格隆汇8月25日丨德斯控股(08437.HK)公告，集团截至2025年6月30日止6个月的未经审核收益约为209.4 万新加坡元，同比减少11.2%。亏损约为38.7万新加坡元，同比减少约144.0%。每股盈利为0.03新加坡 分，而截至2024年6月30日止6个月的每股盈利则为0.08新加坡分。董事会不建议就截至2025年6月30日 止6个月派付中期股息。 ...

[Company Information and Report Declaration](index=1&type=section&id=Company%20Information%20and%20Report%20Declaration) [Company Profile and Board Declaration](index=1&type=section&id=Company%20Profile%20and%20Board%20Declaration) RMH HOLDINGS LIMITED (Des Holdings Limited) announced its unaudited interim results for the six months ended June 30, 2025, with the Board confirming the announcement's accuracy and completeness - Company Name: RMH HOLDINGS LIMITED (Des Holdings Limited), Stock Code: **8437**[2](index=2&type=chunk) - Reporting Period: Unaudited results for the six months ended June 30, 2025[2](index=2&type=chunk) - The Board confirms the announcement complies with the GEM Listing Rules of The Stock Exchange of Hong Kong Limited and assumes full responsibility for its accuracy, completeness, and non-misleading nature[2](index=2&type=chunk)[3](index=3&type=chunk) [GEM Market Characteristics and Risk Warning](index=2&type=section&id=GEM%20Market%20Characteristics%20and%20Risk%20Warning) The GEM market, a listing platform for SMEs, entails higher investment risks, significant market volatility, and no guaranteed liquidity - The GEM market is designed for small and medium-sized companies, with investment risks higher than other listed companies on the Stock Exchange[5](index=5&type=chunk)[9](index=9&type=chunk) - GEM securities may experience significant market volatility, and a highly liquid market cannot be guaranteed[6](index=6&type=chunk)[9](index=9&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for this report's content and make no statement regarding its accuracy or completeness[7](index=7&type=chunk)[9](index=9&type=chunk) [Financial Highlights and Performance Overview](index=3&type=section&id=Financial%20Highlights%20and%20Performance%20Overview) [Summary of Key Financial Data](index=3&type=section&id=Summary%20of%20Key%20Financial%20Data) For the six months ended June 30, 2025, the Group's revenue decreased, shifting from profit to loss, with lower EPS and no interim dividend Key Financial Data for the Six Months Ended June 30, 2025 | Metric | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,094 | 2,357 | (263) | -11.2% | | (Loss) Profit | (387) | 879 | (1,266) | -144.0% | | Earnings per Share (Singapore cents) | 0.03 | 0.08 | (0.05) | -62.5% | - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025[11](index=11&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, Group revenue was S$2,094 thousand, a **11.2%** decrease year-on-year, turning from a S$879 thousand profit to a S$387 thousand loss, mainly due to significantly reduced other operating income and increased costs Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 2,094 | 2,357 | (263) | -11.2% | | Other operating income | 181 | 2,833 | (2,652) | -93.6% | | Employee benefit expenses | (928) | (1,119) | 191 | -17.1% | | Other operating expenses | (738) | (1,822) | 1,084 | -59.5% | | Finance costs | (133) | (81) | (52) | 64.2% | | (Loss) Profit before tax | (387) | 879 | (1,266) | -144.0% | | (Loss) Profit for the period | (387) | 879 | (1,266) | -144.0% | | (Loss) Profit attributable to owners of the Company | (377) | 1,180 | (1,557) | -132.0% | - Other comprehensive income (expense) for the period was **S$682 thousand**, primarily from exchange differences on translating foreign operations, compared to an expense of **S$215 thousand** in the prior period[14](index=14&type=chunk) [Unaudited Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were S$277 thousand, total current assets were S$4,640 thousand, with net current liabilities of S$19,592 thousand and net liabilities of S$24,200 thousand, indicating significant going concern uncertainty Condensed Consolidated Statement of Financial Position (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 277 | 345 | (68) | -19.7% | | Current assets | 4,640 | 3,622 | 1,018 | 28.1% | | Current liabilities | 24,232 | 23,782 | 450 | 1.9% | | Net current liabilities | (19,592) | (20,160) | 568 | -2.8% | | Net liabilities | (24,200) | (24,412) | 212 | -0.9% | | Cash and cash equivalents | 557 | 566 | (9) | -1.6% | | Trade and other receivables | 3,468 | 2,402 | 1,066 | 44.4% | | Trade and other payables | 18,601 | 18,616 | (15) | -0.1% | | Borrowings | 584 | 112 | 472 | 421.4% | - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **S$19,592 thousand**, and cash and cash equivalents were insufficient to settle outstanding balances, indicating significant uncertainty regarding its ability to continue as a going concern[17](index=17&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the deficit in equity attributable to owners of the Company decreased from **S$19,496 thousand** at the beginning of the year to **S$19,274 thousand**, primarily due to a **S$377 thousand** loss for the period and **S$682 thousand** in other comprehensive income Condensed Consolidated Statement of Changes in Equity (Summary) | Item | January 1, 2025 (S$'000) | June 30, 2025 (S$'000) | Change (S$'000) | | :--- | :--- | :--- | :--- | | Deficit in equity attributable to owners of the Company | (19,496) | (19,274) | 222 | | Non-controlling interests | (4,916) | (4,926) | (10) | | Total deficit | (24,412) | (24,200) | 212 | | Profit (Loss) for the period | - | (377) | (377) | | Other comprehensive expense for the period | - | 678 | 678 | - Exchange fluctuation reserve increased from **S$70 thousand** at the beginning of the year to **S$752 thousand**, reflecting a positive impact from exchange differences[18](index=18&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash outflow from operating activities was S$1,358 thousand, compared to a net inflow of S$7,260 thousand in the prior period; there was no cash outflow from investing activities, and net cash inflow from financing activities was S$739 thousand, with cash and cash equivalents at period-end of S$557 thousand Condensed Consolidated Statement of Cash Flows (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | | :--- | :--- | :--- | :--- | | Cash (used in) generated from operating activities | (1,358) | 7,260 | (8,618) | | Cash (used in) generated from investing activities | – | (6,463) | 6,463 | | Cash used in financing activities | 739 | (330) | 1,069 | | Net (decrease) increase in cash and cash equivalents | (619) | 447 | (1,066) | | Cash and cash equivalents at end of period | 557 | 558 | (1) | - Cash outflow from operating activities was primarily due to loss before tax and an increase in trade and other receivables[20](index=20&type=chunk) - Cash inflow from financing activities mainly resulted from **S$1,392 thousand** in borrowings, partially offset by repayment of lease liabilities[21](index=21&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=11&type=section&id=General%20Information) The Company was incorporated in the Cayman Islands on March 22, 2017, and listed on GEM of the Stock Exchange on October 13, 2017, with its Hong Kong headquarters at Cosco Tower, 183 Queen's Road Central - The Company was incorporated as an exempted company in the Cayman Islands on March 22, 2017[23](index=23&type=chunk)[24](index=24&type=chunk) - The Company's shares have been listed on GEM of the Stock Exchange since October 13, 2017[23](index=23&type=chunk)[24](index=24&type=chunk) [Basis of Preparation and Going Concern](index=12&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) The condensed consolidated financial statements are prepared in accordance with IFRSs and presented in Singapore Dollars; as of June 30, 2025, the Group had net current liabilities of approximately S$19,592 thousand and insufficient cash to settle debts, indicating significant going concern uncertainty, which management is addressing through various measures including accelerated receivables collection, communication with liquidators, business streamlining, and seeking new financing - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRSs) and presented in Singapore Dollars (S$)[25](index=25&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk) - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **S$19,592 thousand**, and cash and cash equivalents of approximately **S$557 thousand** were insufficient to immediately settle debts, raising significant doubt about its ability to continue as a going concern[27](index=27&type=chunk)[29](index=29&type=chunk) - Management has implemented several measures to mitigate liquidity pressure and support going concern, including: - Accelerating the collection of trade and other receivables to replenish liquidity[33](index=33&type=chunk) - Actively communicating with Singapore liquidators and financial institutions to verify debt responsibilities and guarantee obligations[34](index=34&type=chunk) - Streamlining non-core businesses and assets, expanding new segments to improve asset utilization efficiency, and reducing operating costs[36](index=36&type=chunk) - Actively seeking other financing options, including introducing new investors, subscribing to debt instruments or new shares, to settle existing debts and support future operations and capital expenditures[36](index=36&type=chunk) [Adoption of New and Revised Standards](index=15&type=section&id=Adoption%20of%20New%20and%20Revised%20Standards) During the period, the Group adopted all relevant and effective new and revised International Financial Reporting Standards, which did not significantly impact accounting policies or financial statement amounts, and management anticipates no material impact from future IFRSs adoption - The Group has adopted all relevant new and revised International Financial Reporting Standards effective for annual periods beginning on or after January 1, 2024[38](index=38&type=chunk)[40](index=40&type=chunk) - The adoption of these standards did not result in changes to accounting policies or have a significant impact on the amounts reported for the current or prior years[38](index=38&type=chunk)[40](index=40&type=chunk) [Critical Accounting Estimates and Judgements](index=16&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgements) The Group continuously evaluates critical accounting estimates and judgments based on historical experience and reasonable expectations of future events, with significant judgments and estimation uncertainties in the current period being similar to those in the 2024 annual report - Estimates and judgments are made based on past experience and reasonable expectations of future events and are continuously evaluated[41](index=41&type=chunk)[43](index=43&type=chunk) - Significant judgments and sources of estimation uncertainty made by management in applying accounting policies during the current period are similar to those described in the annual report for the year ended December 31, 2024[42](index=42&type=chunk)[43](index=43&type=chunk) [Revenue and Segment Information](index=17&type=section&id=Revenue%20and%20Segment%20Information) For the six months ended June 30, 2025, the Group's total revenue decreased by **11.2%** year-on-year to **S$2,094 thousand**, with treatment services revenue significantly increasing by **110.3%** to **S$1,306 thousand** (62.4% of total revenue), dental services revenue decreasing by **13.9%** to **S$788 thousand**, and trade sales revenue being zero compared to **S$820 thousand** in the prior period Revenue Breakdown and Segment Revenue (Summary) | Business Segment | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | 2025 % of Total | 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Treatment services | 1,306 | 621 | 685 | 110.3% | 62.4% | 26.3% | | Dental services | 788 | 916 | (128) | -13.9% | 37.6% | 38.9% | | Trade sales | – | 820 | (820) | -100.0% | 0.0% | 34.8% | | **Total** | **2,094** | **2,357** | **(263)** | **-11.2%** | **100.0%** | **100.0%** | - Revenue from treatment services is recognized "over time," while revenue from dental services and trade sales is recognized "at a point in time"[46](index=46&type=chunk) - The treatment services segment turned from a loss to a profit, while the dental services and trade sales segments saw expanded losses[48](index=48&type=chunk) [Other Operating Income](index=18&type=section&id=Other%20Operating%20Income) For the six months ended June 30, 2025, other operating income significantly decreased by **93.6%** to **S$181 thousand**, primarily due to a large reversal of impairment losses and foreign exchange gains in the prior period Other Operating Income (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other income | 181 | 27 | 154 | 570.4% | | Foreign exchange gains | – | 162 | (162) | -100.0% | | Reversal of impairment losses | – | 2,644 | (2,644) | -100.0% | | **Total** | **181** | **2,833** | **(2,652)** | **-93.6%** | - The prior period included a **S$2,644 thousand** reversal of impairment losses, which was absent in the current period[50](index=50&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, finance costs increased by **64.2%** year-on-year to **S$133 thousand**, mainly due to increased interest expenses on lease liabilities Finance Costs (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Interest expense on borrowings | 15 | 9 | 6 | 66.7% | | Interest expense on lease liabilities | 118 | 72 | 46 | 63.9% | | **Total** | **133** | **81** | **52** | **64.2%** | [Loss Before Tax](index=19&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the loss before tax was **S$387 thousand**, with major expenses including **S$214 thousand** in professional and consulting fees and **S$928 thousand** in employee benefit expenses Loss Before Tax by Deducted Items (Summary) | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Professional and consulting fees | 214 | 964 | (750) | -77.8% | | Directors' remuneration | 189 | 202 | (13) | -6.4% | | Other staff costs (salaries, bonuses and other benefits) | 718 | 890 | (172) | -19.3% | | Contributions to retirement benefit schemes | 21 | 27 | (6) | -22.2% | | **Total employee benefit expenses** | **928** | **1,119** | **(191)** | **-17.1%** | - Professional and consulting fees significantly decreased by **77.8%** year-on-year, positively contributing to loss reduction[52](index=52&type=chunk) [Income Tax Expense](index=20&type=section&id=Income%20Tax%20Expense) No income tax expense was provided for continuing operations in the current or prior periods, with Hong Kong profits tax at **16.5%** and Chinese subsidiary corporate income tax at **25%** - No income tax was provided for continuing operations in the current or prior periods[53](index=53&type=chunk)[56](index=56&type=chunk) - Hong Kong profits tax rate is **16.5%**, and the corporate income tax rate for Chinese subsidiaries is **25%**[53](index=53&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) [Earnings (Loss) Per Share](index=20&type=section&id=Earnings%20(Loss)%20Per%20Share) For the six months ended June 30, 2025, earnings per share attributable to owners of the Company were **S$0.03 cents**, a significant decrease from **S$0.08 cents** in the prior period, with no potential dilutive ordinary shares during the period Earnings (Loss) Per Share | Item | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company (S$'000) | 305 | 965 | (660) | | Weighted average number of ordinary shares (thousands) | 1,082,258 | 1,282,007 | (199,749) | | Earnings per Share (Singapore cents) | 0.03 | 0.08 | (0.05) | - No potential dilutive ordinary shares were issued for the six months ended June 30, 2025 and 2024, thus no diluted loss per share information is presented[59](index=59&type=chunk)[63](index=63&type=chunk) [Dividends](index=21&type=section&id=Dividends) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 (2024: nil)[60](index=60&type=chunk)[64](index=64&type=chunk) [Property, Plant and Equipment](index=21&type=section&id=Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group did not acquire any property, plant and equipment, compared to **S$1,760 thousand** acquired in the prior period - For the six months ended June 30, 2025, the Group acquired **S$0** in property, plant and equipment (2024: **S$1,760 thousand**)[61](index=61&type=chunk)[65](index=65&type=chunk) [Intangible Assets](index=21&type=section&id=Intangible%20Assets) Intangible assets primarily refer to software purchased from suppliers, with an estimated useful life of 5 years - Intangible assets refer to software purchased from vendors, with an estimated useful life of 5 years[62](index=62&type=chunk)[66](index=66&type=chunk) [Right-of-use Assets](index=22&type=section&id=Right-of-use%20Assets) As of June 30, 2025, the carrying amount of right-of-use assets was **S$42 thousand**, a decrease from **S$61 thousand** as of December 31, 2024, mainly due to exchange adjustments Right-of-use Assets (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | | Cost | 4,883 | 5,126 | | Accumulated depreciation | 4,841 | 5,065 | | Carrying amount | 42 | 61 | - Both cost and accumulated depreciation decreased due to exchange adjustments[68](index=68&type=chunk) [Trade and Other Receivables](index=23&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to **S$3,468 thousand**, a **44.4%** increase from December 31, 2024; trade receivables significantly increased, with a high proportion over 90 days past due, and the Group made loss provisions for trade and some other receivables Trade and Other Receivables (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 2,520 | 705 | 1,815 | 257.4% | | Deposits | – | 2,099 | (2,099) | -100.0% | | Prepayments | 349 | 301 | 48 | 15.9% | | Other receivables (net of loss allowance) | 599 | (703) | 1,302 | -185.2% | | **Total** | **3,468** | **2,402** | **1,066** | **44.4%** | - The average credit period for trade receivables is **90 days**[70](index=70&type=chunk)[71](index=71&type=chunk) Ageing Analysis of Trade Receivables (Based on Invoice Date) | Ageing | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | | 0–30 days | 13 | – | | Over 90 days | 2,507 | 705 | | **Total** | **2,520** | **705** | [Trade and Other Payables](index=25&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to **S$18,601 thousand**, largely consistent with December 31, 2024; other payables primarily include amounts due to Singapore liquidating subsidiaries, for which the Group has received demand letters and is negotiating repayment Trade and Other Payables (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Trade payables | 112 | 104 | 8 | 7.7% | | Accrued expenses | 2,501 | 2,594 | (93) | -3.6% | | Other payables | 13,484 | 13,226 | 258 | 2.0% | | Amounts due to directors | 1,053 | 1,105 | (52) | -4.7% | | Contract liabilities | 1,451 | 1,587 | (136) | -8.6% | | **Total** | **18,601** | **18,616** | **(15)** | **-0.1%** | - Other payables primarily include **S$6,945 thousand** due to Singapore liquidating subsidiaries; the Group has received demand letters from the liquidator for **S$6,800 thousand** and is negotiating repayment[77](index=77&type=chunk)[78](index=78&type=chunk) Ageing Analysis of Trade Payables (Based on Invoice Date) | Ageing | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | | 0–30 days | 7 | 35 | | Over 90 days | 105 | 69 | | **Total** | **112** | **104** | [Lease Liabilities](index=26&type=section&id=Lease%20Liabilities) As of June 30, 2025, total lease liabilities amounted to **S$3,519 thousand**, with **S$963 thousand** due within 12 months Lease Liabilities (Summary) | Item | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Amounts payable within 12 months | 963 | 970 | (7) | -0.7% | | Amounts payable after 12 months | 2,556 | 3,202 | (646) | -20.2% | | **Total** | **3,519** | **4,172** | **(653)** | **-15.6%** | [Financial Guarantee Liabilities](index=27&type=section&id=Financial%20Guarantee%20Liabilities) As of June 30, 2025, the Company provided corporate guarantees totaling **S$6,000 thousand** for bank financing to Singapore liquidating subsidiaries, of which **S$4,076 thousand** was utilized; due to the subsidiaries' failure to repay, the Company has made full provision for the outstanding principal and accrued interest - The Company provided corporate guarantees totaling **S$6,000 thousand** for bank financing to Singapore liquidating subsidiaries, of which **S$4,076 thousand** has been utilized[83](index=83&type=chunk)[84](index=84&type=chunk) - Due to the subsidiaries' failure to repay, the Company has made full provision for the outstanding principal and accrued interest[83](index=83&type=chunk)[84](index=84&type=chunk) - The related borrowings bear interest at fixed annual rates ranging from **3% to 4.5%**[83](index=83&type=chunk)[84](index=84&type=chunk) [Share Capital](index=27&type=section&id=Share%20Capital) As of June 30, 2025, the Company's authorized share capital was **500,000,000 shares** with a par value of **HK$0.20**, totaling **HK$100,000 thousand**; issued and fully paid share capital was **66,600,000 shares**, amounting to **S$2,303 thousand**, with no new shares issued during the period Share Capital Details | Item | Number of Shares | Par Value (HK$) | Share Capital (HK$'000) | | :--- | :--- | :--- | :--- | | Authorized share capital | 500,000,000 | 0.20 | 100,000 | | Issued and fully paid shares | 66,600,000 | - | 2,303 (S$'000) | - As of June 30, 2025, the number of issued and fully paid shares and the share capital amount remained unchanged from December 31, 2024, with no new shares issued during the period[88](index=88&type=chunk) [Related Party Transactions](index=28&type=section&id=Related%20Party%20Transactions) As of June 30, 2025, the Group's amount payable to related party Guangdong Tianban Grand Health Industry Co., Ltd. was **S$2,329 thousand**, an increase from December 31, 2024; this amount is unsecured, interest-free, and repayable by March 5, 2027 Related Party Balances (Summary) | Related Party Name | Relationship | Nature of Business | June 30, 2025 (S$'000) | December 31, 2024 (S$'000) | | :--- | :--- | :--- | :--- | :--- | | Guangdong Tianban Grand Health Industry Co., Ltd. | Related party | Amount payable to a related party | 2,329 | 1,395 | - The amount payable to the related party is unsecured, interest-free, and repayable by March 5, 2027[91](index=91&type=chunk) - This related party is jointly controlled by a legal person of a domestic subsidiary[91](index=91&type=chunk) [Management Discussion and Analysis](index=30&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=30&type=section&id=Business%20Review) For the six months ended June 30, 2025, the Company's revenue decreased by **11.2%** year-on-year, primarily due to changes in business structure in 2025 and reduced contributions from Hong Kong healthcare products; current revenue mainly stems from Hong Kong treatment services, Hong Kong healthcare products, and mainland China dental clinics - The Company's revenue decreased by **11.2%** year-on-year, mainly due to changes in business structure in 2025[93](index=93&type=chunk)[96](index=96&type=chunk) - Since December 2024, the Group's revenue contributions primarily come from original Hong Kong treatment services, Hong Kong healthcare products, and dental clinics in mainland China, with a reduced contribution from Hong Kong healthcare products[93](index=93&type=chunk)[96](index=96&type=chunk) [Business Outlook](index=30&type=section&id=Business%20Outlook) The Group primarily operates in dental implant and dermatological medical aesthetics and treatment services, with a two-year business development plan in place; the Company sees significant potential in the mainland China and Hong Kong markets, considers its current business model viable, and plans to focus resources on dental and dermatological services while maintaining a prudent and proactive investment strategy - The Group primarily operates in dental implant and dermatological medical aesthetics and treatment services, having formulated a two-year business development plan and operational objectives in 2023[94](index=94&type=chunk)[97](index=97&type=chunk) - For the six months ended June 30, 2025, dental services revenue accounted for approximately **37.6%** of total revenue, and dermatological medical aesthetics and treatment services revenue accounted for approximately **62.4%**[94](index=94&type=chunk)[97](index=97&type=chunk) - The Company believes the vast population base and aging trend in mainland China and Hong Kong offer broad market space for future development, and its existing business model is viable and effective[95](index=95&type=chunk)[97](index=97&type=chunk) - The Company will concentrate its main resources to actively support and promote the continuous development of dental business and dermatological medical aesthetics and treatment services, while maintaining a prudent and proactive investment strategy[98](index=98&type=chunk)[100](index=100&type=chunk) [Financial Review](index=31&type=section&id=Financial%20Review) This section provides a detailed review of the Group's financial performance for the six months ended June 30, 2025, including revenue composition, changes in costs and expenses, and their impact on the loss for the period [Revenue Analysis](index=31&type=section&id=Revenue%20Analysis) For the six months ended June 30, 2025, the Group's total revenue decreased by **11.2%** year-on-year to **S$2,094 thousand**; treatment services revenue significantly increased by **110.3%** to **S$1,306 thousand**, becoming the primary income source; dental services revenue decreased by **13.9%** to **S$788 thousand**; and trade sales revenue was zero, compared to **S$820 thousand** in the prior period Revenue Details | Business Type | June 30, 2025 (S$'000) | % of Total | June 30, 2024 (S$'000) | % of Total | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Treatment services | 1,306 | 62.4 | 621 | 26.3 | 685 | 110.3% | | Dental services | 788 | 37.6 | 916 | 38.9 | (128) | -13.9% | | Trade sales | – | – | 820 | 34.8 | (820) | -100.0% | | **Total** | **2,094** | **100.0** | **2,357** | **100.0** | **(263)** | **-11.2%** | - The decrease in trade sales revenue (primarily from stem cell supplements and other medical products) from **S$820 thousand** to **S$0** was the main reason for the overall revenue decline[104](index=104&type=chunk)[108](index=108&type=chunk) [Consumables and Medical Supplies Used](index=32&type=section&id=Consumables%20and%20Medical%20Supplies%20Used) For the six months ended June 30, 2025, the cost of consumables and medical supplies used was **S$494 thousand**, a slight year-on-year decrease consistent with reduced revenue from prescription and dispensing services; costs are primarily influenced by quantities used and procurement costs Cost of Consumables and Medical Supplies Used | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Consumables and medical supplies used | 494 | 519 | (25) | -4.8% | - The decrease in cost is consistent with the reduction in revenue generated from prescription and dispensing services[105](index=105&type=chunk)[109](index=109&type=chunk) - Costs are primarily influenced by the quantity of medicines and consumables used and their procurement costs, depending on the number of patient visits, treatment procedures, and complexity[106](index=106&type=chunk)[109](index=109&type=chunk) [Other Operating Income](index=32&type=section&id=Other%20Operating%20Income) For the six months ended June 30, 2025, other operating income was **S$181 thousand**, a significant decrease from **S$2,833 thousand** in the prior period, mainly due to a large reversal of impairment losses on investments in joint ventures and foreign exchange gains in the prior period Other Operating Income Composition | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Other income | 181 | 27 | | Foreign exchange gains | – | 162 | | Reversal of impairment losses | – | 2,644 | | **Total** | **181** | **2,833** | - The prior period included a **S$2,644 thousand** reversal of impairment losses and **S$162 thousand** in foreign exchange gains, both absent in the current period[50](index=50&type=chunk)[107](index=107&type=chunk)[110](index=110&type=chunk) [Other Direct Costs](index=33&type=section&id=Other%20Direct%20Costs) Other direct costs primarily consist of laboratory fees for outsourced blood, urine, and other testing services, as the Group opts for outsourcing due to insufficient internal demand to support related investments - Other direct costs primarily arise from laboratory fees for providing patient blood, urine, and other testing services[111](index=111&type=chunk)[114](index=114&type=chunk) - The Group chooses to outsource medical testing services because internal demand is insufficient to support the necessary investment in developing expertise and internal infrastructure[112](index=112&type=chunk)[114](index=114&type=chunk) [Employee Benefit Expenses](index=33&type=section&id=Employee%20Benefit%20Expenses) For the six months ended June 30, 2025, employee benefit expenses were **S$928 thousand**, a **17.1%** year-on-year decrease, while the total number of employees increased from **33** in the prior period to **38** Employee Benefit Expenses Composition | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Directors' remuneration | 189 | 202 | (13) | -6.4% | | Other staff costs (salaries, bonuses and other benefits) | 718 | 890 | (172) | -19.3% | | Contributions to retirement benefit schemes | 21 | 27 | (6) | -22.2% | | **Total employee benefit expenses** | **928** | **1,119** | **(191)** | **-17.1%** | - As of June 30, 2025, the total number of employees (excluding directors) was **38**, an increase from **33** in the prior period[117](index=117&type=chunk)[118](index=118&type=chunk) [Depreciation of Property, Plant and Equipment](index=34&type=section&id=Depreciation%20of%20Property,%20Plant%20and%20Equipment) Depreciation is calculated using the straight-line method, primarily covering professional medical equipment, computer office equipment, and leasehold improvements; depreciation methods, useful lives, and residual values are regularly reviewed - Depreciation is recognized on a straight-line basis over the estimated useful lives of each component of property, plant and equipment[118](index=118&type=chunk)[120](index=120&type=chunk) - Key categories include: - Professional equipment, mainly medical equipment used in clinics (e.g., skin laser equipment)[121](index=121&type=chunk) - Computer and office equipment used for operations at various premises[121](index=121&type=chunk) - Leasehold improvements for leased operational premises[121](index=121&type=chunk) - Depreciation methods, useful lives, and residual values are reviewed and adjusted at each reporting period end, with medical and office equipment generally depreciated over three to five years[119](index=119&type=chunk)[120](index=120&type=chunk) [Depreciation of Right-of-use Assets](index=35&type=section&id=Depreciation%20of%20Right-of-use%20Assets) Right-of-use assets are depreciated over the shorter of the lease term or the useful life of the underlying asset, with increased depreciation primarily due to the adoption of new accounting standards - Right-of-use assets are depreciated over the shorter of the lease term or the useful life of the underlying asset[122](index=122&type=chunk)[127](index=127&type=chunk) - The increase in depreciation is primarily due to the adoption of new accounting standards[122](index=122&type=chunk)[127](index=127&type=chunk) [Other Operating Expenses](index=35&type=section&id=Other%20Operating%20Expenses) For the six months ended June 30, 2025, other operating expenses significantly decreased by **59.5%** year-on-year to **S$738 thousand**, primarily including rent and property maintenance, administrative fees, and professional and consulting fees Other Operating Expenses | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other operating expenses | 738 | 1,822 | (1,084) | -59.5% | - Other operating expenses include rent and property maintenance, administrative fees, professional and consulting fees, net foreign exchange losses, and other expenses[123](index=123&type=chunk)[128](index=128&type=chunk) [Finance Costs](index=35&type=section&id=Finance%20Costs) Finance costs are primarily attributable to interest expenses on term loans and lease liabilities under IFRS 16 - Finance costs comprise interest expenses on term loans and lease liabilities under IFRS 16[124](index=124&type=chunk)[129](index=129&type=chunk) [Income Tax Expense](index=35&type=section&id=Income%20Tax%20Expense) No provision for income tax expense was made for the six months ended June 30, 2025 - No provision for income tax expense was made for the six months ended June 30, 2025[125](index=125&type=chunk)[130](index=130&type=chunk) [Loss for the Period](index=35&type=section&id=Loss%20for%20the%20Period) Due to the combined impact of the aforementioned factors, the Group recorded a loss of **S$387 thousand** for the six months ended June 30, 2025, a **144%** significant decrease from a profit of **S$879 thousand** in the prior period (Loss) Profit for the Period | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | Change (S$'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | (Loss) Profit for the period | (387) | 879 | (1,266) | -144.0% | - The loss for the period was primarily influenced by the combined effects of decreased revenue, significantly reduced other operating income, and increased finance costs[131](index=131&type=chunk) [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 (2024: nil)[132](index=132&type=chunk)[136](index=136&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=36&type=section&id=Capital%20Structure,%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's total deficit was **S$24,200 thousand**, with net current liabilities of **S$19,592 thousand**; the Group primarily funds its operations through internal cash flow, bank loans, and new share issuance, with an asset-liability ratio of **120.32%** and a net cash outflow from operating activities of **S$1,358 thousand** - As of June 30, 2025, the Group's total deficit was approximately **S$24,200 thousand** (December 31, 2024: **S$24,412 thousand**)[134](index=134&type=chunk)[137](index=137&type=chunk) - The Group primarily funds its operations through internally generated cash flows, bank loans, and the issuance of new shares[134](index=134&type=chunk)[137](index=137&type=chunk) Capital Structure and Liquidity Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank balances and cash | S$557 thousand | S$566 thousand | | Net current liabilities | S$19,592 thousand | S$20,160 thousand | | Asset-liability ratio | 120.32% | 116.3% | | Net cash from operating activities | (S$1,358) thousand | S$7,260 thousand | [Material Investments, Major Acquisitions and Disposals of Subsidiaries](index=37&type=section&id=Material%20Investments,%20Major%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) For the six months ended June 30, 2025, the Group primarily transferred a joint venture to the subsidiary's consolidated financial statements - For the six months ended June 30, 2025, the Group primarily transferred a joint venture to the subsidiary's consolidated financial statements[138](index=138&type=chunk)[142](index=142&type=chunk) [Foreign Exchange Risk](index=37&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in Singapore, Hong Kong, and mainland China, with transactions settled in Singapore Dollars and Hong Kong Dollars; management believes the Group's business is not exposed to significant foreign exchange risk as there are no material financial assets or liabilities denominated in currencies other than the functional currency of the operating entities, and no foreign currency hedging was undertaken in historical periods - The Group primarily conducts business in Singapore, Hong Kong, and mainland China, with most transactions settled in Singapore Dollars and Hong Kong Dollars, respectively[139](index=139&type=chunk)[143](index=143&type=chunk) - Management believes the business is not exposed to any significant foreign exchange risk, as there are no material financial assets or liabilities denominated in currencies other than the respective functional currencies of the operating entities[139](index=139&type=chunk)[143](index=143&type=chunk) - No foreign currency hedging was undertaken during the historical record period[139](index=139&type=chunk)[143](index=143&type=chunk) [Future Plans for Material Investments and Capital Assets](index=37&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) The Group will continue to diversify its services and product offerings through mergers and acquisitions to meet medical, health, and beauty needs, actively seeking acquisition targets and cooperation opportunities, especially in Hong Kong, the Greater Bay Area, Singapore, and ASEAN regions - The Group will continue to diversify its services and product offerings through mergers and acquisitions to meet individuals' medical, health, and beauty needs[140](index=140&type=chunk)[144](index=144&type=chunk) - It will actively seek acquisition targets and cooperation opportunities to explore further collaborations in Hong Kong, the Greater Bay Area, Singapore, and ASEAN[140](index=140&type=chunk)[144](index=144&type=chunk) [Contingent Liabilities](index=37&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[141](index=141&type=chunk)[145](index=145&type=chunk) [Employees and Remuneration Policies](index=38&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had **38** employees (excluding doctors), with staff costs of **S$928 thousand**; remuneration is determined based on market compensation, job performance, time commitment, and responsibilities, with internal/external training and year-end discretionary bonuses provided to attract and retain talent - As of June 30, 2025, the Group had **38** employees (including part-time staff but excluding doctors), an increase from **33** in the prior period[146](index=146&type=chunk)[148](index=148&type=chunk) Staff Costs | Item | June 30, 2025 (S$'000) | June 30, 2024 (S$'000) | | :--- | :--- | :--- | | Staff costs (including directors' remuneration) | 928 | 1,119 | - Remuneration is determined based on comparable market compensation, job performance, time commitment, and individual responsibilities, with training and year-end discretionary bonuses provided to attract and retain talent[146](index=146&type=chunk)[148](index=148&type=chunk) [Pledge of the Group's Assets](index=38&type=section&id=Pledge%20of%20the%20Group's%20Assets) As of June 30, 2025, and December 31, 2024, the Group had no pledged assets - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[147](index=147&type=chunk)[149](index=149&type=chunk) [Corporate Governance and Other Information](index=39&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=39&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Mr. Li Zongshun, the Company's Vice Chairman, held a long position of **300,000** ordinary shares, representing approximately **0.45%** of the share capital; other directors and chief executives held no other disclosable interests or short positions in shares, underlying shares, or debentures Directors' Long Positions in the Company's Ordinary Shares | Director Name | Nature of Interest | Number of Shares | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Li Zongshun | Beneficial owner | 300,000 | 0.45% | - Mr. Li Zongshun's shareholding is adjusted based on the share consolidation effective November 26, 2024[153](index=153&type=chunk)[154](index=154&type=chunk) - Save as disclosed above, no other directors or chief executives held any interests or short positions in the shares, underlying shares, or debentures required to be disclosed under the Securities and Futures Ordinance[155](index=155&type=chunk)[157](index=157&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=40&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Dr. Loh Teck Hiong and his spouse Ms. Fung Yuen Yee held **10,501,200** shares through Brisk Success, representing **15.77%** equity; Mr. Li Mingcheng held **6,648,400** shares through HK MZ Health Investment Management Group Limited, representing **9.98%** equity, and beneficially owned **34,800** shares Substantial Shareholders' Long Positions in the Company's Ordinary Shares | Shareholder Name/Name | Capacity/Nature of Interest | Number of Shares Interested | % of the Company's Interest | | :--- | :--- | :--- | :--- | | Loh Teck Hiong | Interest in controlled corporation | 10,501,200 | 15.77% | | Brisk Success | Beneficial owner | 10,501,200 | 15.77% | | Fung Yuen Yee | Spouse's interest | 10,501,200 | 15.77% | | Li Mingcheng | Interest in controlled corporation | 6,648,400 | 9.98% | | Li Mingcheng | Beneficial owner | 34,800 | 0.05% | | HK MZ Health Investment Management Group Limited | Beneficial owner | 6,648,400 | 9.98% | - Dr. Loh Teck Hiong holds **70%** equity in Brisk Success and is therefore deemed to have an interest in the shares held by Brisk Success[160](index=160&type=chunk) - Ms. Fung Yuen Yee, as Dr. Loh Teck Hiong's spouse, is deemed to have an interest in all shares in which Dr. Loh has an interest[160](index=160&type=chunk) [Compliance with the Model Code](index=42&type=section&id=Compliance%20with%20the%20Model%20Code) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers under the GEM Listing Rules, and all directors have confirmed compliance with the code for the six months ended June 30, 2025 - The Company has adopted the Model Code as set out in Rules 5.48 to 5.67 of the GEM Listing Rules[162](index=162&type=chunk)[166](index=166&type=chunk) - All directors have confirmed compliance with the Model Code for the six months ended June 30, 2025[162](index=162&type=chunk)[166](index=166&type=chunk) [Corporate Governance Practices](index=42&type=section&id=Corporate%20Governance%20Practices) The Board is committed to achieving high standards of corporate governance, has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules, and confirms compliance with all applicable code provisions for the six months ended June 30, 2025 - The Board is committed to achieving high standards of corporate governance to manage business risks, enhance transparency, achieve high levels of accountability, and protect stakeholders' interests[163](index=163&type=chunk)[167](index=167&type=chunk) - The Company has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 of the GEM Listing Rules as its own corporate governance code[164](index=164&type=chunk)[167](index=167&type=chunk) - The Company has complied with all applicable code provisions of the Corporate Governance Code for the six months ended June 30, 2025[164](index=164&type=chunk)[167](index=167&type=chunk) [Share Option Scheme](index=43&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme on September 22, 2017; for the six months ended June 30, 2025, no share options were granted, exercised, lapsed, or cancelled, with **600,000** options remaining unexercised at period-end and zero options available for grant - The Company adopted a share option scheme on September 22, 2017[168](index=168&type=chunk)[169](index=169&type=chunk) - For the six months ended June 30, 2025, no share options were granted, exercised, lapsed, or cancelled under the share option scheme[168](index=168&type=chunk)[169](index=169&type=chunk) Share Option Movements (Summary) | Item | January 1, 2025 | Granted | Exercised | Lapsed | Cancelled | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Employee share options | 600,000 | – | – | – | – | 600,000 | [Purchase, Sale or Redemption of the Company's Listed Securities](index=44&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[171](index=171&type=chunk)[174](index=174&type=chunk) [Rights to Acquire Shares or Debentures by Directors](index=44&type=section&id=Rights%20to%20Acquire%20Shares%20or%20Debentures%20by%20Directors) For the six months ended June 30, 2025, no rights to acquire benefits through the acquisition of Company shares or debentures were granted to or exercised by any director or their spouse/minor children, nor did the Company enter into any related arrangements - For the six months ended June 30, 2025, no rights to acquire benefits through the acquisition of the Company's shares or debentures were granted to or exercised by any director or their respective spouses or children under 18 years of age[172](index=172&type=chunk)[175](index=175&type=chunk) - Neither the Company, its holding company, nor any of its subsidiaries or fellow subsidiaries entered into any arrangements enabling directors to acquire such rights in any other body corporate[172](index=172&type=chunk)[175](index=175&type=chunk) [Compliance with the Code of Conduct for Securities Transactions by Directors](index=44&type=section&id=Compliance%20with%20the%20Code%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code of conduct for directors' securities transactions that is no less exacting than the GEM Listing Rules, and all directors have confirmed continuous compliance with this code for the six months ended June 30, 2025 - The Company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the required standards set out in Rules 5.48 to 5.67 of the GEM Listing Rules[173](index=173&type=chunk)[176](index=176&type=chunk) - All directors confirmed continuous compliance with the required dealing standards and the Company's adopted code of conduct throughout the six months ended June 30, 2025[173](index=173&type=chunk)[176](index=176&type=chunk) [Compliance with Non-Competition Undertaking](index=45&type=section&id=Compliance%20with%20Non-Competition%20Undertaking) The independent non-executive directors have reviewed the implementation of the non-competition deed and believe that the controlling shareholders have complied with the non-competition undertaking for the six months ended June 30, 2025 - Controlling shareholders Brisk Success and Dr. Loh have undertaken not to directly or indirectly engage in any business that competes with or is similar to the Group's business[177](index=177&type=chunk)[181](index=181&type=chunk) - The independent non-executive directors believe that the controlling shareholders have complied with the undertakings under the non-competition deed for the six months ended June 30, 2025[178](index=178&type=chunk)[182](index=182&type=chunk) [Dividends](index=45&type=section&id=Dividends) The Board does not recommend paying an interim dividend for the six months ended June 30, 2025 - The Board does not recommend paying an interim dividend for the six months ended June 30, 2025[179](index=179&type=chunk)[183](index=183&type=chunk) [Events After the Reporting Period](index=45&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the six months ended June 30, 2025, and up to the date of this report - No significant events occurred after the six months ended June 30, 2025, and up to the date of this report[180](index=180&type=chunk)[184](index=184&type=chunk) [Audit Committee](index=46&type=section&id=Audit%20Committee) The Company's Audit Committee, established on September 22, 2017, comprises three independent non-executive directors, chaired by Mr. Zhou Yingnan; its primary responsibilities include reviewing and monitoring financial reporting processes and internal control systems, and it has reviewed the unaudited condensed consolidated financial statements for the current period - The Audit Committee was established on September 22, 2017, in compliance with the GEM Listing Rules and the Corporate Governance Code[185](index=185&type=chunk)[189](index=189&type=chunk) - The committee consists of three independent non-executive directors, with Mr. Zhou Yingnan serving as Chairman[185](index=185&type=chunk)[189](index=189&type=chunk) - Its main responsibilities include reviewing and monitoring financial reporting processes and internal control systems, and it has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[186](index=186&type=chunk)[189](index=189&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 RMH HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：8437） 董事會會議日期 德斯控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董事會會 議將於2025年8月25日（星期一）舉行，藉以（其中包括）考慮及批准刊發本公司及 其附屬公司截至2025年6月30日止六個月之中期業績，以及考慮派發股息（如有）。 承董事會命 德斯控股有限公司 主席及執行董事 潘俊彥 香港，2025年8月13日 於本公告日期，本公司執行董事為潘俊彥先生（主席）、李宗舜先生（副主席）及鄧 浩麟先生；及獨立非執行董事為周頴楠先生、楊博文先生、莊瑋珊女士及陳小密女 士。 本公告乃遵照聯交所GEM證券上市規則而提供有關本公司之資料。董事就此共同 及個別承擔全部責任。董事經作出一切合理查詢後確認，就彼等所知及所信，本公 告所載的資料於各重大方面均屬準確、完整且無誤導或欺詐 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 德斯控股有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08437 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | HKD | | 0.2 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 500,000,000 | HKD | | 0.2 | HKD | | 100,000,000 | 第 1 頁 共 10 頁 v 1.1.1 FF301 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 RMH HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：8437） 有關實施解決不發表意見之 行動計劃的季度更新資料 茲提述德斯控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）於2025年 4月29日刊發之截至2024年12月31日止年度之年報（「2024年報」）及本公司日期為 2025年5月29日內容有關不發表意見之公告（「該公告」）。除另有說明外，本公告所 用詞彙與2024年報及該公告所界定者具有相同涵義。 本公司謹提供有關實施解決不發表意見之行動計劃（「行動計劃」）的季度更新資料。 1. 董事財務支持 潘先生（為執行董事及董事會主席）已於2025年3月1日向本公司提供一筆 10,000,000港元的貸款融資，以支持及資助本公司的日常營運。 2. 公司擔保責任 本公司為違約借款提供的擔保金額為約4,076,000新加坡元，乃由前董事Loh 醫生提供的個人擔保作 ...

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

Financial Liabilities - The company has provided a financial guarantee liability of approximately SGD 4,076,000 for defaulted loans [2] - The company has approximately SGD 6,800,000 payable to the Singapore liquidating subsidiary, which has been transferred to an independent third party [3] Loan Repayment - Dr. Loh has repaid loans totaling SGD 2,519,849.68 to United Overseas Bank and DBS Bank [3] - The company aims to reach an agreement on the repayment schedule with the third party within 2025 [3] Share Issuance - There are no specific plans to issue new shares to Dr. Loh at this time [3]

Financial Performance - The Group's revenue from dental services for the year ended December 31, 2024, was approximately S$2,137,000, an increase of approximately S$98,000 or 4.8% compared to S$2,039,000 for the year ended December 31, 2023, accounting for approximately 42.4% of total revenue[19] - Revenue from dermatologic aesthetics and treatment services amounted to approximately S$2,140,000, representing a significant increase from S$0 for the year ended December 31, 2023, also accounting for approximately 42.4% of total revenue[19] - Revenue from healthcare products, nutritional supplements, and related aesthetics products decreased by approximately S$374,000 or 32.8%, totaling approximately S$767,000 for the year ended 31 December 2024, compared to S$1,141,000 for the previous year[45] - Other operating income decreased to approximately S$184,000 for the year ended 31 December 2024, down approximately S$177,000 from S$361,000 for the year ended December 31, 2023[47] - The loss for the year was approximately S$3,371,000 for the year ended 31 December 2024, a decrease from a loss of approximately S$6,853,000 for the year ended 31 December 2023[63] Strategic Growth and Market Positioning - The Group is strategically positioned for rapid growth, focusing on Clinical Healthcare and Dermatological Services in Hong Kong and Dental Business in China, driven by an aging population and increasing health awareness[20] - The Group recognizes high-growth potential in Southeast Asia's aesthetic industry and is exploring strategic entry opportunities to replicate its success in new markets[40] - The healthcare landscape in Hong Kong and China presents unique expansion opportunities due to increasing health awareness and demand for specialized services[36] - The Group is committed to solidifying its leadership in clinical healthcare, dermatology, and dental services across Hong Kong, Greater China, and beyond through innovation and strategic expansion[40] Operational Efficiency and Cost Management - The Group aims to sustain margins through elevating service quality and optimizing processes by integrating technologies to streamline operations[22] - Efforts to maintain profit margins will focus on elevating service quality and optimizing processes amidst economic recovery and industry-wide price pressures[38] - The Group plans to streamline existing non-core businesses and assets to improve asset utilization efficiency and reduce operating costs[32] - The cost of consumables and medical supplies used decreased by approximately S$238,000 or 14.5%, from approximately S$1,637,000 for the year ended 31 December 2023 to approximately S$1,399,000 for the year ended 31 December 2024[49] Employee and Corporate Governance - The Group's employee count increased to 45 full-time employees as of December 31, 2024, up from 32 in 2023[85][91] - Employee benefits expense decreased to S$2,060,000 for the year ended 31 December 2024, down from S$2,363,000 for the year ended December 31, 2023, primarily due to a reduction in Directors' remuneration[54] - The Board of Directors includes both executive and independent non-executive members, with several appointments and resignations noted during the year[130] - The remuneration committee has been established to review and recommend remuneration policies and packages for executive directors and senior management[143] Financial Position and Liabilities - As of 31 December 2024, the Group had net liabilities of approximately S$24,412,000, an increase from approximately S$12,519,000 as of 31 December 2023[69] - As of December 31, 2024, the total deficit of the Group was approximately S$24,412,000, an increase from approximately S$12,519,000 in 2023[72][76] - The Group's net current liabilities were approximately S$21,555,000 as of December 31, 2024, up from approximately S$12,102,000 in 2023[72][78] - The Group's capital structure included a deficit attributable to owners of the Company of approximately S$19.5 million as of December 31, 2024[73][78] Dividend and Shareholder Information - The Board does not recommend the payment of a final dividend for the year ended 31 December 2024[70] - The Group did not declare a final dividend for the year ended December 31, 2024, consistent with the previous year[77] - As of December 31, 2024, the Group reported no reserves available for distribution to shareholders under the Companies Law of the Cayman Islands[115] - The Group's cash flow position, earnings stability, and long-term investments were considered in determining dividend payouts[109] Compliance and Legal Matters - The Group has complied with all relevant laws and regulations that significantly impact its business operations during the year ended December 31, 2024[110] - There were no material disputes with key stakeholders, including employees, clients, and suppliers, during the year ended December 31, 2024[111] Share Option Scheme - The total number of shares available for issue under the Share Option Scheme is nil as of the date of the report[174] - The maximum entitlement of each participant under the Share Option Scheme is limited to 1% of the total shares of the company in issue within any 12-month period[175] - The Share Option Scheme was adopted on September 22, 2017, to incentivize and reward eligible persons for their contributions to the Group[166] - A total of 60,000,000 share options were granted to ten Directors and eligible participants at a cash consideration of HK$1.00 per grantee, with an exercise price of HK$0.109 per share[186]

Financial Performance - For the year ended December 31, 2024, the group's revenue was approximately SGD 5,044,000, an increase of SGD 1,864,000 or 58.6% compared to the year ended December 31, 2023[4] - The group recorded a loss of approximately SGD 3,371,000 for the year ended December 31, 2024, a decrease of SGD 3,482,000 or 51% from a loss of SGD 6,853,000 for the year ended December 31, 2023[4] - Basic loss per share for the year ended December 31, 2024, was 5.26 Singapore cents, compared to 10.25 Singapore cents for the year ended December 31, 2023[4] - The group’s total comprehensive loss for the year ended December 31, 2024, was SGD 3,656,000, compared to SGD 6,559,000 for the year ended December 31, 2023[6] - The company reported a loss attributable to shareholders of SGD 3,506,000 for 2024, an improvement from a loss of SGD 6,749,000 in 2023, resulting in a basic and diluted loss per share of 5.26 Singapore cents compared to 10.25 Singapore cents in the previous year[38] Assets and Liabilities - Total assets less current liabilities amounted to SGD (21,210,000) for the year ended December 31, 2024, compared to SGD (11,094,000) for the year ended December 31, 2023[7] - Current liabilities increased to SGD 25,177,000 for the year ended December 31, 2024, from SGD 15,242,000 for the year ended December 31, 2023[8] - Non-current liabilities increased to SGD 3,202,000 for the year ended December 31, 2024, from SGD 1,425,000 for the year ended December 31, 2023[8] - As of December 31, 2024, the group's current liabilities and total liabilities were approximately SGD 21,555,000 and SGD 24,412,000, respectively[14] - The group’s cash and cash equivalents increased to SGD 566,000 as of December 31, 2024, compared to SGD 306,000 as of December 31, 2023[7] - The group had no significant investments in companies listed on the Hong Kong Stock Exchange as of December 31, 2024[67] - The group had no capital commitments as of December 31, 2024[71] - There were no major contingent liabilities for the group as of December 31, 2024[72] Revenue Breakdown - Total revenue for 2024 reached SGD 5,044,000, a 58% increase from SGD 3,180,000 in 2023[23] - Dental services generated SGD 2,081,000 in revenue, up from SGD 1,632,000, representing a 27.4% increase[23] - Clinical healthcare and dermatology services contributed SGD 1,639,000 in revenue, with SGD 501,000 from clinical healthcare services being newly reported[23] - Revenue from trade sales decreased to SGD 767,000 from SGD 1,141,000, a decline of 32.8%[23] - Revenue from external customers in Hong Kong increased significantly to SGD 2,907,000 from SGD 1,141,000, while revenue from China remained stable at SGD 2,137,000[31] Operational Changes - The company gained control of Huangren Medical, expanding its clinical healthcare and dermatology business in Hong Kong[24] - The company aims to enhance its core operations in clinical healthcare and dermatology services in Hong Kong and dental services in China, capitalizing on the growing demand due to an aging population and increased health awareness[49] - The group will streamline its non-core businesses and assets while expanding new divisions to improve operational efficiency and reduce costs[16] Financial Management and Strategy - The company plans to actively negotiate with Dr. Loh to fulfill the necessary conditions for the defaulted loan obligations[15] - The group is seeking other financing options, including introducing new investors or issuing debt and equity securities to settle existing debts and fund future operations[16] - The board has prepared cash flow forecasts covering at least twelve months from December 31, 2024, to improve liquidity and financial condition[87] - The effectiveness of the going concern assumption depends on the successful implementation of plans and measures outlined in the financial statements[88] - There is uncertainty regarding the company's ability to negotiate with creditors and secure financing options to repay existing debts[89] Expenses and Costs - Total employee benefits expenses for the year ended December 31, 2024, were SGD 2,060,000, a decrease from SGD 2,363,000 for the year ended December 31, 2023[54] - The cost of consumables and medical supplies was approximately SGD 1,399,000 for the year ended December 31, 2024, a decrease of about SGD 238,000 or 14.5% from SGD 1,637,000 for the year ended December 31, 2023[53] - Other operating income decreased to SGD 184,000 in 2024 from SGD 361,000 in 2023[32] - Other operating expenses increased to approximately SGD 2,533,000 for the year ended December 31, 2024, an increase of about SGD 664,000 or 35.5% from SGD 1,869,000 for the year ended December 31, 2023[60] - Financial costs for the year ended December 31, 2024, were approximately SGD 234,000, an increase of about SGD 179,000 from SGD 55,000 for the year ended December 31, 2023[62] Corporate Governance - The company has adopted the principles and code provisions of the corporate governance code as per GEM Listing Rules Appendix C1[76] - The company executed a share consolidation on November 26, 2024, reducing the number of shares from 10 billion to 500 million, with a par value adjustment from SGD 0.01 to SGD 0.20[46] - The company recognized no gain or loss from the transaction involving the Huangren Medical Group, as it was primarily for restructuring and compliance purposes[44] Reporting and Compliance - The group has adopted new international financial reporting standards effective from January 1, 2024, which did not significantly impact the financial statements[17] - The group is evaluating the detailed impact of the new International Financial Reporting Standard 18 on its consolidated financial statements[22] - The annual performance announcement and annual report will be available on the company's website and the stock exchange website[90]

Financial Performance - The unaudited revenue of RMH Holdings Limited for the six months ended June 30, 2024, was approximately S$2,357,000, representing an increase of approximately S$1,048,000 or 80.1% compared to S$1,309,000 for the same period in 2023[7]. - The unaudited profit for the same period was approximately S$879,000, an increase of approximately S$3,673,000 or 131.5% compared to a loss of approximately S$2,794,000 for the six months ended June 30, 2023[8]. - Earnings per share for the six months ended June 30, 2024, was 0.08 Singapore cents, while the loss per share for the same period in 2023 was 0.20 Singapore cents[7]. - The Group's profit before tax for the six months ended June 30, 2024, was S$879,000, compared to a loss of S$2,794,000 for the same period in 2023[9]. - Profit for the period increased to S$879,000 compared to a loss of S$2,794,000 in the same period last year, representing a significant turnaround[11]. - Total comprehensive income for the period was S$664,000, recovering from a loss of S$2,661,000 in the previous year[12]. - Basic and diluted earnings per share attributable to owners of the Company improved to 0.08 Singapore cents from a loss of 0.20 Singapore cents[12]. - For the six months ended June 30, 2024, the profit attributable to the owners of the Company was S$965,000, compared to a loss of S$2,699,000 for the same period in 2023, representing a significant turnaround[41]. Revenue Breakdown - Revenue from treatment services was S$621,000, dental services was S$916,000, and trading sales was S$820,000 for the six months ended June 30, 2024[31]. - Revenue from dental services accounted for approximately 38.9% of total revenue, while dermatology aesthetic and treatment services contributed about 26.3%, and trading sales from health products accounted for approximately 34.8%[69]. - Revenue generated from dental services was approximately S$916,000 for the six months ended June 30, 2024[77]. - Revenue from trading sales, primarily from stem cell supplements and other medical products, was approximately S$820,000, representing an increase of approximately S$411,000 compared to S$409,000 for the same period in 2023[78]. Operating Expenses - Employee benefits expense decreased to S$1,119,000 for the six months ended June 30, 2024, from S$1,449,000 in the same period in 2023[9]. - The Group's total operating expenses increased to S$1,822,000 for the six months ended June 30, 2024, from S$1,557,000 in the same period in 2023[9]. - Other operating expenses rose by approximately S$265,000 or 17.0%, from S$1,557,000 for the six months ended June 30, 2023 to S$1,822,000 for the same period in 2024[93]. Cash Flow and Liquidity - Operating cash flows before working capital changes were S$1,720,000, a recovery from a negative cash flow of S$1,749,000 in the previous year[16]. - Cash from operating activities amounted to S$7,260,000, a significant improvement from a cash outflow of S$1,189,000 in the same period last year[16]. - The Group experienced a net increase in cash and cash equivalents of S$447,000 for the six months ended June 30, 2024, compared to a decrease of S$547,000 in the same period of 2023[17]. - For the six months ended June 30, 2024, the Group reported cash and cash equivalents of approximately S$558,000, indicating insufficient liquidity to settle outstanding balances upon immediate repayment requests[20]. - The Group's current liabilities exceeded its current assets by approximately S$18,063,000 as of June 30, 2024[20]. Assets and Liabilities - Non-current assets totaled S$5,729,000 as of June 30, 2024, compared to S$1,008,000 at the end of 2023, indicating substantial growth[13]. - Current liabilities increased to S$21,846,000 from S$15,242,000, leading to net current liabilities of S$18,063,000[13]. - The Company’s total deficit increased to S$17,421,000 as of June 30, 2024, compared to S$12,519,000 at the end of 2023[13]. - Trade receivables increased to S$3,069,000 as of June 30, 2024, from S$2,338,000 in 2023, with an average credit period of 90 days[49]. - The loss allowance for trade receivables was measured at an amount equal to lifetime expected credit losses, reflecting a proactive approach to credit risk management[50]. - Trade payables increased to S$177,000 as of June 30, 2024, compared to S$39,000 at the end of 2023[55]. - Accrued expenses rose significantly to S$5,009,000 from S$781,000, indicating a substantial increase in liabilities[55]. - Other payables reached S$10,600,000 as of June 30, 2024, up from S$8,388,000, primarily due to amounts owed to Singapore Liquidated Subsidiaries[55]. Corporate Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code during the six months ended June 30, 2024[107]. - The independent non-executive Directors have confirmed that the Controlling Shareholders complied with their non-competition undertakings for the six months ended June 30, 2024[118]. - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2024[122]. Strategic Plans and Future Outlook - The Group plans to expedite the collection of trade receivables and other debts to improve liquidity[23]. - The Group aims to streamline existing non-core businesses and assets while expanding into new segments to enhance operational efficiency and reduce costs[23]. - The Group is actively pursuing alternative financing options, including plans to bring in new investors or subscribe for new shares to settle existing debts and fund future operations[25]. - The company plans to focus major resources on the continuous development of dental and dermatology services while maintaining a prudent investment strategy[73]. - The company believes there is significant market potential for dental implant and dermatology services in Mainland China and Hong Kong due to the large population and aging demographics[70]. - The Group will continue to diversify its services and product offerings through mergers and acquisitions, focusing on the medical, health, and aesthetic wellness sectors in Hong Kong, Greater Bay Area, Singapore, and ASEAN[98]. Shareholder Information - As of June 30, 2024, Loh Teck Hiong holds 210,024,000 shares, representing 15.77% of the company's interest[106]. - Li Mingcheng has an interest in 132,968,000 shares, accounting for 9.98% of the company's interest[106]. - The company has adopted a share option scheme on September 22, 2017, granting 60,000,000 share options to ten directors at an exercise price of HK$0.109 per share[109]. - The issued and fully paid shares remained at 1,332,000,000 as of both June 30, 2024, and December 31, 2023, with share capital at S$2,303,000[63].