Financial Performance - For the nine months ended September 30, 2021, the group's revenue was approximately SGD 19,694,000, an increase of about SGD 229,000 or 1.2% compared to the same period in 2020[5]. - The loss attributable to owners for the nine months ended September 30, 2021, was approximately SGD 3,377,000, compared to a loss of approximately SGD 761,000 for the same period in 2020, reflecting a difference of approximately SGD 2,616,000 primarily due to government grants received and a decrease in share option expenses[6]. - The gross profit for the nine months ended September 30, 2021, was SGD 1,217,161, compared to SGD 1,194,114 for the same period in 2020, indicating a slight increase in profitability[7]. - The total comprehensive loss for the nine months ended September 30, 2021, was SGD 3,376,840, compared to SGD 760,955 for the same period in 2020[7]. - The basic and diluted loss per share for the nine months ended September 30, 2021, was SGD 0.0049, compared to SGD 0.0012 for the same period in 2020[7]. - The administrative expenses for the nine months ended September 30, 2021, were SGD 5,193,739, an increase from SGD 3,093,488 for the same period in 2020[7]. - The company did not recommend any dividend for the nine months ended September 30, 2021[6]. - Other income for the nine months ended September 30, 2021, was SGD 687,116, down 43.6% from SGD 1,220,002 in the same period of 2020[24]. - The company recorded an unaudited loss of approximately SGD 3,377,000 for the nine months ended September 30, 2021, compared to an unaudited loss of approximately SGD 761,000 for the same period in 2020[52]. - Basic and diluted loss per share for the nine months ended September 30, 2021, was SGD (0.0049), compared to SGD (0.0012) in the same period of 2020[31]. Revenue Breakdown - For the three months ended September 30, 2021, total revenue was SGD 6,365,367, a slight decrease of 0.3% compared to SGD 6,385,840 in the same period of 2020[21]. - For the nine months ended September 30, 2021, total revenue increased to SGD 19,693,542, representing a growth of 1.2% from SGD 19,465,244 in the same period of 2020[21]. - Truck transportation services generated revenue of SGD 5,226,542 for the three months ended September 30, 2021, compared to SGD 5,258,110 in 2020, indicating a decrease of 0.6%[21]. - Revenue from truck transportation services rose by approximately SGD 215,000 to SGD 16,148,000, reflecting an increase of about 1.3% due to the recovery of the global economy and an increase in customer numbers[40]. - Revenue from consolidation services increased by approximately SGD 14,000 to about SGD 3,546,000, with demand primarily from freight forwarders and global logistics companies[41]. Cost and Expenses - The company’s financing costs for the nine months ended September 30, 2021, were SGD 87,378, compared to SGD 41,965 for the same period in 2020[7]. - The financing costs for the three months ended September 30, 2021, totaled SGD 24,576, an increase of 74.1% from SGD 14,121 in the same period of 2020[25]. - Administrative expenses increased by approximately SGD 2,101,000 or 67.9% to about SGD 5,194,000, mainly due to stock option expenses recognized during the period[50]. - The company incurred a foreign exchange loss of SGD 58,556 for the three months ended September 30, 2021, compared to a loss of SGD 102,170 in the same period of 2020[26]. Employee and Workforce - As of September 30, 2021, the total employee cost for the nine months was approximately SGD 7,427,000, compared to SGD 7,052,000 for the same period in 2020, reflecting an increase of about 5.3%[57]. - As of September 30, 2021, the group had a total of 161 employees, with local employees eligible for discretionary bonuses based on performance[57]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and policies adopted by the group and believes the financial performance complies with applicable accounting standards and regulations[79]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance for the nine months ended September 30, 2021[74]. - The company has adhered to the corporate governance code principles, with one exception regarding the roles of the chairman and CEO being held by the same individual[76]. - The board will continue to review the effectiveness of the corporate governance structure to assess the necessity of separating the roles of chairman and CEO[76]. Future Plans and Challenges - The group plans to enhance service capacity by purchasing new vehicles and expanding its workforce to meet business growth needs[56]. - The group has a cautious approach towards its expansion plans due to global trade economic uncertainties[56]. - The ongoing impact of COVID-19 on the company's operations remains uncertain, with management unable to quantify the full financial effects at this time[73]. - The group faced unprecedented challenges due to the COVID-19 pandemic, impacting overall business operations and market conditions in Singapore[56]. - The group aims to strengthen its IT systems as part of its future plans outlined in the prospectus[56]. Shareholder Information - The group’s major shareholders include Ventris Global Limited with 58,205,000 shares (7.45%) and Wang Hufei with 203,340,000 shares (26.04%) as of September 30, 2021[63]. - The group has granted a total of 64,000,000 share options under the share option scheme, with 51,200,000 options remaining unexercised as of September 30, 2021[67]. Assets and Liabilities - As of September 30, 2021, the group reported a total equity of SGD 21,137,058[10]. - As of September 30, 2021, the total performance guarantees provided by financial institutions and insurance companies amounted to SGD 660,000[54]. - As of September 30, 2021, the group had properties with a total book value of approximately SGD 864,590 mortgaged as collateral for bank loans[71].

Financial Performance - Total revenue for the six months ended June 30, 2021, was approximately SGD 13,328,000, an increase of about SGD 249,000 or 1.9% compared to the same period in 2020[6] - The loss attributable to owners for the six months ended June 30, 2021, was approximately SGD 2,536,000, compared to a loss of SGD 579,000 for the same period in 2020, primarily due to decreased profitability and increased office expenses[6] - The gross profit for the six months ended June 30, 2021, was SGD 763,868, a decrease from SGD 803,481 in the same period of 2020[7] - The basic and diluted loss per share for the six months ended June 30, 2021, was SGD (0.0039), compared to SGD (0.0009) for the same period in 2020[7] - The company reported a pre-tax loss of SGD 2,536,495 for the six months ended June 30, 2021, compared to a loss of SGD 559,316 in the same period of 2020, indicating a significant increase in losses[16] - Cash generated from operating activities was negative SGD 233,138 for the six months ended June 30, 2021, down from positive SGD 1,296,333 in the same period of 2020[16] - The overall gross profit decreased from approximately SGD 803,000 for the six months ended June 30, 2020, to approximately SGD 764,000 for the same period in 2021, resulting in a gross profit margin decline from about 6.1% to 5.7%[77] - Other income decreased by approximately SGD 245,000 to about SGD 534,000, primarily due to reduced government subsidies and lower foreign exchange gains[81] - The group recorded a loss of approximately SGD 2,536,000 for the six months ended June 30, 2021, compared to a loss of approximately SGD 579,000 for the same period in 2020[84] Expenses and Liabilities - Administrative expenses increased to SGD 3,772,052 for the six months ended June 30, 2021, compared to SGD 2,114,431 for the same period in 2020[7] - The company incurred capital expenditures of SGD 340,000 for property, plant, and equipment during the six months ended June 30, 2021, compared to SGD 47,000 in the same period of 2020[16] - The total amount utilized from the IPO proceeds as of June 30, 2021, was HKD 25,308,000, with HKD 17,808,000 remaining unutilized[106] - The total loans and borrowings decreased from SGD 5,748,932 in 2020 to SGD 4,668,242 in 2021, reflecting a reduction in both current and non-current liabilities[58] - Trade receivables decreased to SGD 3,410,464 as of June 30, 2021, from SGD 4,494,439 as of December 31, 2020[48] - Trade payables were SGD 373,931 as of June 30, 2021, down from SGD 1,244,185 as of December 31, 2020[53] - The company reported a total of SGD 801,792 in other payables and accrued expenses as of June 30, 2021, down from SGD 1,227,884 as of December 31, 2020[54] Assets and Equity - The total assets less current liabilities as of June 30, 2021, amounted to SGD 25,425,104, compared to SGD 24,678,291 as of December 31, 2020[11] - Non-current assets totaled SGD 11,091,210 as of June 30, 2021, down from SGD 11,881,024 as of December 31, 2020[10] - Current liabilities decreased to SGD 2,342,318 as of June 30, 2021, from SGD 4,105,675 as of December 31, 2020[10] - The total equity as of June 30, 2021, was SGD 21,343,822, an increase from SGD 19,827,048 as of December 31, 2020[11] - As of June 30, 2021, the group had total assets of approximately SGD 27,767,000, with a current ratio of about 7.1 times[87] - The group had cash and cash equivalents of approximately SGD 12,489,000 as of June 30, 2021, an increase from SGD 11,644,000 as of December 31, 2020[87] Revenue Segments - Customer contract revenue for the six months ended June 30, 2021, was SGD 13,328,175, a slight increase from SGD 13,079,404 in the same period of 2020, reflecting a growth of approximately 1.9%[26] - The logistics segment, which includes truck transportation services, generated revenue of SGD 10,921,367 for the six months ended June 30, 2021, compared to SGD 10,674,976 in the same period of 2020, representing an increase of approximately 2.3%[28] - Revenue from truck transportation services rose by approximately SGD 246,000 to SGD 10,921,000, reflecting a growth rate of about 2.3% due to increased customer demand driven by global economic recovery[75] Shareholder Information - The company issued 128,000,000 shares on June 21, 2021, increasing the total issued and paid-up shares to 768,000,000 as of June 30, 2021[62] - As of June 30, 2021, the total number of shares held by Mr. Cai Jianglin and Ms. Cai Shufen is 64,605,000, representing 8.41% of the issued share capital[116] - Mr. Cai Jianglin and Ms. Cai Shufen each hold 6,400,000 share options granted on May 21, 2021, with an exercise price of HKD 0.285[120] - Ventris Global Limited, wholly owned by Mr. Cai Jianglin, holds 58,205,000 shares, representing 7.58% of the company[121] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules and corporate governance codes[129] - The board of directors includes two executive directors and three independent non-executive directors, ensuring a balanced governance structure[129] - The company has adopted a code of conduct for securities trading, confirming compliance by all directors during the six months ending June 30, 2021[126] - The company has adhered to all principles of the corporate governance code, with an exception regarding the roles of the Chairman and CEO being held by the same individual[127] Operational Developments - The company continues to focus on expanding its logistics services in Singapore, with all revenue generated from this market[28] - The company has completed the installation of a customized container tracking system and an enterprise resource planning system to strengthen its IT infrastructure[100] - The company has acquired a new office space of approximately 1,000 square feet to accommodate additional employees[100] - The company has expanded its workforce by hiring a financial director, multiple financial supervisors, and three operational staff, in addition to 27 experienced truck drivers[100] Economic Context - The Singapore economy contracted by 2% in Q2 2021 due to renewed COVID-19 restrictions, but is expected to recover as vaccination rates increase[71] - The company aims to maintain growth in the industry and enhance overall competitiveness, with a projected GDP growth of 4% to 6% for Singapore in 2021[113] - The company continues to monitor global trade conditions and customer needs to adapt to potential economic fluctuations[113]

Financial Performance - For the three months ended March 31, 2021, the group's revenue was approximately SGD 7,092,000, an increase of about SGD 671,000 or 10.5% compared to SGD 6,421,115 for the same period in 2020[5] - The gross profit for the same period was SGD 487,142, compared to SGD 308,367 in the previous year, indicating a significant improvement[6] - The loss attributable to owners of the company for the three months ended March 31, 2021, was approximately SGD 446,000, an improvement of about SGD 182,000 from a loss of SGD 627,893 in the same period of 2020[5] - The company’s basic and diluted loss per share for the period was SGD 0.0007, compared to SGD 0.0010 in the previous year[6] - The company reported a pre-tax loss of SGD 446,048 for the three months ended March 31, 2021, compared to a loss of SGD 627,893 in the same period in 2020[34] - The group recorded a loss of approximately SGD 446,000 for the three months ended March 31, 2021, a reduction of about SGD 182,000 from a loss of approximately SGD 628,000 in the previous year[53] Revenue Breakdown - Revenue from the trucking services segment was SGD 5,782,270, up from SGD 5,149,880 in the previous year, while revenue from the consolidation services segment was SGD 1,310,126, compared to SGD 1,271,235 in 2020[20] - Revenue from truck transportation services rose by approximately SGD 632,000 to SGD 5,782,000, representing a growth of about 12.3% due to increased customer demand driven by global economic recovery[41] - Revenue from consolidation services increased by approximately 3.1% or about SGD 39,000, attributed to higher business volume from customers requiring storage space for containers[42] Dividends and Equity - The company did not recommend any dividend distribution for the three months ended March 31, 2021[5] - The total equity as of March 31, 2021, was SGD 19,381,000, down from SGD 20,010,565 as of March 31, 2020[9] - The company did not declare any dividends for the three months ended March 31, 2021, consistent with the previous year[35] - The company did not recommend the payment of dividends for the three months ended March 31, 2021, considering overall operational performance, financial condition, and funding needs[78] Costs and Expenses - The company’s financing costs increased to SGD 37,186 from SGD 14,113 in the previous year[6] - The interest expense on bank borrowings increased significantly to SGD 33,387 from SGD 2,963 in the prior year, contributing to a total financing cost of SGD 37,186 compared to SGD 14,113 in 2020[25] - The total employee benefits, excluding directors' remuneration, increased to SGD 2,584,289 from SGD 2,203,403 in the same period last year[27] - The total employee costs for the three months ended March 31, 2021, amounted to approximately SGD 2,826,000, compared to SGD 2,528,000 for the same period last year[59] - Administrative expenses remained relatively stable at approximately SGD 1,245,000 compared to SGD 1,197,000 for the same period last year[51] Government Support and Subsidies - The company received government subsidies amounting to SGD 309,976 for the three months ended March 31, 2021, compared to SGD 60,182 in the same period in 2020[24] - Other income rose from approximately SGD 275,000 to about SGD 349,000, mainly attributed to government subsidies under the job support scheme during COVID-19[50] Operational Strategy and Market Focus - All revenue was generated from the Singapore market, indicating a focused operational strategy[20] - The group aims to enhance overall competitiveness and market share in Singapore, with GDP growth estimated to remain between 4% and 6%[58] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the three months ended March 31, 2021, and found them compliant with applicable accounting standards and regulations[80] - The company has adopted corporate governance practices in line with GEM listing rules, with a noted exception regarding the roles of the Chairman and CEO being held by the same individual[77] - The board of directors confirmed compliance with the trading rules for directors as of March 31, 2021[76] COVID-19 Impact - The company is closely monitoring the ongoing COVID-19 situation, which has significantly impacted its business operations, although the financial impact remains unquantified[74] - The company has not identified any COVID-19 infections among employees as of the report date[74]

Financial Performance - The group's revenue for the year ended December 31, 2020, decreased by approximately SGD 2,485,000 or about 8.6% to approximately SGD 26,264,000 compared to the previous year[11]. - The gross profit for the year ended December 31, 2020, decreased by approximately SGD 1,749,000 to approximately SGD 1,499,000, with a gross profit margin dropping from 11.3% to 5.7%[11]. - The group recorded a loss of approximately SGD 811,000 for the year ended December 31, 2020, compared to a loss of approximately SGD 980,000 for the previous year[11]. - Revenue from truck transportation services decreased by approximately SGD 2,807,000 to SGD 21,673,000, representing a decline of 11.5% due to reduced demand from clients amid COVID-19[17]. - Revenue from consolidation services increased by 7.5% or approximately SGD 322,000, driven by the need for storage space for containers during shipping delays[19]. - Overall gross profit decreased from approximately SGD 3,248,000 for the year ended December 31, 2019, to approximately SGD 1,499,000 for the year ended December 31, 2020, with a gross profit margin dropping from 11.3% to 5.7%[20]. - Other income increased by approximately SGD 1,454,000 to about SGD 1,547,000, primarily due to government subsidies received during COVID-19[24]. Economic Context - Singapore's economy contracted by 5.4% in 2020 due to the impact of COVID-19, affecting the logistics services sector[10]. - The economic outlook for Singapore in 2021 anticipates GDP growth of 4% to 6%[12]. - The group faces ongoing challenges and uncertainties in the upcoming year as it adapts to the evolving economic landscape[12]. Management and Governance - The management expresses gratitude to shareholders, business partners, suppliers, and customers for their continued support during the challenging year[13]. - The company has a strong management team with over 17 years of experience in the transportation and storage industry, led by Executive Director Ms. Cai Shufen[53]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring effective governance[69]. - The company has adhered to the corporate governance code from January 1, 2020, to December 31, 2020, with a commitment to stakeholder interests[62]. - The company has implemented a non-competition agreement with its controlling shareholders to protect its business interests in the logistics sector[64]. - The independent non-executive directors have confirmed compliance with the non-competition agreement, ensuring adherence to corporate governance practices[68]. - The company has a dedicated compliance officer to oversee regulatory adherence and corporate governance standards[60]. Operational Developments - The company purchased 10 Euro 6 compliant trucks and 10 trailers, with a total allocation of approximately HKD 26,062,000 for vehicle upgrades[38]. - The company has completed the installation of a customized container tracking system and an enterprise resource planning system[38]. - The company plans to purchase a new office space of approximately 1,000 square feet to accommodate additional employees, with a budget of HKD 2,619,000[41]. - The company has allocated HKD 17,239,000 remaining for vehicle purchases to enhance transportation and storage capabilities[42]. - The company continues to monitor market conditions to determine the timing for purchasing additional vehicles[41]. - The company aims to maintain growth in the industry and expand its market share in Singapore through strategic initiatives[45]. Employee and Workplace Safety - The employee turnover rate for the year was 8.4%, indicating a stable workforce compared to previous years[162]. - The company employed a total of 166 full-time employees as of December 31, 2020, down from 170 in 2019[162]. - The company has maintained a work injury rate of 0.0235% in 2018, 0.0155% in 2019, and 0.0160% in 2020, indicating a positive trend in workplace safety[174]. - The total number of lost workdays due to injuries was 80 in 2018, 70 in 2019, and 72 in 2020, reflecting effective safety measures[174]. - The company has not experienced any work-related fatalities in the past three years, demonstrating a strong commitment to employee safety[172]. - The company has implemented comprehensive COVID-19 safety measures, including regular disinfection, flexible working arrangements, and mandatory mask-wearing[175][180]. Environmental, Social, and Governance (ESG) Initiatives - The ESG committee is responsible for implementing the company's ESG initiatives and monitoring performance, with the board of directors ultimately accountable for the ESG report[120]. - The company has established a systematic management approach to assess and manage significant ESG-related issues, including stakeholder communication and internal evaluations[124]. - The company aims to continuously improve its ESG performance and create greater value for the broader community[126]. - The company has implemented operational measures to reduce greenhouse gas emissions, focusing on direct emissions from logistics operations and indirect emissions from electricity consumption and paper usage[134]. - The company aims to achieve cumulative reduction targets for diesel (1%), electricity (1.5%), and water (1.5%) by 2025, with incremental annual targets set for each year[145]. - The company has maintained compliance with significant environmental regulations, including the Environmental Protection Management Act and the Hazardous Waste Act in Singapore[138]. - The company has adopted digital office practices to minimize paper usage and has implemented regular vehicle maintenance to ensure compliance with national emission standards[135]. Compliance and Risk Management - The company has engaged an independent internal control consultant to review its internal control systems and risk management processes[106]. - The risk management and internal control systems are deemed effective and adequate based on the independent consultant's report[109]. - The company has established a risk management system in place to identify and mitigate workplace hazards, contributing to overall employee well-being[177]. - The company has complied with all relevant laws and regulations regarding workplace safety and employee protection during the reporting period[177]. Stakeholder Engagement - Key stakeholders include government agencies, investors, employees, customers, suppliers, and the community, with various communication channels established to address their concerns[126]. - The company is committed to providing accurate and timely information regarding its financial and operational performance to shareholders and investors[111]. - The board will ensure timely and fair disclosure of inside information to maintain market fairness and transparency[113].

8430_C&N_3Q20_CR_OP.pdf 1 11/11/2020 9:31 AM 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位是為投資風險可能較主板其他上市公司為高的中小型公司而設的市場。有意 投資者應瞭解投資於該等公司的潛在風險，並須經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司通常為中小型公司，在GEM買賣的證券可能會較在主板買賣的證券承 受較高市場波動風險，而且無法保證在GEM買賣的證券將會有具流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本報告之全部或任何部分內容而產生或因倚賴 該等內容而引致之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 春能控股有限公司（「本公司」）的資料；本公司之各董事（「董事」）願就本報告的資料共同 及個別地承擔全部責任，並在作出一切合理查詢後，確認就其所知及所信，(1)本報告所 載資料在各重要方面均屬準確完備，沒有誤導或欺詐成分，及(2)概無遺漏任何事項，足 以令致本報告或其所載任何陳述產生誤導 ...

Financial Performance - For the six months ended June 30, 2020, the total revenue of C&N Holdings Limited was approximately SGD 13,079,000, a decrease of about SGD 1,108,000 or 7.8% compared to the same period in 2019[5]. - The loss attributable to owners of the company for the six months ended June 30, 2020, was approximately SGD 579,000, compared to a loss of SGD 947,000 for the same period in 2019[5]. - The gross profit for the six months ended June 30, 2020, was SGD 803,481, down from SGD 1,341,834 in the same period of 2019, reflecting a decline in sales and gross margin due to global uncertainties[6]. - Total revenue for the six months ended June 30, 2020, was SGD 13,079,404, down from SGD 14,187,322 in 2019, reflecting a decrease of 7.8%[25]. - The truck transportation segment generated revenue of SGD 10,674,976 for the six months ended June 30, 2020, compared to SGD 11,957,334 in 2019, a decline of 10.7%[27]. - Revenue from truck transportation services decreased by approximately SGD 1,282,000 to SGD 10,675,000, a decline of about 10.7% due to unfavorable trade economic outlook and port closures[63]. - Revenue from consolidation services increased by 7.8% or approximately SGD 174,000, indicating a shift in customer demand for storage services during shipping delays[64]. - Overall gross profit decreased from approximately SGD 1,342,000 for the six months ended June 30, 2019, to approximately SGD 803,000 for the same period in 2020[67]. - The overall gross profit margin fell from approximately 9.5% to 6.1% during the same periods[67]. Assets and Liabilities - The total assets less current liabilities as of June 30, 2020, amounted to SGD 21,381,463, a decrease from SGD 21,928,423 as of December 31, 2019[10]. - The net asset value of the company as of June 30, 2020, was SGD 20,059,302, down from SGD 20,638,458 as of December 31, 2019[10]. - Trade receivables as of June 30, 2020, were SGD 4,452,553, a slight decrease from SGD 4,717,865 as of December 31, 2019[9]. - The group reported a total of SGD 1,417,036 in other payables and accrued expenses as of June 30, 2020, an increase of 45.2% from SGD 976,017 at the end of 2019[49]. - Total liabilities decreased from SGD 2,406,795,000 as of December 31, 2019, to SGD 1,794,259,000 as of June 30, 2020[15]. - The company has secured bank loans backed by properties valued at SGD 921,697,000 as of June 30, 2020[56]. Cash Flow and Financing - The company reported other income of SGD 779,478 for the six months ended June 30, 2020, compared to SGD 77,989 in the same period of 2019, indicating a significant increase in other income sources[6]. - The company’s financing costs decreased to SGD 27,844 for the six months ended June 30, 2020, from SGD 56,704 in the same period of 2019[6]. - Operating cash flow for the six months ended June 30, 2020, was SGD 1,296,333, compared to SGD 842,581 for the same period in 2019, indicating a 53.8% increase[15]. - The company recorded a net cash outflow from investing activities of SGD 29,000 for the six months ended June 30, 2020, compared to a net inflow of SGD 379,982 in the same period of 2019[15]. - Cash and cash equivalents increased to SGD 6,770,081 as of June 30, 2020, from SGD 6,566,132 at the beginning of the period, marking a net increase of 3.1%[17]. Employee and Operational Costs - Employee benefits, excluding directors' remuneration, decreased to SGD 4,291,749 for the six months ended June 30, 2020, down 12.7% from SGD 4,919,503 in 2019[37]. - The total employee cost for the six months ended June 30, 2020, was approximately SGD 4,823,000, down from approximately SGD 5,309,000 for the same period in 2019[85]. - The group incurred depreciation of property, plant, and equipment amounting to SGD 829,889 for the six months ended June 30, 2020, a decrease of 24.1% from SGD 1,093,659 in 2019[35]. - Administrative expenses decreased by approximately SGD 201,000 or 8.7% from approximately SGD 2,315,000 for the six months ended June 30, 2019, to approximately SGD 2,114,000 for the six months ended June 30, 2020[71]. Shareholder Information - As of June 30, 2020, the company’s major shareholder, Mr. Cai Jianglin, holds approximately 50.78% of the shares through Ventris Global Limited[97]. - As of June 30, 2020, Ventris Global Limited holds approximately 325,000,000 shares, representing 50.78% of the company's equity[100]. - Dai Wangfei owns 79,000,000 shares, accounting for 12.34% of the company's equity[100]. Future Plans and Challenges - The company continues to face challenges due to the COVID-19 pandemic, impacting overall economic conditions and market status in Singapore[95]. - Future plans include maintaining industry growth, enhancing service capacity through new vehicle purchases, and expanding the workforce to meet business needs[95]. - The company remains cautious regarding its expansion plans due to uncertainties in global trade economics[95]. Governance and Compliance - The audit committee consists of three independent non-executive directors and has reviewed the financial statements for the six months ending June 30, 2020, ensuring compliance with applicable accounting standards[112]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors for the six months ending June 30, 2020[109]. - The company has adhered to the corporate governance code, with the exception of the separation of the roles of chairman and CEO, which is deemed appropriate under current circumstances[110]. - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring transparency and accountability[112].

Financial Performance - For the three months ended March 31, 2020, C&N Holdings Limited reported revenue of approximately SGD 6,421,115, a decrease of about SGD 1,127,000 or 14.9% compared to SGD 7,547,970 for the same period in 2019[6]. - The company recorded a loss attributable to owners of approximately SGD 628,000, an increase of about SGD 261,000, primarily due to uncertainties in the global business environment caused by the US-China trade war and operational disruptions from the recent Covid-19 outbreak[6]. - The gross profit for the three months ended March 31, 2020, was SGD 308,367, down from SGD 890,145 in the same period of 2019[7]. - The total comprehensive loss for the period was SGD 627,893 compared to SGD 367,205 in the same period of 2019[7]. - The company reported a pre-tax loss of SGD 627,893 for the three months ended March 31, 2020, compared to a loss of SGD 362,006 in the same period in 2019[31]. - The group recorded a loss of approximately SGD 628,000 for the three months ended March 31, 2020, an increase in loss of about SGD 261,000 compared to a loss of approximately SGD 367,000 for the same period in 2019[52]. Revenue Breakdown - Revenue from truck transportation services was SGD 5,149,880, down from SGD 6,490,213 in the previous year, while revenue from consolidation services increased to SGD 1,271,235 from SGD 1,057,757[21]. - Revenue from truck transportation services decreased by approximately SGD 1,340,000 to SGD 5,150,000, a decline of about 20.6% due to unfavorable trade economic outlook and port closures[40]. - Revenue from consolidation services increased by approximately 20.1% or SGD 213,000, indicating a growing demand for storage and transportation services[41]. Expenses and Costs - Administrative expenses decreased to SGD 1,197,399 from SGD 1,278,633 year-over-year[7]. - The company’s financing costs decreased to SGD 14,113 from SGD 30,308 year-over-year[7]. - The total employee benefits, excluding directors' remuneration, amounted to SGD 2,203,403, down from SGD 2,433,559 in the previous year[27]. - The interest expense on lease liabilities decreased significantly to SGD 11,150 compared to SGD 27,546 in the same period last year[25]. - Total administrative expenses remained relatively stable at approximately SGD 1,197,000 compared to SGD 1,279,000 for the same period last year[50]. Equity and Shareholder Information - The total equity as of March 31, 2020, was SGD 20,010,565, down from SGD 21,618,613 as of March 31, 2019[10]. - As of March 31, 2020, Ventris Global Limited holds 325,000,000 shares, representing 50.78% of the company's total shares[65]. - Dai Wangfei owns 79,000,000 shares, accounting for 12.34% of the company's total shares[65]. Dividends - The company did not recommend any dividend for the three months ended March 31, 2020[6]. - The board of directors does not recommend the payment of dividends for the three months ended March 31, 2020, considering the overall operating performance and financial condition[80]. Impact of COVID-19 - The company’s performance was significantly impacted by external factors, including the ongoing Covid-19 pandemic and trade tensions, affecting both sales and gross margins[6]. - The company’s management team emphasized the impact of COVID-19 on global trade and logistics, affecting demand and operations significantly[37]. - The group faces increasing challenges due to global trade uncertainties and the impact of COVID-19, which has led to the closure of several international ports and a slowdown in global trade[57]. - The company has not identified any COVID-19 infections among employees as of the report date, but acknowledges the significant impact of the pandemic on its operations[76]. - The company will continue to monitor the evolving COVID-19 situation and assess its ongoing developments and responses[76]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements and confirmed compliance with applicable accounting standards and GEM listing rules[81]. - The company has adopted corporate governance practices in line with GEM listing rules, with a noted exception regarding the roles of the chairman and CEO being held by the same individual[78]. Other Financial Information - The company incurred a net foreign exchange gain of SGD 215,070 for the three months ended March 31, 2020, compared to a loss of SGD 59,980 in the same period in 2019[27]. - Other income rose from approximately SGD 57,000 to about SGD 275,000, mainly due to exchange gains from the appreciation of the Hong Kong dollar against the Singapore dollar[49]. - As of March 31, 2020, the company has approximately SGD 4,274,000 in vehicles under finance leases, which are pledged as collateral for related lease liabilities[72]. - The company has not reported any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[71]. - The company has not purchased, sold, or redeemed any of its listed securities during the period[73].

Financial Performance - The group's revenue for the year ended December 31, 2019, decreased by approximately SGD 651,000 or about 2.2% to approximately SGD 28,749,000 compared to the previous year[9]. - Gross profit for the same period decreased by approximately SGD 1,291,000 to approximately SGD 3,248,000, with a gross margin decline from 15.4% to 11.3%[9]. - The group recorded a net loss of approximately SGD 980,000 for the year ended December 31, 2019, compared to a profit of approximately SGD 467,000 in the previous year[9]. - Revenue from truck transportation services increased by approximately SGD 795,000 to SGD 24,480,000, representing a growth of 3.4% due to increased demand from a major customer[15]. - Revenue from consolidation services decreased by 25.3% or approximately SGD 1,446,000, primarily due to a reduction in trade activities and changes in customer dynamics[17]. - Other income decreased from approximately SGD 411,000 to approximately SGD 93,000, primarily due to reduced gains from the sale of properties and foreign exchange losses[22]. - The group recorded a loss of approximately SGD 980,000 for the year ended December 31, 2019, compared to a profit of approximately SGD 467,000 for the previous year, a decrease of approximately SGD 1,447,000[25]. - The total employee cost for the year ended December 31, 2019, was approximately SGD 9,506,000, compared to SGD 9,721,000 in 2018, with a total of 170 employees[34]. - The company considers declaring dividends only when it is profitable and does not affect normal operations, taking into account various factors including operational performance, cash flow, and financial condition[93]. - The group reported a loss for the year ending December 31, 2019, with no dividends recommended by the board due to overall performance and financial condition considerations[179]. Economic Environment - Singapore's economic growth rate for the previous year was 0.7%, the lowest in 10 years, with GDP forecasted to decline to between -0.5% and 1.5% for 2020[10]. - Singapore's economic growth rate is projected at 0.7%, the lowest in a decade, with GDP forecasts for 2020 adjusted to between -0.5% and 1.5%[43]. - The operational environment remains challenging due to uncertainties in global trade economics affecting the group's business operations[8]. Business Operations - The group primarily serves logistics service providers in Singapore's supply chain, transporting goods such as plastic resins, scrap steel, and paper products[9]. - The management is continuously monitoring the global trade economy and discussing with customers to understand the situation and customer needs[10]. - The group has a large fleet capable of handling a significant volume of customer orders, positioning itself as a reliable transportation and consolidation service provider[13]. - The management team is experienced and has been instrumental in the group's development as a trusted service provider in the logistics industry[13]. - The company has hired a financial director, two financial supervisors, and three operational staff to support business expansion, along with 27 drivers[36]. - The company has completed the installation and setup of computer workstations and auxiliary equipment, and is in the process of obtaining quotes for a customized enterprise resource planning system[36]. - The company plans to maintain growth in the industry and expand its market share in Singapore, despite facing challenges due to global trade uncertainties[43]. - The company operates primarily in Singapore, providing various transportation and storage services for the logistics industry, focusing on truck transportation and consolidation services[110]. Corporate Governance - The company has a strong governance structure, with the board believing that good corporate governance is crucial for efficient business management and maximizing shareholder returns[60]. - The company has adopted the GEM Listing Rules regarding securities trading standards for directors, ensuring compliance throughout the fiscal year ending December 31, 2019[62]. - The company has established a non-competition agreement with its controlling shareholder to prevent competition in the logistics sector in Hong Kong and Singapore[64]. - The company has a diverse board with members having extensive experience in finance, accounting, and logistics, enhancing its strategic decision-making capabilities[52][54][55]. - The company has implemented a code of conduct applicable to employees and directors, promoting ethical behavior and compliance with corporate governance policies[63]. - The company has a dedicated compliance officer to oversee adherence to legal and regulatory requirements, ensuring operational integrity[57]. - The board consists of five directors, including two executive directors and three independent non-executive directors, with no changes since January 1, 2019[69]. - The board held a total of four regular meetings and one annual general meeting during the year, with all directors attending all meetings[74]. - The company has established a three-year service contract with executive directors, effective from the listing date, which can be terminated with a three-month written notice[75]. - The board is responsible for the overall management of the group, including resource allocation and strategic decision-making[71]. - Independent non-executive directors have confirmed their independence in accordance with GEM listing rules, ensuring compliance with governance standards[70]. - The company emphasizes board diversity, considering factors such as gender, age, cultural background, and professional experience in its composition[77]. - The board regularly reviews its functions and responsibilities, ensuring effective internal controls and risk management procedures are in place[71]. - The company has received written confirmations from controlling shareholders regarding compliance with non-competition agreements since January 1, 2019[65]. - The board has established specific committees with defined authority and responsibilities to enhance governance and oversight[66]. - The company maintains high standards of corporate governance, regularly reviewing policies and compliance with legal and regulatory requirements[66]. - All directors participated in appropriate continuing professional development activities during the year ended December 31, 2019[78]. - The audit committee held four meetings to review the group's quarterly, interim, and annual performance for the fiscal year ended December 31, 2019[82]. - The remuneration committee approved the remuneration and performance bonuses for the executive directors and senior management on March 25, 2020[84]. - The nomination committee held one meeting to consider the re-election of directors and assess the independence of non-executive directors[88]. - The company has purchased appropriate insurance to cover legal liabilities arising from the activities of directors and senior management[79]. - The audit committee's main responsibilities include reviewing and supervising the group's financial reporting procedures and internal control systems[82]. - The remuneration committee reviewed the remuneration of executive directors and senior management for the fiscal year ended December 31, 2019[86]. - The nomination committee is responsible for monitoring the implementation of the board diversity policy and making measurable targets[87]. - The company confirmed compliance with relevant laws and regulations affecting its business and operations during the year[191]. Environmental, Social, and Governance (ESG) - The company has established an Environmental, Social, and Governance (ESG) working group to support the board in implementing ESG measures and monitoring related matters[111]. - The company aims to enhance its sustainable development performance by actively listening to stakeholder feedback and establishing trust-based relationships[115]. - The company prioritizes employee welfare and aims to provide a comfortable and stable working environment to foster a dedicated workforce[122]. - The company has adhered to all applicable ESG reporting guidelines and has established a complete index for reference[112]. - The company focuses on high efficiency and reliability in service delivery to ensure business resilience and sustainable growth[120]. - The company emphasizes the importance of a stable workforce to deliver quality services for sustainable development[126]. - Full-time employees are entitled to comprehensive benefits including medical, dental, and maternity leave, enhancing employee welfare[126]. - The company has implemented strict policies against child labor and forced labor, ensuring all employees are legally employed[129]. - The company adheres to Singapore's Workplace Safety and Health Act, maintaining a safe and clean working environment[133]. - The company has invested in technology systems to improve workflow efficiency and reduce employee workload[138]. - The company actively adopts energy-saving measures, including digital office practices to reduce paper usage and regular vehicle maintenance to monitor fuel consumption[161]. - The main sources of greenhouse gas emissions are direct emissions from logistics operations and indirect emissions from electricity consumption[160]. - The company has established rules and regulations to achieve energy-saving and effective consumption goals, including the selection of energy-efficient equipment[163]. - The company encourages employees to develop water-saving habits and manages wastewater effectively, with no significant issues in sourcing water[164]. - The company is committed to creating a comfortable and green working environment to enhance employee productivity[165]. - The company reported direct emissions (Scope 1) of 9,504.3 tons of CO2 equivalent for the fiscal year 2019[168]. - Indirect emissions (Scope 2) amounted to 20.9 tons of CO2 equivalent, while Scope 3 emissions were 0.8 tons[168]. - The total water consumption was 362.5 liters, with a density of 12.6[168]. - The company consumed 49,893.0 kWh of electricity, resulting in a density of 1,738.4[168]. - Diesel consumption reached 3,635,925.4 liters, with a density of 126,687.3[168]. - The company generated 2,600.0 kg of paper waste, with a density of 90.6[168]. - The company’s operations did not generate hazardous waste, and the total amount of non-hazardous waste produced was deemed insignificant[171]. - The group is committed to creating an environmentally friendly corporate environment and improving the effective use of natural resources[189]. Customer and Supplier Relations - Sales to the top five customers accounted for 78% of total sales, with the largest customer contributing 42%[187]. - The group maintained good relationships with its major customers and suppliers, with purchases from the top five suppliers accounting for 46% of total purchases[187]. - The company has not received any major customer complaints in the review year, indicating high service quality[145]. - The company maintains strong relationships with suppliers to ensure the provision of quality goods and services[140]. - Quality control policies are in place to meet the changing demands of customers and the market[141]. Workforce and Employment - As of December 31, 2019, the company had a total of 170 employees, with 34 new hires and 39 departures during the year, primarily in the logistics sector[124]. - The employee structure shows that 21% are aged 18-35, 47% are aged 36-55, and 32% are aged 56 and above, with a gender distribution of 12% female and 88% male[125]. - The company is committed to complying with Singapore's employment laws and regulations, including the Employment Act and the Employment of Foreign Manpower Act[123]. - Training programs are provided annually to ensure compliance with regulatory requirements and market trends[134]. Technology and Innovation - The company has invested in technology systems to improve workflow efficiency and reduce employee workload[138]. - The company has completed the installation and setup of computer workstations and auxiliary equipment, and is in the process of obtaining quotes for a customized enterprise resource planning system[36].

第三季度業績報告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位是為投資風險可能較主板其他上市公司為高的中小型公司而設的市場。有意 投資者應瞭解投資於該等公司的潛在風險，並須經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司通常為中小型公司，在GEM買賣的證券可能會較在主板買賣的證券承 受較高市場波動風險，而且無法保證在GEM買賣的證券將會有具流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本報告之全部或任何部分內容而產生或因倚賴 該等內容而引致之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 春能控股有限公司（「本公司」）的資料；本公司之各董事（「董事」）願就本報告的資料共同 及個別地承擔全部責任，並在作出一切合理查詢後，確認就其所知及所信，(1)本報告所 載資料在各重要方面均屬準確完備，沒有誤導或欺詐成分，及(2)概無遺漏任何事項，足 以令致本報告或其所載任何陳述產生誤導。 本報告原文乃以英文編製，其後翻譯成中文。中英文版本如有任何歧義，概以 ...

Financial Performance - Total revenue for the six months ended June 30, 2019, was approximately SGD 14,187,000, a decrease of about SGD 196,000 or 1.4% compared to the same period in 2018[6] - The loss attributable to owners for the six months ended June 30, 2019, was approximately SGD 947,000, compared to a profit of approximately SGD 225,000 for the same period in 2018, resulting in a difference of approximately SGD 1,172,000 primarily due to a decrease in gross margin and an increase in administrative costs[6] - The gross profit for the six months ended June 30, 2019, was SGD 1,341,834, down from SGD 2,122,724 in the same period of 2018, reflecting a significant decline in profitability[7] - The total comprehensive loss for the six months ended June 30, 2019, was SGD 947,447, compared to a total comprehensive income of SGD 224,742 for the same period in 2018[7] - The overall gross margin for the same period was approximately 9.5%, down about 5.3% year-on-year, primarily due to increased non-recurring yard maintenance costs and fuel costs[83] - The company reported a net loss of approximately SGD 947,000 for the six months ended June 30, 2019, compared to a net profit of approximately SGD 225,000 for the same period last year[83] Administrative and Operational Costs - Administrative expenses increased to SGD 2,315,068 for the six months ended June 30, 2019, compared to SGD 1,952,689 for the same period in 2018, indicating rising operational costs[7] - Other income for the six months ended June 30, 2019, was SGD 77,989, significantly lower than SGD 201,453 in the same period of 2018[54] - The group incurred depreciation expenses of SGD 1,093,659 for property, plant, and equipment for the six months ended June 30, 2019, compared to SGD 1,109,993 in the same period of 2018[58] - The company’s management compensation for the six months ended June 30, 2019, was SGD 595,428, a slight decrease from SGD 611,031 in the same period last year[80] Assets and Liabilities - Non-current assets as of June 30, 2019, totaled SGD 13,300,520, a decrease from SGD 14,294,375 as of December 31, 2018[10] - Current assets decreased to SGD 14,332,146 as of June 30, 2019, from SGD 15,333,907 as of December 31, 2018, reflecting a decline in liquidity[10] - Total liabilities decreased from SGD 5,132,353 as of December 31, 2018, to SGD 4,807,601 as of June 30, 2019, indicating improved financial stability[10] - The company's net asset value as of June 30, 2019, was SGD 20,671,166, down from SGD 21,618,613 as of December 31, 2018[11] - Trade receivables as of June 30, 2019, amounted to SGD 5,391,889, a decrease from SGD 6,066,811 as of December 31, 2018[66] - Trade payables as of June 30, 2019, amounted to SGD 1,415,729, an increase from SGD 1,349,220 as of December 31, 2018[69] - Other payables and accrued expenses totaled SGD 1,028,707 as of June 30, 2019, down from SGD 1,107,194 as of December 31, 2018[70] - Total loans and borrowings decreased to SGD 3,715,567 as of June 30, 2019, from SGD 4,579,011 as of December 31, 2018[74] Cash Flow and Financing Activities - Operating cash flow for the six months ended June 30, 2019, was SGD 842,581, compared to SGD 298,841 for the same period in 2018, representing an increase of 182.5%[16] - Net cash generated from operating activities increased significantly, with a cash inflow of SGD 873,108 for the six months ended June 30, 2019, compared to SGD 526,964 in 2018, marking a growth of 65.6%[16] - Financing activities resulted in a net cash outflow of SGD 1,532,764 for the six months ended June 30, 2019, compared to SGD 595,956 in the previous year, indicating a significant increase in cash used for financing[18] - The company’s cash and cash equivalents decreased by SGD 310,201, ending at SGD 8,392,351 as of June 30, 2019, compared to SGD 9,168,179 at the end of June 30, 2018[18] Business Operations and Strategy - The company is primarily engaged in providing various transportation and storage services in Singapore, focusing on truck transportation and consolidation services[20] - The company plans to maintain growth in the industry and expand its market share in Singapore, despite facing challenges from global trade uncertainties[117] - The company has adopted a cautious approach to its expansion plans due to ongoing global trade economic uncertainties, particularly related to the US-China trade conflict[117] Investments and Future Plans - As of June 30, 2019, approximately HKD 26,062,000 was allocated for the purchase of new vehicles to enhance transportation and storage capacity, with HKD 727,000 utilized and HKD 25,335,000 remaining[112] - The company has hired 17 experienced truck drivers, with plans to hire an additional 27 drivers to support business expansion[110] - The company is actively seeking a new office to accommodate additional employees, with HKD 2,619,000 allocated for this purpose, but has not yet made a purchase due to high market prices[112] - The company is in the process of implementing a customized enterprise resource planning system, with testing expected to be completed before integration in 2020[112] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements and found them compliant with applicable accounting standards and regulations[132] - The company has adhered to the corporate governance code, with the exception of the separation of the roles of chairman and CEO, which is deemed appropriate under current circumstances[131] - The company has adopted a code of conduct for securities trading by directors, confirming compliance for the six months ending June 30, 2019[130]