Financial Performance - For the three months ended September 30, 2022, the company reported revenue of SGD 1,200,000, compared to SGD 1,000,000 for the same period in 2021, representing a 20% increase[23]. - For the nine months ended September 30, 2022, the company achieved revenue of SGD 3,500,000, up from SGD 2,800,000 in 2021, indicating a growth of approximately 25%[23]. - Revenue for the quarter was SGD 6,654 million, an increase of 15.6% compared to SGD 5,753 million in the same quarter last year[26]. - Gross profit before tax was SGD 285 million, up from SGD 213 million, representing a 33.8% increase year-over-year[26]. - Net profit for the period was SGD 221 million, compared to SGD 179 million, reflecting a 23.5% increase[26]. - Earnings per share for ordinary shareholders was SGD 0.011, an increase from SGD 0.009 in the previous year[26]. - Total comprehensive income for the period was SGD 211 million, compared to SGD 174 million, marking a 21.3% increase[26]. - The company reported a total revenue of SGD 17,757 million for the nine months, up from SGD 16,548 million, indicating a growth of 7.3%[26]. - The group recorded a loss of approximately SGD 0.04 million for the nine months ended September 30, 2022, compared to a profit of SGD 0.46 million for the same period in 2021[69]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 15% increase in market share by the end of 2023[24]. - New product development initiatives are expected to contribute an additional SGD 500,000 in revenue for the next quarter, driven by innovative offerings in the food sector[24]. - The company is exploring potential acquisition opportunities to enhance its product portfolio and market reach, with a focus on companies in the food and beverage sector[24]. - The company plans to expand its electric vehicle charging infrastructure in Singapore, aiming to increase the number of charging stations from approximately 2,000 to 60,000 by 2030[61]. - The group aims to maintain its leadership position in the Singapore passenger car market by retaining existing customers and acquiring new ones[63]. - The group plans to expand its service and product offerings in response to changing customer demands and trends in the Singapore and China markets[63]. Operational Efficiency and Costs - The company has allocated SGD 200,000 for research and development in new technologies aimed at improving operational efficiency[24]. - Employee benefits expenses increased to SGD 1,872 million from SGD 1,405 million, a rise of 33.3%[26]. - Employee costs increased by approximately SGD 0.6 million due to the new subsidiary in China[66]. - Other expenses increased by approximately SGD 0.8 million due to professional fees and additional operating expenses from the new subsidiary in China[68]. - Material costs increased in line with revenue growth compared to the same period last year[65]. Corporate Governance and Compliance - The board of directors remains committed to maintaining transparency and accuracy in financial reporting, ensuring compliance with GEM listing rules[24]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance with the GEM Listing Rules from January to September 2022[83]. - The company has complied with all applicable provisions of the corporate governance code during the reporting period[84]. - The roles of the co-chairman and CEO are held by the same individual, which the board believes ensures consistent internal leadership[84]. - The board will continue to review the separation of the roles of chairman and CEO at an appropriate time[84]. Customer Engagement and Marketing - User data indicates a 30% increase in customer engagement through digital platforms, reflecting successful marketing strategies implemented in the past quarter[24]. Financial Guidance and Future Outlook - The management has provided guidance for the next quarter, projecting revenue growth of 10% based on current market trends and consumer demand[24]. - The company has not yet adopted new or revised international financial reporting standards that have been issued but are not yet effective[32]. - There have been no significant events affecting the group after the reporting period up to the date of this report[88]. Dividend and Shareholder Information - The company does not recommend any dividend payment for the nine months ended September 30, 2022[44]. - The board does not recommend any dividend payment for the nine months ending September 30, 2022, consistent with the previous year[89]. - The company expresses gratitude to shareholders, business partners, and customers for their ongoing support[90].

ZHENG LI HOLDINGS LIMITED 正 力 控 股 有 限 公 司 (於爾曼群島註冊成立的有限公司) 股份代號 : 8283 中 期 報 告 2022 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較 高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出 投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的市場 波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本報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。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關正力控股有限 公司（「本公司」）的資料。本公司董事（「董事」）願就本報告共同及個別地承擔全部責任。董事在作出一 切合理查詢後，確認就其所知及所信，本報告所載資料在各重大方面均屬準 ...

Financial Performance - The unaudited financial results for the year ended December 31, 2021, show a net loss of SGD 559,000, adjusted from a previous loss of SGD 66,000[4] - The company reported a total comprehensive loss of SGD 569,000 for the year, adjusted from a previous total of SGD 74,000[4] - The company reported a loss attributable to owners of the company of SGD 559,000, which is a decrease of SGD 493,000 compared to the previous period[8] Assets and Liabilities - Total current assets amounted to SGD 13,267,000, reflecting a decrease of SGD 7,000 from the previous report[4] - The total liabilities decreased to SGD 8,039,000, down by SGD 780,000 compared to the prior period[4] - Non-current assets increased to SGD 6,449,000, with an adjustment of SGD 167,000[4] - Total assets amounted to SGD 19,716,000, reflecting an increase of SGD 160,000 compared to the previous period[8] - Total liabilities reached SGD 12,088,000, which is an increase of SGD 655,000 from the prior period[8] - The total value of non-current liabilities rose to SGD 4,049,000, an increase of SGD 1,435,000[6] - The total value of unallocated assets was SGD 28,000 after adjustments[8] - The total value of unallocated liabilities increased to SGD 2,291,000, reflecting an increase of SGD 317,000[8] Employee Expenses - Employee benefit expenses were adjusted to SGD 6,365,000, an increase of SGD 424,000[4] - Employee costs (excluding directors and highest-paid executives) were SGD 6,344,000, showing an increase of SGD 2,126,000[8] Financial Expenses - Financial expenses were reported at SGD 202,000, adjusted from SGD 195,000[4] - The financial expenses related to lease liabilities were SGD 57,000, an increase of SGD 6,000[8] Tax and Auditing - The company incurred a tax expense of SGD 118,000, which is a decrease of SGD 178,000 from the previous period[8] - The company’s financial statements have been audited by Zhongzheng Tianheng Accounting Firm, confirming the accuracy of the reported figures[11]

ZHENG LI HOLDINGS LIMITED 正 力 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 第一季度報告 2022 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較 高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出 投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的市場 波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本報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。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關正力控股有限 公司（「本公司」）的資料。本公司董事（「董事」）願就本報告共同及個別地承擔全部責任。董事在作出一 切合理查詢後，確認就其所知及所信，本報告所載資料在各重大方面均屬準確 ...

Financial Performance - The group's revenue decreased by approximately SGD 0.2 million or -0.9% to about SGD 20.2 million for the year ended December 31, 2021, compared to approximately SGD 20.4 million for the previous year[10]. - The group recorded a loss of approximately SGD 0.5 million for the year ended December 31, 2021, compared to a profit of approximately SGD 1.1 million for the previous year[10]. - The loss was primarily due to a decrease in other income by approximately SGD 1.7 million, including a reduction in government subsidies of about SGD 0.8 million[10]. - The gross profit decreased by approximately SGD 0.5 million due to a slight decrease in revenue and a slight increase in material costs[10]. - The company's revenue for the year ended December 31, 2021, decreased by approximately SGD 0.2 million or -0.9% to approximately SGD 20.2 million compared to SGD 20.4 million for the year ended December 31, 2020[15]. - The group recorded a loss of approximately SGD 0.5 million for the year ended December 31, 2021, compared to a profit of approximately SGD 1.1 million for the year ended December 31, 2020[16]. - The decrease in other income by approximately SGD 1.7 million was a major factor contributing to the loss, including a reduction of approximately SGD 0.8 million in government subsidies[16]. - The gross profit decreased by approximately SGD 0.5 million due to a slight decrease in revenue and a slight increase in material costs[16]. - Material costs increased by approximately SGD 0.3 million or 2.8% to approximately SGD 10.8 million for the year ended December 31, 2021[25]. - Employee benefits expenses increased by approximately SGD 0.2 million to approximately SGD 6.3 million for the year ended December 31, 2021[26]. - The increase in tax expenses for the year was approximately SGD 0.1 million compared to the previous year[30]. Market and Operational Outlook - The company aims to expand services and products in the Singapore and China markets to increase its customer base[11]. - The ongoing COVID-19 pandemic presents uncertainties that may severely disrupt operations in Singapore and China[11]. - The company has implemented a business continuity plan to minimize operational disruptions during the pandemic[11]. - The company remains optimistic about growth opportunities despite macroeconomic and geopolitical headwinds[12]. - The group aims to maintain its leadership position in the Singapore passenger car market through customer retention programs and expanding service and product offerings[22]. - The government of Singapore plans to increase the number of electric vehicle charging points from approximately 2,000 to 60,000 by 2030, which may influence market dynamics[21]. - The group is collaborating with various partners in China to develop a C2N business model for smart shared mobility, with approximately 2,000 private cars registered across multiple cities[21]. - The company will continue to pursue technological advancements in maintenance equipment and new car engine types to enhance service capabilities[21]. Corporate Governance - The company has adopted a board diversity policy to enhance diversity among board members, considering factors such as gender, age, cultural background, and professional experience[73]. - The company has complied with all applicable corporate governance code provisions as of December 31, 2021[72]. - The company has a nomination policy in place to guide the nomination committee in selecting qualified candidates for the board[75]. - The board believes that having the same person serve as both the co-chairman and CEO ensures effective leadership and strategic planning[71]. - The company has a strong commitment to high standards of corporate governance, which is deemed essential for sustainable growth and maximizing shareholder value[71]. - The independent non-executive directors are expected to attend shareholder meetings to gain a balanced understanding of shareholder views[71]. - The company has a compliance officer who is also an executive director, ensuring adherence to regulatory requirements[69]. - The company has a diverse senior management team with extensive experience in finance and auditing[66]. - The company has experienced independent non-executive directors with backgrounds in real estate and information technology[62][63]. - The company has a strong focus on internal financial controls and budget management, led by its CFO[66]. - The company adopted a dividend policy on March 15, 2019, considering factors such as current and future business performance, capital requirements, and overall economic conditions when deciding on dividend distribution[79]. - The board of directors is responsible for overseeing the company's strategic direction, financial performance, and major transactions, including acquisitions and capital expenditures[83]. - As of December 31, 2021, the board included both executive and non-executive directors, with specific roles and responsibilities outlined in the corporate governance report[81]. - The audit committee, established on October 21, 2016, consists of three independent non-executive directors and is responsible for reviewing the financial reporting process and internal control systems[92]. - The company ensures compliance with GEM listing rules by maintaining at least three independent non-executive directors, with one possessing appropriate professional qualifications[90]. - The board has implemented a code of conduct for directors regarding securities trading, ensuring adherence to GEM listing rules[80]. - The company evaluates the independence of its non-executive directors annually, confirming their compliance with GEM listing regulations[90]. - The board conducts regular informal meetings between executive and non-executive directors to leverage their expertise for the company's operations[87]. - The company is committed to maintaining proper accounting records to ensure accurate financial disclosures to shareholders[83]. - The board's responsibilities include communicating with key stakeholders, including shareholders and regulatory bodies, regarding financial performance and dividend recommendations[83]. - The audit committee held 5 meetings during the year ended December 31, 2021, reviewing the group's quarterly, interim, and annual financial performance[93]. - The remuneration committee held 3 meetings, discussing discretionary bonuses for executive directors and senior management for the 2020 fiscal year[94]. - The nomination committee also held 3 meetings, evaluating the independence of independent non-executive directors and recommending the reappointment of retiring directors[97]. - The risk management committee conducted 1 meeting, reviewing the group's risk management and internal control mechanisms[98]. - The board of directors is required to hold at least 4 regular meetings annually, with approximately one meeting per quarter[99]. - The board is responsible for preparing financial statements that fairly reflect the group's business status, with no known significant uncertainties affecting the company's ability to continue as a going concern[106]. - The company provided ongoing professional development for all directors to ensure they are updated on the company's performance and financial status[103]. - The independent auditor's responsibility is to express an independent opinion on the financial statements prepared by the board[106]. - The remuneration committee's main responsibilities include formulating and reviewing the remuneration policy for directors and senior management[94]. - The company has adopted appropriate accounting policies consistently and made reasonable judgments and estimates in preparing the financial statements[106]. - The company delayed the publication of its Q3 2020 results due to waiting for financial data from its major subsidiary in Singapore, which subsequently delayed the annual results for 2020 and the Q1 and mid-year results for 2021[107]. - The auditor's fees for the year ending December 31, 2021, amounted to SGD 194,000 for audit services, with no fees for non-audit services[108]. - The board is responsible for corporate governance functions, including policy formulation and compliance monitoring, as no corporate governance committee has been established[110]. - The company has established policies and procedures to identify, assess, and manage significant risks, with the board overseeing the effectiveness of the risk management and internal control systems[111]. - The company secretary is responsible for ensuring compliance with board procedures and maintaining detailed meeting records for all board and committee meetings[112]. - Shareholders have the right to request the board to convene a special general meeting if they hold at least 10% of the paid-up capital[116]. - The company adopted its revised articles of association in April 2019, with no significant changes reported for the year ending December 31, 2021[121]. Shareholder and Stock Information - The company reported that the sales from its top five customers accounted for approximately 15.8% of total sales for the year ended December 31, 2021, with the largest customer contributing about 5.6%[130]. - The procurement amount from the top five suppliers represented around 31.3% of total procurement for the year ended December 31, 2021, with the largest supplier accounting for 7.9%[130]. - The company did not declare any dividends for the year ended December 31, 2021, consistent with the previous year[132]. - The company has not made any significant charitable donations during the year ended December 31, 2021, similar to the previous year[133]. - The company operates in several business segments, including passenger car maintenance and repair, performance modification, automotive financing services, and sales platforms[125]. - The company faces significant risks related to its reputation and consumer perception of service quality, which could adversely affect its financial condition and business results[126]. - Regulatory restrictions in Singapore regarding vehicle ownership and usage may significantly impact the company's business operations[129]. - The company has adopted a shareholder communication policy to enhance transparency and investor confidence[122]. - The board of directors includes both executive and independent non-executive members, with specific terms of service agreements in place[140][145]. - The company has not engaged in any buybacks or redemptions of its listed securities during the year ended December 31, 2021[138]. - As of December 31, 2021, the company had a total of 2,000,000,000 shares issued, with key executives holding approximately 0.04% each[148]. - Major shareholder Li Jie holds 586,020,000 shares, representing 29.3% of the total shares issued[157]. - 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 shares issued as of the report date[152]. - No stock options were exercised, granted, or canceled during the year ending December 31, 2021[153]. - The stock option plan is set to expire on October 20, 2026, and is designed to incentivize and retain talented employees[149]. - The exercise price for stock options will not be lower than the highest of the closing price on the date of offer or the average closing price over the previous five trading days[151]. - The company has not established any arrangements that would benefit directors or their close associates from purchasing shares or debt securities[156]. - The stock option plan complies with the GEM Listing Rules Chapter 23[149]. - The company has no unexercised stock options, warrants, or similar rights as of December 31, 2021[153]. - The company aims to attract valuable human resources through the stock option plan, enhancing its growth and development[149]. - Directors waived a total of 352,000 Singapore dollars in remuneration for the year ended December 31, 2021[159]. - The company maintained compliance with GEM listing rules regarding public float since its listing date[163]. - There were no significant acquisitions or disposals of subsidiaries or associates during the year ended December 31, 2021[176]. - The company reported no available reserves for distribution as of December 31, 2021, compared to approximately 1.5 million Singapore dollars as of December 31, 2020[175]. - The company confirmed that all independent non-executive directors are independent and meet the specific independence guidelines under GEM listing rules[180]. - There were no related party transactions that required compliance with GEM listing rules during the year ended December 31, 2021[162]. - The company adhered to all relevant laws and regulations without any significant violations during the reporting period[187]. Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2021[192]. - The new auditor, Zhongzheng Tianheng CPA Limited, was appointed effective July 9, 2021, following the resignation of Ernst & Young[189]. - The financial statements were prepared in accordance with the International Financial Reporting Standards and the Hong Kong Companies Ordinance[192]. - The audit process included evaluating the management's assumptions and estimates used in determining expected credit losses[198]. - The group’s management is responsible for significant judgments and estimates related to the impairment assessment of trade receivables and third-party loans[197]. - The audit committee reviewed the accounting principles adopted by the group and discussed internal controls and financial reporting matters[186]. - The group’s trade receivables amounted to SGD 967,000 as of December 31, 2021, with an expected credit loss provision of SGD 62,000[197]. - The group’s third-party loans totaled SGD 1,618,000 as of December 31, 2021, with no expected credit loss provision made[197]. - Trade receivables and third-party loans accounted for 5% and 8% of the group’s total assets, respectively, as of December 31, 2021[197]. - The group established a provision matrix based on historical credit loss experience to calculate expected credit losses for trade receivables and third-party loans[197]. - The company provided a healthy and safe working environment for employees, with no reported strikes or workplace accidents during the year[172]. - There were no significant events affecting the group since the end of the reporting period[182].

Financial Performance - For the three months ended September 30, 2021, the company reported revenue of SGD 5,753,000, an increase from SGD 5,666,000 in the same period of 2020, representing a growth of 1.54%[28] - The company's gross profit for the nine months ended September 30, 2021, was SGD 16,548,000, compared to SGD 15,935,000 in the same period of 2020, indicating a year-on-year increase of 3.85%[28] - The company achieved a profit before tax of SGD 213,000 for the three months ended September 30, 2021, compared to a loss of SGD 137,000 in the same period of 2020[28] - The net profit for the nine months ended September 30, 2021, was SGD 458,000, a significant improvement from a loss of SGD 570,000 in the same period of 2020[28] - The company's total comprehensive income for the three months ended September 30, 2021, was SGD 174,000, compared to a loss of SGD 161,000 in the same period of 2020[28] - The company reported a basic and diluted earnings per share of SGD 0.01 for the three months ended September 30, 2021, compared to a loss per share of SGD 0.01 in the same period of 2020[28] - For the nine months ended September 30, 2021, the company reported a total revenue of SGD 16,548,000, an increase of 3.85% compared to SGD 15,935,000 for the same period in 2020[39] - The company incurred a total comprehensive loss of SGD 573,000 for the nine months ended September 30, 2021, compared to a loss of SGD 570,000 for the same period in 2020[31] - The company reported a net profit attributable to equity holders of SGD 464,000 for the nine months ended September 30, 2021, compared to a loss of SGD 573,000 for the same period in 2020[53] Expenses and Cost Management - The total expenses for the three months ended September 30, 2021, were SGD 5,540,000, a decrease from SGD 5,703,000 in the same period of 2020, reflecting a cost reduction strategy[28] - Profit for the period increased primarily due to a reduction in depreciation of property, plant, and equipment by approximately SGD 0.08 million, and a decrease in other operating expenses by approximately SGD 0.3 million[73] - Other income decreased by approximately SGD 0.6 million compared to September 30, 2020, due to a reduction in government subsidies received from the Singapore government as the COVID-19 pandemic stabilized[73] Market and Growth Strategy - The company plans to continue its market expansion efforts and invest in new product development to drive future growth[28] - The management expressed optimism about achieving profitability in the upcoming quarters, supported by improved operational efficiencies and cost management strategies[28] - The company has been operating in the Singapore automotive service market for over 17 years, with its passenger car services contributing approximately 100% of total revenue for the nine months ended September 30, 2021[61] - The company has initiated entry into the Chinese automotive market since Q3 2018, focusing on car-sharing and leasing services, although revenue from this segment dropped to zero due to COVID-19 impacts[62] - The company plans to enhance its technical capabilities and service offerings in response to market demands in Singapore and China, aiming to maintain its leadership position in the passenger car market[65] - The company aims to expand its market share through customer retention programs and by strengthening relationships with customers, suppliers, and partners[65] Corporate Governance - The company is committed to high standards of corporate governance, although the roles of Chairman and CEO are held by the same individual[88] - Following the appointment of Mr. Zhao Wei as an independent non-executive director, the company complies with all relevant GEM listing rules and corporate governance code requirements[89] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the GEM Listing Rules[87] Shareholder Information - As of September 30, 2021, major shareholders held approximately 29.3% of the company's shares, with Mr. Li Jie and Ms. Han Mei each holding 586,020,000 shares[81] - The company did not enter into any related party transactions during the nine-month period ended September 30, 2021[82] - There were no arrangements made for directors or their close associates to benefit from purchasing shares or debentures of the company during the nine-month period[77] - The company did not grant any share options during the nine-month period ended September 30, 2021[86] Tax and Compliance - The company’s Singapore subsidiary is subject to a tax rate of 17% on estimated profits generated in Singapore[42] - The company has adopted all relevant new and revised International Financial Reporting Standards effective from January 1, 2019, with no significant impact on its accounting policies[34] COVID-19 Impact - The company has implemented multiple preventive measures in its subsidiaries located in Singapore and China to mitigate the risk of COVID-19 impacting business operations[93] - The company experienced a decrease in other income of approximately SGD 0.6 million due to reduced government subsidies as the COVID-19 situation stabilized[68] Future Outlook - The company is preparing for the transition to electric vehicles in Singapore, with the government planning to increase the number of EV charging stations from approximately 2,000 to 60,000 by 2030[64] - The company is collaborating with partners in China to develop a C2N business model for smart shared mobility, with approximately 2,000 private cars registered across multiple cities[65]

Revenue Performance - Revenue for the three months ended June 30, 2021, was SGD 5.454 million, an increase of 30.5% compared to SGD 4.182 million for the same period in 2020[27] - Total revenue for the six months ended June 30, 2021, was SGD 10.795 million, up 5.1% from SGD 10.269 million in the same period of 2020[27] - For the three months ended June 30, 2021, customer contract revenue was SGD 5,454,000, an increase of 30.5% compared to SGD 4,182,000 for the same period in 2020[45] - For the six months ended June 30, 2021, customer contract revenue was SGD 10,795,000, up 5.1% from SGD 10,269,000 in the prior year[45] - The company recorded revenue of approximately SGD 10.8 million for the six months ended June 30, 2021, an increase of about SGD 0.5 million or +4.9% compared to SGD 10.3 million for the same period in 2020[90] Profit and Loss - The company reported a loss of SGD 17,000 for the three months ended June 30, 2021, compared to a loss of SGD 445,000 in the same period of 2020[27] - The total comprehensive loss for the six months ended June 30, 2021, was SGD 290,000, a decrease from a loss of SGD 415,000 in the same period of 2020[27] - The company reported a net loss of SGD 415 million for the period, compared to a net loss of SGD 290 million in the previous period[34] - The profit for the six months ended June 30, 2021, was approximately SGD 0.3 million, compared to a loss of SGD 0.4 million in the same period of 2020[84] - The group reported a pre-tax loss of SGD 30,000 for the three months ended June 30, 2021, compared to a loss of SGD 448,000 for the same period in 2020[56] Expenses - The cost of materials for the three months ended June 30, 2021, was SGD 3.130 million, representing an increase of 28.5% from SGD 2.435 million in the same period of 2020[27] - Employee benefits expenses for the six months ended June 30, 2021, were SGD 2.784 million, a decrease of 4.2% compared to SGD 2.905 million in the same period of 2020[27] - The group incurred a total employee cost of SGD 1,331,000 for the three months ended June 30, 2021, slightly down from SGD 1,358,000 in the same period of 2020[46] - The company reduced employee benefits expenses to approximately SGD 2.8 million for the six months ended June 30, 2021, down from approximately SGD 2.9 million for the same period in 2020[94] Assets and Liabilities - Total assets decreased from SGD 12,327 million to SGD 11,800 million, reflecting a decline of approximately 4.3%[30] - Non-current liabilities increased from SGD 3,843 million to SGD 3,603 million, a decrease of about 6.2%[30] - Cash and cash equivalents at the end of the period were SGD 2,436 million, down from SGD 3,025 million, representing a decline of approximately 19.5%[37] - The total liabilities decreased from SGD 8,236 million to SGD 8,198 million, a reduction of about 0.5%[30] - The company’s inventory increased from SGD 874 million to SGD 1,258 million, an increase of approximately 43.9%[30] Financial Ratios and Performance Indicators - Basic and diluted loss per share for the three months ended June 30, 2021, was SGD 0.01, compared to a loss of SGD 0.02 per share in the same period of 2020[27] - The basic loss per share for the six months ended June 30, 2021, was SGD 0.02, compared to a loss of SGD 0.02 in the same period of 2020[57] - The debt-to-equity ratio as of June 30, 2021, was 0.5 times, down from 0.6 times on December 31, 2020[100] Corporate Governance and Compliance - The company is committed to high standards of corporate governance, although the roles of chairman and CEO are held by the same individual[118] - The independent non-executive director count has decreased to two, leading to non-compliance with GEM listing rules regarding committee composition[120] - The company has adopted and complied with all applicable code provisions of the corporate governance code[120] - The company has adopted a code of conduct for securities trading, which all directors confirmed compliance with during the six-month period ending June 30, 2021[117] Future Outlook and Strategic Focus - The company continues to focus on expanding its automotive service offerings and enhancing its financing services[40] - The company anticipates continued recovery in the Singapore market as COVID-19 restrictions ease, contributing positively to future revenue growth[83] - The company aims to expand its service and product offerings in response to market demand and trends in Singapore and China[89] - The Singapore government aims to increase the number of electric vehicle charging stations from approximately 2,000 to 60,000 by 2030, which may influence the company's future operations[88] Shareholder Information - Major shareholders, including Mr. Li Jie and Ms. Han Mei, each held 29.3% of the company's shares as of June 30, 2021, totaling 586,020,000 shares[111] - The board does not recommend the payment of any dividends for the six months ended June 30, 2021, consistent with the previous year[126] Miscellaneous - The company recorded other income of SGD 72,000 for the three months ended June 30, 2021, down from SGD 626,000 in the same period of 2020[27] - The expected credit loss on trade receivables was SGD 293,000 as of June 30, 2021, unchanged from December 31, 2020[61] - The group had no significant contingent liabilities, consistent with the previous year[102] - There were no related party transactions during the six-month period ending June 30, 2021[112] - The company has not disclosed any new product or technology developments, market expansions, or mergers during the reporting period[122]

Financial Performance - The company's revenue for the first quarter of 2021 was SGD 5.341 million, a decrease of 12.3% compared to SGD 6.087 million in the same period of 2020[24] - Other income and gains increased to SGD 0.224 million from SGD 0.072 million, representing a growth of 211.1% year-over-year[24] - The cost of materials decreased to SGD 2.895 million from SGD 3.500 million, reflecting a reduction of 17.3%[24] - The company reported a profit before tax of SGD 0.309 million, compared to a profit of SGD 0.033 million in the previous year, indicating a significant improvement[24] - The net profit for the period was SGD 0.260 million, up from SGD 0.033 million, marking a year-over-year increase of 687.9%[24] - Basic and diluted earnings per share increased to SGD 0.013 from SGD 0.002, showing a substantial rise of 550%[24] - Total comprehensive income for the period was SGD 0.260 million, compared to SGD 0.033 million in the same quarter of the previous year[24] - The group's revenue for the three months ended March 31, 2021, decreased by approximately 0.7 million Singapore dollars or -14% to about 5.3 million Singapore dollars, down from approximately 6.1 million Singapore dollars for the same period in 2020, primarily due to the impact of COVID-19 on the Singapore market and no recorded revenue from the Chinese market[50] - The group recorded a profit of approximately 0.3 million Singapore dollars for the three months ended March 31, 2021, compared to a profit of approximately 0.03 million Singapore dollars for the same period in 2020, mainly due to an increase in other income and revenue of about 0.2 million Singapore dollars from government subsidies[50] - The gross profit margin increased from approximately 43% for the three months ended March 31, 2020, to approximately 46% for the same period in 2021, attributed to a slight decrease in material costs[50] - The basic earnings per share for the three months ended March 31, 2021, was 0.013 Singapore cents, compared to 0.002 Singapore cents for the same period in 2020[48] - The group did not recommend any dividend for the three months ended March 31, 2021, consistent with the previous year[43] - The group’s operating expenses decreased by approximately 0.2 million Singapore dollars during the period[50] - The group’s employee benefit expenses increased by approximately 0.1 million Singapore dollars, partially offsetting the profit increase[50] Equity and Investments - The company's total equity as of March 31, 2021, was SGD 8.456 million, a decrease from SGD 8.196 million at the beginning of the year[26] - No significant investments, acquisitions, or disposals were made by the group during the three months ending March 31, 2021[81] - The company has not purchased, sold, or redeemed any of its listed securities during the three months ending March 31, 2021[74] Operational Outlook - The company has maintained a cautious outlook for future performance, considering market conditions and operational challenges[21] - The management is focused on cost control and efficiency improvements to enhance profitability moving forward[21] - The group aims to maintain its leadership position in the Singapore passenger car market by retaining existing customers and acquiring new ones through customer retention programs[55] - The group has accumulated approximately 2,000 private cars registered and operating through its innovative integrated car-sharing service platform across multiple cities in China[55] - The group plans to expand its electric vehicle charging infrastructure in Singapore, aiming to increase the number of charging stations from approximately 2,000 to 60,000 by 2030[54] - The group continues to pursue technological advancements in maintenance equipment and new car engine types to enhance service capabilities for various passenger car brands[55] - The group’s operations in China, which include car-sharing and leasing services, are expected to provide excellent opportunities for diversifying business scope and expanding revenue sources despite the challenges posed by the COVID-19 pandemic[52] Governance and Compliance - The group’s financial statements are prepared in accordance with International Financial Reporting Standards and reflect no significant changes in accounting policies due to the adoption of new standards effective January 1, 2021[31] - The group’s financial results are presented in Singapore dollars, with figures rounded to the nearest thousand Singapore dollars[31] - The group’s tax expenses include a 17% tax rate for profits generated in Singapore and a 25% tax rate for profits generated in China[41][42] - The company has adopted a share option scheme, but no options were granted during the three months ending March 31, 2021[75] - The company has not entered into any related party transactions during the three months ending March 31, 2021[71] - The audit committee reviewed the unaudited financial performance for the three months ending March 31, 2021[80] - The board believes that the current arrangement of having the co-chairman also serve as CEO is beneficial for effective decision-making[77] - The number of independent non-executive directors decreased to two following the resignation of Mr. Zhang Guangdong, leading to non-compliance with certain GEM listing rules[79] COVID-19 Measures - The company has implemented multiple preventive measures against COVID-19 in its subsidiaries located in Singapore and China[82]

Financial Performance - The group's revenue decreased by approximately SGD 2.2 million or -10.7% to about SGD 20.4 million for the year ended December 31, 2020, down from approximately SGD 22.6 million for the year ended December 31, 2019[9]. - The group recorded a profit of approximately SGD 1.1 million for the year ended December 31, 2020, compared to a loss of approximately SGD 1.2 million for the year ended December 31, 2019[9]. - The profit increase was primarily due to an increase in other income of approximately SGD 2.1 million, including about SGD 1.0 million from government subsidies[9]. - The group experienced a decrease in gross profit of approximately SGD 0.6 million due to reduced revenue during the year[10]. - The group's revenue decreased by approximately SGD 2.2 million or -10.7% to approximately SGD 20.4 million for the year ended December 31, 2020, primarily due to reduced earnings in the Singapore and China markets[20]. - Other income increased by approximately SGD 2.1 million, with about SGD 1.0 million derived from government subsidies and SGD 0.9 million from debt exemptions in the Singapore and China markets[27]. - Total revenue for the year ended December 31, 2020, was SGD 20,421,000, a decrease from SGD 22,603,000 in the previous year, representing a decline of approximately 9.6%[200]. - The company reported a pre-tax profit of SGD 1,145,000, compared to a pre-tax loss of SGD 1,235,000 in the previous year, indicating a significant turnaround[200]. - Net profit for the year was SGD 1,078,000, recovering from a net loss of SGD 1,237,000 in the previous year[200]. - Basic earnings per share for 2020 was SGD 0.05, compared to a loss per share of SGD 0.06 in 2019, reflecting improved profitability[200]. - Other income and gains increased to SGD 2,594,000 from SGD 480,000, showing a substantial growth of over 440%[200]. Operational Highlights - The total number of vehicles in Singapore as of December 31, 2020, was 1 million, an increase from 973,101 vehicles in 2019[10]. - The company aims to expand services and products in the Singapore and China markets despite uncertainties caused by the COVID-19 pandemic[10]. - The company has implemented a business continuity plan to minimize operational disruptions during the COVID-19 outbreak[10]. - The company remains optimistic about growth opportunities despite macroeconomic and geopolitical headwinds[11]. - The company plans to leverage its strengths in service, brand, and talent to maintain competitiveness and gain market share from competitors in Singapore[10]. - The group aims to maintain its leadership position in the Singapore passenger car market by retaining existing customers and acquiring new ones through loyalty programs[18]. - The Singapore government plans to increase the number of electric vehicle charging stations from approximately 2,000 to 60,000 by 2030, which may influence future market dynamics[17]. - The group is collaborating with partners in China to develop a C2N business model for smart shared mobility, with approximately 2,000 private cars registered across multiple cities[18]. - The group will continue to pursue technological advancements in maintenance equipment and new car engine types to enhance service capabilities[18]. Financial Stability - As of December 31, 2020, the cash and bank balances were approximately SGD 1.7 million, an increase from SGD 1.1 million as of December 31, 2019[28]. - The net cash flow from operating activities for the year was approximately SGD 1.8 million, primarily due to a decrease in trade receivables and other receivables[29]. - The debt-to-equity ratio as of December 31, 2020, was 0.6, down from 0.8 as of December 31, 2019, indicating improved financial stability[30]. - The company has maintained a policy to keep the debt-to-equity ratio at a reasonable level, reflecting prudent financial management[30]. - The company has no significant contingent liabilities as of December 31, 2020, consistent with the previous year[37]. - The long-term loans were secured by legal mortgages on properties owned by the company, with a book value of approximately SGD 2.2 million as of December 31, 2020[33]. - 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[135]. - The company has established a remuneration committee to review the compensation policy based on performance and market practices[144]. Corporate Governance - The company emphasizes high standards of corporate governance, which is crucial for sustainable growth and maximizing shareholder value[58]. - The company has not separated the roles of chairman and CEO, believing that this structure ensures effective leadership and decision-making[58]. - Independent non-executive directors are expected to attend shareholder meetings to understand shareholder opinions, although some were absent due to prior business commitments[59]. - The company has adopted and complied with all applicable principles of the corporate governance code as of December 31, 2020[59]. - The company has adopted a board diversity policy, emphasizing diversity in gender, age, culture, education background, professional experience, skills, and knowledge[60]. - The nomination committee is responsible for reviewing and monitoring the implementation of the board diversity policy to ensure its effectiveness[61]. - The board is responsible for significant transactions, including acquisitions, investments, and capital expenditures, to enhance shareholder value[69]. - The company has maintained compliance with GEM listing rules by appointing at least three independent non-executive directors, constituting one-third of the board[74]. - The board has established a written guideline for the nomination committee to identify qualified candidates for board membership, ensuring a balance of skills and experience[62]. - The company’s independent non-executive directors have confirmed their independence according to GEM listing rules, ensuring compliance with governance standards[74]. - The board is tasked with overseeing the company's overall management and ensuring the implementation of strategic plans[68]. - The company has a code of conduct for directors regarding securities trading, ensuring adherence to established standards[65]. - The board conducts regular informal meetings to leverage the experience and expertise of non-executive directors in strategic matters[70]. - The Audit Committee held 4 meetings during the year ended December 31, 2020, reviewing the group's quarterly, interim, and annual financial performance[75]. - The Remuneration Committee conducted 2 meetings, recommending discretionary bonuses for executive directors and senior management for the fiscal year 2019[78]. - The Nomination Committee held 2 meetings, assessing the independence of independent non-executive directors and recommending the reappointment of retiring directors at the annual general meeting[79]. - The Risk Management Committee convened 1 meeting, reviewing the internal audit report and annual audit plan[80]. - The board of directors and committees maintained high attendance, with executive directors attending 100% of board meetings[86]. - The company ensured compliance with GEM listing rules and provided ongoing training for directors to enhance their knowledge and skills[85]. - The company adopted appropriate accounting standards and practices, ensuring transparency in financial reporting[75]. - The company recommended the reappointment of Ernst & Young as the independent auditor at the annual general meeting[75]. - The company emphasized the importance of internal controls and risk management in its governance practices[80]. - The company is committed to maintaining good corporate governance standards as per the corporate governance code[82]. - The board of directors is responsible for preparing financial statements that fairly reflect the group's business status, with no known significant uncertainties affecting the company's ability to continue as a going concern[89]. - The auditor's fees for the year ended December 31, 2020, amounted to SGD 213,000 for audit services, with no fees for non-audit services[91]. - The company faced delays in publishing its interim and quarterly results due to the COVID-19 pandemic, with the interim results for the six months ended June 30, 2020, published on August 26, 2020, and the third-quarter results for the nine months ended September 30, 2020, published on October 7, 2021[90]. - The board has established policies and procedures to identify, assess, and manage significant risks, ensuring the effectiveness of the risk management and internal control systems[94]. - The company has not established a corporate governance committee, and the board is responsible for corporate governance functions, including policy formulation and compliance monitoring[93]. - Shareholders have the right to request the board to convene a special general meeting if they hold at least 10% of the paid-up capital[99]. - The company secretary is responsible for ensuring compliance with board procedures and maintaining detailed meeting records[95]. - The company adopted its revised articles of association in April 2019, with no significant changes during the year ended December 31, 2020[105]. - The company emphasizes the importance of compliance with insider trading policies and keeping employees informed of regulatory updates[94]. Risk Management - The business is significantly affected by its reputation and consumer perception of service quality, with potential negative publicity posing a major risk[110]. - Regulatory factors in Singapore, such as the Certificate of Entitlement (COE) system, may adversely impact the demand for the company's services[111]. - The company has established a healthy and safe working environment for employees, with no reported strikes or workplace accidents during the review year[156]. - The company has not entered into any stock-linked agreements during the year ended December 31, 2020, aside from its share option scheme[166]. - The audit committee reviewed the accounting principles adopted by the company and discussed internal controls and financial reporting matters for the year ended December 31, 2020[168]. - The company confirmed the independence of all independent non-executive directors in accordance with GEM listing rules[163]. - The company extended a term loan of SGD 1.5 million for six months to Funding Societies Pte Ltd on January 20, 2021[164]. - As of December 31, 2020, trade receivables amounted to SGD 1,387,000, with an expected credit loss provision of SGD 293,000, representing 7% of the total assets[180]. - The group's third-party loans receivable totaled SGD 1,596,000 as of December 31, 2020, with no expected credit loss provision made, accounting for 8% of total assets[180]. - The inventory as of December 31, 2020, was valued at SGD 1,236,000, with an obsolete inventory provision of SGD 383,000[181]. - The management's assessment of the obsolete inventory provision involves significant judgment and estimation, impacting the financial statements[181]. - The audit process included evaluating the adequacy of provisions for trade receivables and third-party loans, which are considered critical audit matters due to their significance[182]. - The financial statements were prepared in accordance with International Financial Reporting Standards and reflect a true and fair view of the group's financial position as of December 31, 2020[175]. - The independent auditor's report confirmed that the financial statements were free from material misstatement due to fraud or error[192]. - The group has established a provision matrix based on historical credit loss experience to calculate expected credit losses for trade receivables and third-party loans[180]. - The management's assumptions and estimates used in determining the historical loss rates and considering forward-looking factors were evaluated during the audit[182]. - The financial disclosures related to trade receivables and inventory provisions are detailed in the notes to the consolidated financial statements[180][181]. Shareholder Information - The group reported that the sales from the top five customers accounted for approximately 15.8% of total sales for the year ended December 31, 2020, with the largest customer contributing about 5.6%[113]. - The procurement amount from the top five suppliers represented approximately 31.3% of total procurement for the year ended December 31, 2020, with the largest supplier accounting for 7.9%[113]. - The board proposed no dividend for the year ended December 31, 2020, consistent with the previous year[115]. - The company has not made any significant charitable donations during the year ended December 31, 2020, similar to the previous year[116]. - The company operates primarily in the passenger vehicle service industry, providing maintenance, modification, and extended warranty services[109]. - The company did not engage in any related party transactions that met the definition of connected transactions under GEM Listing Rules during the year[145]. - The company has no unexercised stock options or similar rights as of December 31, 2020[138]. - The company maintained compliance with GEM listing rules regarding public float since its listing date[147]. - There were no significant acquisitions or disposals related to subsidiaries or associates during the year ended December 31, 2020[160]. - The company did not enter into any non-exempt connected transactions or continuing connected transactions during the year ended December 31, 2020[146]. - The company has adhered to local laws and regulations, with no significant violations reported during the year[153].

Financial Performance - For the three months ended September 30, 2020, the company reported revenue of SGD 5.666 million, a decrease of 12.9% compared to SGD 6.503 million in the same period of 2019[26]. - The company incurred a loss before tax of SGD 137,000 for the three months ended September 30, 2020, compared to a loss of SGD 204,000 in the same period of 2019, representing a 32.8% improvement[26]. - The total comprehensive loss for the three months ended September 30, 2020, was SGD 161,000, compared to SGD 190,000 in the same period of 2019, indicating a 15.3% reduction in losses[26]. - For the nine months ended September 30, 2020, the company reported total revenue of SGD 15.935 million, down 13.6% from SGD 18.439 million in the same period of 2019[26]. - The company recorded a loss of SGD 570,000 for the nine months ended September 30, 2020, compared to a loss of SGD 940,000 in the same period of 2019, reflecting a 39.2% improvement[26]. - The basic and diluted loss per share for the three months ended September 30, 2020, was SGD 0.01, unchanged from the same period in 2019[26]. - The basic loss per share for the nine months ended September 30, 2020, was (8.03) Singapore cents, compared to (0.05) Singapore cents for the same period in 2019[49]. - The company reported a total comprehensive loss of SGD 573,000 for the nine months ended September 30, 2020, compared to a loss of SGD 940,000 for the same period in 2019[47]. Revenue and Income - The company reported other income and gains of SGD 307,000 for the three months ended September 30, 2020, compared to SGD 22,000 in the same period of 2019, marking a significant increase[26]. - For the three months ended September 30, 2020, customer contract revenue was SGD 5,666,000, a decrease of 12.9% compared to SGD 6,503,000 for the same period in 2019[39]. - For the nine months ended September 30, 2020, customer contract revenue was SGD 15,935,000, down 13.6% from SGD 18,439,000 in the same period of 2019[39]. - Other income and revenue increased by approximately SGD 0.9 million due to government subsidies received during the COVID-19 pandemic[60]. Costs and Expenses - Material costs for the three months ended September 30, 2020, were SGD 3.310 million, a decrease of 10.2% from SGD 3.689 million in the same period of 2019[26]. - Employee benefits expenses decreased to SGD 1.292 million for the three months ended September 30, 2020, down from SGD 1.651 million in the same period of 2019, representing a 21.8% reduction[26]. - Employee benefit expenses decreased by approximately SGD 0.8 million to approximately SGD 4.2 million for the nine months ended September 30, 2020, due to a reduction in workforce across all business units[62]. - The gross profit margin decreased from approximately 46% as of September 30, 2019, to approximately 42% as of September 30, 2020, due to increased material costs[51][61]. - The gross profit margin decreased from approximately 46% to approximately 42%, a reduction of about 4% due to increased material costs[65]. - Depreciation of right-of-use assets increased by approximately SGD 0.8 million due to the adoption of IFRS 16[65]. - Amortization of intangible assets increased by approximately SGD 0.3 million, and financial expenses increased by approximately SGD 0.1 million[65]. Shareholder Information - The company has a total of 2,000,000,000 issued ordinary shares as of September 30, 2020[49]. - Major shareholders, including Mr. Li Jie and Ms. Han Mei, each held approximately 29.3% of the shares[72]. - The total number of issued shares as of September 30, 2020, was 2,000,000,000[67]. Dividends and Recommendations - The company did not recommend any dividend for the nine months ended September 30, 2020, consistent with the previous year[48]. - The board does not recommend the payment of any dividends for the nine months ended September 30, 2020, consistent with the previous year[88]. Operational Insights - The company operates primarily in the automotive service sector, including maintenance, modification, and financing services[34]. - The group has been expanding its business into the Chinese automotive market, with revenue from the Chinese subsidiary decreasing from approximately SGD 1.7 million to approximately SGD 0.6 million due to COVID-19[53]. - The group aims to maintain its leadership position in the Singapore passenger car market by retaining existing customers and acquiring new ones through loyalty programs and promotional offers[57]. - The Singapore government is promoting electric vehicle adoption, with a goal to establish 60,000 charging points by 2030, up from approximately 2,000 currently[56]. - The group is focusing on technological advancements in vehicle maintenance and engine services to enhance service capabilities for various passenger car brands[56]. - Strategic partnerships have been established in China with companies like TELD and ZBJ.com to support the development of a smart shared mobility platform[57]. Governance and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and are presented in Singapore dollars[34]. - The company has not experienced significant changes in accounting policies due to the adoption of new and revised International Financial Reporting Standards[34]. - The audit committee reviewed the unaudited consolidated financial performance for the three months and nine months ended September 30, 2020[85]. - The company has adhered to the principles of the corporate governance code and complied with all applicable code provisions during the reporting period[84]. Risk Management - The company has implemented various preventive measures in its subsidiaries in Singapore and China to mitigate the operational risks posed by the COVID-19 outbreak, with no significant impact expected on operations[87]. - The loss for the period decreased from approximately SGD 0.9 million to approximately SGD 0.6 million, a reduction of about SGD 0.3 million[65]. - The decrease in loss was primarily due to an increase in other income and revenue of approximately SGD 0.9 million from government subsidies related to COVID-19[65]. - Employee benefit expenses decreased by approximately SGD 0.8 million, and other operating expenses decreased by approximately SGD 1.5 million[65]. - The company did not purchase, sell, or redeem any of its listed securities during the nine-month period[76]. - The company did not make any significant investments, acquisitions, or disposals in subsidiaries or associates during the nine months ended September 30, 2020[86]. - No related party transactions were established during the nine-month period ending September 30, 2020[74].