[Company Information and Disclaimer](index=1&type=section&id=Company%20Information%20and%20Disclaimer) This section provides an overview of Cool Link (Holdings) Limited's unaudited condensed consolidated interim results for the six months ended June 30, 2025, including board responsibilities and GEM market risk warnings [Company Overview and Report Statement](index=1&type=section&id=Company%20Overview%20and%20Report%20Statement) This announcement presents Cool Link (Holdings) Limited's unaudited condensed consolidated interim results for the six months ended June 30, 2025, confirming accuracy and completeness while highlighting GEM market investment risks - Cool Link (Holdings) Limited (Stock Code: 8491) announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) - The Board confirms that the information contained in this announcement is **accurate and complete in all material respects**, and not misleading or fraudulent[3](index=3&type=chunk) - The GEM market is positioned to provide a listing platform for small and medium-sized companies with **higher investment risks**, and investors should understand the potential risks[5](index=5&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the statement of comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group achieved a profit of S$105 thousand, a significant improvement from the prior year's loss, driven by effective cost control despite a slight revenue decrease Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Revenue | 14,230 | 14,678 | | Cost of sales | (10,357) | (10,813) | | Gross profit | 3,873 | 3,865 | | Other income and other gains | 153 | 141 | | Selling and distribution costs | (1,104) | (1,472) | | Administrative and other operating expenses | (2,442) | (2,584) | | Share of results of an associate | – | (22) | | Finance costs | (240) | (200) | | Profit/(Loss) before income tax | 240 | (272) | | Income tax expense | (135) | (102) | | Profit/(Loss) for the period attributable to owners of the Company | 105 | (374) | | Basic and diluted earnings/(loss) per share (Singapore cents) | 0.03 | (0.16) | - Profit for the period attributable to owners of the Company turned from a **loss of S$374 thousand** in the same period of 2024 to a **profit of S$105 thousand** in the same period of 2025[7](index=7&type=chunk) - Basic and diluted earnings per share turned from a **loss of 0.16 Singapore cents** in the same period of 2024 to a **profit of 0.03 Singapore cents** in the same period of 2025[7](index=7&type=chunk) [Unaudited Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net assets slightly decreased to S$23,228 thousand, while net current assets improved, indicating enhanced liquidity Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 14,676 | 15,411 | | Total current assets | 21,380 | 21,516 | | **LIABILITIES** | | | | Total current liabilities | 6,243 | 6,681 | | Total non-current liabilities | 6,585 | 6,854 | | **EQUITY** | | | | Total equity | 23,228 | 23,392 | | Net current assets | 15,137 | 14,835 | | Total assets less current liabilities | 29,813 | 30,246 | | Net assets | 23,228 | 23,392 | - As of June 30, 2025, **net assets were S$23,228 thousand**, a slight decrease from S$23,392 thousand as of December 31, 2024[10](index=10&type=chunk) - **Net current assets increased from S$14,835 thousand** as of December 31, 2024, to **S$15,137 thousand** as of June 30, 2025[10](index=10&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity attributable to owners decreased to S$23,228 thousand as of June 30, 2025, primarily due to exchange differences from translating foreign operations' financial statements, despite a period profit Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | June 30, 2025 (S$ thousand) | January 1, 2025 (S$ thousand) | | :--- | :--- | :--- | | Share capital | 13,877 | 13,877 | | Reserves | 9,351 | 9,515 | | Total equity | 23,228 | 23,392 | | Profit for the period | 105 | - | | Exchange differences arising from translation of financial statements of foreign operations | (269) | - | - Profit for the period was **S$105 thousand**, compared to a **loss of S$374 thousand** in the same period of 2024[11](index=11&type=chunk) - Exchange differences arising from the translation of financial statements of foreign operations resulted in an **increase of S$269 thousand in other comprehensive expenses** for the period[11](index=11&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash generated from operating activities significantly improved to S$2,014 thousand for the six months ended June 30, 2025, leading to an increase in cash and cash equivalents at period-end Condensed Consolidated Statement of Cash Flows Key Data | Indicator | H1 2025 (S$ thousand) | H1 2024 (S$ thousand) | | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 2,014 | (3,285) | | Net cash used in investing activities | (44) | (307) | | Net cash used in/(generated from) financing activities | (594) | 11,108 | | Net increase in cash and cash equivalents | 1,376 | 7,516 | | Cash and cash equivalents at end of period | 8,214 | 9,044 | - Net cash generated from operating activities turned from **(S$3,285) thousand** in the same period of 2024 to **S$2,014 thousand** in the same period of 2025, indicating a significant improvement in operating cash flow[12](index=12&type=chunk) - Cash and cash equivalents at the end of the period **increased to S$8,214 thousand** from S$6,842 thousand at the beginning of the period[13](index=13&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes explaining the basis of preparation, accounting policies, and specific financial statement line items [1. Company Information](index=11&type=section&id=1.%20Company%20Information) Cool Link (Holdings) Limited, incorporated in the Cayman Islands with its principal place of business in Singapore, primarily engages in investment holding and the supply of food and healthcare products - The Company is incorporated in the Cayman Islands, with its **principal place of business in Singapore**[14](index=14&type=chunk) - The Group is principally engaged in the **supply of food and healthcare products**[15](index=15&type=chunk) [2. Basis of Preparation and 3. Adoption of New and Revised Hong Kong Financial Reporting Standards](index=11&type=section&id=2.%20Basis%20of%20Preparation%20and%203.%20Adoption%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The interim financial statements are prepared in Singapore Dollars under HKAS 34 and GEM Listing Rules, adopting new HKSFRSs effective January 1, 2025, with no significant anticipated impact - The condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34** and the GEM Listing Rules[16](index=16&type=chunk) - New and revised Hong Kong Financial Reporting Standards effective January 1, 2025, have been adopted and are **not expected to have a significant impact** on the financial statements[17](index=17&type=chunk)[18](index=18&type=chunk) - The financial statements are presented in **Singapore Dollars**, which is the Company's functional currency[16](index=16&type=chunk) [4. Revenue](index=12&type=section&id=4.%20Revenue) The Group's revenue for the six months ended June 30, 2025, was S$14,230 thousand, a slight decrease from the prior year, primarily derived from goods sales Revenue Details | Revenue Source | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Sale of goods | 14,230 | 14,678 | | Timing of revenue recognition: At a point in time | 14,230 | 14,678 | - For the six months ended June 30, 2025, revenue from the sale of goods was **S$14,230 thousand**, representing a **year-on-year decrease of 3.05%**[19](index=19&type=chunk) [5. Other Income and Other (Losses) and Gains](index=13&type=section&id=5.%20Other%20Income%20and%20Other%20(Losses)%20and%20Gains) Total other income and gains increased to S$153 thousand, mainly driven by a significant rise in interest income, despite decreases in rental income and government grants Other Income and Gains Details | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Interest income | 175 | 20 | | Rental income from investment properties | 30 | 98 | | Fair value gains/(losses) on financial assets at fair value through profit or loss | 2 | (1) | | Government grants | 22 | 45 | | Others | (76) | (21) | | **Total** | **153** | **141** | - **Interest income significantly increased from S$20 thousand** in the same period of 2024 to **S$175 thousand** in the same period of 2025[20](index=20&type=chunk) [6. Finance Costs](index=13&type=section&id=6.%20Finance%20Costs) Finance costs increased by 20% to S$240 thousand for the six months ended June 30, 2025, primarily due to higher interest on borrowings Finance Costs Details | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Interest on borrowings | 178 | 66 | | Finance charges on lease liabilities | 62 | 63 | | Interest on promissory notes | – | 71 | | **Total** | **240** | **200** | - Finance costs **increased by 20% year-on-year to S$240 thousand**, primarily due to an increase in **interest on borrowings from S$66 thousand to S$178 thousand**[21](index=21&type=chunk) [7. Profit/(Loss) Before Income Tax](index=14&type=section&id=7.%20Profit%2F(Loss)%20Before%20Income%20Tax) Profit before income tax significantly improved to S$240 thousand, reversing the prior year's loss, attributed to controlled costs and reduced net exchange losses Profit/(Loss) Before Income Tax Adjustments | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Auditor's remuneration | 52 | 50 | | Cost of inventories sold | 10,357 | 10,521 | | Depreciation of property, plant and equipment | 361 | 355 | | Depreciation of right-of-use assets | 128 | 195 | | Depreciation of investment properties | 30 | 30 | | Amortisation of intangible assets | 43 | 28 | | Direct operating expenses from investment properties that generated rental income | 31 | 32 | | Employee benefit expenses (including directors' emoluments) | 1,704 | 2,025 | | Short-term leases and leases with lease terms of 12 months or less | 124 | 145 | | Net exchange losses | (80) | (19) | - Profit before income tax turned from a **loss of S$272 thousand** in the same period of 2024 to a **profit of S$240 thousand** in the same period of 2025[22](index=22&type=chunk) - **Employee benefit expenses (including directors' emoluments) decreased from S$2,025 thousand to S$1,704 thousand**[22](index=22&type=chunk) [8. Income Tax Expense](index=15&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense increased to S$135 thousand, primarily due to higher current tax in Singapore, while deferred tax liabilities decreased Income Tax Expense Details | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Current tax — Singapore | (156) | (107) | | Deferred tax | 21 | 5 | | **Total** | **(135)** | **(102)** | - Income tax expense **increased year-on-year to S$135 thousand**, with current tax in Singapore rising from **S$107 thousand to S$156 thousand**[23](index=23&type=chunk) [9. Earnings/(Loss) Per Share](index=15&type=section&id=9.%20Earnings%2F(Loss)%20Per%20Share) Basic earnings per share improved to S$0.03 cents for the six months ended June 30, 2025, from a loss in the prior year, with no dilutive effect Earnings/(Loss) Per Share Data | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(Loss) attributable to owners of the Company (S$ thousand) | 105 | (374) | | Weighted average number of ordinary shares (thousand shares) | 398,606 | 234,346 | - Profit attributable to owners of the Company turned from a **loss of S$374 thousand** in the same period of 2024 to a **profit of S$105 thousand** in the same period of 2025[24](index=24&type=chunk) - The **weighted average number of ordinary shares increased from 234,346 thousand shares** in the same period of 2024 to **398,606 thousand shares** in the same period of 2025, primarily due to the rights issue in 2024[24](index=24&type=chunk)[25](index=25&type=chunk) [10. Dividends](index=16&type=section&id=10.%20Dividends) The Board does not recommend paying any dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any dividend for the six months ended June 30, 2025 (2024: nil)[27](index=27&type=chunk) [11. Property, Plant and Equipment](index=16&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment) Acquisitions of property, plant and equipment significantly decreased to S$44 thousand for the six months ended June 30, 2025, compared to the prior year - The Group's acquisitions of property, plant and equipment for the six months ended June 30, 2025, amounted to **S$44 thousand**, a **significant decrease from S$307 thousand** in the same period of 2024[28](index=28&type=chunk) [12. Goodwill](index=16&type=section&id=12.%20Goodwill) Goodwill's net carrying amount is zero as of June 30, 2025, due to a recognized impairment loss of S$2,577 thousand Goodwill Net Carrying Amount | Item | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | At beginning of reporting period | 2,577 | 2,577 | | Impairment loss recognised | (2,577) | (2,577) | | At end of reporting period | – | – | - The **net carrying amount of goodwill was zero** at the end of the reporting period due to a recognized **impairment loss of S$2,577 thousand**[29](index=29&type=chunk) [13. Trade Receivables](index=17&type=section&id=13.%20Trade%20Receivables) Net trade receivables slightly decreased to S$5,596 thousand as of June 30, 2025, with a notable shift in aging from 0-30 days to 31-90 days Trade Receivables and Aging Analysis | Item | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | Trade receivables | 5,656 | 5,860 | | Less: Provision for expected credit losses | (60) | (93) | | **Net amount** | **5,596** | **5,767** | | **Aging analysis:** | | | | 0 to 30 days | 2,441 | 4,602 | | 31 to 90 days | 3,104 | 1,144 | | 91 to 180 days | 79 | 21 | | Over 180 days | 32 | – | | **Total** | **5,656** | **5,767** | - **Net trade receivables decreased from S$5,767 thousand** as of December 31, 2024, to **S$5,596 thousand** as of June 30, 2025[30](index=30&type=chunk) - Trade receivables aged **0 to 30 days decreased from S$4,602 thousand to S$2,441 thousand**, while those aged **31 to 90 days increased from S$1,144 thousand to S$3,104 thousand**[30](index=30&type=chunk) [14. Trade Payables and 15. Bank Borrowings](index=18&type=section&id=14.%20Trade%20Payables%20and%2015.%20Bank%20Borrowings) Trade payables slightly increased to S$3,320 thousand, while total bank borrowings decreased to S$4,784 thousand, with most classified as non-current liabilities Trade Payables and Aging Analysis | Item | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | Trade payables | 3,320 | 3,231 | | **Aging analysis:** | | | | 0 to 30 days | 1,426 | 1,842 | | 31 to 90 days | 710 | 362 | | 91 to 180 days | 157 | – | | Over 180 days | 1,027 | 1,027 | | **Total** | **3,320** | **3,231** | Bank Borrowings Details | Item | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | Secured mortgage loans | 4,784 | 5,006 | | **Carrying amount repayable:** | | | | Within one year | 432 | 435 | | After one year but within two years | 451 | 458 | | After two years but within five years | 1,507 | 1,519 | | After five years | 2,394 | 2,594 | | **Total** | **4,784** | **5,006** | | **Classified as:** | | | | Non-current liabilities | 4,352 | 4,571 | | Current liabilities | 432 | 435 | | **Total** | **4,784** | **5,006** | - **Trade payables increased from S$3,231 thousand** as of December 31, 2024, to **S$3,320 thousand** as of June 30, 2025[31](index=31&type=chunk) - **Total bank borrowings decreased from S$5,006 thousand** as of December 31, 2024, to **S$4,784 thousand** as of June 30, 2025[31](index=31&type=chunk) [16. Share Capital](index=19&type=section&id=16.%20Share%20Capital) As of June 30, 2025, the Company's issued share capital remained unchanged at 398,606,168 ordinary shares with a par value of S$13,877 thousand, following a rights issue in 2024 Share Capital Movement Overview | Item | Number of Ordinary Shares | Par Value of Ordinary Shares (S$ thousand) | | :--- | :--- | :--- | | **Authorised:** | | | | As at December 31, 2024, January 1, 2025 and June 30, 2025 | 500,000,000 | 17,337 | | **Issued:** | | | | As at January 1, 2024 | 99,652,000 | 3,471 | | Shares issued upon rights issue | 298,954,168 | 10,406 | | As at December 31, 2024, January 1, 2025 and June 30, 2025 | 398,606,168 | 13,877 | - The **number of issued ordinary shares is 398,606,168**, with a **par value of S$13,877 thousand**, unchanged since December 31, 2024[32](index=32&type=chunk) - A rights issue was completed on April 10, 2024, issuing **298,954,168 shares** and raising **gross proceeds of approximately HK$100.2 million**[32](index=32&type=chunk) [17. Share Option Scheme](index=20&type=section&id=17.%20Share%20Option%20Scheme) The Company's share option scheme, effective August 30, 2017, aims to reward eligible participants, with maximum grants limited to 10% of issued shares and specific exercise price criteria - The Share Option Scheme became effective on **August 30, 2017**, aiming to **reward eligible participants** who have contributed to the Group's business[33](index=33&type=chunk) - The **maximum number of share options granted is 10% of the issued shares**, with a maximum of **1% for any single participant within a 12-month period**[33](index=33&type=chunk) - The exercise price of share options is determined by the Directors and shall not be less than the highest of the closing price on the Stock Exchange, the average closing price for the five preceding trading days, or the nominal value[34](index=34&type=chunk) [18. Capital Commitments](index=21&type=section&id=18.%20Capital%20Commitments) As of June 30, 2025, the Group had no capital commitments, consistent with the prior period - As of June 30, 2025, the Group had **no capital commitments** (December 31, 2024: nil)[36](index=36&type=chunk) [19. Related Party Transactions](index=21&type=section&id=19.%20Related%20Party%20Transactions) Key management personnel compensation decreased to S$442 thousand, primarily due to a reduction in short-term employee benefits Key Management Personnel Remuneration | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | | :--- | :--- | :--- | | Short-term employee benefits | 417 | 451 | | Defined contributions | 25 | 26 | | **Total** | **442** | **477** | - **Total key management personnel remuneration decreased from S$477 thousand** in the same period of 2024 to **S$442 thousand** in the same period of 2025[37](index=37&type=chunk) [20. Fair Value Measurement](index=21&type=section&id=20.%20Fair%20Value%20Measurement) The Group's financial assets are measured at fair value across three levels, with no transfers between levels or changes in valuation methods during the reporting period Fair Value Hierarchy Disclosure (June 30, 2025) **As at June 30, 2025** | Item | Level 1 (S$ thousand) | Level 2 (S$ thousand) | Level 3 (S$ thousand) | Total (S$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss — Hong Kong listed equity securities | 14 | – | – | 14 | | Financial assets at fair value through other comprehensive income: Unlisted equity investments | – | – | 2,075 | 2,075 | | **Total** | **14** | **–** | **2,075** | **2,089** | Fair Value Hierarchy Disclosure (December 31, 2024) **As at December 31, 2024** | Item | Level 1 (S$ thousand) | Level 2 (S$ thousand) | Level 3 (S$ thousand) | Total (S$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss — Hong Kong listed equity securities | 12 | – | – | 12 | | Financial assets at fair value through other comprehensive income: Unlisted equity investments | – | – | 2,347 | 2,347 | | **Total** | **12** | **–** | **2,347** | **2,359** | - As of June 30, 2025, financial assets at fair value through profit or loss (Hong Kong listed equity securities) were **S$14 thousand**, and financial assets at fair value through other comprehensive income (unlisted equity investments) were **S$2,075 thousand**[39](index=39&type=chunk) - There were **no transfers between Level 1, Level 2, and Level 3** during the reporting period, and **no changes in the methods and valuation techniques** used to measure fair value[40](index=40&type=chunk)[41](index=41&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a review of the Group's business operations, financial performance, and future outlook, including liquidity, capital structure, and employee information [Business Review](index=24&type=section&id=Business%20Review) The Group, primarily engaged in food and healthcare product supply, achieved a profit of S$105 thousand, driven by reduced selling and distribution expenses, despite global supply chain complexities - The Group is primarily engaged in the **supply of food and healthcare products**, with customers mainly being **ship chandlers in Singapore**[44](index=44&type=chunk)[45](index=45&type=chunk) - The Group recorded a **profit of approximately S$105 thousand** for the period, compared to a **loss of S$374 thousand** in the same period last year, mainly due to a **reduction in selling and distribution expenses of approximately S$0.4 million**[45](index=45&type=chunk) - Key products sold include **cheese, juices, milk, ice cream, and bread**, along with value-added food processing services[45](index=45&type=chunk) [Outlook](index=25&type=section&id=Outlook) Facing geopolitical risks and economic uncertainties, the Group remains committed to brand promotion, product quality, exploring new opportunities, and implementing diversified strategies for sustainable growth and profitability - Ongoing geopolitical risks, the Russia-Ukraine war, and interest rate changes pose challenges to the global economy, making the Group's **outlook full of uncertainties**[46](index=46&type=chunk) - The Group will continue to focus on **brand promotion, providing quality products, exploring diversified opportunities to broaden revenue streams, and increasing market share**[46](index=46&type=chunk) - The Board remains optimistic and will take necessary actions to **minimize the impact on core businesses**, while striving to **expand operations for sustainable growth and enhanced profitability**[46](index=46&type=chunk) [Financial Review](index=25&type=section&id=Financial%20Review) Revenue decreased by 3.4% to S$14.2 million, but effective cost control improved gross margin to 27.5%, and reduced operating expenses led to a profit of S$105 thousand, reversing the prior year's loss Financial Review Key Data | Indicator | H1 2025 (S$ thousand) | H1 2024 (S$ thousand) | Change (S$ thousand) | Change Percentage | Primary Reason | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 14,230 | 14,678 | (448) | -3.05% | Decrease in sales volume of frozen products | | Cost of sales | 10,357 | 10,813 | (456) | -4.22% | Maintained at a similar level | | Gross profit | 3,873 | 3,865 | 8 | 0.21% | - | | Gross profit margin | 27.22% | 26.33% | 0.89% | - | Effective cost control | | Selling and distribution costs | 1,104 | 1,472 | (368) | -25.00% | Decrease in advertising and promotion expenses | | Administrative and other operating expenses | 2,442 | 2,584 | (142) | -5.49% | Decrease in salaries and other operating costs | | Finance costs | 240 | 200 | 40 | 20.00% | Increase in interest expense on bank borrowings | | Profit/(Loss) for the period | 105 | (374) | 479 | - | Decrease in selling and distribution costs | [Capital Structure](index=27&type=section&id=Capital%20Structure) Details of the Company's share capital are provided in Note 16 to the condensed consolidated financial statements - Details of the Company's share capital are set out in **Note 16** to the condensed consolidated financial statements in this interim report[54](index=54&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's working capital is sourced from internal resources, placements, and bank borrowings, with an improved quick ratio of 2.36 times indicating enhanced liquidity - The Group's working capital is funded by **internal resources, placements, and bank and other borrowings**[55](index=55&type=chunk) - As of June 30, 2025, the **quick ratio was approximately 2.36 times** (December 31, 2024: 2.13 times), indicating **improved liquidity**[55](index=55&type=chunk) [Gearing Ratio](index=27&type=section&id=Gearing%20Ratio) Total borrowings decreased to approximately S$7.1 million, resulting in a slightly lower gearing ratio of 30.7%, indicating reduced financial leverage - As of June 30, 2025, **total borrowings were approximately S$7.1 million** (December 31, 2024: S$7.4 million)[56](index=56&type=chunk) - The **gearing ratio was approximately 30.7%** (December 31, 2024: 31.5%), representing a **slight decrease**[56](index=56&type=chunk) [Capital Expenditure](index=27&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group incurred no significant capital expenditure related to property, plant, and equipment acquisitions - For the six months ended June 30, 2025, the Group incurred **no significant capital expenditure** primarily related to the acquisition of property, plant and equipment[57](index=57&type=chunk) [Capital Commitments](index=27&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no significant capital commitments, consistent with the prior period - As of June 30, 2025, the Group had **no material capital commitments** (December 31, 2024: nil)[58](index=58&type=chunk) [Pledge of the Group's Assets](index=27&type=section&id=Pledge%20of%20the%20Group's%20Assets) As of June 30, 2025, the Group pledged approximately S$1.5 million in bank deposits, S$6.9 million in land and buildings, and S$0.6 million in investment properties to secure bank facilities - As of June 30, 2025, the Group had pledged **approximately S$1.5 million in bank deposits, S$6.9 million in land and buildings, and S$0.6 million in investment properties** to secure bank facilities[59](index=59&type=chunk) [Significant Investments, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=28&type=section&id=Significant%20Investments%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the six months ended June 30, 2025, the Group made no significant investments, material acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group made **no significant investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures**[60](index=60&type=chunk) [Future Plans for Material Investments and Capital Assets](index=28&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the Group had no other future plans for material investments and capital assets - As of June 30, 2025, the Group had **no other future plans for material investments and capital assets**[61](index=61&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had contingent liabilities of S$948 thousand for performance bonds, secured by leased properties, investment properties, and corporate guarantees - As of June 30, 2025, the Group had **contingent liabilities of S$948 thousand** for issued performance bonds (December 31, 2024: S$946 thousand)[62](index=62&type=chunk) - Guarantees for bank-issued performance bonds are secured by **leased properties, investment properties, and corporate guarantees** of the Company[62](index=62&type=chunk) [Information on Employees and Remuneration Policies](index=28&type=section&id=Information%20on%20Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group employed 66 staff with total employee costs of approximately S$1.7 million, offering competitive remuneration, a share option scheme, and training programs - As of June 30, 2025, the Group employed **66 employees** (December 31, 2024: 64 employees)[63](index=63&type=chunk) - Total staff costs for the six months ended June 30, 2025, were **approximately S$1.7 million** (same period in 2024: S$2.0 million)[63](index=63&type=chunk) - The Group has adopted a **share option scheme** and provides various **training courses** to enhance employee skills and capabilities[63](index=63&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section covers the use of proceeds, interests of directors and major shareholders, securities transactions, share option and award schemes, competition, corporate governance, and audit committee review [Use of Proceeds](index=29&type=section&id=Use%20of%20Proceeds) As of June 30, 2024, net proceeds from the rights issue were partially utilized, with some categories fully expended and others, like M&A and property acquisition, having unutilized balances expected to be used by 2025 Use of Proceeds from Rights Issue | Use | Original Intended Use of Net Proceeds (HK$ thousand) | Actual Use of Net Proceeds as at June 30, 2025 (HK$ thousand) | Unutilised Net Proceeds as at June 30, 2025 (HK$ thousand) | | :--- | :--- | :--- | :--- | | Repayment of promissory notes | 18,000 | 18,000 | – | | Mergers and acquisitions | 30,000 | – | 30,000 | | Acquisition and replacement of property, plant and equipment | 6,000 | 1,144 | 4,856 | | Upgrading of information technology system | 2,000 | 2,000 | – | | Advertising and promotion expenses | 3,000 | 3,000 | – | | Working capital | 38,900 | 38,900 | – | | **Total** | **97,900** | **63,044** | **34,856** | - Among the net proceeds from the rights issue, funds for **repayment of promissory notes, upgrading IT systems, advertising and promotion expenses, and working capital have been fully utilized**[64](index=64&type=chunk) - **Unutilized balances remain for mergers and acquisitions (HK$30,000 thousand) and acquisition and replacement of property, plant and equipment (HK$4,856 thousand)**[64](index=64&type=chunk) [Directors', Chief Executive's and Substantial Shareholders' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=30&type=section&id=Directors'%2C%20Chief%20Executive's%20and%20Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, several directors and substantial shareholders held long positions in the Company's shares, with Mr. Kwok Kwai Sin holding a combined 21.71% interest Directors' and Chief Executive's Long Positions in Shares and Underlying Shares | Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Chan Siu Yee | Beneficial owner/Personal interest | 11,760,000 | 2.95% | | Mr. Ngai Chiu Cheung | Beneficial owner/Personal interest/Spouse's interest | 13,107,000 | 3.29% | | Ms. Yeung Po Chu | Spouse's interest | 13,107,000 | 3.29% | | Zumegnsi Technology Group Limited | Beneficial owner | 59,670,000 | 14.97% | | Mr. Kwok Kwai Sin | Beneficial owner | 26,865,000 | 6.74% | Substantial Shareholders' and Other Persons' Long Positions in Shares and Underlying Shares | Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Metaverse (International) Securities Limited | Trustee of the scheme/Other | 36,445,000 | 9.14% | - Mr. Kwok Kwai Sin directly holds **6.74% of shares** and indirectly holds **14.97% of shares through Zumegnsi Technology Group Limited**, totaling a **21.71% interest**[65](index=65&type=chunk)[68](index=68&type=chunk) - Metaverse (International) Securities Limited, as trustee of the Share Award Scheme, holds **36,445,000 shares**, representing **9.14% of the issued shares**[67](index=67&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor 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**[69](index=69&type=chunk) [Share Option Scheme](index=32&type=section&id=Share%20Option%20Scheme) The Company's share option scheme, adopted on August 30, 2017, aims to attract, retain, and reward eligible individuals, with no options granted, exercised, cancelled, or lapsed during the period - The Company adopted a Share Option Scheme on **August 30, 2017**, aiming to **attract, retain, and reward eligible persons**[70](index=70&type=chunk) - For the six months ended June 30, 2025, **no share options were granted, exercised, cancelled, or lapsed**[71](index=71&type=chunk) [Share Award Scheme](index=32&type=section&id=Share%20Award%20Scheme) Adopted on September 14, 2021, the Share Award Scheme rewards contributors and retains talent, with the trustee having purchased 36,445,000 shares, but no awards granted as of June 30, 2025 - The Company adopted a Share Award Scheme on **September 14, 2021**, to **reward eligible participants** who have contributed to the Group and to **attract and retain talent**[72](index=72&type=chunk) - The trustee has utilized **approximately HK$17,989 thousand** to purchase **36,445,000 shares** in the market, representing **9.14% of the issued shares** as of the reporting date[73](index=73&type=chunk) - As of June 30, 2025, **no award shares were granted** under the scheme[73](index=73&type=chunk) [Competition and Conflicts of Interest](index=33&type=section&id=Competition%20and%20Conflicts%20of%20Interest) For the six months ended June 30, 2025, no directors, substantial shareholders, or their close associates engaged in competing businesses or had other conflicts of interest with the Group - For the six months ended June 30, 2025, **no directors, substantial shareholders, or their respective close associates engaged in any business that competes or may compete with the Group's business**, nor did they have any other conflicts of interest with the Group[75](index=75&type=chunk) [Compliance with Corporate Governance Code](index=34&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company maintains high standards of corporate governance and has complied with the code provisions of the Corporate Governance Code in Appendix 15 to the GEM Listing Rules - The Company has **complied with the code provisions** of the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules[76](index=76&type=chunk) [Directors' Securities Transactions](index=34&type=section&id=Directors'%20Securities%20Transactions) All directors confirmed that for the six months ended June 30, 2025, they have fully complied with the required standards for securities transactions as set out in Rules 5.48 to 5.67 of the GEM Listing Rules - All Directors confirmed that for the six months ended June 30, 2025, they have **fully complied with the required standards for securities transactions** as set out in Rules 5.48 to 5.67 of the GEM Listing Rules[77](index=77&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the interim report and financial statements, confirming compliance with accounting standards, GEM Listing Rules, and adequate disclosure - The Audit Committee is composed of **three independent non-executive Directors**, with **Ms. Chan Wai Nga as the chairperson**[78](index=78&type=chunk) - The Audit Committee has reviewed this interim report and the unaudited condensed consolidated financial statements, deeming them to be in **compliance with applicable accounting standards, the GEM Listing Rules, and other legal requirements, with adequate disclosure**[78](index=78&type=chunk)

承董事會命 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佈內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈全部或任何部分內容而產 生或因依賴該等內容而引致的任何損失承擔任何責任。 COOL LINK (HOLDINGS) LIMITED （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：8491） 董事會會議通告 Cool Link (Holdings) Limited（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司將 於二零二五年八月二十八日（星期四）舉行董事會會議，藉以（其中包括）(i)考慮及批准本 公司及其附屬公司截至二零二五年六月三十日止六個月的未經審核中期業績及其刊發；(ii) 考慮派付股息的建議（如有）；及(iii)處理其他事項。 本公佈乃遵照香港聯合交易所有限公司GEM證券上市規則而提供有關本公司的資料，董 事願就本公佈共同地及個別地承擔全部責任。董事經作出一切合理查詢後確認，就彼等 所深知及確信，(i)本公佈所載資料在各重大方面均為準確及完整，且無誤導或欺詐成分； 及(ii)並無遺漏任何其他事項致使本公佈所載任何陳述 ...

致：香港交易及結算所有限公司 公司名稱: Cool Link (Holdings) Limited 呈交日期: 2025年8月5日 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 | | | 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) | 08491 | 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 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000 | HKD | | 0.2 | HKD | | 100,000,000 | 本月底法定/註冊股本總 ...

Financial Performance - The company recorded total revenue of approximately SGD 29.4 million for the fiscal year ending December 31, 2024, a decrease compared to the previous fiscal year[7]. - The company incurred a loss of approximately SGD 4.2 million for the fiscal year ending December 31, 2024, compared to a loss of approximately SGD 1.1 million for the fiscal year ending December 31, 2023[7]. - The increase in loss was primarily due to impairment losses on interests in associates and increased administrative expenses[7]. - The group's revenue decreased by approximately SGD 1.3 million or about 4.2% to approximately SGD 29.5 million for the year ending December 31, 2024, primarily due to a reduction in frozen product orders and a decline in selling prices[13]. - The group's gross profit decreased by approximately SGD 1.1 million or about 5.9% to approximately SGD 7.4 million for the year ending December 31, 2024, while the overall gross profit margin remained unchanged at approximately 27%[15]. - Administrative and other operating expenses increased by approximately SGD 1.5 million or about 23.8% to approximately SGD 7.6 million for the year ending December 31, 2024, mainly due to rising employee costs[17]. - The group recorded a loss of approximately SGD 4.2 million for the year ending December 31, 2024, an increase of approximately SGD 3.1 million from a loss of approximately SGD 1.1 million for the year ending December 31, 2023, mainly due to impairment losses on associates and increased administrative expenses[21]. - The total comprehensive loss for the year amounted to SGD 5,198,000, compared to SGD 853,000 in 2023, indicating a substantial increase in overall losses[181]. Revenue and Cost Management - The company continues to explore diverse opportunities to broaden revenue sources and enhance market share[11]. - The company aims to expand its customer base and cultivate new customers to achieve long-term growth despite a challenging business environment[7]. - The company is actively seeking various business and investment opportunities to maximize overall benefits for itself and its shareholders[7]. - The company supplies a variety of food products, including canned goods, packaged beverages, dairy products, and frozen desserts, primarily to customers in Singapore[10]. Financial Position and Ratios - The group's current ratio improved to approximately 2.13 times as of December 31, 2024, compared to 0.94 times in 2023, primarily due to an increase in cash and cash equivalents by SGD 5.2 million[25]. - The total borrowings of the group as of December 31, 2024, were approximately SGD 7.4 million, down from SGD 10.9 million in 2023, resulting in a debt-to-equity ratio of approximately 31.5% compared to 79.0% in 2023[26]. - The total liabilities decreased from SGD 18,211 thousand in 2023 to SGD 13,505 thousand in 2024, a decline of about 26%[183]. - The total equity rose from SGD 13,759 thousand in 2023 to SGD 23,392 thousand in 2024, reflecting an increase of approximately 70%[183]. Shareholder and Governance Matters - The board does not recommend the payment of a final dividend for the year ending December 31, 2024, consistent with the previous year[42]. - The company has a shareholder communication policy in place to ensure that shareholder opinions and concerns are properly addressed[143]. - The company has established procedures for shareholders to propose candidates for the board of directors, requiring written notice and consent from the nominee[145]. - The board consists of both male and female members with diverse backgrounds and experiences, ensuring a balanced composition[123]. - The company has adopted a diversity policy that will be reviewed annually to ensure its effectiveness in promoting a diverse board composition[123]. Risk Management and Compliance - The board believes that the risk management and internal control systems are effective and adequate for the year ending December 31, 2024[135]. - The company has established a risk management policy to identify, assess, and manage various types of risks[133]. - The company has adopted a whistleblowing policy to encourage employees and stakeholders to report concerns confidentially regarding financial reporting and compliance[138]. - The company has complied with all relevant laws and regulations, with no significant violations reported for the year ending December 31, 2024[91]. Employee and Operational Insights - The group employed 60 employees as of December 31, 2024, with total employee costs of approximately SGD 4.8 million, up from SGD 4.1 million in 2023[35]. - The company emphasizes the importance of maintaining good relationships with suppliers, customers, and stakeholders, with no major disputes reported for the year ending December 31, 2024[92]. - The company is committed to environmental sustainability, promoting energy-saving practices and recycling materials at its headquarters[90]. Cash Flow and Investment Activities - Operating cash flow turned negative at SGD (5,267) thousand in 2024, down from a positive cash flow of SGD 525 thousand in 2023[187]. - The financing activities generated a net cash inflow of SGD 10,445,000 in 2024, compared to a net cash outflow of SGD 2,269,000 in 2023[188]. - The total cash and cash equivalents increased to SGD 6,842,000 at the end of 2024, up from SGD 1,607,000 at the beginning of the year[188]. - The company raised SGD 17,163,000 from rights issue in 2024, while no funds were raised from share placements[188]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements fairly present the group's financial position as of December 31, 2024[159]. - The company has been operating under the Hong Kong Financial Reporting Standards and has complied with the disclosure requirements of the Hong Kong Companies Ordinance[159]. - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[191].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of SGD 29,461,000, a decrease of 4.24% from SGD 30,765,000 in 2023[4] - The gross profit for the year was SGD 7,412,000, down 13.00% from SGD 8,517,000 in the previous year[4] - The company incurred a net loss attributable to owners of SGD 4,161,000, compared to a loss of SGD 1,071,000 in 2023, representing a significant increase in losses[5] - Revenue from customer contracts for 2024 was SGD 29,461,000, a decrease of 4.25% from SGD 30,765,000 in 2023[13] - The company reported a total loss before tax of SGD 4,173,000 for the year ended December 31, 2024[22] - The company reported a loss attributable to owners of SGD 4,161,000 for the year ended December 31, 2024, compared to a loss of SGD 1,071,000 in 2023, indicating a significant increase in losses[28] - The company recorded total revenue of approximately SGD 29.5 million for the year ended December 31, 2024, a decrease of about SGD 1.3 million or approximately 4.2% compared to the previous fiscal year[38] - The company incurred a loss of approximately SGD 4.2 million for the year ended December 31, 2024, compared to a loss of approximately SGD 1.1 million for the year ended December 31, 2023[45] Assets and Liabilities - The total assets less current liabilities increased to SGD 30,246,000 from SGD 20,961,000, indicating improved asset management despite the losses[6] - Cash and cash equivalents rose to SGD 6,842,000 from SGD 1,607,000, reflecting a strong liquidity position[6] - The company reported a decrease in non-current assets to SGD 15,411,000 from SGD 17,945,000, primarily due to impairments and depreciation[6] - The company’s total equity increased to SGD 23,392,000 from SGD 13,759,000, indicating a stronger capital base[7] - The group’s total liabilities included a tax expense of SGD 12,000 for the year, compared to an expense of SGD 146,000 in 2023[23] - The company's total borrowings as of December 31, 2024, were approximately SGD 7.4 million, down from SGD 10.9 million in the previous year, resulting in a debt-to-equity ratio of approximately 31.5%[49] Income and Expenses - Interest income increased to SGD 33,000 in 2024 from SGD 30,000 in 2023, while total other income rose to SGD 699,000 from SGD 539,000[16] - The company’s financing costs increased to SGD 496,000 from SGD 434,000, reflecting higher borrowing costs[4] - The company's administrative and other operating expenses increased by approximately SGD 2 million or about 32.3% to approximately SGD 8.2 million for the year ended December 31, 2024, primarily due to increased employee costs[42] - The company's employee benefits expenses rose to SGD 4,676,000 in 2024 from SGD 3,994,000 in 2023, reflecting an increase of approximately 17.1%[26] - The cost of goods sold for the year was SGD 21,434,000, a slight decrease from SGD 22,178,000 in 2023[26] Market Strategy and Expansion - The company plans to focus on expanding its market presence in Singapore and Hong Kong, particularly in the food and healthcare sectors[9] - The company has launched a new dining business in Hong Kong as part of its market expansion strategy[21] - The company plans to continue exploring diverse opportunities to broaden revenue sources and enhance market share despite the uncertain global economic outlook[37] Shareholder Information - The total issued and paid-up shares increased to 398,606,168 shares by the end of 2024, up from 99,652,000 shares at the beginning of the year, following a rights issue[33] - The rights issue raised approximately SGD 17,532,000, with net proceeds of about SGD 17,182,000 after expenses[33] - The group has a total of 398,606,168 shares outstanding as of December 31, 2024, with significant shareholders holding the following percentages: Chen Shao Yi at 11.8%, Ni Chao Xiang at 13.15%, and Zuwegnsi Technology Group Limited at 14.97%[60][61] - The group has a share incentive plan in place, which aims to reward and retain qualified participants, with a maximum share purchase limit of 10% of the total issued shares at the beginning of each year[68][69] Corporate Governance - The company has adhered to the corporate governance code as per GEM listing rules for the year ending December 31, 2024[73] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited financial performance for the year ending December 31, 2024, confirming compliance with applicable accounting standards and regulations[75] - The company has confirmed that there were no conflicts of interest or competitive businesses involving directors or major shareholders for the year ending December 31, 2024[72] - The company has adopted trading standards for directors' securities transactions in accordance with GEM listing rules[74] - The annual report for the year ending December 31, 2024, will be distributed to shareholders and published on the company's website at an appropriate time[76] - The board of directors has collectively and individually confirmed the accuracy and completeness of the information disclosed in the announcement[78] Employee and Training - As of December 31, 2024, the total employee cost for the group was approximately SGD 4.8 million, an increase from SGD 4.1 million in 2023[57] - The group provided various training programs to enhance employee skills and capabilities[57]

Investment Rating - The report assigns a "Buy (First Time)" investment rating to the company [24][40]. Core Insights - The company is positioned to benefit from the increasing demand for food supplies due to the growth in the number of ships arriving at Singapore and the rise in inbound tourists, which is expected to enhance its revenue from ship supply clients [17][66]. - The company has established strong relationships with suppliers and clients over its 20 years of industry experience, which is anticipated to support its revenue growth in the coming years [66][75]. - The report forecasts a recovery in the company's main business and potential new growth opportunities through mergers and acquisitions in the sportswear sector [66]. Company Overview - The company supplies a variety of food products, including canned goods, packaged beverages, dairy products, and frozen items, primarily to ship supply clients in Singapore [3][4]. - The company has a diverse product portfolio, including cheese, juice, milk, ice cream, and bread, and has expanded into value-added food processing to meet client needs [3][4][13]. - The management team is experienced, with key leaders having nearly 20 years of experience in the food distribution sector [5][62]. Financial Performance - The company reported a revenue of 30.448 million SGD from ship supply clients in 2023, representing a growth of 20.5 million SGD from the previous year, with this segment accounting for 98.97% of total revenue [65]. - The forecasted revenues for 2024, 2025, and 2026 are 33.359 million SGD, 35.546 million SGD, and 37.948 million SGD, respectively, with expected EPS of 0.04, 0.06, and 0.18 HKD [66]. Market Trends - The report highlights a significant increase in the number of ships arriving at Singapore, with a 4.91% year-on-year growth in the first eight months of 2024, which is expected to drive demand for food supplies [17][75]. - The tourism sector in Singapore is projected to recover, with inbound tourists expected to reach between 15 million and 16 million in 2024, contributing to increased food supply needs [17][66]. Valuation Analysis - The report suggests a P/E valuation range of 40X-50X for the company, translating to a target stock price of 1.60 to 2.00 HKD per share based on expected earnings growth [20][66].

Fundraising - The company successfully placed a total of 16,560,000 new shares at a price of HKD 0.5 per share, raising approximately HKD 8.13 million for general operational funds[1] - The net proceeds from the share placement have been fully utilized as intended by the reporting date[1]

Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 14,678,000, a decrease of 4.4% compared to SGD 15,347,000 in the same period of 2023[2] - Gross profit for the six months ended June 30, 2024, was SGD 3,865,000, down 16% from SGD 4,595,000 in 2023[2] - The net loss attributable to owners for the six months ended June 30, 2024, was SGD 374,000, compared to a profit of SGD 1,052,000 in the same period of 2023[3] - The company reported other income of SGD 141,000 for the six months ended June 30, 2024, down from SGD 263,000 in the same period of 2023[2] - Financing costs increased to SGD 200,000 for the six months ended June 30, 2024, compared to SGD 140,000 in the same period of 2023[2] - The company reported a net cash outflow from operating activities of SGD 3,285,000 for the six months ended June 30, 2024, compared to a cash inflow of SGD 738,000 for the same period in 2023[7] - The company incurred a loss before tax of SGD 272,000 for the six months ended June 30, 2024, compared to a profit of SGD 1,329,000 for the same period in 2023[7] - Basic loss per share for the six months ended June 30, 2024, was SGD (0.0016), compared to earnings per share of SGD 0.0127 in the same period of 2023[19] - For the six months ended June 30, 2024, the company recorded a loss of approximately SGD 374,000, compared to a profit of approximately SGD 1.05 million for the same period in 2023, primarily due to a revenue decrease of about SGD 600,000[40][48] - Revenue decreased by approximately SGD 600,000 or about 3.9% to approximately SGD 14.7 million for the six months ended June 30, 2024, down from approximately SGD 15.3 million for the same period in 2023, mainly due to a reduction in sales volume of frozen products[42] - Overall gross profit decreased by approximately SGD 700,000 or about 7.0% to approximately SGD 3.9 million for the six months ended June 30, 2024, with the gross profit margin declining from 29.9% to 26.3%[44] Assets and Liabilities - Total current assets increased to SGD 23,896,000 as of June 30, 2024, from SGD 14,025,000 as of December 31, 2023[4] - Total assets less current liabilities amounted to SGD 35,208,000 as of June 30, 2024, compared to SGD 20,961,000 as of December 31, 2023[5] - Cash and cash equivalents significantly increased to SGD 9,044,000 as of June 30, 2024, from SGD 1,607,000 as of December 31, 2023[4] - Non-current liabilities decreased to SGD 7,025,000 as of June 30, 2024, from SGD 7,202,000 as of December 31, 2023[5] - The company's equity increased to SGD 28,183,000 as of June 30, 2024, compared to SGD 13,759,000 as of December 31, 2023[5] - The company’s total liabilities decreased from SGD 6,773,000 as of January 1, 2024, to SGD 7,147,000 as of June 30, 2024, reflecting a slight increase of approximately 5.5%[6] - The company reported a goodwill impairment loss of SGD 2,554,000 as of June 30, 2024, compared to SGD 2,485,000 at the end of 2023[23] Cash Flow and Financing - The financing activities generated a net cash inflow of SGD 11,108,000, primarily from a rights issue that raised SGD 17,206,000[8] - The company’s cash and cash equivalents increased to SGD 9,044,000 as of June 30, 2024, up from SGD 2,820,000 at the end of the previous year, representing a growth of approximately 220%[8] - The total borrowings as of June 30, 2024, were approximately SGD 7.5 million, down from SGD 10.9 million as of December 31, 2023, resulting in a debt-to-equity ratio of approximately 26.6%[53] - The net proceeds from the rights issue have been allocated as follows: SGD 18,000 for repayment of notes, SGD 18,000 for mergers and acquisitions, and SGD 14,904 for working capital[62] Expenses - Selling and distribution costs increased by approximately SGD 200,000 or about 15.4% to approximately SGD 1.5 million for the six months ended June 30, 2024, primarily due to increased advertising and promotional expenses[45] - Administrative and other operating expenses rose by approximately SGD 500,000 or about 23.8% to approximately SGD 2.6 million for the six months ended June 30, 2024, attributed to increases in salaries and other operating costs[46] - The company’s depreciation expenses for property, plant, and equipment amounted to SGD 355,000, down from SGD 522,000 in the previous year, indicating a reduction of approximately 32%[7] - Financing costs increased by approximately SGD 60,000 or about 42.9% to approximately SGD 200,000 for the six months ended June 30, 2024, mainly due to increased interest expenses on promissory notes[47] Share Capital and Equity - The issued share capital increased from 83,092,000 shares to 99,652,000 shares after a placement of 16,560,000 shares at a price of 0.5 HKD per share[30] - The company raised approximately 100.2 million HKD (about 17.4 million SGD) through a rights issue of 298,956,000 shares at a subscription price of 0.335 HKD per share[30] - The total issued share capital is expected to reach 398,606,168 shares by June 30, 2024, following the completion of the rights issue[30] - The company has not granted or exercised any stock options during the reporting period[33] Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM listing rules during the six months ending June 30, 2024[72] - All directors confirmed compliance with the trading standards for securities transactions as of June 30, 2024[73] - The audit committee reviewed the interim report and financial statements for the six months ending June 30, 2024, ensuring adherence to applicable accounting standards and regulations[74] Employee and Management - As of June 30, 2024, the group employed 64 employees, with total employee costs (including directors' remuneration) amounting to approximately SGD 2.0 million, an increase from SGD 1.5 million for the same period in 2023[61] - The total compensation for directors and key management personnel increased from 454,000 SGD to 477,000 SGD, with short-term employee benefits rising from 431,000 SGD to 451,000 SGD[35] Market and Business Operations - The company’s main business operations are focused on the supply of food and healthcare products, with its registered office located in the Cayman Islands[9] - The company is exploring diverse opportunities to broaden revenue sources and enhance market share despite ongoing geopolitical risks and economic uncertainties[41]

Financial Performance - For the six months ended June 30, 2024, the revenue was SGD 14,678,000, a decrease of 4.4% compared to SGD 15,347,000 for the same period in 2023[3] - The gross profit for the six months ended June 30, 2024, was SGD 3,865,000, down 16% from SGD 4,595,000 in the previous year[3] - The net loss attributable to owners for the six months ended June 30, 2024, was SGD 374,000, compared to a profit of SGD 1,052,000 in the same period of 2023[4] - The company reported a foreign exchange loss of SGD 74,000 for the period, compared to a gain of SGD 18,000 in the previous year[4] - The company incurred a loss before tax of SGD 272 thousand for the six months ended June 30, 2024, compared to a profit of SGD 1,329 thousand in the same period of 2023[8] - Basic loss per share for the six months ended June 30, 2024, was (374) thousand Singapore dollars, compared to a profit of 1,052 thousand Singapore dollars in the same period of 2023[20] - The company reported a loss of approximately SGD 374,000 for the six months ended June 30, 2024, compared to a profit of approximately SGD 1.05 million for the same period in 2023, primarily due to a revenue decrease of about SGD 600,000[41] - Revenue decreased by approximately SGD 600,000 or about 3.9% to approximately SGD 14.7 million for the six months ended June 30, 2024, down from approximately SGD 15.3 million for the same period in 2023, mainly due to a reduction in sales volume of frozen products[43] - Overall gross profit decreased by approximately SGD 700,000 or about 7.0% to approximately SGD 3.9 million for the six months ended June 30, 2024, with the gross profit margin declining from 29.9% to 26.3%[45] Assets and Liabilities - The total current assets increased to SGD 23,896,000 as of June 30, 2024, from SGD 14,025,000 as of December 31, 2023[5] - The total current liabilities decreased to SGD 6,502,000 as of June 30, 2024, from SGD 11,009,000 as of December 31, 2023[5] - As of June 30, 2024, the company's total assets minus current liabilities amounted to SGD 35,208 thousand, a significant increase from SGD 20,961 thousand as of December 31, 2023, representing a growth of approximately 68.3%[6] - The company's net assets reached SGD 28,183 thousand, up from SGD 13,759 thousand in the previous year, indicating a year-over-year increase of about 104.5%[6] - The total equity increased to SGD 28,183 thousand from SGD 13,759 thousand, reflecting a growth of approximately 104.5%[6] - The company’s bank borrowings decreased to SGD 4,810 thousand from SGD 5,027 thousand, showing a reduction of approximately 4.3%[6] - The total bank borrowings decreased to SGD 5,233,000 as of June 30, 2024, from SGD 5,447,000 as of December 31, 2023, a reduction of approximately 3.9%[29] - The total borrowings of the company as of June 30, 2024, amounted to approximately SGD 7.5 million, down from SGD 10.9 million as of December 31, 2023, resulting in a debt-to-equity ratio of approximately 26.6%[54] Cash Flow and Financing - The cash flow from operating activities showed a net outflow of SGD 3,285 thousand for the six months ended June 30, 2024, compared to an inflow of SGD 738 thousand in the same period of 2023[8] - The financing activities generated a net cash inflow of SGD 11,108 thousand, a significant improvement from a net outflow of SGD 1,628 thousand in the previous year[9] - The company reported a cash and cash equivalents balance of SGD 9,044 thousand at the end of the period, up from SGD 2,820 thousand at the end of the previous year, marking an increase of approximately 220.5%[9] - The company raised approximately SGD 17.4 million through a rights issue completed on April 10, 2024, with a subscription price of SGD 0.335 per share[31] - The company utilized approximately HKD 18,000 for the repayment of promissory notes and HKD 18,000 for mergers and acquisitions from the proceeds of the rights issue[63] Expenses - The company’s administrative and other operating expenses rose to SGD 2,584,000 for the six months ended June 30, 2024, compared to SGD 2,126,000 in the previous year[3] - Selling and distribution costs increased by approximately SGD 200,000 or about 15.4% to approximately SGD 1.5 million for the six months ended June 30, 2024, primarily due to increased advertising and promotional expenses[46] - Administrative and other operating expenses rose by approximately SGD 500,000 or about 23.8% to approximately SGD 2.6 million for the six months ended June 30, 2024, attributed to increases in salaries and other operating costs[47] - The total employee costs for the six months ended June 30, 2024, were approximately SGD 2.0 million, an increase from SGD 1.5 million for the same period in 2023[62] Share Capital and Equity - The issued share capital increased to SGD 13,878,000 as of June 30, 2024, from SGD 10,407,000 as of December 31, 2023, reflecting an increase of about 33.8%[31] - The company has a stock option plan that allows for the issuance of options equivalent to up to 10% of the total issued shares at any time[32] - The company has not granted, exercised, or cancelled any share options under its share option scheme during the six months ending June 30, 2024[69] - The share award scheme adopted on September 14, 2021, aims to reward and retain eligible participants, with no shares granted under this scheme as of June 30, 2024[70] - The maximum number of shares that can be awarded under the share award scheme is capped at 10% of the total issued shares at the beginning of the year[71] - The potential number of shares to be issued under the share option and award scheme for the six months ending June 30, 2024, is 6,092,192 shares, which is 8.2% of the weighted average number of shares issued during the period[72] Compliance and Governance - The company has complied with the corporate governance code as of June 30, 2024[73] - All directors confirmed compliance with the trading standards for securities transactions during the six months ending June 30, 2024[74] - The audit committee has reviewed the interim report and financial statements for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards and regulations[75] Future Outlook - The company plans to continue its focus on expanding its food and healthcare supply business, leveraging its increased equity and cash position for potential investments and growth opportunities[10] - The company continues to explore diverse opportunities to broaden revenue sources and enhance market share despite ongoing geopolitical risks and economic uncertainties[42] - The company aims to maintain a positive outlook and take necessary actions to minimize the impact on its core business while pursuing sustainable growth and profitability[42]

Financial Performance - The total revenue for the year ended December 31, 2023, was approximately SGD 30.8 million, a decrease compared to the previous fiscal year[9]. - The company recorded a loss of approximately SGD 1.1 million for the year ended December 31, 2023, significantly reduced from a loss of SGD 8.7 million in the previous year[9]. - The reduction in loss was primarily due to the absence of goodwill and intangible asset impairment losses and a decrease in administrative expenses[9]. - The group's revenue decreased by approximately SGD 3.9 million or 11.2% to about SGD 30.8 million for the year ended December 31, 2023, primarily due to a reduction in frozen product orders[16]. - Overall gross profit decreased by approximately SGD 1.2 million or 12.2% to about SGD 8.6 million for the year ended December 31, 2023, with a stable gross profit margin of approximately 28%[18]. - Administrative and other operating expenses decreased by approximately SGD 1.5 million or 19.5% to about SGD 6.2 million for the year ended December 31, 2023, mainly due to reduced employee costs[20]. - Financing costs increased by approximately SGD 88,000 or 25.4% to about SGD 434,000 for the year ended December 31, 2023, primarily due to increased bank borrowing interest expenses[21]. - The group recorded a tax expense of approximately SGD 146,000 for the year ended December 31, 2023, compared to a tax credit of approximately SGD 509,000 for the previous year[24]. Business Strategy and Outlook - The company aims to expand its customer base and cultivate new customers to achieve long-term growth despite a challenging business environment[9]. - The company continues to seek various business and investment opportunities to maximize shareholder returns[9]. - Ongoing geopolitical risks, the Russia-Ukraine war, and impending interest rate hikes are expected to impact the global economy, presenting challenges for the company's future outlook[13]. - The company remains optimistic and is taking necessary actions to minimize the impact on its core business while striving for sustainable growth and improved profitability[13]. - The company is exploring diversified opportunities to broaden its revenue sources and enhance market share[13]. - The company will maintain good corporate governance and effective cost control measures to create maximum returns for shareholders[9]. - The company is committed to promoting its brand and providing quality products while seizing opportunities in various regions[13]. Shareholder and Capital Management - The company has not recommended the payment of a final dividend for the year ending December 31, 2023[52]. - The company has adopted a general dividend policy aimed at distributing profits attributable to shareholders for any financial year, with no predetermined payout ratio[176]. - The board will regularly review and reassess the dividend policy based on actual and expected financial performance, economic conditions, and other internal and external factors[176]. - The company has no fixed dividend distribution ratio, and the declaration and amount of dividends will be determined at the board's discretion[176]. - The total amount of net proceeds from the share issuance was based on the company's best estimates and assumptions regarding future market conditions[45]. - The actual use of proceeds is aligned with the company's business development and industry conditions[45]. Corporate Governance - The company has complied with all applicable codes and provisions of the corporate governance code during the year ending December 31, 2023[125]. - The board of directors is responsible for overseeing the company's overall strategy and business performance, including financial performance and risk management systems[131]. - The audit committee reviewed the group's quarterly, interim, and annual financial statements, ensuring compliance with applicable accounting standards and GEM Listing Rules[140]. - The company has established specific committees, including the audit, remuneration, and nomination committees, to oversee various aspects of governance[137]. - The board is committed to corporate governance and regularly reviews policies and compliance with legal and regulatory requirements[137]. - The company emphasizes the importance of maintaining good relationships with suppliers, customers, and other stakeholders, with no significant disputes reported for the year ending December 31, 2023[113]. Risk Management - The group has established a risk management policy and adopted a three-tier risk management approach to identify, assess, and manage various types of risks[160]. - The board believes that focusing on managing environmental, social, and governance (ESG) risks can enhance the long-term business value of the group[161]. - The board and audit committee conduct annual reviews of the effectiveness of the risk management and internal control systems[162]. - The group will continue to assess and improve its risk management and internal control systems annually[162]. - The group maintains a high level of transparency to enhance investor relations and is committed to timely disclosure of company information[171]. Employee and Management Structure - The company has a total of 60 employees as of December 31, 2023, with a gender ratio of approximately 63% male and 37% female[149]. - The management team includes experienced professionals with backgrounds in finance, marketing, and supply chain development, enhancing the company's operational capabilities[182][183][184]. - The company has a diverse management team with expertise in various sectors, which supports its strategic initiatives and market expansion efforts[182][184]. - The company is committed to promoting gender diversity in senior management and board positions through regular reviews and recruitment efforts[149]. Impairment and Receivables - As of December 31, 2023, the group's trade receivables amounted to approximately SGD 7,971,000, with a provision for impairment of about SGD 360,000[196]. - For the fiscal year ending December 31, 2023, the recognized impairment loss on trade receivables was approximately SGD 157,000[196]. - The carrying amount of the group's interests in associates as of December 31, 2023, was approximately SGD 1,132,000, with an impairment loss of about SGD 476,000 recognized during the fiscal year[199]. - Management's assessment of impairment for trade receivables involves significant judgment based on credit loss experience, aging of receivables, and economic conditions[196]. - The impairment assessment for interests in associates requires management to make significant judgments regarding future cash flow forecasts, including budgeted sales and growth rates[199].