[Supplemental Announcement Regarding the 2023 Annual Report](index=1&type=section&id=Supplemental%20Announcement%20Regarding%20the%202023%20Annual%20Report) This announcement provides additional details on loans receivable from third parties, primarily automotive financing, supplementing the 2023 annual report [Details of Loans Receivable from Third Parties](index=1&type=section&id=Details%20of%20Loans%20Receivable%20from%20Third%20Parties) This announcement supplements the 2023 annual report by detailing third-party automotive financing loans, which grew from S$1.7 million in 2022 to S$2.1 million in 2023, including top five customer specifics - The company issued this announcement to provide additional information on loans receivable from third parties in its 2023 annual report, primarily related to **automotive financing loans**[3](index=3&type=chunk)[4](index=4&type=chunk) Total Loans Receivable from Third Parties (Automotive Financing) | Year | Amount (S$ Million) | | :--- | :--- | | December 31, 2023 | Approx. 2.1 | | December 31, 2022 | Approx. 1.7 | Details of Top Five Automotive Financing Loans (S$ Thousand) | Customer | 2023 | 2022 | | :--- | :--- | :--- | | Customer A | 403 | – | | Customer B | 251 | – | | Customer C | 218 | 289 | | Customer D | 185 | – | | Customer E | 160 | 186 | | Others | 886 | 522 | | **Total** | **2,103** | **1,671** | - The company confirms that all other information in the 2023 annual report remains unchanged, except for the supplementary details provided[6](index=6&type=chunk)

Financial Performance - The group's revenue increased by approximately SGD 0.28 million or 1.2% to approximately SGD 23.87 million for the year ended December 31, 2023, compared to SGD 23.59 million for the previous year[7]. - The group recorded a loss of approximately SGD 1.53 million, compared to a loss of approximately SGD 0.07 million in the same period last year, primarily due to significant expenses related to brand awareness and market expansion in mainland China[7]. - The group's total revenue for the year ended December 31, 2023, was approximately SGD 23.87 million, a slight increase of SGD 0.28 million or 1.2% from SGD 23.59 million in the previous year, primarily due to additional revenue from new business in mainland China[18]. - Other income and gains increased by SGD 0.43 million or 38.1% to approximately SGD 1.56 million for the year ended December 31, 2023, mainly from realized capital gains on listed securities and asset sales[19]. - Material costs decreased by approximately SGD 1.03 million or 8.1%, leading to an increase in gross margin from 46.0% to approximately 50.9% for the year ended December 31, 2023, due to better margins from new food and kitchen appliance trade and brand management services in mainland China[20]. - Employee benefits expenses rose by approximately SGD 0.79 million or 11.3% to approximately SGD 7.76 million, consistent with the group's strategic expansion in mainland China[22]. - Marketing and advertising expenses increased by SGD 0.12 million or 28.6% to SGD 0.54 million, primarily due to additional marketing expenses incurred by the newly established entity in mainland China[21]. Business Operations - The automotive service business in Singapore generated revenue of SGD 20.5 million, a slight decrease of SGD 0.7 million[10]. - The new venture in mainland China contributed SGD 3.1 million through sales of smart kitchen appliances, food and beverage brand management services, and packaged foods[10]. - The new smart kitchen division is set to develop multiple business models, including offline retail, takeaway services, and SaaS+ empowerment, aiming to become a leading platform in the global pre-prepared food industry[16]. - The group’s new business segment in China contributed approximately 13% to total revenue in 2023, up from 9% in 2022[18]. - The company plans to invest more resources into the green vehicle sector to capture future trends and maintain its market share in Singapore's maintenance and repair market[8]. - The company aims to continue seeking new investment opportunities and/or partnerships to enhance its competitive position[8]. Market Conditions - The overall inflation and high premiums for Certificates of Entitlement (COE) continue to challenge the automotive market in Singapore[7]. - Singapore's government has initiated plans to install 60,000 electric vehicle charging points by 2030 to promote the adoption of electric vehicles[8]. - The number of registered electric vehicles in Singapore increased by 50.5% to 5,468 in 2023, with an adoption rate of 18.1% among total registered vehicles, up from 11.7% in 2022[15]. - The company is subject to regulatory risks in Singapore, particularly regarding vehicle ownership policies that could adversely affect service demand[132]. Financial Position - The net cash flow from operating activities for the year ended December 31, 2023, was approximately SGD 0.46 million, and after adjusting for the impact of IFRS 16, the net cash flow used in operating activities was approximately SGD 0.33 million[36]. - The group’s cash and bank balances as of December 31, 2023, were approximately SGD 2.9 million, compared to SGD 3.0 million as of December 31, 2022[36]. - The asset-to-liability ratio as of December 31, 2023, was 0.3, consistent with the ratio from December 31, 2022[37]. - The group’s long-term loans were secured by legal mortgages on properties owned by the group, with a carrying value of approximately SGD 2.0 million as of December 31, 2023[40]. - As of December 31, 2023, the amount receivable from third-party loans was approximately SGD 2.1 million, mainly related to automotive financing loans[28]. Corporate Governance - The company has a strong commitment to high standards of corporate governance, which is deemed essential for sustainable growth and maximizing shareholder value[74]. - The board consists of nine members, including three independent non-executive directors, promoting critical review and monitoring of management processes[78]. - The company has implemented a code of conduct for directors regarding securities trading, ensuring compliance with relevant regulations[82]. - The board has adopted a diversity policy to ensure a balanced representation of skills, experience, and perspectives among board members, considering factors such as gender, age, cultural background, and professional experience[76]. - The company has established credit risk assessment policies for automotive financing, considering factors such as the brand, model, age, and condition of the collateralized vehicles[33]. Shareholder Relations - The company has adopted a shareholder communication policy to ensure equal and timely access to information for shareholders, allowing them to actively participate in company affairs[109]. - The company encourages shareholders to provide updated contact information to facilitate timely communication[126]. - The board has the authority to convene special general meetings upon request from shareholders holding at least 10% of the paid-up capital[115]. - Shareholders have the right to make inquiries to the board, which can be done in writing or during the annual general meeting[119]. Employee and Management - The total number of full-time employees as of December 31, 2023, was 139, down from 144 as of December 31, 2022[42]. - The employee gender ratio is approximately 72% male and 28% female, reflecting the traditional automotive industry's lower female participation[78]. - The management team includes experienced individuals with backgrounds in technology, finance, and operations, enhancing the company's strategic capabilities[51][53][55]. Risk Management - The company has established policies and procedures to identify, assess, and manage significant risks, including ESG risks, with the board responsible for the overall effectiveness of the risk management system[106]. - The internal audit function has been outsourced to a professional risk advisory firm to review the group's monitoring environment and key business processes[106]. - The risk management committee reviewed the company's risk management policies and internal control mechanisms, including ESG risks, during its 1 meeting[92]. Acquisitions and Investments - The company has agreed to acquire 100% of the registered capital of Shanghai Tianji Zhongwei Industrial Development Co., Ltd. for a total consideration of RMB 19,000,000, equivalent to approximately HKD 20,938,000[175]. - The acquisition will be paid in cash and through the issuance of 357,666,666 shares, representing about 17.88% of the existing issued share capital as of the report date[175]. - The deadline for fulfilling the conditions of the sale agreement has been extended to May 24, 2024, due to the need for additional time[181]. - The company has not made any significant investments or acquisitions related to subsidiaries, associates, or joint ventures for the year ending December 31, 2023[176]. Compliance and Legal Matters - The company has complied with GEM listing rules and provided timely financial information to stakeholders[98]. - The company has complied with relevant laws and regulations that significantly impact its business and operations[186]. - The company is not involved in any significant legal proceedings as of December 31, 2023[48].

Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of SGD 23,871,000, an increase of 1.2% from SGD 23,593,000 in the previous year[5]. - Other income and gains rose to SGD 1,559,000, up 38.2% from SGD 1,129,000 in the prior year[5]. - The company incurred a net loss of SGD 1,528,000 for the year, compared to a loss of SGD 73,000 in the previous year, representing a significant increase in losses[5]. - The total comprehensive loss for the year was SGD 1,468,000, compared to a loss of SGD 52,000 in the previous year[6]. - The company reported a total loss before tax of SGD 1,260,000 for the year, with a net loss of SGD 1,528,000 after tax expenses[28]. - The company reported a pre-tax profit of SGD 268,000 for 2023, compared to SGD 175,000 in 2022, marking a 53.14% increase[53]. - The company reported a basic loss per share of SGD 0.007 for the year ended December 31, 2023, compared to SGD 0.004 in 2022, reflecting an increase in loss attributable to owners of the company from SGD 75,000 to SGD 142,000[55]. Expenses - Employee benefit expenses increased to SGD 7,760,000, up 11.3% from SGD 6,974,000 year-over-year[5]. - Marketing and advertising expenses rose to SGD 539,000, an increase of 27.1% from SGD 424,000 in the previous year[5]. - Other expenses increased by approximately SGD 3.20 million or 132.8% to about SGD 5.61 million for the year ending December 31, 2023, primarily due to significant spending on brand recognition and market expansion in China[79]. Assets and Liabilities - Total non-current assets decreased from SGD 6,725,000 in 2022 to SGD 6,235,000 in 2023, a decline of approximately 7.3%[9]. - Current assets increased from SGD 13,013,000 in 2022 to SGD 14,901,000 in 2023, representing a growth of about 14.5%[9]. - Total current liabilities decreased from SGD 9,803,000 in 2022 to SGD 9,028,000 in 2023, a reduction of approximately 7.9%[9]. - Total non-current liabilities rose from SGD 2,359,000 in 2022 to SGD 6,000,000 in 2023, an increase of approximately 154%[11]. - Total equity decreased from SGD 7,576,000 in 2022 to SGD 6,108,000 in 2023, a decline of about 19.4%[11]. - Total assets as of December 31, 2023, were valued at SGD 21,136,000, with total liabilities amounting to SGD 15,028,000[32]. - The company’s total assets as of December 31, 2022, were SGD 19,738,000, with total liabilities of SGD 12,162,000[35]. Revenue Segments - The maintenance and repair services segment generated revenue of SGD 15,620,000, while the modification, tuning, and beauty services segment brought in SGD 5,095,000[28]. - Revenue from the sale of food and kitchen appliances decreased to SGD 1,279,000, down 42.14% from SGD 2,212,000 in the previous year[41]. - Customer contract revenue from maintenance and repair services was SGD 15,531,000, up from SGD 15,002,000, reflecting a 3.53% growth[41]. - The total revenue from the mainland China market was SGD 4,783,000, an increase from SGD 4,347,000, reflecting a growth of 10.03%[38]. Corporate Governance and Compliance - The board believes that maintaining high standards of corporate governance is crucial for the company's growth and maximizing shareholder value[99]. - The audit committee consists of three independent non-executive directors and has reviewed the company's accounting principles and financial reporting for the year ending December 31, 2023[111]. - The annual performance announcement for the year ending December 31, 2023, has been confirmed to be consistent with the audited financial statements by the auditor[112]. Strategic Plans and Market Expansion - The company plans to continue exploring market expansion opportunities and new product development strategies in the upcoming fiscal year[5]. - The company is expanding its operations in China, integrating various business models including offline retail, takeaway services, and SaaS+ solutions[64]. - The group plans to invest in professional equipment to handle unique components and safety requirements of electric vehicles, expanding its automotive trade business to include electric vehicles[69]. - The group will maintain a cautious approach in 2024, focusing on customer service and loyalty while acquiring new customers through new products and services[71]. Shareholder Communication - The company has adopted arrangements to distribute corporate communications electronically to shareholders, effective December 31, 2023[103]. - The company encourages shareholders to provide updated contact information to facilitate timely communication[107]. - The board of directors recommended not to declare any dividends for the year ending December 31, 2023[109].

Financial Performance - For the three months ended September 30, 2023, the company reported revenue of SGD 5.5 million, a decrease of 17.3% compared to SGD 6.7 million in the same period of 2022[8]. - The company's net loss for the three months ended September 30, 2023, was SGD 0.93 million, compared to a profit of SGD 0.22 million in the same period of 2022[8]. - Total comprehensive loss for the nine months ended September 30, 2023, was SGD 0.16 million, compared to a loss of SGD 0.05 million in the same period of 2022[8]. - The company's revenue for the nine months ended September 30, 2023, decreased by approximately SGD 0.41 million or 2.3% to about SGD 17.35 million, compared to SGD 17.8 million for the same period in 2022[27]. - Profit for the nine months ended September 30, 2023, was approximately SGD 0.19 million, a turnaround from a loss of about SGD 0.04 million in the same period of 2022, primarily due to investment income of SGD 0.86 million[40]. Expenses and Costs - The company's material costs for the three months ended September 30, 2023, were SGD 2.63 million, down 22.7% from SGD 3.41 million in the same period of 2022[8]. - Employee benefits expenses for the three months ended September 30, 2023, were SGD 1.60 million, a decrease of 14.4% compared to SGD 1.87 million in the same period of 2022[8]. - The company’s total expenses for the three months ended September 30, 2023, were SGD 6.43 million, compared to SGD 6.37 million in the same period of 2022[8]. - Material costs decreased by approximately SGD 1.36 million or 13.7%, leading to an increase in gross margin from 44.2% to about 50.7%[34]. - Other expenses increased significantly by approximately SGD 2.01 million or 121.8% to about SGD 3.67 million, primarily due to substantial costs incurred for brand awareness and market expansion in China[39]. Income and Gains - The company reported other income and gains of SGD 0.12 million for the three months ended September 30, 2023, an increase of 25% from SGD 0.09 million in the same period of 2022[8]. - Other income and gains increased by approximately SGD 0.70 million or 184.8% to about SGD 1.08 million, mainly from realized capital gains on listed securities[36]. Shareholder Information - The company has a total of 2,000,000,000 issued ordinary shares as of September 30, 2023[25]. - Mr. Wang Lei holds 290,870,000 shares, representing approximately 14.54% of the company's equity[44]. - Mr. Li Jie holds 586,020,000 shares, representing approximately 29.30% of the company's equity[45]. Dividends and Recommendations - The company did not recommend any dividend for the nine months ended September 30, 2023, consistent with the previous year[24]. - The board does not recommend any dividend payment for the nine months ending September 30, 2023, consistent with the previous year[60]. Tax and Compliance - The income tax expense for the three months ended September 30, 2023, was SGD 1,000, compared to an expense of SGD (64,000) for the same period in 2022[23]. - The company’s Singapore subsidiary is subject to a tax rate of 17% on estimated profits generated in Singapore[21]. - The company has adopted all new and revised International Financial Reporting Standards effective from January 1, 2023, with no significant impact on its accounting policies or financial performance[12]. - The company has complied with all applicable corporate governance code provisions during the reporting period[55]. Corporate Activities - The company operates in various sectors including automotive maintenance, modification services, and smart kitchen appliance development[12]. - The company is expanding its new smart kitchen division, integrating various business models including offline retail, takeaway services, and SaaS+ empowerment[32]. - On November 10, 2023, the group signed a memorandum of understanding for a potential acquisition of a company's equity, with specific details pending further negotiations[58]. - No significant investments, acquisitions, or disposals were made by the group in the nine months ending September 30, 2023[57]. Risk Management - The company has not engaged in any currency hedging to mitigate foreign exchange risks[50]. - The company has no pledged assets as of September 30, 2023[49]. - No significant related party transactions were established during the nine months ending September 30, 2023[46].

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，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致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） 二 零 二 三 年 第 三 季 度 業 績 公 告 中食民安控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至二零二三年九月三十日止九個月之未經審 核簡明綜合財務業績。本公告列載本集團二零二三年第三季度報告全文，乃符 合香港聯合交易所有限公司GEM（「GEM」）證券上市規則（「GEM上市規則」）中有 關第三季度業績初步公告附載的資料之相關要求。 承董事會命 中食民安控股有限公司 聯席主席、行政總裁兼執行董事 王雷 香港，二零二三年十一月十三日 ...

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） 有 關 二 零 二 二 年 年 報 之 補 充 公 告 茲提述中食民安控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）截至 二零二二年十二月三十一日止年度之年度報告（「二零二二年年報」）。除非另有 所指，本公告所用詞彙與二零二二年年報所界定者具有相同涵義。 除年報所披露資料之外，本公司謹此提供以下補充資料如下： 汽車融資服務 為促進對客戶的汽車銷售，我們亦通過租購協議或融資租賃協議為客戶提供 汽車融資服務。 就汽車融資服務而言，我們從租購協議相關的利息費用獲取收入。所收取的利 ...

Financial Performance - For the three months ended June 30, 2023, the company reported revenue of SGD 5,183,000, a decrease of 7.2% compared to SGD 5,584,000 for the same period in 2022[8]. - For the six months ended June 30, 2023, the company achieved revenue of SGD 11,851,000, an increase of 6.7% from SGD 11,103,000 in the same period last year[8]. - The company's gross profit for the six months ended June 30, 2023, was SGD 5,935,000, representing a gross margin of approximately 50%[8]. - The net profit for the six months ended June 30, 2023, was SGD 1,115,000, compared to a loss of SGD 265,000 in the same period of 2022[8]. - The company reported a basic and diluted earnings per share of SGD 0.06 for the six months ended June 30, 2023, compared to a loss per share of SGD 0.01 for the same period in 2022[8]. - Total comprehensive income for the six months ended June 30, 2023, was SGD 1,085,000, compared to a loss of SGD 264,000 in the same period last year[8]. - The company incurred total expenses of SGD 10,736,000 for the six months ended June 30, 2023, an increase from SGD 10,072,000 in the same period of 2022[8]. - The company's profit before tax for the six months ended June 30, 2023, was SGD 1,114,000, compared to a loss of SGD 218,000 in the same period of 2022[30]. - Profit for the six months ended June 30, 2023, was approximately SGD 1.12 million, a significant increase from a loss of SGD 0.27 million in the same period of 2022[48]. Assets and Liabilities - As of June 30, 2023, total assets amounted to SGD 20,441 thousand, a decrease from SGD 21,084 thousand as of December 31, 2022, reflecting a decline of approximately 3.1%[9]. - Non-current assets totaled SGD 6,375 thousand, down from SGD 6,725 thousand, indicating a decrease of about 5.2%[9]. - Current assets increased to SGD 14,066 thousand from SGD 13,013 thousand, representing an increase of approximately 8.1%[9]. - Cash and cash equivalents rose to SGD 3,417 thousand from SGD 2,988 thousand, marking an increase of about 14.4%[9]. - The company reported a total equity of SGD 8,662 thousand as of June 30, 2023, up from SGD 7,576 thousand, indicating an increase of about 14.4%[10]. - The company's total liabilities decreased to SGD 1,747 thousand from SGD 2,359 thousand, a reduction of about 26%[9]. - The company's total borrowings decreased from SGD 2.531 million as of December 31, 2022, to SGD 2.000 million as of June 30, 2023[43]. - Trade payables as of June 30, 2023, amounted to SGD 1.245 million, slightly down from SGD 1.259 million as of December 31, 2022[40]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2023, was SGD 887 thousand, compared to SGD 765 thousand for the same period in 2022, reflecting a growth of approximately 15.9%[12]. - The company’s financing activities used SGD 426 thousand in cash, a significant decrease from SGD 874 thousand in the previous year, indicating improved cash management[12]. - As of June 30, 2023, the company's cash and bank balances were approximately SGD 3.42 million, up from SGD 2.99 million as of December 31, 2022[62]. - The company’s cash and cash equivalents increased from SGD 6.876 million as of December 31, 2022, to SGD 7.162 million as of June 30, 2023[40]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development to drive future growth[7]. - The company has identified potential acquisition targets to enhance its operational capabilities and market reach[7]. - The management remains optimistic about achieving its financial targets for the upcoming quarters, supported by strategic initiatives and market expansion efforts[7]. - The company aims to expand its product and service offerings both in Singapore and overseas, identifying new business opportunities[52]. - The company plans to maintain a cautious approach in light of the weakening global economic outlook and rising inflation, focusing on customer service and loyalty[53]. Market and Product Development - The company is engaged in the development and sales of smart kitchen appliances, indicating a focus on innovation and market expansion[16]. - The company has expanded into the smart kitchen segment in mainland China, adopting a multi-business model including offline retail, takeaway, and SaaS+ services[49]. - The company is actively pursuing technological advancements in maintenance equipment and new car engine types to prepare for market developments in electric vehicles[52]. Shareholder Information - The company has a total of 2 billion ordinary shares issued and fully paid as of June 30, 2023, remaining unchanged from the previous year[46]. - Mr. Li Jie holds a beneficial interest of 586,020,000 shares, representing 29.3% of the company's equity[71]. - Ms. Han Mei, as the spouse of Mr. Li Jie, also holds an interest in 586,020,000 shares, equating to 29.3%[71]. - Ms. Li Lidan holds an interest of 120,810,000 shares, which is 14.54% of the company's equity[71]. Other Financial Information - The company did not recommend any interim dividend for the six months ended June 30, 2023, consistent with the previous year[29]. - The company did not engage in any related party transactions during the six months ended June 30, 2023[73]. - There were no significant investments, acquisitions, or disposals made by the group during the six months ended June 30, 2023[84]. - There were no pledged assets as of June 30, 2023[76]. - The company has not used any hedging financial instruments to mitigate currency risk as of the report date[77]. - The board believes that the current arrangement of having the co-chairman also serve as the CEO is beneficial for effective strategic planning[82].

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，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致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） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 中食民安控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審 核簡明綜合財務業績。本公告列載本集團二零二三年中期報告全文（「中期報 告」），乃符合香港聯合交易所有限公司（「聯交所」）GEM證券上市規則（「GEM上 市規則」）中有關中期業績初步公告附載的資料之相關要求。中期報告的印刷版 本將按GEM上市規則規定的方式適時寄發予本公司股東，並可於聯交所網站 http://www.hkexnews.hk及本公司網站www.zhongshiminanholdings.com/閱覽。 承董事會 ...

Financial Performance - The company's revenue for Q1 2023 was SGD 6,668,000, representing a 20.8% increase from SGD 5,519,000 in Q1 2022[9] - The pre-tax profit for Q1 2023 was SGD 600,000, up 81.8% from SGD 330,000 in the same period last year[9] - The net profit for Q1 2023 was SGD 600,000, compared to SGD 295,000 in Q1 2022, marking a 102.5% increase[9] - The total comprehensive income for Q1 2023 was SGD 610,000, which is a 106.8% increase from SGD 295,000 in Q1 2022[9] - Basic and diluted earnings per share for Q1 2023 were SGD 0.022, up from SGD 0.015 in Q1 2022, reflecting a 46.7% increase[9] - The profit for the period was approximately 0.60 million Singapore dollars, a significant increase from approximately 0.29 million Singapore dollars in the same period of 2022, primarily due to the overall increase in revenue, especially from new business contributions in mainland China[30] - The basic earnings per share for the three months ended March 31, 2023, was 0.022 Singapore cents, compared to 0.015 Singapore cents for the same period in 2022[28] - The company achieved a profit of approximately SGD 0.60 million for the three months ended March 31, 2023, compared to a profit of approximately SGD 0.29 million for the same period in 2022, driven by overall revenue growth, particularly from new operations in mainland China[42] Revenue Sources - Revenue from the passenger car service sector, including maintenance and modification services, contributed approximately 87% of total revenue for the period ended March 31, 2023[30] - The Singapore business revenue increased by 5.4% to 5.77 million Singapore dollars during the same period[30] - For the three months ended March 31, 2023, the company's revenue increased by approximately SGD 1.15 million or 20.8% to approximately SGD 6.67 million, primarily due to additional revenue of SGD 0.90 million from new business in mainland China[37] Cost Management - The company's material costs for Q1 2023 were SGD 3,345,000, slightly up from SGD 3,299,000 in Q1 2022[9] - The company's material costs increased only by approximately SGD 0.05 million or 1.4%, despite a significant revenue increase, indicating effective cost management[38] - Employee benefits expenses increased to SGD 1,731,000 in Q1 2023 from SGD 1,332,000 in Q1 2022, representing a 30% rise[9] - Employee benefits expenses rose by approximately SGD 0.40 million or 30% to approximately SGD 1.73 million, reflecting the company's decision to expand its workforce to support business growth and operations in mainland China[39] - Other expenses surged by approximately SGD 0.56 million or 330% to approximately SGD 0.73 million, primarily due to higher professional fees and additional operational costs from new subsidiaries in mainland China[41] Financial Position - The total equity attributable to owners of the company as of March 31, 2023, was SGD 8,019,000, an increase from SGD 7,923,000 as of March 31, 2022[10] - The company has maintained a strong financial position with total assets and liabilities reflecting stable growth trends[12] - The group had no pledged assets as of March 31, 2023[49] Corporate Governance - The group did not recommend any dividends for the three months ended March 31, 2023, consistent with the previous year[27] - The board does not recommend the payment of any dividends for the three months ended March 31, 2023[59] - No significant related party transactions were entered into during the three months ended March 31, 2023[47] - The group did not engage in any major investments, acquisitions, or disposals during the three months ended March 31, 2023[57] Market and Industry Insights - The group operates as a leading automotive service provider in Singapore with over 18 years of experience in the passenger car service industry[30] - The Singapore government's vehicle ownership policy limits the issuance of new vehicle ownership certificates, impacting the supply and demand dynamics in the automotive market[33] - By 2030, Singapore aims to install 60,000 electric vehicle charging points to promote the adoption of electric vehicles, which may influence the company's service offerings in the automotive sector[34] - The company is expanding into the new smart kitchen segment, integrating various business models including offline retail, takeaway, and SaaS+ services, aiming to become a leading platform in the global pre-prepared food industry[35] Compliance and Standards - The group has not adopted new or revised International Financial Reporting Standards that have been issued but are not yet effective[14] - The group’s financial statements are prepared in accordance with International Financial Reporting Standards and presented in Singapore dollars[16] - The group is subject to a 17% tax rate on estimated profits generated in Singapore and a 25% tax rate on estimated profits generated in China[23][24] - The group has not used any hedging financial instruments to mitigate foreign exchange risks as of the report date[50] Shareholder Information - As of March 31, 2023, the total number of issued shares is 2,000,000,000[1] - Mr. Li Jie holds a beneficial interest of 586,020,000 shares, representing 29.3% of the company's equity[46] - Ms. Han Mei, as a spouse of Mr. Li Jie, also holds 586,020,000 shares, representing 29.3% of the company's equity[46] - Ms. Li Lidan holds a beneficial interest of 120,810,000 shares, representing 6.04% of the company's equity[46] Future Outlook - The company will continue to pursue technological advancements in maintenance equipment and new engine types to prepare for market developments in the automotive sector[34] - The group has not reported any significant events related to the group's business or financial performance after the reporting period[58]

Financial Performance - The company's revenue increased by approximately SGD 3.4 million or 16.6% to about SGD 23.6 million for the year ended December 31, 2022, compared to approximately SGD 20.2 million for the year ended December 31, 2021[9]. - The loss for the year ended December 31, 2022, was approximately SGD 0.1 million, a decrease from a loss of approximately SGD 0.5 million for the year ended December 31, 2021[9]. - The increase in revenue was primarily due to a SGD 1.2 million increase in automotive service revenue in Singapore and a new revenue source of approximately SGD 2.2 million from the sale of kitchen appliances and food in mainland China[9]. - The company's revenue increased from approximately SGD 20.2 million to approximately SGD 23.6 million, representing a growth of 16.6%[20]. - Revenue from the Singapore automotive services business rose by SGD 1.2 million to SGD 21.4 million, while the new business in mainland China contributed SGD 2.2 million[20]. - The company recorded a loss of approximately SGD 0.1 million for the year ended December 31, 2022, a decrease from a loss of approximately SGD 0.5 million in the previous year[20]. - Other income increased by approximately SGD 0.4 million or 55.9% to approximately SGD 1.1 million, primarily due to a gain of SGD 0.5 million from the sale of a subsidiary[21]. - The company reported a pre-tax profit of SGD 102,000 for 2022, a significant improvement compared to a pre-tax loss of SGD 441,000 in 2021[185]. - The net loss for the year was SGD 73,000, a reduction from a net loss of SGD 559,000 in the previous year, indicating a 87.9% improvement[185]. - Total revenue for the year ended December 31, 2022, was SGD 23,593,000, an increase of 16.5% from SGD 20,233,000 in 2021[185]. Operational Insights - The total number of vehicles in Singapore as of December 31, 2022, was 995,746, according to the Land Transport Authority[10]. - The company aims to maintain competitiveness and gain market share in Singapore's automotive market by leveraging its services, brand, and talent[10]. - The company acknowledges the uncertain factors in the automotive market due to the vehicle and motorcycle zero growth policy implemented since February 2018[10]. - The company aims to expand its product and service offerings both in Singapore and overseas, focusing on new business opportunities[17]. - The company is preparing for the market shift towards electric vehicles by pursuing technological advancements in maintenance equipment and new engine types[17]. - The Singapore government plans to install 60,000 electric vehicle charging points by 2030 to promote electric vehicle adoption[17]. - The company operates primarily in automotive maintenance, modification, and sales, as well as smart kitchen appliance development and sales[196]. - The company operates in various segments, including vehicle maintenance, automotive financing services, and smart kitchen appliance development and sales[114]. Employee and Management - Employee benefits expenses increased by approximately SGD 0.6 million or 9.6% to approximately SGD 7.0 million, mainly due to annual salary increases and hiring new staff[23]. - The total number of full-time employees decreased to 144 as of December 31, 2022, from 160 as of December 31, 2021[32]. - The company expresses gratitude to employees, management team, customers, shareholders, and business partners for their support over the years[11]. - The company emphasizes customer feedback and conducts regular analysis to improve service quality[153]. Governance and Compliance - The company is committed to high standards of corporate governance, having adhered to applicable governance codes throughout the fiscal year[62]. - The board consists of nine directors, including three independent non-executive directors, promoting critical review and oversight of management processes[66]. - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules[70]. - The board has established various committees to support its governance responsibilities, including the audit and remuneration committees[76]. - The company has established a remuneration committee to review compensation policies based on performance and market practices[142]. - The company has adopted a shareholder communication policy to enhance transparency and investor confidence, utilizing multiple communication channels[109]. - The company has a whistleblowing policy applicable to all directors and employees, providing a confidential channel for reporting misconduct[98]. - The anti-corruption policy prohibits any form of corruption, bribery, extortion, fraud, or money laundering, and is part of the corporate governance framework[99]. Financial Position - As of December 31, 2022, the group's cash and bank balances were approximately SGD 3.0 million, down from SGD 4.1 million as of December 31, 2021[28]. - The asset-to-equity ratio was 0.3 as of December 31, 2022, compared to 0.4 as of December 31, 2021, indicating a decrease in leverage[29]. - The group currently has no foreign currency hedging to mitigate exchange rate fluctuation risks[30]. - The company reported a total equity of SGD 7,576,000 in 2022, down from SGD 7,628,000 in 2021, a decline of 0.68%[188]. - The company’s total liabilities increased to SGD 12,162,000 in 2022 from SGD 10,088,000 in 2021, an increase of 20.56%[187]. - The company incurred financial expenses of SGD 99,000 in 2022, down from SGD 202,000 in 2021, a decrease of 50.0%[185]. - The company has complied with relevant laws and regulations that significantly impact its business and operations[167]. Shareholder Information - The total number of issued shares was 2,000,000,000 as of December 31, 2022[129]. - Major shareholders include Mr. Li Jie with 586,020,000 shares (29.3%) and Ms. Han Mei with the same number of shares due to spousal rights[138]. - The company has a stock option plan that allows for the issuance of up to 200,000,000 shares, which is 10% of the total issued shares as of the report date[134]. - The stock option plan is designed to incentivize and retain talented employees, aligning their interests with the company's growth[131]. - The board proposed not to declare any dividends for the year ended December 31, 2022, consistent with the previous year[118]. Risk Management - The company has established policies and procedures to identify, assess, and manage significant risks, including ESG risks, with the board responsible for the overall effectiveness of the risk management system[92]. - The Risk Management Committee conducted 1 meeting in the year ended December 31, 2022, reviewing the group's risk management and internal control mechanisms, including ESG risks[81]. - The company has established a framework for risk management policies and standards, including monitoring legal risks related to sanctions[81].