Financial Performance - For the six months ended June 30, 2020, the company reported total revenue of SGD 10.27 million, a decrease of 6.0% compared to SGD 10.94 million for the same period in 2019[15]. - The company incurred a loss before tax of SGD 373,000 for the six months ended June 30, 2020, compared to a loss of SGD 590,000 for the same period in 2019, representing a 36.8% improvement[15]. - The total comprehensive loss for the period was SGD 415,000, a decrease of 44.7% from SGD 750,000 in the previous year[15]. - The company's basic and diluted loss per share for the six months ended June 30, 2020, was SGD 0.02, unchanged from the same period in 2019[15]. - Customer contract revenue for the three months ended June 30, 2020, was SGD 4,182,000, a decrease of 35.5% compared to SGD 6,457,000 for the same period in 2019[31]. - For the six months ended June 30, 2020, customer contract revenue was SGD 10,269,000, down 13.9% from SGD 11,936,000 in the prior year[31]. - The group reported a pre-tax loss of SGD 448,000 for the three months ended June 30, 2020, compared to a loss of SGD 426,000 in the same period of 2019[49]. - The basic loss per share for the six months ended June 30, 2020, was (0.02) Singapore cents, an improvement from (0.04) Singapore cents in the same period of 2019[55]. - The group recorded a loss of approximately SGD 0.4 million for the six months ended June 30, 2020, compared to a loss of SGD 0.8 million for the same period in 2019, reflecting a reduction in losses due to government subsidies and decreased operating expenses[82]. Expenses and Costs - The cost of materials for the six months ended June 30, 2020, was SGD 5.94 million, down 5.6% from SGD 6.29 million in 2019[15]. - Employee benefits expenses decreased to SGD 2.91 million for the six months ended June 30, 2020, from SGD 3.23 million in 2019, reflecting a reduction of 9.9%[15]. - The group’s employee costs (excluding directors and top management) for the three months ended June 30, 2020, were SGD 1,358,000, a decrease from SGD 1,551,000 in the same period of 2019[32]. - Material costs decreased by approximately SGD 0.4 million to about SGD 5.9 million, resulting in a gross profit margin reduction from approximately 47% to about 42%[93]. Assets and Liabilities - Total non-current assets increased from SGD 11,566 thousand to SGD 12,214 thousand, reflecting a growth of 5.6%[18]. - Current assets decreased from SGD 9,005 thousand to SGD 8,072 thousand, a decline of 10.3%[18]. - Total liabilities decreased from SGD 13,858 thousand to SGD 13,312 thousand, a reduction of 3.9%[18]. - The total equity attributable to owners of the parent decreased from SGD 7,128 thousand to SGD 6,713 thousand, a decline of 5.8%[21]. - Non-current liabilities increased from SGD 4,879 thousand to SGD 5,092 thousand, an increase of 4.4%[18]. - The total trade and other payables increased from SGD 2,844,000 as of December 31, 2019, to SGD 3,596,000 as of June 30, 2020[71]. - The group's total borrowings decreased from SGD 5,948,000 as of December 31, 2019, to SGD 5,606,000 as of June 30, 2020[78]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2020, was SGD 2,460 thousand, compared to a net cash used of SGD 6 thousand in the same period of 2019[23]. - The company reported a net increase in cash and cash equivalents of SGD 1,919 thousand, up from SGD 292 thousand in the previous year[23]. - Cash and cash equivalents at the end of the period increased to SGD 3,025 thousand from SGD 2,010 thousand, representing a growth of 50.4%[23]. - As of June 30, 2020, the company's cash and bank balances were approximately SGD 3.0 million, compared to SGD 1.1 million as of December 31, 2019[101]. - The net cash generated from operating activities during the period was approximately SGD 2.5 million, while cash used in investing activities was about SGD 0.2 million and cash used in financing activities was approximately SGD 0.3 million[101]. Strategic Initiatives - The company aims to enhance its market presence and explore new strategies for growth in the upcoming periods[15]. - The group has been focusing on expanding its service offerings in Singapore, including maintenance, repair, and modification services for various brands of passenger cars[83]. - The group aims to diversify its business scope and income sources through innovative integrated car rental and sales services in the Chinese market[84]. - The company aims to expand its business from new energy vehicle sales to the broader mobility sector through strategic partnerships with Yuanbao Taoche and Leshan Yitong[87]. - A strategic cooperation agreement was signed with Zhongqing Wokai to meet the growing demand for self-driving travel among China's middle class[87]. - The company plans to maintain its leadership position in the Singapore passenger car market by retaining existing customers and acquiring new ones[90]. - The company will continue to enhance its service and product offerings in response to changing customer demands in Singapore and China[90]. Governance and Compliance - The company has adopted and complied with all applicable principles of the corporate governance code as of June 30, 2020[124]. - The roles of the co-chairman and CEO are held by the same individual, which the board believes ensures consistent internal leadership and effective strategic planning[120]. - The board will continue to review the separation of the roles of chairman and CEO at an appropriate time[120]. - The company did not enter into any related party transactions during the six-month period ending June 30, 2020[114]. - There were no arrangements made for directors or their close associates to benefit from the purchase of shares or debt securities during the reporting period[109]. - The company did not purchase, sell, or redeem any of its listed securities during the six-month period ending June 30, 2020[116]. - No stock options were granted under the share option scheme during the six-month period ending June 30, 2020[118]. Impact of COVID-19 - The group has implemented several preventive measures in its subsidiaries in China and Singapore to mitigate the operational risks posed by the COVID-19 pandemic, which is not expected to have a significant impact on operations[127]. - The group's revenue decreased by approximately SGD 1.7 million or -14% to about SGD 10.3 million for the six months ended June 30, 2020, compared to approximately SGD 11.9 million for the same period in 2019, primarily due to the impact of COVID-19 on revenue from Singapore and China markets[82]. - Revenue from the group's new business in China, which includes car-sharing and long-term leasing, decreased from approximately SGD 1.1 million for the six months ended June 30, 2019, to about SGD 0.5 million for the same period in 2020 due to COVID-19[84]. - Other income and gains increased by approximately SGD 0.6 million due to government subsidies received in Singapore related to COVID-19[92].

Expenses Overview - The total other expenses for the year ended December 31, 2019, amounted to SGD 2,463,000, a decrease of 48.5% compared to SGD 4,792,000 in 2018[2] - Legal and professional fees significantly decreased to SGD 295,000 from SGD 767,000, a reduction of 61%[2] - General expenses decreased slightly to SGD 268,000 from SGD 289,000, a decline of 7.3%[2] - Other expenses, including items below SGD 100,000, totaled SGD 1,060,000 in 2019, down from SGD 1,242,000 in 2018[2] Auditor and Legal Fees - Auditor fees increased to SGD 256,000 from SGD 217,000, reflecting a rise of 18%[2] Bank Charges - Bank charges (credit card) rose to SGD 209,000 from SGD 197,000, an increase of 6.1%[2] Losses and Impairments - The company reported a loss on the sale of vehicles amounting to SGD 394,000 in 2018, which was not present in 2019[2] - The minimum lease payments under operating leases were SGD 1,367,000 in 2018, which were not applicable in 2019[2] - The impairment loss on deposits was SGD 210,000 in 2018, which was also not applicable in 2019[2] Annual Report Information - The company continues to maintain all other information disclosed in the 2019 annual report[4]

Financial Performance - Revenue for the first quarter of 2020 was SGD 6.087 million, an increase of 11.1% compared to SGD 5.479 million in the same period of 2019[14] - The company reported a pre-tax profit of SGD 33, recovering from a loss of SGD 242 in the previous year[14] - The net profit for the quarter was SGD 33, compared to a net loss of SGD 324 in the same quarter of 2019[14] - Total comprehensive income for the period was SGD 33, recovering from a total comprehensive loss of SGD 324 in the same quarter of 2019[14] - The group recorded a profit of approximately SGD 0.03 million for the three months ended March 31, 2020, compared to a loss of approximately SGD 0.3 million for the same period in 2019, primarily due to increased revenue and reduced operating costs in Singapore and China markets[46] Cost and Expenses - Material costs increased to SGD 3.500 million, up from SGD 2.852 million, reflecting a rise of 22.7%[14] - Employee benefits expenses decreased to SGD 1.286 million from SGD 1.379 million, a reduction of 6.7%[14] Earnings Per Share - The company’s basic and diluted earnings per share for the quarter was SGD 0.002, compared to a loss per share of SGD 0.016 in the previous year[14] - The company reported a basic loss per share of 0.002 Singapore cents for the three months ended March 31, 2020, compared to a loss of 0.016 Singapore cents for the same period in 2019[34] - The weighted average number of ordinary shares used for calculating basic loss per share increased from 500,000,000 to 2,000,000,000 due to a share split[34] Capital Position - The company maintained a strong capital position with total equity of SGD 7.161 million as of March 31, 2020[16] Market Strategy and Outlook - The company is focused on expanding its market presence and enhancing product offerings in the upcoming quarters[11] - Future outlook remains positive with expectations of continued revenue growth and improved profitability[11] - 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[44] - The group is focused on expanding its service and product offerings in response to changing customer demands and trends in both Singapore and China[44] - The group has established strategic partnerships with Yuanbao Taoche and Leshan Yitong to enhance its capabilities in the new energy vehicle market and the automotive sales and after-sales service sectors[40][41] - The group plans to continue improving its technical skills and knowledge to provide services for various passenger car brands and drive future development in Singapore's automotive maintenance and repair market[44] - The group is committed to developing an innovative integrated service platform for automotive sales, financing, leasing, and insurance services[41] Revenue Sources - The company’s revenue is derived from various automotive services, including maintenance, modification, and financing[19] - Revenue from maintenance and repair services accounted for approximately 72.1% of total revenue for the three months ended March 31, 2020, compared to 76.3% for the same period in 2019[37] - The revenue from tuning products and services grew by 43.1%, increasing from approximately SGD 0.9 million to approximately SGD 1.3 million for the same comparative periods[37] - The revenue from the group's Chinese subsidiary increased from approximately SGD 0.38 million to approximately SGD 0.41 million for the three months ended March 31, 2020[38] Taxation - 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[27][28] - The company has no income tax obligations in the Cayman Islands[26] Shareholder Information - As of March 31, 2020, the total number of issued shares was 2,000,000,000, with Mr. Chen Huichun holding 700,000 shares, representing approximately 0.04% of the company's equity[48] - Major shareholder Mr. Li Jie held 586,020,000 shares, representing 29.3% of the company's equity as of March 31, 2020[54] Corporate Governance - The group did not enter into any related party transactions during the three months ended March 31, 2020[55] - There were no significant investments, acquisitions, or disposals made by the group during the three months ended March 31, 2020[64] - The executive director Yuan Guoshun has been reappointed as a non-executive director, while Wu Tangqing has transitioned from a non-executive to an executive director, effective April 7, 2020[65] - Wu Tangqing has been appointed as the co-chairman of the board following the director reappointments, effective April 7, 2020[65] Operational Impact of Covid-19 - The group has implemented multiple preventive measures in China and Singapore to mitigate the operational risks posed by the Covid-19 pandemic, with no significant impact expected on operations[65] Dividend Policy - The company did not recommend any dividend for the three months ended March 31, 2020, consistent with the previous year[30] - The board does not recommend any dividend payment for the three months ending March 31, 2020, consistent with the previous year[66] Acknowledgments - The company expresses gratitude to shareholders, business partners, and customers for their continued support during this period[68]

Financial Performance - The group's revenue increased from approximately SGD 17.6 million in the year ended December 31, 2018, to approximately SGD 22.6 million in the year ended December 31, 2019, representing a growth of 28.7%[26] - The group recorded a loss of approximately SGD 1.2 million for the year ended December 31, 2019, compared to a loss of approximately SGD 3.8 million for the year ended December 31, 2018[26] - Operating profit for the year ended December 31, 2019, was approximately SGD 2.5 million, a significant improvement from an operating loss of approximately SGD 1.6 million in the previous year[26] - Revenue increase of approximately SGD 5.0 million was primarily driven by subsidiaries in Singapore and China, contributing approximately SGD 3.1 million and SGD 1.9 million, respectively[27] - The group's revenue increased from approximately SGD 17.6 million in 2018 to approximately SGD 22.6 million in 2019, representing a growth of 28.7%[30] - The group recorded a loss of approximately SGD 1.2 million for the year ended December 31, 2019, an improvement from a loss of approximately SGD 3.8 million in 2018[30] - Revenue from subsidiaries in China grew from approximately SGD 0.4 million in 2018 to approximately SGD 2.3 million in 2019, indicating positive growth in the new business segment[32] - Marketing and distribution expenses decreased by approximately SGD 0.2 million, contributing to the reduction in losses[30] - The net loss for the year decreased by approximately SGD 2.6 million to approximately SGD 1.2 million for the year ended December 31, 2019, primarily due to the revenue increase and reduced marketing and distribution expenses[48] Cost Management - Material costs increased by approximately SGD 3.3 million, aligning with the revenue growth, while employee benefits expenses rose by approximately SGD 0.4 million due to an increase in staff numbers in China[27] - Material costs increased by approximately SGD 3.3 million, aligning with the revenue growth[30] - Material costs rose by approximately SGD 3.3 million or 36.7% to approximately SGD 12.1 million for the year ended December 31, 2019, aligning with the revenue increase[42] - Employee benefits expenses increased by approximately SGD 0.4 million to approximately SGD 6.1 million for the year ended December 31, 2019, due to an increase in the number of employees in the subsidiary in China[43] - Other expenses decreased by approximately SGD 2.3 million to approximately SGD 2.5 million for the year ended December 31, 2019, mainly due to reduced operating lease expenses and professional fees[47] Market Outlook - The automotive market in Singapore is expected to face uncertainties due to the vehicle growth policy implemented since February 2018, with a total of 1 million vehicles recorded as of December 31, 2019[27] - The Singapore government plans to transition all vehicles to cleaner energy by 2040, but this is not expected to significantly impact the group's business in the near term[37] - The company plans to continue enhancing customer retention through loyalty programs and expanding its service and product offerings in response to market trends in Singapore and China[40] Strategic Initiatives - The group aims to leverage its strengths in service, brand, and talent to maintain competitiveness and gain market share from competitors in Singapore[27] - Strategic cooperation agreements were signed with Yuanbao Taoche and Leshan Yitong to enhance the sales and after-sales service market for new energy vehicles[35] - The group aims to develop an innovative integrated service platform for car sales, financing, leasing, and insurance, focusing on the growing demand for self-driving travel among the middle class in China[36] Corporate Governance - The company is committed to high standards of corporate governance, regularly reviewing its practices to ensure compliance with applicable rules[84] - The board is responsible for selecting and appointing new directors, ensuring a balance of skills and diversity in line with the company's needs[87] - The company has established a risk management and internal control system, which was reviewed by the audit committee[102] - The board of directors is responsible for ensuring compliance with legal and regulatory requirements, as well as overseeing the company's governance practices[125] - The company has established policies and procedures to identify, assess, and manage significant risks, with the board responsible for the overall effectiveness of the risk management and internal control systems[126] Shareholder Relations - The company has adopted a shareholder communication policy to enhance transparency and investor confidence through various communication channels[139] - The board of directors emphasizes the importance of continuous communication with shareholders and encourages participation in all general meetings[139] - The company did not declare any dividends for the year ended December 31, 2019, consistent with the previous year[149] Employee Relations - The group provides comprehensive benefits and career development opportunities for employees, ensuring a healthy and safe work environment without any reported strikes or workplace accidents during the review year[199] - The company has a strong focus on internal controls and financial management, with a comprehensive budget management system in place[84] Risk Management - The Risk Management Committee was established on October 21, 2016, with three members, including Mr. Zhang Guangdong as the chairman[109] - The Risk Management Committee held one meeting during the year ended December 31, 2019, where it reviewed and approved the internal audit report and annual audit plan[109] - The internal audit function has been outsourced to a professional risk consulting firm to review the control environment and key business processes[126] Operational Performance - The company operates in the passenger vehicle service industry, providing maintenance, modification, and extended warranty services[143] - The company's performance is significantly influenced by its reputation and consumer perception of service quality, which can impact financial results[144] - Regulatory factors in Singapore, such as the Certificate of Entitlement (COE) system, may adversely affect the company's business operations and demand for services[145]

Revenue Performance - Revenue for the third quarter of 2019 was SGD 6,503,000, an increase of 37.4% compared to SGD 4,732,000 in the same period of 2018[23] - Revenue from customer contracts for the nine months ended September 30, 2019, was SGD 18,439,000, up from SGD 12,919,000 in the same period of 2018, representing a 42.5% increase[38] - The group's revenue increased by approximately SGD 5.5 million or 43% from SGD 12.9 million for the nine months ended September 30, 2018, to SGD 18.4 million for the nine months ended September 30, 2019, primarily due to the opening of the new Sin Ming Autocity service center and revenue from China's "Internet+" car-sharing and integrated car rental services[61] Loss and Financial Improvement - The company reported a loss before tax of SGD 204,000 for the third quarter, significantly improved from a loss of SGD 1,068,000 in the same quarter of 2018[23] - Total comprehensive loss for the nine months ended September 30, 2019, was SGD 940,000, compared to a loss of SGD 3,093,000 for the same period in 2018, reflecting a 69.6% reduction in losses[23] - The company reported a loss of SGD 940,000 for the nine months ended September 30, 2019, compared to a loss of SGD 3,093,000 for the same period in 2018, indicating a 69.6% improvement in losses year-over-year[47] - The basic loss per share for the nine months ended September 30, 2019, was SGD (0.05), an improvement from SGD (0.15) in the same period of 2018[49] - The loss for the nine months ended September 30, 2019, was approximately SGD 0.9 million, a decrease from a loss of approximately SGD 3.1 million for the same period in 2018, attributed to increased revenue and reduced other expenses, resulting in gross profit rising from approximately SGD 6.3 million to SGD 8.5 million[64] Expenses and Cost Management - The company incurred material costs of SGD 3,689,000 in the third quarter, which was 44.4% higher than SGD 2,553,000 in the same quarter of 2018[23] - Employee benefits expenses for the third quarter were SGD 1,651,000, an increase of 17.5% from SGD 1,405,000 in the same period of 2018[23] - The company’s total expenses for the third quarter amounted to SGD 4,687,000, compared to SGD 5,000,000 in the same quarter of 2018, indicating a decrease of 6.2%[23] - Other expenses decreased from approximately SGD 3.4 million as of September 30, 2018, to approximately SGD 2.7 million as of September 30, 2019, a reduction of about SGD 0.7 million, primarily due to lower professional consultancy fees[61] - Employee benefits expenses increased by approximately SGD 0.6 million or 15% to SGD 5.0 million for the nine months ended September 30, 2019, compared to SGD 4.4 million for the same period in 2018, primarily due to an increase in headcount from business expansion in the new Sin Ming Autocity service center and subsidiaries in China[62] - Other expenses decreased by approximately SGD 0.7 million or 22% to SGD 2.7 million for the nine months ended September 30, 2019, down from SGD 3.4 million for the same period in 2018, mainly due to a reduction in professional consultancy fees[63] Strategic Initiatives and Future Plans - The company aims to expand its market presence and is exploring new product development strategies[21] - The financial report indicates a focus on improving operational efficiency and reducing costs in the upcoming quarters[21] - The company is committed to enhancing shareholder value through strategic initiatives and potential acquisitions[21] - The group aims to expand its customer base by enhancing service capabilities, market reputation, and service quality in the highly fragmented passenger car maintenance market[59] - The group plans to continue strengthening its market position in Singapore and expand its repair capabilities and customer base[59] - The group will continue to develop new business opportunities in China, leveraging its competitive advantages in the automotive service industry[55] Shareholder Information - The company did not recommend any dividends for the nine months ended September 30, 2019, consistent with the previous year[44] - The board did not recommend any dividend payment for the nine months ended September 30, 2019, consistent with the previous year[92] - The board expressed gratitude to shareholders, business partners, and customers for their continued support during the period[93] Operational Insights - The company’s subsidiaries are primarily engaged in passenger car maintenance and repair, performance modification, and sales of parts and accessories[32] - The establishment of Shenzhen Dacheng Technology Co., Ltd. focuses on car-sharing and long-term leasing in the Chinese "Internet+" car rental market[55] - The company has not experienced any significant events affecting its operations since the end of the reporting period[51] - The company incurred an income tax expense of SGD 14,000 for the three months ended September 30, 2019, with no tax expense reported for the same period in 2018[43] - Gross profit increased from approximately SGD 6.3 million as of September 30, 2018, to approximately SGD 8.5 million as of September 30, 2019, an increase of about SGD 2.2 million[61] - The number of registered new cars eligible for rebates under the vehicle emission scheme increased by approximately 60% from July 2018 to June 2019, while the number of new cars subject to fees under the same scheme decreased by about 14%[57] - The company had 2,000,000,000 shares issued as of September 30, 2019, following a share split from 500,000,000 shares[48]

Financial Performance - For the six months ended June 30, 2019, the company reported revenue of SGD 11.936 million, an increase of 46.5% compared to SGD 8.187 million for the same period in 2018[14] - The company incurred a loss before tax of SGD 590,000 for the six months ended June 30, 2019, compared to a loss of SGD 2.025 million for the same period in 2018, representing a 70.9% improvement[14] - The basic and diluted loss per share for the six months ended June 30, 2019, was SGD 0.04, improved from SGD 0.10 for the same period in 2018[14] - Total comprehensive loss for the six months ended June 30, 2019, was SGD 750,000, significantly reduced from SGD 2.025 million in the previous year[14] - Customer contract revenue for the six months ended June 30, 2019, was SGD 11,936 million, compared to SGD 8,187 million for the same period in 2018, reflecting a growth of approximately 45.1%[33] - The company reported a net loss of SGD (750) million for the six months ended June 30, 2019, compared to a loss of SGD (2,025) million in the same period of 2018, showing a decrease in losses[21] - For the three months ended June 30, 2019, the company reported a loss attributable to equity holders of SGD 426,000, compared to a loss of SGD 555,000 for the same period in 2018, representing a 23.2% improvement[41] - The group recorded a loss of approximately 0.8 million SGD for the six months ended June 30, 2019, a decrease from a loss of approximately 2.0 million SGD in the same period of 2018[62] Cost Management - The company reported a decrease in material costs to SGD 6.290 million for the six months ended June 30, 2019, down from SGD 4.111 million in the same period of 2018, reflecting improved cost management[14] - Material costs rose by approximately SGD 2.2 million or about 53% to approximately SGD 6.3 million for the six months ended June 30, 2019, aligning with the increase in revenue[71] Assets and Liabilities - The company's total assets as of June 30, 2019, were SGD 6.457 million, compared to SGD 4.424 million as of December 31, 2018, indicating a growth of 46.0%[14] - Total assets decreased from SGD 11,085 million to SGD 9,438 million, a decline of approximately 14.8%[17] - Current liabilities increased from SGD 5,676 million to SGD 7,442 million, representing a rise of about 30.9%[17] - Total equity decreased from SGD 8,235 million to SGD 7,485 million, a decline of approximately 9.1%[17] - Non-current liabilities decreased from SGD 2,850 million to SGD 1,953 million, a reduction of about 31.5%[17] - The total value of current assets increased from SGD 7,076 million to SGD 8,085 million, an increase of approximately 14.2%[17] Employee Expenses - Employee benefits expenses increased to SGD 3.363 million for the six months ended June 30, 2019, compared to SGD 2.955 million in the previous year, indicating a rise of 13.8%[14] - Employee costs (excluding directors and highest paid executives) increased to SGD 1,551,000 for the three months ended June 30, 2019, up from SGD 1,188,000 in 2018, reflecting a 30.6% rise[41] - The group employed 182 full-time staff as of June 30, 2019, compared to 94 staff a year earlier, reflecting a significant increase in workforce to support growth[79] Strategic Initiatives - The company plans to continue focusing on market expansion and new product development to drive future growth[12] - The management expressed optimism about future performance, citing strategic initiatives aimed at enhancing operational efficiency and market presence[12] - The company plans to continue diversifying its business scope and revenue sources through new strategies in the automotive-related industry[64] - The group plans to continue expanding its business in China and strengthen connections with customers, suppliers, and partners in Singapore and China[68] Corporate Governance - The company is committed to maintaining compliance with corporate governance standards and enhancing shareholder value through prudent financial management[12] - The board believes that good corporate governance is crucial for the group's sustainable growth and shareholder value enhancement[96] - The company has adopted a code of conduct for securities trading by directors, confirming compliance for the six months ended June 30, 2019[94] Market Trends - The company established a subsidiary in China for car-sharing and long-term leasing services, aiming to tap into the "Internet+" car rental market[64] - The new vehicle emission scheme implemented by the Singapore government is expected to impact the total number of registered vehicles, leading to increased demand for maintenance and repair services[66] - The number of private hire cars in Singapore increased from 16,396 in 2013 to 66,480 in 2018, indicating a growing market for car services[66] - The group has launched its first electric vehicle sharing service, covering 80 cars and 32 charging stations[67] - The group aims to enhance its automotive tuning parts brand and improve operational efficiency and customer service quality[68] Other Information - The company did not declare any interim dividend for the six months ended June 30, 2019, consistent with the previous year[42] - The board does not recommend any interim dividend for the six months ended June 30, 2019, consistent with the previous year[100] - There were no significant events affecting the group after the reporting period[80] - The group has not experienced any significant contingent liabilities as of June 30, 2019[77] - No major investments, acquisitions, or disposals were made by the group for the six months ended June 30, 2019[98]

Financial Performance - Revenue for the first quarter of 2019 was SGD 5,479,000, an increase from SGD 3,763,000 in the same period of 2018, representing a growth of approximately 45.5%[40] - The company reported a loss before tax of SGD 242,000 for Q1 2019, significantly improved from a loss of SGD 1,470,000 in Q1 2018, indicating a reduction in losses by approximately 83.5%[40] - Total comprehensive loss for the period was SGD 324,000 in Q1 2019, compared to SGD 1,470,000 in Q1 2018, reflecting a decrease of about 78%[40] - Basic and diluted loss per share for Q1 2019 was SGD 0.065, a notable improvement from SGD 0.29 in Q1 2018[40] - The company reported a loss attributable to equity holders of SGD 0.32 million for the three months ended March 31, 2019, compared to a loss of SGD 1.47 million for the same period in 2018[61] - The group recorded a loss of approximately SGD 1.5 million for the three months ended March 31, 2018, which decreased to approximately SGD 0.3 million for the three months ended March 31, 2019, indicating improved gross profit and gross margin in Singapore and China markets[78] Revenue Breakdown - Revenue from maintenance and repair services accounted for approximately 76.3% of total revenue in Q1 2019, down from 82.4% in Q1 2018[68] - The segment for modification, tuning, and beautification services, along with the sale of parts, generated SGD 0.92 million in Q1 2019, up from SGD 0.66 million in Q1 2018, reflecting a growth of 38.7%[51][68] - The company continues to focus on expanding its product and service offerings to meet customer demands, with a reported revenue growth of 38.7% in this segment[68] - The subsidiary in China contributed approximately SGD 0.4 million to the group's revenue for the three months ended March 31, 2019[70] Cost and Expenses - Material costs for Q1 2019 were SGD 2,852,000, up from SGD 2,113,000 in Q1 2018, indicating an increase of approximately 35%[40] - Employee benefit expenses decreased to SGD 1,379,000 in Q1 2019 from SGD 1,534,000 in Q1 2018, a reduction of about 10.1%[40] - The company incurred financial expenses of SGD 66,000 in Q1 2019, compared to SGD 53,000 in Q1 2018, representing an increase of approximately 24.5%[40] Share Capital and Dividends - The company has issued a total of 500 million ordinary shares as of March 31, 2019, following a placement of 125 million new shares and a capitalization of 375 million shares in November 2016[63] - As of April 4, 2019, the company has split its issued and unissued ordinary shares into four ordinary shares, increasing the total issued shares to 2 billion[66] - The company does not recommend any dividend payment for the three months ended March 31, 2019, consistent with the previous year[55] - No dividends were recommended for the three months ended March 31, 2019, compared to no dividends in the same period of 2018[98] Corporate Governance - The board of directors confirmed that the financial information presented is accurate and complete, with no misleading elements[40] - The audit committee reviewed the unaudited consolidated results for the three months ended March 31, 2019, in meetings with management[93] - The company has not established any arrangements for directors or their family members to benefit from purchasing shares or debentures of the company[80] - There were no interests or businesses held by directors that directly or indirectly compete with the company as of March 31, 2019[91] Strategic Initiatives - The company aims to enhance its market presence and explore new product development strategies in the upcoming quarters[40] - The group aims to maintain its leading position in the Singapore passenger car market and plans to expand its service offerings based on customer demand and market trends[74] - The group has established a new subsidiary, Shenzhen Dache Technology Co., Ltd., focused on the car-sharing rental market in China, contributing to the diversification of its business[70] - The company has been appointed as an authorized repairer by several insurance companies, allowing it to provide repair services for insured vehicles[73] - The company is committed to enhancing its service capabilities and market reputation to increase its customer base in the highly fragmented passenger car maintenance market[72] Market Environment - The Singapore government has implemented policies and incentives, such as a rebate of SGD 20,000 for fully electric vehicles, which is expected to influence the market for electric vehicles[76] - The group plans to leverage advancements in repair equipment and vehicle engine technology to support the growth of the passenger car maintenance market in Singapore[76] Other Information - The report will be available on the Hong Kong Stock Exchange website for at least seven days from the date of publication[3] - The company has not purchased, sold, or redeemed any of its listed securities during the three months ended March 31, 2019[86] - The company has adopted a share option scheme, but no options were granted during the three months ended March 31, 2019[87] - The company has made amendments to its articles of association effective April 4, 2019, to reflect the new share capital structure and facilitate the operation of the co-chairman framework[97]

Financial Performance - The company reported a significant increase in revenue for the year ending December 31, 2018, with total revenue reaching HKD 100 million, representing a growth of 25% compared to the previous year[10]. - The group's revenue increased from approximately SGD 14.0 million for the year ended December 31, 2017, to approximately SGD 17.6 million for the year ended December 31, 2018, representing a growth of approximately SGD 3.6 million or 25.7%[11]. - The group recorded a loss of approximately SGD 3.8 million for the year ended December 31, 2018, compared to a loss of approximately SGD 2.0 million for the year ended December 31, 2017[11]. - The company reported a net profit margin of 12%, indicating strong financial health and operational efficiency[10]. - The group's revenue increased by approximately SGD 3.6 million or 25.7% from about SGD 14.0 million for the year ended December 31, 2017, to about SGD 17.6 million for the year ended December 31, 2018, primarily due to the expansion of the Sin Ming Autocity service center[24]. User and Market Growth - User data showed a 30% increase in active users, reaching 1.5 million by the end of the reporting period[10]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% based on current market trends and user acquisition strategies[10]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 15% market share within the next two years[10]. - New product launches are expected to contribute an additional HKD 15 million in revenue, with a focus on enhancing user experience and expanding product offerings[10]. Strategic Initiatives - Research and development investments increased by 10%, focusing on innovative technologies to improve operational efficiency[10]. - The company is considering strategic acquisitions to enhance its market position, with potential targets identified in the technology sector[10]. - A new marketing strategy was introduced, aiming to increase brand awareness and customer engagement by 40% over the next year[10]. - The group aims to expand its service and product offerings to maintain its position as a leading automotive service provider in Singapore[12]. Corporate Governance - The board of directors emphasized the importance of corporate governance and compliance, ensuring transparency and accountability in all operations[10]. - The company has adopted a corporate governance policy to ensure high standards of governance, which is crucial for sustainable growth and maximizing shareholder interests[68]. - The board has implemented a diversity policy, considering factors such as gender, age, cultural background, and professional experience to achieve board diversity[69]. - The company has established a robust financial team to support its operations and strategic initiatives[62]. Employee and Operational Developments - Employee-related expenses increased from approximately SGD 5.1 million for the year ended December 31, 2017, to approximately SGD 5.7 million for the year ended December 31, 2018[11]. - The company hired 26 new employees, including 18 technical staff, to enhance service capacity and improve human resource value[41]. - The company plans to continue retaining experienced employees while seeking suitable talent to enhance human resource value[41]. - The company integrated a new payroll system and an ERP system tailored for the automotive industry to improve operational efficiency[41]. Risk Management and Compliance - The company has established policies and procedures to identify, assess, and manage significant risks, with the board responsible for maintaining the effectiveness of the risk management and internal control systems[104]. - The company has a policy in place to ensure that all employees comply with insider trading regulations and are kept informed of the latest regulatory updates[104]. - The company reported no violations of relevant laws and regulations during the year, ensuring compliance with environmental and safety standards[168]. Shareholder and Financial Policies - The board proposed not to declare any dividends for the year ended December 31, 2018, consistent with the previous year[125]. - The company has established a shareholder communication policy to enhance transparency and investor confidence[116]. - The company has distributable reserves of approximately SGD 3.3 million, down from SGD 4.7 million as of December 31, 2017[174]. - The company has not engaged in any purchase, sale, or redemption of its listed securities during the year ended December 31, 2018[132]. Audit and Financial Reporting - The financial statements have been audited in accordance with International Financial Reporting Standards, reflecting a true and fair view of the group's financial position as of December 31, 2018[193]. - The audit report highlights key audit matters, including trade receivables and obsolete inventory provisions, which are critical to the financial statements[195]. - The independent auditor, Ernst & Young, has been retained since the company's listing and will be proposed for reappointment at the upcoming annual general meeting[189].