现空间、文化、科技的深度融合。 智通财经APP讯，中食民安(08283)发布公告，集团随着市场环境不断变化及科技应用日益普及，一直在 积极探索新业务机遇，计划将业务范围拓展至数字化本地生活服务领域，以把握新经济趋势带来的增长 潜力。 作为领先的本地生活产业互联网平台，集团致力于通过数字化手段赋能商家、重塑生态、激活区域经 济。集团整合AI数智、餐饮、零售、文旅、潮玩IP等资源，构建"智能连接+数据驱动+生态协同"的数字 生态体系，助力行业创新发展。 这次拓展标志着集团在维持核心业务稳定发展之同时，致力开创新增长曲线之战略部署。新业务将聚焦 以数字化 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Zhongshi Minan Holdings Limited 中食民安控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8283） 自願公告 業務最新資料 本 集 團 隨 著 市 場 環 境 不 斷 變 化 及 科 技 應 用 日 益 普 及，一 直 在 積 極 探 索 新 業 務 機 遇，計 劃 將 業 務 範 圍 拓 展 至 數 字 化 本 地 生 活 服 務 領 域，以 把 握 新 經 濟 趨 勢 帶 來 的 增 長 潛 力。 作 為 領 先 的 本 地 生 活 產 業 互 聯 網 平 台，本 集 團 致 力 於 通 過 數 字 化 手 段 賦 能 商 家、重 塑 生 態、激 活 區 域 經 濟。本 集 團 整 合AI數 智、餐 飲、零 售、文 旅、潮 玩IP等 資 ...

致：香港交易及結算所有限公司 公司名稱: 中食民安控股有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 | 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) | 08283 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 160,000,000 | HKD | | 0.125 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 160,000,000 | HKD | | 0.125 | HKD | | 20,000,000 | 本月底法定/註冊股本總額 ...

Core Viewpoint - Zhongshi Min'an (08283) reported a decline in revenue and an increase in losses for the first half of 2025, indicating financial challenges ahead [1] Financial Performance - Revenue for the first half of 2025 was 820.7 million Singapore dollars, a decrease of 13% year-on-year [1] - The loss attributable to equity holders of the parent company was 215.7 million Singapore dollars, an increase of 22.98% compared to the previous year [1] - Earnings per share showed a loss of 4.59 Singapore cents [1]

[Company Information](index=4&type=section&id=Company%20Information) This section provides key details about the company's governance structure and essential contact information [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) This section lists the company's executive, non-executive, and independent non-executive directors, along with their latest membership and changes in audit, remuneration, nomination, and risk management committees - Executive Directors include Mr. Wang Lei (Chairman and Chief Executive Officer), Mr. Cai Wenhao, and Ms. Wu Mengmeng[5](index=5&type=chunk) - Independent Non-Executive Director Mr. Zhao Wei resigned on **June 30, 2025**, and Mr. Wu Guoyong was appointed on the same day[5](index=5&type=chunk) - Mr. Wu Guoyong was appointed Chairman of the Nomination Committee and Chairman of the Risk Management Committee on **June 30, 2025**[5](index=5&type=chunk) [Key Contact Information](index=4&type=section&id=Key%20Contact%20Information) This section provides key contact details including principal bankers, share registrars, headquarters addresses, registered office, principal place of business in Hong Kong, stock code, and company website - Principal bankers include DBS Bank Ltd., United Overseas Bank Limited, and China Merchants Bank[6](index=6&type=chunk) - The Hong Kong share registrar is Tricor Investor Services Limited[6](index=6&type=chunk) - The company's stock code is **8283**, and its website is www.zhongshiminanholdings.com[7](index=7&type=chunk) [Interim Results](index=6&type=section&id=Interim%20Results) This section presents the unaudited condensed consolidated financial statements, including statements of profit or loss, financial position, changes in equity, and cash flows, along with detailed notes [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue decreased by 13.0% year-on-year to SGD 8,207 thousand, with loss for the period expanding to SGD 2,300 thousand and loss attributable to owners of the parent at SGD 2,157 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | Six Months Ended June 30, 2025 (SGD thousand) | Six Months Ended June 30, 2024 (SGD thousand) | | :--- | :--- | :--- | | Revenue | 8,207 | 9,433 | | Other income and gains | 416 | 107 | | Loss before tax | (2,300) | (2,118) | | Loss for the period | (2,300) | (2,122) | | Loss attributable to owners of the parent | (2,157) | (1,754) | | Basic and diluted loss per share (SGD cents per share) | (4.59) | (4.39) | - Total comprehensive expense for the period was **SGD (2,084) thousand**, compared to **SGD (2,139) thousand** in the same period of 2024[9](index=9&type=chunk) [Unaudited Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total net assets increased to SGD 9,512 thousand, primarily due to an increase in equity attributable to owners of the parent, with net current assets rising from SGD 5,903 thousand to SGD 6,851 thousand Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (SGD thousand) | December 31, 2024 (SGD thousand) | | :--- | :--- | :--- | | Total non-current assets | 4,976 | 5,664 | | Total current assets | 17,693 | 16,299 | | Total current liabilities | 10,842 | 10,396 | | Net current assets | 6,851 | 5,903 | | Net assets | 9,512 | 8,813 | | Equity attributable to owners of the parent | 9,722 | 8,880 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the parent increased to SGD 9,722 thousand, mainly due to the issuance of new shares through placing, resulting in an increase of SGD 174 thousand in share capital and SGD 2,609 thousand in share premium Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | June 30, 2025 (SGD thousand) | January 1, 2024 (SGD thousand) | | :--- | :--- | :--- | | Share capital | 1,074 | 900 | | Share premium account | 11,591 | 8,982 | | Accumulated losses | (7,130) | (6,465) | | Total equity attributable to owners of the parent | 9,722 | 7,186 | | Total equity | 9,512 | 6,108 | - In the first half of 2025, the company issued new shares through placing, increasing share capital by **SGD 174 thousand** and share premium by **SGD 2,609 thousand**[11](index=11&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash outflow from operating activities increased to SGD (3,380) thousand, net cash outflow from investing activities slightly increased to SGD (1,553) thousand, and net cash from financing activities decreased to SGD 1,347 thousand, leading to a significant reduction in cash and cash equivalents to SGD 1,765 thousand at period-end Condensed Consolidated Statement of Cash Flows Key Data | Indicator | Six Months Ended June 30, 2025 (SGD thousand) | Six Months Ended June 30, 2024 (SGD thousand) | | :--- | :--- | :--- | | Net cash from operating activities | (3,380) | (550) | | Net cash used in investing activities | (1,553) | (1,508) | | Net cash from financing activities | 1,347 | 1,639 | | Net decrease in cash and cash equivalents | (3,586) | (419) | | Cash and cash equivalents at end of period | 1,765 | 2,511 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details the Group's business scope, basis of financial statement preparation, revenue composition, loss before tax, income tax expense, dividend policy, loss per share calculation, property, plant and equipment, trade receivables, prepayments and other assets, trade and other payables, bank and other borrowings, and share capital changes [General Information and Business Scope](index=10&type=section&id=1.%20General%20Information) Company incorporated in Cayman Islands on March 17, 2016, with principal activities including passenger car services, auto financing, and smart kitchen appliance business - Zhongshiminan Holdings Limited was incorporated in the Cayman Islands on **March 17, 2016**[13](index=13&type=chunk) - Group's principal activities include: - Maintenance and repair of passenger cars - Modification, tuning, and beautification of passenger cars' performance or appearance, and trading of parts and spare parts - Provision of auto financing services - Trading of passenger cars - Development, manufacturing, consulting, and sales of smart kitchen appliances[15](index=15&type=chunk) [Basis of Preparation](index=10&type=section&id=2.%20Basis%20of%20Preparation) Unaudited condensed consolidated financial statements prepared under IFRS, presented in SGD, adopting historical cost convention, with no significant accounting policy changes - The unaudited condensed consolidated financial statements are prepared in accordance with applicable International Financial Reporting Standards issued by the International Accounting Standards Board[14](index=14&type=chunk) - The Group has adopted all new and revised IFRSs effective from **January 1, 2025**, which did not result in significant changes to accounting policies or material impact on financial performance[14](index=14&type=chunk) [Revenue Composition](index=12&type=section&id=3.%20Revenue) Group revenue primarily from maintenance and repair services, followed by modification and parts trading, with minor contributions from auto financing and food/kitchen appliance sales Revenue Sources Breakdown (Six Months Ended June 30) | Revenue Source | 2025 (SGD thousand) | 2024 (SGD thousand) | | :--- | :--- | :--- | | Maintenance and repair services | 6,563 | 7,665 | | Modification, tuning, and beautification services and trading of parts and spare parts | 1,439 | 1,409 | | Sales of food and kitchen appliances | 148 | 193 | | Brand management services | – | 66 | | Provision of auto financing services | 57 | 100 | | **Total Revenue** | **8,207** | **9,433** | [Loss Before Tax and Income Tax Expense](index=12&type=section&id=4.%20Loss%20Before%20Tax) Loss before tax mainly impacted by material costs, employee benefits, and other expenses, with zero income tax expense in H1 2025 versus SGD 4 thousand in H1 2024 Loss Before Tax Components (Six Months Ended June 30) | Item | 2025 (SGD thousand) | 2024 (SGD thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 189 | 147 | | Depreciation of right-of-use assets | 339 | 341 | | Staff costs (excluding directors' and chief executive's emoluments) | 2,937 | 3,462 | Income Tax Expense (Six Months Ended June 30) | Item | 2025 (SGD thousand) | 2024 (SGD thousand) | | :--- | :--- | :--- | | Current income tax - current period | – | 4 | | **Tax expense for the period** | **–** | **4** | - Tax rates in various jurisdictions: Cayman Islands are exempt from income tax; Singapore subsidiaries are taxed at **17%**; China subsidiaries are taxed at **25%**[23](index=23&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) [Dividends and Loss Per Share](index=13&type=section&id=6.%20Dividends) Board recommends no interim dividend; basic loss per share expanded to SGD (4.59) cents in H1 2025, influenced by placing and share consolidation - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (2024: nil)[27](index=27&type=chunk) Basic Loss Per Share Calculation (Six Months Ended June 30) | Indicator | 2025 (SGD thousand/thousand shares) | 2024 (SGD thousand/thousand shares) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company for basic loss per share calculation | (2,157) | (1,754) | | Weighted average number of ordinary shares (thousand shares) | 47,028 | 40,000 | | Basic loss per share (SGD cents per share) | (4.59) | (4.39) | - The placing of new shares was completed on **January 23, 2025**, and share consolidation was completed on **February 20, 2025**, with these changes accounted for in the weighted average number of ordinary shares for the first half of 2025[30](index=30&type=chunk)[31](index=31&type=chunk) [Property, Plant and Equipment](index=14&type=section&id=8.%20Property,%20Plant%20and%20Equipment) Group acquired SGD 0.29 million in property, plant and equipment in H1 2025, a decrease from the prior year period - For the six months ended June 30, 2025, the Group acquired **SGD 0.29 million** in property, plant and equipment (same period 2024: **SGD 0.48 million**)[32](index=32&type=chunk) [Trade Receivables](index=14&type=section&id=9.%20Trade%20Receivables) Net trade receivables at SGD 1,034 thousand as of June 30, 2025, with most due within 30 days and stable impairment provision Net Trade Receivables | Indicator | June 30, 2025 (SGD thousand) | December 31, 2024 (SGD thousand) | | :--- | :--- | :--- | | Trade receivables, gross carrying amount | 1,158 | 1,188 | | Less: Impairment loss recognised | (124) | (124) | | **Net Trade Receivables** | **1,034** | **1,064** | Ageing Analysis of Trade Receivables (Based on date of sale of goods or provision of services) | Ageing | June 30, 2025 (SGD thousand) | December 31, 2024 (SGD thousand) | | :--- | :--- | :--- | | Less than 30 days | 966 | 957 | | 30 to 60 days | 46 | 20 | | 61 to 90 days | 26 | 15 | | 91 to 120 days | 5 | 83 | | Over 120 days | 115 | 113 | | **Total** | **1,158** | **1,188** | Movement in Impairment Loss Provision | Indicator | June 30, 2025 (SGD thousand) | December 31, 2024 (SGD thousand) | | :--- | :--- | :--- | | Beginning of period/year | 124 | 57 | | Impairment loss recognised | – | 67 | | **End of period/year** | **124** | **124** | [Prepayments, Other Receivables and Other Assets](index=16&type=section&id=10.%20Prepayments,%20Other%20Receivables%20and%20Other%20Assets) Total prepayments, other receivables, and other assets increased to SGD 11,311 thousand, driven by higher deposits for car leasing and EV resale, while auto financing loans decreased Total Prepayments, Other Receivables and Other Assets | Item | June 30, 2025 (SGD thousand) | December 31, 2024 (SGD thousand) | | :--- | :--- | :--- | | Total non-current | 586 | 1,126 | | Total current | 10,725 | 7,164 | | **Total** | **11,311** | **8,290** | - As of June 30, 2025, deposits paid primarily for car leasing and purchase of electric vehicles for resale amounted to **SGD 4.7 million** (December 31, 2024: **SGD 2.7 million**)[37](index=37&type=chunk) - Loans to third parties, mainly auto financing loans to customers, decreased from **SGD 1.8 million** at the end of 2024 to **SGD 1.3 million** as of June 30, 2025[39](index=39&type=chunk) Top Five Auto Financing Loans Details | Customer | June 30, 2025 (SGD thousand) | December 31, 2024 (SGD thousand) | | :--- | :--- | :--- | | Customer A | 248 | 266 | | Customer B | 198 | 212 | | Customer C | 208 | 205 | | Customer D | 179 | 204 | | Customer E | 142 | 157 | | Others | 309 | 765 | | **Total** | **1,284** | **1,809** | [Trade and Other Payables](index=19&type=section&id=11.%20Trade%20and%20Other%20Payables) Total trade and other payables decreased to SGD 7,303 thousand, mainly due to a significant reduction in amounts owed to a director Total Trade and Other Payables | Item | June 30, 2025 (SGD thousand) | December 31, 2024 (SGD thousand) | | :--- | :--- | :--- | | Trade payables | 1,410 | 1,772 | | Other payables | 4,745 | 3,911 | | Accrued expenses | 604 | 1,003 | | Amounts due to a director | 544 | 2,206 | | **Total** | **7,303** | **8,892** | - Amounts due to a director significantly decreased from **SGD 2,206 thousand** at the end of 2024 to **SGD 544 thousand** as of June 30, 2025[41](index=41&type=chunk) Ageing Analysis of Trade Payables (Based on invoice date) | Ageing | June 30, 2025 (SGD thousand) | December 31, 2024 (SGD thousand) | | :--- | :--- | :--- | | Less than 30 days | 646 | 666 | | 30 to 60 days | 368 | 360 | | 61 to 90 days | 4 | 26 | | Over 90 days | 392 | 720 | | **Total** | **1,410** | **1,772** | [Bank and Other Borrowings](index=20&type=section&id=12.%20Bank%20and%20Other%20Borrowings) Total bank and other borrowings increased to SGD 3,944 thousand, primarily due to new margin financing. Borrowings are secured by listed equity securities or life insurance policies and personal guarantees Total Bank and Other Borrowings and Composition | Item | June 30, 2025 (SGD thousand) | December 31, 2024 (SGD thousand) | | :--- | :--- | :--- | | Total current borrowings | 2,371 | 580 | | Total non-current borrowings | 1,573 | 2,012 | | **Total** | **3,944** | **2,592** | - New Singapore Dollar margin financing of **SGD 1,324 thousand** at an annual interest rate of **4.0%** was secured by the Group's listed equity securities (fair value **SGD 2.29 million**)[44](index=44&type=chunk)[45](index=45&type=chunk) - All borrowings are denominated in Singapore Dollars[46](index=46&type=chunk) [Share Capital Changes](index=21&type=section&id=13.%20Share%20Capital) Issued share capital was SGD 1,074 thousand, influenced by January 2025 new share placing and February share consolidation, resulting in 48,000,000 issued shares Share Capital Movement Details | Item | Number of Shares | Share Capital (SGD thousand) | | :--- | :--- | :--- | | Issued and fully paid at January 1, 2024 and December 31, 2024 | 2,000,000,000 | 900 | | Shares issued (placing) | 400,000,000 | 174 | | Share consolidation | (2,352,000,000) | – | | **Issued and fully paid at June 30, 2025** | **48,000,000** | **1,074** | - On **January 23, 2025**, the company completed the placing of **400,000,000 new shares**, with net proceeds of approximately **HKD 15.3 million**[48](index=48&type=chunk) - On **February 20, 2025**, every fifty shares of HKD 0.0025 each in the company's share capital were consolidated into one share of HKD 0.125 each, resulting in **2,400,000,000 shares** being consolidated into **48,000,000 shares**[48](index=48&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, financial results, future outlook, liquidity, and capital resources for the reporting period [Business Review](index=22&type=section&id=Business%20Review) For H1 2025, Group revenue decreased by 13.0% to SGD 8.21 million, with loss expanding to SGD 2.30 million, due to declining Singapore spare parts sales, slowing maintenance, and cautious China spending Revenue and Loss Review (Six Months Ended June 30) | Indicator | 2025 (SGD million) | 2024 (SGD million) | | :--- | :--- | :--- | | Revenue | 8.21 | 9.43 | | Loss for the period | 2.30 | 2.12 | - Singapore business revenue decreased by **12.1%** to **SGD 8.06 million**, mainly due to declining spare parts export sales and slowing maintenance and repair service income[49](index=49&type=chunk) - Mainland China revenue decreased by **42.9%** to **SGD 0.15 million**, primarily due to cautious customer spending amidst ongoing macroeconomic challenges[49](index=49&type=chunk) - The Group is a leading automotive service provider in Singapore with over **20 years of experience**, offering comprehensive passenger car services including maintenance, repair, modification, tuning, and beautification services[49](index=49&type=chunk) [Outlook](index=22&type=section&id=Outlook) Anticipating a challenging 2025 due to geopolitical friction, trade changes, and rising costs, the Group will integrate AI and advanced technologies, focusing on EV transition in automotive and SaaS+ expansion in smart kitchen - The Group expects the operating environment in 2025 to remain challenging and will further integrate **AI with advanced technologies** and formulate sustainable growth strategies[51](index=51&type=chunk) [Automotive Segment](index=22&type=section&id=Automotive%20Segment) Automotive segment actively allocates resources for EV transition, ensuring technicians are proficient in EV repair and planning investments in software and equipment to expand service offerings - As of June 30, 2025, Singapore's car population stabilized at **1,009,499 vehicles**, with hybrid and electric vehicles accounting for approximately **84%** of new registrations in the first six months of 2025[52](index=52&type=chunk) - The Group has begun allocating resources to ensure technicians are proficient in the most advanced repair equipment and possess the advanced skills required to service a diverse portfolio of passenger car brands, actively seeking to broaden its product range and expand into the electric vehicle sector[53](index=53&type=chunk) - The Group will increase investment in **software updates and new equipment** to handle the unique components and safety requirements of hybrid and electric vehicles, which differ from traditional internal combustion engine vehicles[53](index=53&type=chunk) [Smart Kitchen Segment](index=23&type=section&id=Smart%20Kitchen%20Segment) Smart kitchen segment focuses on multi-business growth, integrating industry SaaS+ services, aiming to become a leading global platform for pre-cooked meal industry SaaS+ services - The Group continues to focus on the growth of its smart kitchen segment, adopting a multi-business parallel development model, from offline retail to takeaway, small-pack meal businesses, catering brand incubation, and SaaS+ empowerment[54](index=54&type=chunk) - The Group aims to become a leading global platform for **pre-cooked meal industry SaaS+ services**, continuously focusing on economy, innovation, and seamless integration[54](index=54&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) This section details the Group's financial performance and changes in revenue, other income, cost of materials, employee benefit expenses, other expenses, and loss for the period [Revenue](index=23&type=section&id=Revenue) Group revenue decreased by 13.0% to SGD 8.21 million in H1 2025, primarily due to declining Singapore spare parts sales, slowing maintenance, and cautious China spending Revenue Movement (Six Months Ended June 30) | Indicator | 2025 (SGD million) | 2024 (SGD million) | | :--- | :--- | :--- | | Revenue | 8.21 | 9.43 | - Singapore business revenue decreased by **12.1%** to **SGD 8.06 million**, and mainland China revenue decreased by **42.9%** to **SGD 0.15 million**[55](index=55&type=chunk) [Other Income](index=23&type=section&id=Other%20Income) Other income and gains significantly increased by 288.8% to SGD 0.42 million, mainly driven by investment income from listed securities Other Income and Gains Movement (Six Months Ended June 30) | Indicator | 2025 (SGD million) | 2024 (SGD million) | | :--- | :--- | :--- | | Other income and gains | 0.42 | 0.11 | - The net increase was primarily due to **investment income**, including dividend income received from investments in listed securities[56](index=56&type=chunk) [Cost of Materials](index=24&type=section&id=Cost%20of%20Materials) Cost of materials decreased by 7.1%, leading to a gross profit margin decline from 47.2% to 43.6%, due to reduced contributions from high-margin China businesses Cost of Materials Movement and Gross Profit Margin Impact (Six Months Ended June 30) | Indicator | 2025 (SGD million) | 2024 (SGD million) | | :--- | :--- | :--- | | Cost of materials | (4.628) | (4.983) | | Gross profit margin | 43.6% | 47.2% | - The decrease in cost of materials led to a decline in gross profit margin, due to reduced contributions from the food and kitchen appliance trading business and brand management services in mainland China, which typically have higher profit margins[57](index=57&type=chunk) [Employee Benefit Expenses](index=24&type=section&id=Employee%20Benefit%20Expenses) Employee benefit expenses decreased by 15.2%, consistent with overall revenue decline and reduced operating stores in the Chinese subsidiary's business Employee Benefit Expenses Movement (Six Months Ended June 30) | Indicator | 2025 (SGD million) | 2024 (SGD million) | | :--- | :--- | :--- | | Employee benefit expenses | (2.937) | (3.462) | - The decrease in employee benefit expenses is consistent with the overall decrease in revenue and the reduction in the number of operating stores in the Chinese subsidiary's business after its disposal[58](index=58&type=chunk) [Other Expenses](index=24&type=section&id=Other%20Expenses) Other expenses increased by SGD 0.11 million year-on-year to SGD 2.71 million, primarily due to increased legal and professional fees Other Expenses Movement (Six Months Ended June 30) | Indicator | 2025 (SGD million) | 2024 (SGD million) | | :--- | :--- | :--- | | Other expenses | (2.71) | (2.60) | - The increase in other expenses was due to additional expenses for **legal and professional fees**[59](index=59&type=chunk) [Loss for the Period](index=24&type=section&id=Loss%20for%20the%20Period) Loss for the period expanded to SGD 2.30 million, mainly attributed to business slowdown in both markets Loss for the Period Movement (Six Months Ended June 30) | Indicator | 2025 (SGD million) | 2024 (SGD million) | | :--- | :--- | :--- | | Loss for the period | (2.30) | (2.12) | - The primary reason for the loss was the **business slowdown in both markets**[60](index=60&type=chunk) [Liquidity, Financial and Capital Resources](index=24&type=section&id=Liquidity,%20Financial%20and%20Capital%20Resources) Group's funding from operations and share placing; cash and equivalents decreased, gearing ratio rose to 0.41x, facing exchange rate risk with no significant contingent liabilities [Cash Position](index=24&type=section&id=Cash%20Position) Net cash outflow from operating activities increased, investing activities slightly increased, and financing activities decreased, resulting in a SGD 3.586 million reduction in cash and cash equivalents Net Cash Flow (Six Months Ended June 30) | Activity Type | 2025 (SGD million) | 2024 (SGD million) | | :--- | :--- | :--- | | Net cash from operating activities | (0.55) | (0.55) | | Net cash used in investing activities | (1.55) | (1.51) | | Net cash from financing activities | 1.35 | 1.64 | - On **January 23, 2025**, the company completed the placing of **400,000,000 shares**, raising gross proceeds of **HKD 16.0 million**[61](index=61&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) Gearing ratio increased from 0.29 times as of December 31, 2024, to 0.41 times as of June 30, 2025 Gearing Ratio | Date | Gearing Ratio | | :--- | :--- | | June 30, 2025 | 0.41 times | | December 31, 2024 | 0.29 times | [Exchange Rate Fluctuation Risk](index=25&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) Currency risk arises from sales, purchases, and borrowings in non-functional currencies, with no foreign currency hedging currently undertaken - The Group's currency risk primarily arises from sales, purchases, and interest-bearing bank and other borrowings denominated in currencies other than the Group's functional currency[63](index=63&type=chunk) - The Group has not undertaken foreign currency hedging to mitigate this risk[63](index=63&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%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)[64](index=64&type=chunk) [Pledged Assets](index=25&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had pledged listed securities with a fair value of SGD 2.29 million as collateral for margin financing Pledged Assets Status | Item | June 30, 2025 (SGD million) | December 31, 2024 (SGD million) | | :--- | :--- | :--- | | Fair value of pledged listed securities | 2.29 | Nil | - Pledged listed securities serve as collateral for margin financing granted to the Group[65](index=65&type=chunk) [Capital Structure and Use of Placing Proceeds](index=25&type=section&id=Capital%20Structure%20and%20Use%20of%20Placing%20Proceeds) Group's capital structure comprises ordinary shares; January 2025 placing and February share consolidation led to HKD 15.3 million net proceeds, primarily for fast food/smart kitchen operations and working capital [Capital Structure](index=25&type=section&id=Capital%20Structure) Company shares listed on GEM in 2016; January 2025 placing and February share consolidation resulted in 48,000,000 issued shares - The company's shares were successfully listed on GEM of the Stock Exchange on **November 8, 2016**[66](index=66&type=chunk) - The placing of new shares was completed on **January 23, 2025**, and share consolidation was completed on **February 20, 2025**[66](index=66&type=chunk) Issued Share Capital (As of June 30, 2025) | Indicator | Amount | | :--- | :--- | | Issued share capital | HKD 6,000,000 (equivalent to SGD 1,074,000) | | Number of issued shares | 48,000,000 shares | | Par value per share | HKD 0.125 | [Use of Placing Proceeds](index=26&type=section&id=Use%20of%20Placing%20Proceeds) Net proceeds from January 2025 placing were HKD 15.3 million, with HKD 7.68 million utilized by June 30, 2025, for inventory, sales talent, marketing, business expenses, and working capital - Net proceeds from the January 2025 placing were approximately **HKD 15.3 million**[68](index=68&type=chunk) Use and Utilization of January 2025 Placing Proceeds (As of June 30, 2025) | Intended Use | Total Planned (HKD million) | Utilized (HKD million) | Unutilized (HKD million) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | | Procurement of inventory and materials | 6.50 | 2.56 | 3.94 | December 2025 | | Recruitment of sales talent and marketing | 2.40 | 1.33 | 1.07 | December 2025 | | Business direct and indirect expenses | 1.10 | 1.10 | – | – | | General working capital | 5.30 | 2.69 | 2.61 | December 2025 | | **Total** | **15.30** | **7.68** | **7.62** | | - The Directors confirm that each placee and their ultimate beneficial owners are independent third parties, and no placee has become a substantial shareholder of the Company[68](index=68&type=chunk) [Sufficiency of Public Float](index=27&type=section&id=Sufficiency%20of%20Public%20Float) Company maintained GEM Listing Rules' required public float from listing date to report date - The company has maintained the public float required by the GEM Listing Rules from its listing date up to the date of this report[71](index=71&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) This section covers directors' and substantial shareholders' interests, related party transactions, directors' competing interests, pledged assets, exchange rate risk, share transactions, share option scheme, corporate governance, audit committee, material investments, post-reporting period events, and acknowledgements [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=28&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Executive Director Mr. Wang Lei and spouse held 24.62% of shares, while Independent Non-Executive Director Mr. Chen Huichun and spouse held 0.03% Directors' and Chief Executive's Long Positions in Shares (As of June 30, 2025) | Name | Capacity/Nature of Interest | Number of Shares or Underlying Shares | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Wang Lei | Beneficial interest | 11,817,400 | 24.62% | | Ms. Li Lidan (Spouse) | Interest of spouse | 11,817,400 | 24.62% | | Mr. Chen Huichun | Beneficial interest | 14,000 | 0.03% | | Ms. WANG Chongyu (Spouse) | Interest of spouse | 14,000 | 0.03% | - Save as disclosed, none of the Company's Directors, chief executive, or their respective associates had any interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations that were required to be recorded in the register[73](index=73&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=28&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) Neither the company nor its subsidiaries entered into arrangements for directors or close associates to benefit from acquiring shares or debentures in H1 2025 - At no time during the six months ended June 30, 2025, had the Company or any of its subsidiaries entered into any arrangements to enable the Directors or their respective close associates to acquire benefits by means of the acquisition of shares or debentures of the Company or any of its associated corporations[74](index=74&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=29&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, substantial shareholder Mr. Li Jie and his spouse Ms. Han Mei held 11.92% of the company's shares Substantial Shareholders' and Other Persons' Long Positions in Shares (As of June 30, 2025) | Name | Nature of Interest | Number of Shares | Approximate Percentage | | :--- | :--- | :--- | :--- | | Mr. Li Jie | Beneficial owner | 5,720,400 | 11.92% | | Ms. Han Mei (Spouse) | Interest of spouse | 5,720,400 | 11.92% | | Ms. Li Lidan (Spouse) | Interest of spouse | 11,817,400 | 24.62% | - Save as disclosed, no other person or company (other than the Directors and chief executive of the Company) had any interests or short positions in the shares or underlying shares that were required to be disclosed to the Company[76](index=76&type=chunk) [Related Party Transactions](index=29&type=section&id=Related%20Party%20Transactions) The Group did not enter into any related party transactions during the six months ended June 30, 2025 - During the six months ended June 30, 2025, the Group did not enter into any related party transactions[77](index=77&type=chunk) [Directors' Interests in Competing Business](index=29&type=section&id=Directors'%20Interests%20in%20Competing%20Business) Directors are unaware of any competing business or conflict of interest with the Group's business by directors, controlling shareholders, or their close associates in H1 2025 - The Directors are not aware of any business or interest of the Directors or controlling shareholders or any of their respective close associates that competes or may compete, directly or indirectly, with the business of the Group, or any other conflict of interest between such persons and the Group, for the six months ended June 30, 2025[78](index=78&type=chunk) [Pledged Assets](index=30&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets (June 30, 2024: nil)[80](index=80&type=chunk) [Exchange Rate Risk](index=30&type=section&id=Exchange%20Rate%20Risk) Group's exchange rate risk stems from non-functional currency sales, purchases, and borrowings, with no hedging instruments currently used - The Group's exchange rate fluctuation risk primarily arises from sales, purchases, and interest-bearing bank and other borrowings denominated in currencies other than the Group's functional currency[81](index=81&type=chunk) - As of the date of this report, the Group has not used any hedging financial instruments to mitigate this risk[81](index=81&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor held treasury shares, during H1 2025 - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[82](index=82&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[82](index=82&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) Company adopted a share option scheme in 2016 to incentivize talent, valid until 2026, with specific subscription price rules and no minimum holding period; no options lapsed, granted, exercised, or cancelled in H1 2025 - The company adopted a share option scheme on **October 21, 2016**, to encourage or reward participants for their contributions to the Group, and/or to employ and retain outstanding employees[83](index=83&type=chunk) - The share option scheme commenced on **October 21, 2016**, and will expire on **October 20, 2026**[84](index=84&type=chunk) - The subscription price for share options shall not be less than the highest of the closing price on the Stock Exchange on the offer date, the average closing price for the preceding five days, and the nominal value of the shares[85](index=85&type=chunk) - The exercise period for share options shall not exceed **ten years** from the date of grant, and there is no minimum share option holding period before exercise[85](index=85&type=chunk) - For the six months ended June 30, 2025, and the year ended December 31, 2024, no share options had lapsed, been granted, exercised, or cancelled under the share option scheme[87](index=87&type=chunk) [Directors' Securities Transactions](index=32&type=section&id=Directors'%20Securities%20Transactions) Company adopted a code of conduct for directors' securities transactions, similar to GEM Listing Rules, with all directors confirming compliance during the reporting period - The company has adopted a code of conduct for directors' securities transactions, the terms of which are similar to Rules 5.48 to 5.67 of the GEM Listing Rules[88](index=88&type=chunk) - All Directors have confirmed their compliance with the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025[88](index=88&type=chunk) [Compliance with Corporate Governance Code](index=32&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) Company maintains high corporate governance standards, complying with all applicable code provisions, except for the combined Chairman and CEO roles, which the Board believes enhances strategic efficiency - The company is committed to achieving high standards of corporate governance and has complied with all applicable code provisions set out in the Corporate Governance Code[89](index=89&type=chunk) - The roles of Chairman and Chief Executive Officer are performed by Mr. Wang Lei, an arrangement the Board believes ensures consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group[89](index=89&type=chunk) [Audit Committee](index=32&type=section&id=Audit%20Committee) Company's Audit Committee reviewed the unaudited condensed consolidated financial results for H1 2025 and met with management - The company's Audit Committee has reviewed the Group's unaudited condensed consolidated financial results for the six months ended June 30, 2025, and met with the company's management to discuss, among other things, the review of these results[90](index=90&type=chunk) [Material Investments, Acquisitions and Disposals](index=32&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals) Except as disclosed, the Group had no material investments, acquisitions, or disposals during the reporting period - Except as disclosed in this report, the Group had no material investments for the six months ended June 30, 2024, nor any material acquisitions and disposals of subsidiaries, associates, or joint ventures for the six months ended June 30, 2025[91](index=91&type=chunk) [Events After Reporting Period](index=33&type=section&id=Events%20After%20Reporting%20Period) After the reporting period, the company completed a placing of 9,600,000 shares in July 2025 at HKD 0.60 per share, successfully raising funds - On **July 14, 2025**, the company entered into a placing agreement with China Northern Securities Group Limited to place up to **9,600,000 shares** on a best efforts basis at a placing price of **HKD 0.60 per share**[92](index=92&type=chunk) - The July 2025 placing was completed on **July 28, 2025**, successfully placing a total of **9,600,000 shares** to no less than six new placees[92](index=92&type=chunk) [Dividends](index=33&type=section&id=Dividends) The Board does not recommend the payment of any dividends for the six months ended June 30, 2025 - The Board does not recommend the payment of any dividends for the six months ended June 30, 2025 (2024: nil)[94](index=94&type=chunk) [Acknowledgement](index=33&type=section&id=Acknowledgement) The Board expresses gratitude to shareholders, business partners, customers, directors, management, and staff for their support and dedication - The Board extends its sincere gratitude to all shareholders, business partners, and customers for their continuous support to the Group. Concurrently, it expresses deep appreciation and commendation to all Directors, management, and staff for their efforts and dedication during this period[95](index=95&type=chunk)

[Corporate Information](index=4&type=section&id=Corporate%20Information) [Corporate Information Overview](index=4&type=section&id=Corporate%20Information%20Overview) The report discloses key corporate information for Zall Smart Commerce Group Ltd, including its board members, committee compositions, company secretary, auditors, and principal bankers - The Board of Directors includes Chairman and CEO Mr Wang Lei, and executive directors Mr Cai Wenhao and Ms Wu Mengmeng[10](index=10&type=chunk) - The Audit, Remuneration, Nomination, and Risk Management Committees are chaired or composed of independent non-executive directors, with Mr Zhao Wei resigning and Mr Wu Guoyong appointed on June 30, 2025[10](index=10&type=chunk) - The company's auditor is Cheng & Cheng (Hong Kong) CPA Limited, and its Hong Kong share registrar is Tricor Investor Services Limited[10](index=10&type=chunk)[11](index=11&type=chunk) [Interim Results](index=6&type=section&id=Interim%20Results) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue decreased by 13.0% year-on-year to S$8,207 thousand, while the loss for the period widened to S$2,300 thousand Key Data from the Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | Six months ended June 30, 2025 (S$'000) | Six months ended June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Revenue | 8,207 | 9,433 | | Other income and gains | 416 | 107 | | Loss before tax | (2,300) | (2,118) | | Loss for the period | (2,300) | (2,122) | | Loss for the period attributable to owners of the Company | (2,157) | (1,754) | | Basic loss per share (Singapore cents per share) | (4.59) | (4.39) | [Unaudited Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total net assets increased to S$9,512 thousand, mainly due to an increase in equity attributable to owners of the Company, despite a decrease in total non-current assets Key Data from the Condensed Consolidated Statement of Financial Position | Indicator | As at June 30, 2025 (S$'000) | As at December 31, 2024 (S$'000) | | :--- | :--- | :--- | | Total non-current assets | 4,976 | 5,664 | | Total current assets | 17,693 | 16,299 | | Total current liabilities | 10,842 | 10,396 | | Net current assets | 6,851 | 5,903 | | Net assets | 9,512 | 8,813 | | Equity attributable to owners of the Company | 9,722 | 8,880 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the Group's total equity increased to S$9,512 thousand, primarily driven by a S$2,783 thousand increase in share capital from the issuance of new shares via placing Key Data from the Condensed Consolidated Statement of Changes in Equity | Indicator | As at June 30, 2025 (S$'000) | As at January 1, 2024 (S$'000) | | :--- | :--- | :--- | | Share capital | 1,074 | 900 | | Share premium account | 11,591 | 8,982 | | Accumulated losses | (7,130) | (6,465) | | Total equity | 9,512 | 6,108 | - In the first half of 2025, the issuance of new shares through placing increased share capital by S$174 thousand and share premium by S$2,609 thousand, totaling S$2,783 thousand[16](index=16&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net decrease in cash and cash equivalents was S$3,586 thousand, mainly due to cash outflows from operating and investing activities Key Data from the Condensed Consolidated Statement of Cash Flows | Indicator | Six months ended June 30, 2025 (S$'000) | Six months ended June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Net cash from operating activities | (3,380) | (550) | | Net cash used in investing activities | (1,553) | (1,508) | | Net cash from financing activities | 1,347 | 1,639 | | Net decrease in cash and cash equivalents | (3,586) | (419) | | Cash and cash equivalents at end of period | 1,765 | 2,511 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, principal accounting policies, and composition of various financial items, including revenue, losses, share capital, receivables, payables, and borrowings [1. General Information](index=10&type=section&id=1.%20General%20Information) Zall Smart Commerce Group Ltd was incorporated in the Cayman Islands on March 17, 2016, with principal businesses in passenger car services and smart kitchen appliances - The company was incorporated in the Cayman Islands on March 17, 2016[18](index=18&type=chunk) - Principal businesses include passenger car services (maintenance, repair, modification, parts trading, auto financing, sales) and smart kitchen appliance business (development, manufacturing, consulting, sales)[19](index=19&type=chunk)[20](index=20&type=chunk) [2. Basis of Preparation](index=10&type=section&id=2.%20Basis%20of%20Preparation) The financial statements are prepared in accordance with IFRS, presented in Singapore dollars, and based on the historical cost convention, except for life insurance policy investments measured at fair value - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and presented in Singapore dollars[19](index=19&type=chunk) - The adoption of new and revised IFRS did not have a significant impact on the Group's accounting policies or financial performance[19](index=19&type=chunk) [3. Revenue](index=12&type=section&id=3.%20Revenue) For the six months ended June 30, 2025, the Group's total revenue was S$8,207 thousand, a 13.0% decrease from the prior year, mainly due to lower maintenance service income Revenue Composition and Year-on-Year Change | Revenue Source | Six months ended June 30, 2025 (S$'000) | Six months ended June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Maintenance and repair services | 6,563 | 7,665 | | Modification, tuning and grooming services and trading of parts and accessories | 1,439 | 1,409 | | Sale of food and kitchen appliances | 148 | 193 | | Brand management services | – | 66 | | Provision of motor financing services | 57 | 100 | | **Total Revenue** | **8,207** | **9,433** | [4. Loss before tax](index=12&type=section&id=4.%20Loss%20before%20tax) For the six months ended June 30, 2025, the Group's loss before tax was S$2,300 thousand, an increase from S$2,118 thousand in the prior year, with major expenses including staff costs and depreciation Major Components of Loss Before Tax | Expense Item | Six months ended June 30, 2025 (S$'000) | Six months ended June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 189 | 147 | | Depreciation of right-of-use assets | 339 | 341 | | Staff costs (excluding directors' and chief executive's emoluments) | 2,937 | 3,462 | [5. Income Tax Expense](index=12&type=section&id=5.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense was nil, compared to S$4 thousand in the prior year, as no current income tax was payable due to the loss incurred Income Tax Expense | Indicator | Six months ended June 30, 2025 (S$'000) | Six months ended June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Current income tax - for the period | – | 4 | | **Tax expense for the period** | **–** | **4** | - The Singapore subsidiary is subject to a 17% tax rate, the PRC subsidiary is subject to a 25% tax rate, and the Cayman Islands company is tax-exempt[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) [6. Dividend](index=13&type=section&id=6.%20Dividend) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the same period last year - The Board does not recommend the payment of any interim dividend for the first half of 2025[32](index=32&type=chunk) [7. Loss per Share Attributable to Owners of the Company](index=13&type=section&id=7.%20Loss%20per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, the basic loss per share attributable to owners of the Company was (4.59) Singapore cents, an increase from (4.39) Singapore cents in the prior year Loss Per Share Calculation Data | Indicator | Six months ended June 30, 2025 (S$'000/'000 shares) | Six months ended June 30, 2024 (S$'000/'000 shares) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company for basic loss per share calculation | (2,157) | (1,754) | | Weighted average number of ordinary shares ('000 shares) | 47,028 | 40,000 | | **Basic loss per share (Singapore cents per share)** | **(4.59)** | **(4.39)** | - The placing of new shares on January 23, 2025, and the share consolidation on February 20, 2025 (fifty shares into one) have been factored into the weighted average number of shares[35](index=35&type=chunk)[36](index=36&type=chunk) [8. Property, Plant and Equipment](index=14&type=section&id=8.%20Property,%20Plant%20and%20Equipment) During the six months ended June 30, 2025, the Group acquired S$0.29 million of plant and equipment, a decrease from S$0.48 million in the same period last year - In the first half of 2025, the Group acquired **S$0.29 million** of plant and equipment, a year-on-year decrease of S$0.19 million[37](index=37&type=chunk) [9. Trade Receivables](index=14&type=section&id=9.%20Trade%20Receivables) As of June 30, 2025, the Group's net trade receivables were S$1,034 thousand, slightly lower than S$1,064 thousand as of December 31, 2024 Net Trade Receivables and Ageing Analysis | Indicator | As at June 30, 2025 (S$'000) | As at December 31, 2024 (S$'000) | | :--- | :--- | :--- | | Net trade receivables | 1,034 | 1,064 | | Ageing less than 30 days | 966 | 957 | | Ageing over 120 days | 115 | 113 | | Impairment loss recognised | (124) | (124) | Credit Risk Analysis of Trade Receivables (as at June 30, 2025) | Overdue Status | Gross carrying amount (S$'000) | Expected credit loss (S$'000) | Net amount (S$'000) | | :--- | :--- | :--- | :--- | | Current | 1,012 | – | 1,012 | | Less than 1 month | 42 | (20) | 22 | | 1 to 3 months | 14 | (14) | – | | Over 3 months | 90 | (90) | – | | **Total** | **1,158** | **(124)** | **1,034** | [10. Prepayments, Other Receivables and Other Assets](index=16&type=section&id=10.%20Prepayments,%20Other%20Receivables%20and%20Other%20Assets) As of June 30, 2025, total prepayments, other receivables and other assets increased significantly to S$11,311 thousand, mainly due to a rise in deposits and current other receivables Composition of Prepayments, Other Receivables and Other Assets | Indicator | As at June 30, 2025 (S$'000) | As at December 31, 2024 (S$'000) | | :--- | :--- | :--- | | Total non-current | 586 | 1,126 | | Total current | 10,725 | 7,164 | | **Total** | **11,311** | **8,290** | | Of which: Deposits | 5,012 | 2,963 | | Of which: Loans to third parties | 1,284 | 1,809 | - Deposits were mainly for the purchase of electric vehicles for car rental and resale, with a closing balance of **S$4.7 million**[42](index=42&type=chunk) - Loans to third parties are primarily motor financing loans with interest rates between **3% and 7%**, loan tenors of 1 to 7 years, and are secured by the purchased vehicles[42](index=42&type=chunk)[44](index=44&type=chunk) [11. Trade and Other Payables](index=19&type=section&id=11.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables decreased to S$7,303 thousand, mainly due to a significant reduction in the amount due to a director Composition of Trade and Other Payables | Indicator | As at June 30, 2025 (S$'000) | As at December 31, 2024 (S$'000) | | :--- | :--- | :--- | | Trade payables | 1,410 | 1,772 | | Other payables | 4,745 | 3,911 | | Accrued expenses | 604 | 1,003 | | Amount due to a director | 544 | 2,206 | | **Total** | **7,303** | **8,892** | - The amount due to a director represents non-interest-bearing financial support and is repayable on demand[46](index=46&type=chunk) [12. Bank and Other Borrowings](index=20&type=section&id=12.%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total bank and other borrowings increased significantly to S$3,944 thousand, primarily due to new margin financing of S$1,324 thousand Composition and Changes in Bank and Other Borrowings | Indicator | As at June 30, 2025 (S$'000) | As at December 31, 2024 (S$'000) | | :--- | :--- | :--- | | Current borrowings | 2,371 | 580 | | Non-current borrowings | 1,573 | 2,012 | | **Total** | **3,944** | **2,592** | | Of which: Margin financing (4.0% p.a.) | 1,324 | – | | Of which: SGD borrowings (1.8% p.a.) | 1,235 | 1,373 | | Of which: Lease liabilities | 1,385 | 1,219 | - The new margin financing is secured by listed equity securities with a fair value of **S$2.29 million**[49](index=49&type=chunk)[50](index=50&type=chunk) [13. Share Capital](index=21&type=section&id=13.%20Share%20Capital) As of June 30, 2025, the Company's issued share capital was S$1,074 thousand, comprising 48,000,000 shares, following a share placing in January and a share consolidation in February 2025 Share Capital Overview | Indicator | As at June 30, 2025 | As at December 31, 2024 | | :--- | :--- | :--- | | Issued and fully paid shares (shares) | 48,000,000 | 2,000,000,000 | | Share capital (S$'000) | 1,074 | 900 | - On January 23, 2025, the company completed the placing of 400,000,000 new shares, raising net proceeds of approximately **HK$15.3 million**[53](index=53&type=chunk) - On February 20, 2025, the company implemented a share consolidation, where every fifty shares of HK$0.0025 each were consolidated into one share of HK$0.125 each[53](index=53&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=22&type=section&id=Business%20Review) For the six months ended June 30, 2025, the Group's revenue decreased by 13.0% to S$8.21 million, and the loss for the period widened to S$2.30 million due to macroeconomic challenges - Revenue for the first half of 2025 was **S$8.21 million**, a year-on-year decrease of **13.0%**[54](index=54&type=chunk) - The Singapore business revenue decreased by **12.1%** to S$8.06 million, mainly due to a decline in spare parts export sales and a slowdown in maintenance service income[54](index=54&type=chunk) - The Mainland China business revenue decreased by **42.9%** to S$0.15 million, primarily affected by macroeconomic challenges and cautious customer spending[54](index=54&type=chunk) - The loss for the period widened to **S$2.30 million**, mainly due to the business slowdown in both markets[54](index=54&type=chunk) - The Group operates a multi-business model, providing comprehensive passenger car services in Singapore and developing the smart kitchen segment in Mainland China[55](index=55&type=chunk) [Prospects](index=22&type=section&id=Prospects) Looking ahead to 2025, the Group anticipates a challenging operating environment and will focus on integrating AI with advanced technology to formulate a sustainable growth strategy - The operating environment in 2025 is expected to be challenging, with a focus on integrating AI with advanced technology and sustainable growth strategies[56](index=56&type=chunk) [Automotive Segment](index=22&type=section&id=Automotive%20Segment) The automotive industry is undergoing a significant transition to electric vehicles, and the Group is actively allocating resources to adapt to this market shift - The automotive industry is shifting towards electric vehicles, with hybrid and electric vehicles accounting for about **84%** of new vehicle registrations in the first half of 2025[57](index=57&type=chunk) - The Group is allocating resources to ensure technicians are proficient in EV repair equipment and skills, and plans to broaden its product range to expand into the EV sector[58](index=58&type=chunk) [Smart Kitchen](index=23&type=section&id=Smart%20Kitchen) Influenced by AI and technological advancements, the Group will continue to focus on the growth of its smart kitchen segment, aiming to become a leading SaaS+ service platform for the global prepared food industry - The smart kitchen segment will continue its multi-business model, including offline retail, food delivery, meal kits, F&B brand incubation, and SaaS+ empowerment[59](index=59&type=chunk) - The goal is to become a leading SaaS+ service platform for the global prepared food industry, focusing on economy, innovation, and seamless integration[59](index=59&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) The Group's revenue decreased by 13.0% year-on-year in the first half of 2025, while the loss for the period widened, and other income grew significantly [Revenue](index=23&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue decreased by 13.0% to S$8.21 million, driven by declines in both the Singapore and Mainland China businesses - Revenue for the first half of 2025 was **S$8.21 million**, a year-on-year decrease of **13.0%**[60](index=60&type=chunk) - The Singapore business revenue decreased by **12.1%**, while the Mainland China revenue decreased by **42.9%**[60](index=60&type=chunk) [Other Income](index=23&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income and gains increased substantially by 288.8% year-on-year to S$0.42 million, mainly from investment income - Other income and gains increased by **288.8%** year-on-year to S$0.42 million[61](index=61&type=chunk) - The net increase was primarily attributable to investment income, including dividend income from listed securities investments[61](index=61&type=chunk) [Cost of Materials](index=24&type=section&id=Cost%20of%20Materials) For the six months ended June 30, 2025, the cost of materials decreased by 7.1% year-on-year, resulting in a lower gross profit margin of 43.6% compared to 47.2% - The cost of materials decreased by **7.1%** year-on-year, leading to a gross profit margin decline from **47.2% to 43.6%**[62](index=62&type=chunk) - The decrease in gross profit margin was mainly due to the reduced contribution from higher-margin businesses in Mainland China[62](index=62&type=chunk) [Employee Benefit Expenses](index=24&type=section&id=Employee%20Benefit%20Expenses) For the six months ended June 30, 2025, employee benefit expenses decreased by 15.2% or S$0.53 million year-on-year, in line with the overall revenue decline - Employee benefit expenses decreased by **15.2%** or S$0.53 million year-on-year[63](index=63&type=chunk) - The decrease was consistent with the decline in revenue and the reduced number of operating outlets following the disposal of a PRC subsidiary's business[63](index=63&type=chunk) [Other Expenses](index=24&type=section&id=Other%20Expenses) For the six months ended June 30, 2025, other expenses increased by S$0.11 million year-on-year to S$2.71 million, primarily due to additional legal and professional fees - Other expenses increased by S$0.11 million year-on-year to **S$2.71 million**[64](index=64&type=chunk) - The increase was mainly due to legal and professional fees[64](index=64&type=chunk) [Loss for the Period](index=24&type=section&id=Loss%20for%20the%20Period) For the six months ended June 30, 2025, the Group recorded a loss of approximately S$2.30 million, an increase from S$2.12 million in the prior year, due to a business slowdown - The loss for the period widened to **S$2.30 million**, primarily due to the business slowdown in both markets[65](index=65&type=chunk) [Liquidity, Financial and Capital Resources](index=24&type=section&id=Liquidity,%20Financial%20and%20Capital%20Resources) The Group's main funding sources in the first half of 2025 were operating activities and the placing of new shares, with a net decrease in cash and cash equivalents during the period [Cash Position](index=24&type=section&id=Cash%20Position) In the first half of 2025, the Group experienced net cash outflows from operating and investing activities, resulting in a net decrease in cash and cash equivalents of S$3.59 million Cash Flow Overview | Cash Flow Type | First Half of 2025 (S$'000) | | :--- | :--- | | Net cash from operating activities | (3,380) | | Net cash used in investing activities | (1,553) | | Net cash from financing activities | 1,347 | | **Net decrease in cash and cash equivalents** | **(3,586)** | - In January 2025, the Group raised gross proceeds of **HK$16.0 million** through the placing of new shares[66](index=66&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio increased to 0.41 times from 0.29 times as of December 31, 2024, reflecting higher borrowings relative to total equity - The gearing ratio increased from **0.29 times** as of December 31, 2024, to **0.41 times** as of June 30, 2025[67](index=67&type=chunk) [Foreign Exchange Fluctuation Risk](index=25&type=section&id=Foreign%20Exchange%20Fluctuation%20Risk) The Group's currency risk arises mainly from sales, purchases, and borrowings denominated in currencies other than the functional currency, with no hedging measures currently in place - Currency risk primarily arises from transactions and borrowings in non-functional currencies, and the Group does not currently engage in foreign currency hedging[68](index=68&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities, which is consistent with the position as of December 31, 2024 - As of June 30, 2025, the Group had **no significant contingent liabilities**[69](index=69&type=chunk) [Pledge of Assets](index=25&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had pledged listed securities with a fair value of S$2.29 million as collateral for margin financing, whereas no such pledge existed as of December 31, 2024 - As of June 30, 2025, the Group pledged listed securities worth **S$2.29 million** as collateral for margin financing[70](index=70&type=chunk) [Capital Structure](index=25&type=section&id=Capital%20Structure) The Company's shares were listed on the GEM of the Stock Exchange on November 8, 2016, and it completed a share placing and consolidation in early 2025 - The Company's shares were listed on the GEM of the Stock Exchange on November 8, 2016[71](index=71&type=chunk) - In January 2025, the company completed the placing of 400,000,000 new shares, raising net proceeds of approximately **HK$15.3 million**[71](index=71&type=chunk) - In February 2025, a share consolidation was implemented, consolidating 2,400,000,000 shares into 48,000,000 consolidated shares with a par value of HK$0.125 each[71](index=71&type=chunk) [Use of Proceeds from Placing](index=26&type=section&id=Use%20of%20Proceeds%20from%20Placing) The net proceeds of approximately HK$15.3 million from the January 2025 placing were partially used for business development and working capital, with the remainder expected to be utilized by December 2025 Use of Proceeds from January 2025 Placing (as at June 30, 2025) | Intended Use | Planned Amount (HK$ million) | Utilised (HK$ million) | Unutilised (HK$ million) | Expected Utilisation Timeline | | :--- | :--- | :--- | :--- | :--- | | Support operation and development of fast food and smart kitchen business | 10.00 | 4.99 | 5.01 | December 2025 | | (a) Purchase of inventories and materials | 6.50 | 2.56 | 3.94 | December 2025 | | (b) Recruitment of sales talents and marketing | 2.40 | 1.33 | 1.07 | December 2025 | | (c) Direct and indirect expenses | 1.10 | 1.10 | – | – | | General working capital of the Company | 5.30 | 2.69 | 2.61 | December 2025 | | **Total** | **15.30** | **7.68** | **7.62** | | - Net proceeds from the placing were approximately **HK$15.3 million**, of which **HK$7.68 million** has been utilised, with a remaining balance of HK$7.62 million[75](index=75&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) [Sufficient Public Float](index=27&type=section&id=Sufficient%20Public%20Float) As of the date of this report, the Company has maintained a sufficient public float as required by the GEM Listing Rules since its listing date - The Company has maintained a sufficient public float as required by the GEM Listing Rules since its listing date[76](index=76&type=chunk) [Directors’ and Chief Executive’s Interests and Short Positions in Shares, Underlying Shares and Debentures](index=28&type=section&id=Directors%E2%80%99%20and%20Chief%20Executive%E2%80%99s%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Executive Director Mr Wang Lei and his spouse held a 24.62% interest in the Company's shares Long Positions of Directors and Chief Executive in Shares (as at June 30, 2025) | Name | Capacity/Nature of interest | Number of shares or underlying shares | Approximate percentage | | :--- | :--- | :--- | :--- | | Mr Wang Lei | Beneficial interest | 11,817,400 | 24.62% | | Ms Li Lidan | Interest of spouse | 11,817,400 | 24.62% | | Mr Chen Huichun | Beneficial interest | 14,000 | 0.03% | | Ms WANG Chongyu | Interest of spouse | 14,000 | 0.03% | [Substantial Shareholders’ and Other Persons’ Interests and Short Positions in Shares and Underlying Shares](index=29&type=section&id=Substantial%20Shareholders%E2%80%99%20and%20Other%20Persons%E2%80%99%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, substantial shareholder Mr Li Jie and his spouse held an 11.92% interest in the Company's shares Long Positions of Substantial Shareholders and Other Persons in Shares (as at June 30, 2025) | Name | Nature of interest | Number of shares | Approximate percentage | | :--- | :--- | :--- | :--- | | Mr Li Jie | Beneficial owner | 5,720,400 | 11.92% | | Ms Han Mei | Interest of spouse | 5,720,400 | 11.92% | | Ms Li Lidan | Interest of spouse | 11,817,400 | 24.62% | [Related Party Transactions](index=29&type=section&id=Related%20Party%20Transactions) During the six months ended June 30, 2025, the Group did not enter into any related party transactions - In the first half of 2025, the Group did not enter into any related party transactions[82](index=82&type=chunk) [Directors’ Interests in Competing Business](index=29&type=section&id=Directors%E2%80%99%20Interests%20in%20Competing%20Business) During the six months ended June 30, 2025, the directors were not aware of any business or interest of a director, controlling shareholder, or their close associates that competes with the Group's business - The directors are not aware of any business or interest that competes with the Group's business[83](index=83&type=chunk) [Pledge of Assets](index=30&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledged assets, consistent with the same period last year - As of June 30, 2025, the Group had **no pledged assets**[85](index=85&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The Group's foreign exchange risk arises from transactions denominated in currencies other than the functional currency, and no hedging instruments are currently used to mitigate this risk - Foreign exchange risk primarily arises from sales, purchases, and borrowings in non-functional currencies, and no hedging is currently undertaken[86](index=86&type=chunk) [Purchase, Sale or Redemption of the Company’s Listed Securities](index=30&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company%E2%80%99s%20Listed%20Securities) During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - In the first half of 2025, the Company and its subsidiaries did not purchase, sell, or redeem any of its listed securities[87](index=87&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on October 21, 2016, to incentivize and retain talent, which is valid until October 20, 2026 - The share option scheme was adopted on October 21, 2016, and is valid until October 20, 2026, to incentivize and retain talent[88](index=88&type=chunk)[89](index=89&type=chunk) - The subscription price for share options shall not be less than the highest of the closing price on the offer date, the average closing price for the five preceding days, and the nominal value of the shares[90](index=90&type=chunk) - As of June 30, 2025, the Group had **no outstanding share options**, warrants, or convertible instruments[92](index=92&type=chunk) [Directors’ Securities Transactions](index=32&type=section&id=Directors%E2%80%99%20Securities%20Transactions) The Company has adopted a code of conduct for directors' securities transactions, and all directors have confirmed compliance for the six months ended June 30, 2025 - All directors have confirmed compliance with the Company's adopted code of conduct for securities transactions during the first half of 2025[93](index=93&type=chunk) [Compliance with the Corporate Governance Code](index=32&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company is committed to high standards of corporate governance, with the roles of Chairman and CEO held by Mr Wang Lei to ensure consistent leadership and efficient strategic planning - The roles of Chairman and CEO are held by the same individual (Mr Wang Lei), which the Board believes contributes to consistent leadership and efficient strategic planning[94](index=94&type=chunk) - Apart from the combined roles of Chairman and CEO, the Company has complied with all applicable provisions of the Corporate Governance Code[94](index=94&type=chunk) [Audit Committee](index=32&type=section&id=Audit%20Committee) The Company's Audit Committee has reviewed the Group's unaudited condensed consolidated financial results for the six months ended June 30, 2025 - The Audit Committee has reviewed the unaudited condensed consolidated financial results for the first half of 2025[95](index=95&type=chunk) [Material Investments, Acquisitions and Disposals](index=32&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals) During the six months ended June 30, 2025, the Group did not undertake any material investments, acquisitions, or disposals other than those disclosed in this report - In the first half of 2025, the Group did not undertake any material investments, acquisitions, or disposals[96](index=96&type=chunk) [Events after the Reporting Period](index=33&type=section&id=Events%20after%20the%20Reporting%20Period) Subsequent to the reporting period, the Company successfully placed 9,600,000 shares at a price of HK$0.60 per share, which was completed on July 28, 2025 - In July 2025, the Company successfully placed **9,600,000 shares** at a price of **HK$0.60 per share**[97](index=97&type=chunk) [Dividend](index=33&type=section&id=Dividend) The Board does not recommend the payment of any dividend for the six months ended June 30, 2025, consistent with the same period last year - The Board does not recommend the payment of any dividend for the first half of 2025[99](index=99&type=chunk) [Acknowledgement](index=33&type=section&id=Acknowledgement) The Chairman of the Board extends sincere gratitude to shareholders, business partners, customers, all directors, management, and employees on behalf of the Board - The Chairman of the Board expresses gratitude to all stakeholders on behalf of the Board[100](index=100&type=chunk)

Company Overview - Zhongshi Min'an Holdings Limited is a leading automotive service provider in Singapore, specializing in maintenance and repair of various brands of passenger vehicles [2] - The company has over 14 years of experience in the passenger vehicle service industry and offers comprehensive services including maintenance, repair, modification, tuning, and detailing [2] - Zhongshi Min'an operates two service centers in Singapore, focusing on high-quality customer service as a key differentiator from competitors [3] Financial Performance - As of December 31, 2024, Zhongshi Min'an reported total revenue of 100 million yuan, a year-on-year decrease of 20.97% [1] - The company achieved a net profit attributable to shareholders of 7.9395 million yuan, reflecting a significant year-on-year increase of 1150.7% [1] - The gross profit margin stood at 50.55%, with a debt-to-asset ratio of 59.87% [1] Market Position and Valuation - The average price-to-earnings (P/E) ratio for the support services industry is 0.63 times, with a median of 3.18 times [1] - Zhongshi Min'an has a P/E ratio of 2.79 times, ranking 7th in its industry [1] - Other companies in the Chinese education industry have varying P/E ratios, such as 1.4 times for China Science Education Industry and 2.13 times for Easy Communications Group [1] Upcoming Events - The company is scheduled to disclose its interim report for the fiscal year 2025 on August 29, 2025 [4]

Core Insights - On August 15, the shareholder of Zhongshi Min'an (08283) transferred shares from Micro Investment Securities International (Hong Kong) to HSBC Hong Kong, with a transfer market value of HKD 2.4116 million, accounting for 8.81% of the total shares [1] Summary by Sections Share Transfer - The transfer involved a market value of HKD 2.4116 million, representing 8.81% of the shares [1] Share Placement - On July 28, Zhongshi Min'an announced that all conditions of the placement agreement had been met, with completion scheduled for July 28, 2025 [1] - A total of 9.6 million placement shares, equivalent to approximately 16.67% of the total issued shares post-completion, were successfully placed at a price of HKD 0.60 per share to no fewer than six subscribers [1]