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 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 加和國際控股有限公司 呈交日期: 2025年10月3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) | 08513 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定 ...

截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 加和國際控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 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 | 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) | 08513 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

Group 1 - The company reported a revenue of 7.06 million Singapore dollars for the mid-year of 2025, representing a year-on-year increase of 45% [1] - The loss attributable to equity holders narrowed to 192,000 Singapore dollars, a significant reduction of 87.9% compared to the previous year [1] - The basic loss per share was recorded at 0.02 Singapore dollars [1]

GEM Features and Report Responsibility Statement This section outlines the characteristics of the GEM market and the company's responsibility for the report's accuracy and completeness [GEM Market Features](index=2&type=section&id=GEM%20Features) The GEM market offers a listing platform for SMEs, characterized by higher investment risks, potential for significant market volatility, and unassured liquidity - The GEM market is positioned as a listing platform for small and medium-sized companies, entailing **higher investment risks**[2](index=2&type=chunk) - GEM securities may experience **significant market volatility**, and **high liquidity cannot be guaranteed**[2](index=2&type=chunk) [Report Responsibility Statement](index=2&type=section&id=Report%20Responsibility) HKEX and the Stock Exchange disclaim responsibility for this report, while the company's directors collectively affirm its accuracy and completeness - Hong Kong Exchanges and Clearing Limited and the Stock Exchange bear **no responsibility** for the contents of this report[2](index=2&type=chunk) - The Company's directors confirm the report's information is **accurate, complete, and free from misleading or fraudulent content**, assuming full responsibility[2](index=2&type=chunk) [Language Version Note](index=2&type=section&id=Language%20Note) The report was originally prepared in English, with the Chinese version being a translation, and the English version prevails in case of discrepancies - The original report was prepared in English, with the Chinese version being a translation[3](index=3&type=chunk) - In case of any inconsistency between the Chinese and English versions, the **English version shall prevail**[3](index=3&type=chunk) Financial Highlights Summary This section provides a concise overview of the Group's key financial performance for the period, including revenue, loss, and earnings per share [Key Financial Performance](index=3&type=section&id=Key%20Financial%20Performance) For the six months ended June 30, 2025, the Group's revenue grew by 44.9% to S$7.1 million, with a significant reduction in loss to S$0.2 million Key Financial Performance (S$ thousand) | Metric | Six Months Ended June 30, 2025 (S$ thousand) | Six Months Ended June 30, 2024 (S$ thousand) | Change (S$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,100 | 4,900 | 2,200 | 44.9% | | Loss | (200) | (1,600) | 1,400 | -87.5% | | Basic Loss Per Share (Singapore cents) | (0.02) | (0.23) | 0.21 | -91.3% | - The Board does **not recommend** the payment of a dividend for the six months ended June 30, 2025[4](index=4&type=chunk) Interim Condensed Consolidated Financial Statements This section presents the Group's unaudited interim financial statements, including comprehensive income, financial position, equity changes, and cash flows [Interim Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group saw significant revenue growth, a shift from gross loss to profit, and a substantial reduction in operating and period losses Interim Condensed Consolidated Statement of Comprehensive Income (S$ thousand) | Metric | 2025 (S$ thousand) | 2024 (S$ thousand) | Change (S$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,060 | 4,869 | 2,191 | 44.99% | | Cost of sales | (5,517) | (4,987) | (530) | 10.63% | | Gross profit/(loss) | 1,543 | (118) | 1,661 | -1407.63% | | Operating loss | (128) | (1,486) | 1,358 | -91.39% | | Loss for the period | (192) | (1,581) | 1,389 | -87.86% | | Basic and diluted loss per share (Singapore cents) | (0.02) | (0.23) | 0.21 | -91.30% | - Other income **increased from S$50 thousand in 2024 to S$175 thousand in 2025**[6](index=6&type=chunk) - Exchange differences on translation of foreign operations resulted in **other comprehensive loss of S$11 thousand in 2025**[6](index=6&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased, primarily due to reductions in non-current assets and cash, with both total equity and liabilities also declining Interim Condensed Consolidated Statement of Financial Position (S$ thousand) | Metric | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | Change (S$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total assets | 8,341 | 8,753 | (412) | -4.71% | | Non-current assets | 1,683 | 2,262 | (579) | -25.59% | | Current assets | 6,658 | 6,491 | 167 | 2.57% | | Total equity | 1,923 | 2,126 | (203) | -9.55% | | Total liabilities | 6,418 | 6,627 | (209) | -3.15% | - Cash and cash equivalents **decreased from S$1,779 thousand as of December 31, 2024, to S$759 thousand as of June 30, 2025**[8](index=8&type=chunk) - Trade and other receivables **increased from S$4,132 thousand to S$4,992 thousand**[8](index=8&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to the company's owners decreased due to the loss for the period and exchange differences from foreign operations translation Interim Condensed Consolidated Statement of Changes in Equity (S$ thousand) | Metric | January 1, 2025 (S$ thousand) | June 30, 2025 (S$ thousand) | Change (S$ thousand) | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 2,141 | 1,938 | (203) | | Loss for the period | - | (192) | (192) | | Exchange differences on translation of foreign operations | - | (11) | (11) | - Share capital, share premium, capital reserve, and other reserves **remained unchanged** during the period[11](index=11&type=chunk) [Unaudited Condensed Consolidated Cash Flow Statement](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, net cash used in operating activities increased, cash outflow from investing activities decreased, and financing activities shifted to net outflow, resulting in a net decrease in cash and cash equivalents Unaudited Condensed Consolidated Cash Flow Statement (S$ thousand) | Metric | 2025 (S$ thousand) | 2024 (S$ thousand) | Change (S$ thousand) | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | (792) | (683) | (109) | | Net cash used in investing activities | (18) | (227) | 209 | | Net cash (used in)/generated from financing activities | (210) | 466 | (676) | | Net decrease in cash and cash equivalents | (1,020) | (444) | (576) | | Cash and cash equivalents at end of period | 759 | 1,154 | (395) | - The increase in net cash used in operating activities was primarily influenced by **changes in working capital**, particularly the increase in trade and other receivables[14](index=14&type=chunk) - Cash outflow from financing activities was mainly due to **repayment of borrowings and principal portions of lease liabilities**[15](index=15&type=chunk) Notes to the Interim Condensed Consolidated Financial Statements This section provides detailed notes explaining the accounting policies, estimates, financial risks, and specific line items within the interim condensed consolidated financial statements [Company Information](index=10&type=section&id=Company%20Information) The company, incorporated in the Cayman Islands as an investment holding company, operates in Singapore (medical device components) and China (big data solutions) - The Company was incorporated as an exempted company in the Cayman Islands on **July 17, 2017**[16](index=16&type=chunk) - Principal activities include manufacturing and mold fabrication services for medical device injection molded components in Singapore, and big data solutions and services in China[16](index=16&type=chunk) [Basis of Preparation](index=10&type=section&id=Basis%20of%20Preparation) The interim condensed consolidated financial statements are prepared using consistent accounting policies with the 2024 annual financial statements and are presented in S$ thousand - Accounting policies are **consistent with the 2024 annual consolidated financial statements**[17](index=17&type=chunk) - The financial statements are presented in **S$ thousand**[18](index=18&type=chunk) [New and Revised Standards Adopted](index=10&type=section&id=New%20and%20Revised%20Standards%20Adopted) The Group has adopted new and revised standards effective January 1, 2025, including amendments to IAS 21 regarding lack of exchangeability - The Group has adopted and applied **IAS 21 (Amendment) Lack of Exchangeability**, effective January 1, 2025[20](index=20&type=chunk) [Estimates](index=11&type=section&id=Estimates) The preparation of interim condensed consolidated financial statements involves management judgments, estimates, and assumptions, with key uncertainties consistent with the 2024 annual financial statements - Significant management judgments and sources of estimation uncertainty in preparing the financial statements are **consistent with the 2024 annual consolidated financial statements**[20](index=20&type=chunk) [Financial Risk Management](index=12&type=section&id=Financial%20Risk%20Management) The Group faces market (foreign currency and interest rate), credit, and liquidity risks, with no changes in risk management policies since December 31, 2024 - The Group is exposed to **market risks (foreign currency risk and interest rate risk), credit risk, and liquidity risk**[21](index=21&type=chunk) - Risk management policies have **not changed since December 31, 2024**[22](index=22&type=chunk) [Revenue and Segment Information](index=12&type=section&id=Revenue%20and%20Segment%20Information) The Group allocates resources and assesses performance based on business segments (components, sub-assembly parts, data solutions), with all segments showing revenue growth in H1 2025, including new contributions from data solutions - The Group's reportable business segments include **components, sub-assembly parts, and data solutions and services**[25](index=25&type=chunk) Segment Revenue and Gross Profit (S$ thousand) | Segment | 2025 Revenue | 2024 Revenue | 2025 Gross Profit | 2024 Gross Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Components | 4,550 | 4,037 | 1,019 | 36 | | Sub-assembly parts | 2,169 | 832 | 485 | (154) | | Data solutions and services | 341 | – | 39 | – | | Total | 7,060 | 4,869 | 1,543 | (118) | - In H1 2025, revenue from **sales of goods was S$6,594 thousand**, **sales of services was S$341 thousand**, and **mold fabrication services was S$125 thousand**[29](index=29&type=chunk) [Other Income](index=15&type=section&id=Other%20Income) For the six months ended June 30, 2025, the Group's other income significantly increased, primarily driven by higher scrap sales Other Income (S$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Government grants | 21 | 27 | | Scrap sales | 154 | 23 | | Total | 175 | 50 | - Scrap sales revenue **significantly increased from S$23 thousand in 2024 to S$154 thousand in 2025**[32](index=32&type=chunk) [Expenses by Nature](index=16&type=section&id=Expenses%20by%20Nature) For the six months ended June 30, 2025, the Group's total expenses increased, mainly due to higher cost of inventories sold and legal and professional fees, while employee benefit expenses slightly decreased Key Expense Items (S$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 3,283 | 2,404 | | Employee benefit expenses | 1,861 | 1,919 | | Depreciation of property, plant and equipment | 113 | 191 | | Depreciation of right-of-use assets | 482 | 757 | | Legal and professional fees | 430 | 185 | | Total expenses | 7,261 | 6,475 | - Legal and professional fees **significantly increased from S$185 thousand in 2024 to S$430 thousand in 2025**[34](index=34&type=chunk) - Employee benefit expenses **slightly decreased from S$1,919 thousand to S$1,861 thousand**[34](index=34&type=chunk)[35](index=35&type=chunk) [Employee Benefit Expenses](index=17&type=section&id=Employee%20Benefit%20Expenses) For the six months ended June 30, 2025, total employee benefit expenses slightly decreased, primarily due to a reduction in wages, salaries, and emoluments Employee Benefit Expenses (S$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Wages, salaries, emoluments, bonuses and allowances | 1,437 | 1,476 | | Incentives | 202 | 186 | | Retirement benefit costs | 94 | 115 | | Others | 128 | 142 | | Total | 1,861 | 1,919 | [Directors' Emoluments](index=17&type=section&id=Directors'%20Emoluments) For the six months ended June 30, 2025, total directors' emoluments slightly increased, mainly due to higher fees Directors' Emoluments (S$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Fees | 76 | 64 | | Salaries, allowances and benefits in kind | 120 | 120 | | Retirement benefit costs | 4 | 4 | | Total | 200 | 188 | - Mr. Leong Kian Yew **retired as an independent non-executive Director on May 23, 2025**[38](index=38&type=chunk) [Finance Costs](index=18&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs decreased, primarily due to a reduction in interest expense on lease liabilities Finance Costs (S$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest expense on lease liabilities | 39 | 75 | | Interest expense on bank borrowings | 25 | 13 | | Interest expense on trust receipt loans | – | 7 | | Total | 64 | 95 | - Interest expense on lease liabilities **decreased from S$75 thousand in 2024 to S$39 thousand in 2025**[41](index=41&type=chunk) [Income Tax Expense](index=18&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group incurred no income tax expense, with varying corporate tax rates across jurisdictions and no withholding tax provided for China Income Tax Expense (S$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current income tax expense | – | – | | Total income tax expense | – | – | - Singapore corporate income tax rate is **17%**, and China corporate income tax rate is **25%**[44](index=44&type=chunk)[48](index=48&type=chunk) - No provision for profits tax was made for the Cayman Islands, British Virgin Islands, and Hong Kong, and **no China withholding income tax was provided** as Chinese subsidiaries are not expected to distribute retained earnings in the foreseeable future[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[49](index=49&type=chunk) [Loss Per Share](index=20&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, the Group's basic loss per share significantly narrowed, with diluted loss per share being identical due to no potential ordinary shares Loss Per Share (Singapore cents) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (S$ thousand) | (192) | (1,581) | | Weighted average number of ordinary shares in issue (thousand shares) | 818,455 | 682,046 | | Basic and diluted loss per share (Singapore cents) | (0.02) | (0.23) | - Basic loss per share **significantly decreased from 0.23 Singapore cents in 2024 to 0.02 Singapore cents in 2025**[51](index=51&type=chunk) - Diluted loss per share is **identical to basic loss per share** as there were no potential ordinary shares in issue during the period[53](index=53&type=chunk) [Property, Plant and Equipment](index=21&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the Group's net book value of property, plant and equipment decreased, primarily due to depreciation and write-offs Net Book Value of Property, Plant and Equipment (S$ thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Net book value | 328 | 425 | | Additions during the period | 18 | 255 | | Depreciation during the period | (113) | (333) | | Write-offs during the period | (2) | (2) | - The net book value of property, plant and equipment **decreased from S$425 thousand as of December 31, 2024, to S$328 thousand as of June 30, 2025**[54](index=54&type=chunk) [Right-of-Use Assets and Lease Liabilities](index=22&type=section&id=Right-of-Use%20Assets%20and%20Lease%20Liabilities) As of June 30, 2025, both the Group's right-of-use assets and lease liabilities significantly decreased, reflecting changes in leasing activities and depreciation impact Right-of-Use Assets and Lease Liabilities (S$ thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Right-of-use assets | 176 | 658 | | Lease liabilities | 1,196 | 1,867 | | Depreciation expense of right-of-use assets (six months) | 482 | 757 | | Total cash outflow for leases (six months) | 710 | 820 | - Depreciation expense of right-of-use assets **decreased from S$757 thousand in 2024 to S$482 thousand in 2025**[56](index=56&type=chunk) - The Group leases office properties, factories, motor vehicles, and photocopiers, with fixed lease terms typically ranging from **three to five years**, and **no variable lease payments or residual value guarantees**[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Trade and Other Receivables](index=24&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables increased, mainly driven by higher trade receivables, with credit terms typically 30 to 90 days and no impairment provision Trade and Other Receivables (S$ thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade receivables | 3,729 | 2,707 | | Other receivables | 417 | 440 | | Prepayments | 250 | 393 | | Deposits paid | 596 | 592 | | Total | 4,992 | 4,132 | - Trade receivables **increased from S$2,707 thousand as of December 31, 2024, to S$3,729 thousand as of June 30, 2025**[60](index=60&type=chunk) Trade Receivables by Currency and Ageing (S$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **By Currency** | | | | SGD | 1,616 | 2,124 | | USD | 2,095 | 583 | | RMB | 18 | – | | **By Ageing** | | | | 1 to 30 days | 2,404 | 1,828 | | 31 to 60 days | 1,212 | 829 | | 61 to 90 days | 113 | 50 | - The Group generally grants credit terms of **30 to 90 days** to customers, and **no loss allowance was recognized** for trade receivables and contract assets as of the reporting date[61](index=61&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk) [Share Capital and Share Premium](index=28&type=section&id=Share%20Capital%20and%20Share%20Premium) As of June 30, 2025, the company's issued and fully paid share capital and share premium remained unchanged, with a total of 818,455,377 shares Share Capital and Share Premium (S$ thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Number of ordinary shares | 818,455,377 | 818,455,377 | | Share capital | 1,412 | 1,412 | | Share premium | 20,516 | 20,516 | - On July 29, 2024, the Company issued **136,409,229 new shares**, generating **S$1,690 thousand in proceeds**[65](index=65&type=chunk) [Trade and Other Payables](index=29&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables were largely consistent with December 31, 2024, with a slight decrease in trade payables Trade and Other Payables (S$ thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade payables | 1,035 | 1,055 | | Other payables and accrued expenses | 356 | 333 | | Total | 1,391 | 1,388 | Trade Payables by Ageing and Currency (S$ thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **By Ageing** | | | | 1 to 30 days | 521 | 425 | | 31 to 60 days | 277 | 327 | | 61 to 90 days | 237 | 184 | | Over 90 days | – | 119 | | **By Currency** | | | | USD | 468 | 367 | | SGD | 564 | 688 | | RMB | 3 | – | - The carrying amounts of trade payables **approximate their fair values**[69](index=69&type=chunk) [Related Party Transactions](index=31&type=section&id=Related%20Party%20Transactions) The Group has related party relationships with Mr. Poon Sui Ho and Ms. Xu Bin, with disclosed key management emoluments and unsecured borrowings at 0% to 4.80% annual interest - Mr. Poon Sui Ho is a **major shareholder and executive Director**, and Ms. Xu Bin is an **executive Director**[71](index=71&type=chunk) - Key management emoluments are **disclosed in Note 8(b)**[72](index=72&type=chunk) - Related party borrowings are **unsecured**, with annual interest rates ranging from **0% to 4.80%**, and repayment dates are one year and extendable[73](index=73&type=chunk) [Significant Acquisitions and Disposals](index=31&type=section&id=Significant%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries - The Group did **not undertake any significant acquisitions or disposals of subsidiaries** during the period[74](index=74&type=chunk) Management Discussion and Analysis This section provides management's perspective on the Group's operational and financial performance, future outlook, liquidity, and capital structure [Business Review](index=32&type=section&id=Business%20Review) The Group, engaged in medical device component manufacturing and big data solutions, achieved 44.9% revenue growth and significantly narrowed net loss in H1 2025, driven by increased medical device component orders - The Group's principal activities are manufacturing and selling injection molded plastic components for disposable medical devices, providing mold fabrication services, and offering big data solutions, technical support, and data services in China[76](index=76&type=chunk) Business Performance Overview (S$ thousand) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (S$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,100 | 4,900 | 2,200 | 44.9% | | Net loss | (200) | (1,600) | 1,400 | -87.5% | - The reduction in loss for the period was primarily due to **increased sales orders for injection molded plastic components for disposable medical devices**[76](index=76&type=chunk) [Prospects](index=32&type=section&id=Prospects) Facing a subdued global economic recovery and heightened financial market risk aversion, the Group will prudently manage costs, growth, and risks, leveraging its expertise for sustainable diversification - Global economic recovery is **weaker than expected**, with **heightened risk aversion in financial markets**, leading to an uncertain outlook[77](index=77&type=chunk) - The Group will continue to **prudently manage operating costs, business growth, and the risk profile of its business portfolio**[77](index=77&type=chunk) - The Group believes that **diversification of business segments can promote sustainable development**, and will take timely and appropriate actions to mitigate operational risks and maximize resource utilization[77](index=77&type=chunk) [Financial Review](index=33&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group experienced significant growth in revenue, gross profit, and gross margin, with a substantial reduction in loss, despite an increase in administrative expenses [Revenue](index=33&type=section&id=Revenue_FR) The Group's revenue increased by 44.9% year-on-year, driven by higher sales orders for disposable medical device components in Singapore and contributions from big data solutions in China Revenue (S$ thousand) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (S$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 7,100 | 4,900 | 2,200 | 44.9% | - The increase in revenue was primarily attributable to **increased sales orders for injection molded plastic components for disposable medical devices in Singapore** and the provision of **big data solutions and services in China**[78](index=78&type=chunk) [Cost of Sales](index=33&type=section&id=Cost%20of%20Sales) The Group's cost of sales increased by 10.0% year-on-year, consistent with the growth in revenue Cost of Sales (S$ thousand) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (S$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cost of sales | 5,500 | 5,000 | 500 | 10.0% | - The increase in cost of sales was **consistent with the increase in revenue**[79](index=79&type=chunk) [Gross Profit and Gross Margin](index=33&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's overall gross profit shifted from a loss to a profit, with a significant improvement in gross margin, mainly due to increased revenue from medical device components and big data solutions Gross Profit and Gross Margin (S$ thousand) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (S$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Gross profit/(loss) | 1,500 | (100) | 1,600 | -1600.0% | | Gross margin | 21.9% | 2.4% | 19.5% | 812.5% | - The increase in gross profit and gross margin was primarily due to **increased revenue from injection molded plastic components for disposable medical devices and the provision of big data solutions and services**[80](index=80&type=chunk) [Administrative Expenses](index=33&type=section&id=Administrative%20Expenses) The Group's administrative expenses increased by 30.8% year-on-year, mainly due to higher legal and professional fees incurred for business development Administrative Expenses (S$ thousand) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (S$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Administrative expenses | 1,700 | 1,300 | 400 | 30.8% | - The increase in administrative expenses was primarily due to **higher legal and professional fees incurred for business development**[82](index=82&type=chunk) [Loss for the Period](index=34&type=section&id=Loss%20for%20the%20Period) The Group's loss for the period significantly narrowed, primarily attributable to revenue growth and improved gross profit Loss for the Period (S$ thousand) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (S$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Loss for the period | (200) | (1,600) | 1,400 | -87.5% | - The reduction in loss for the current period was primarily attributable to **increased revenue and improved gross profit**[83](index=83&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=34&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's liquidity ratio and gearing ratio both deteriorated, mainly due to decreased cash, increased borrowings, and a reduction in total equity Liquidity and Capital Structure Metrics | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current ratio | 1.77 times | 1.83 times | Decrease | | Gearing ratio | 2.1 times | 2.0 times | Increase | | Cash and cash equivalents (S$ thousand) | 800 | 1,800 | Decrease | | Total borrowings (S$ thousand) | 1,100 | 500 | Increase | - The decrease in current ratio was primarily due to **reduced cash and cash equivalents balances, increased borrowings, and higher inventory and trade and other receivables balances**[84](index=84&type=chunk) - The increase in gearing ratio was mainly attributable to **increased borrowings and a reduction in total equity**[84](index=84&type=chunk) [Asset Pledges](index=35&type=section&id=Asset%20Pledges) As of June 30, 2025, and December 31, 2024, the Group had no assets pledged - The Group had **no assets pledged** during the reporting period[86](index=86&type=chunk) [Employee Information](index=36&type=section&id=Employee%20Information) As of June 30, 2025, the Group's total number of employees increased to 94, with competitive remuneration, training, and a harmonious work environment Number of Employees by Function | Function | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Management | 13 | 13 | | Finance | 1 | 2 | | Sales and Marketing | 2 | 1 | | Operations | 38 | 34 | | Quality Assurance | 9 | 9 | | Product Development/Engineering | 28 | 28 | | Human Resources | 3 | 1 | | Total | 94 | 88 | - The Group's total staff costs for the six months ended June 30, 2025, were approximately **S$1.9 million**, consistent with the prior year period[88](index=88&type=chunk) - The Group adopts an **equal opportunity policy** and provides financial support for on-the-job training and career development programs[88](index=88&type=chunk) [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does **not recommend** the payment of an interim dividend for the six months ended June 30, 2025[89](index=89&type=chunk) [Commitments](index=36&type=section&id=Commitments) The Group had no significant commitments as of June 30, 2025, and December 31, 2024 - The Group had **no significant commitments** during the reporting period[90](index=90&type=chunk) [Contingent Liabilities](index=37&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024 - The Group had **no significant contingent liabilities** during the reporting period[91](index=91&type=chunk) [Significant Investments Held](index=37&type=section&id=Significant%20Investments%20Held) For the six months ended June 30, 2025, the Group held no significant investments - The Group held **no significant investments** during the period[92](index=92&type=chunk) [Future Plans for Major Investments or Capital Assets](index=37&type=section&id=Future%20Plans%20for%20Major%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no other future plans for major investments or capital assets beyond those disclosed in this report - The Group had **no other future plans for major investments or capital assets** at the end of the reporting period[93](index=93&type=chunk) [Significant Acquisitions and Disposals (MDA)](index=37&type=section&id=Significant%20Acquisitions%20and%20Disposals_MDA) For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries - The Group did **not undertake any significant acquisitions or disposals of subsidiaries** during the period[94](index=94&type=chunk) [Foreign Exchange Risk](index=37&type=section&id=Foreign%20Exchange%20Risk) The Group's revenue and costs are primarily denominated in SGD, USD, and RMB, exposing it to foreign exchange risk from non-SGD purchases, though not significant during the period - The Group's turnover and business costs are primarily denominated in **SGD, USD, and RMB**[95](index=95&type=chunk) - Foreign exchange risk arises from purchases denominated in currencies other than SGD, but the risk was **not significant** during the period, and **no financial instruments were used for hedging**[95](index=95&type=chunk) [Capital Structure of the Group](index=37&type=section&id=Capital%20Structure%20of%20the%20Group) The Group's capital structure remained unchanged during the period ended June 30, 2025 - The Group's capital structure **remained unchanged** during the period[96](index=96&type=chunk) [Subsequent Events](index=37&type=section&id=Subsequent%20Events) The Directors found no significant events concerning the Group's business or financial performance since the interim period end of June 30, 2025 - The Directors found **no significant events** concerning the Group's business or financial performance since the interim period end[97](index=97&type=chunk) Corporate Governance and Other Information This section details the company's corporate governance practices, including directors' and major shareholders' interests, securities transactions, and audit committee functions [Directors' and Chief Executive's Interests in Shares, Underlying Shares, and Debentures of the Company or its Associated Corporations](index=38&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20or%20its%20Associated%20Corporations) As of June 30, 2025, Mr. Poon Sui Ho held a 4.13% long position in the company's shares, with no other disclosable interests for directors or chief executives Directors' Long Positions in Shares of the Company | Name | Capacity/Nature of Interest | Number of Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Poon Sui Ho | Beneficial owner | 33,832,000 (L) | 4.13% | - As of June 30, 2025, none of the Company's Directors or chief executives held any interests in underlying shares in respect of physically settled, cash settled, or other equity derivatives[100](index=100&type=chunk) [Major Shareholders' and Other Persons' Interests in Shares, Underlying Shares, and Debentures of the Company](index=40&type=section&id=Major%20Shareholders'%20and%20Other%20Persons'%20Interests%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company) As of June 30, 2025, Ms. Wu Haiyan and Mr. Xie Jianlong were major shareholders, holding 6.44% and 7.53% long positions respectively, excluding directors Major Shareholders' Long Positions in Shares of the Company | Name | Capacity/Nature of Interest | Number of Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Ms. Wu Haiyan | Beneficial owner | 52,694,000 | 6.44% | | Mr. Xie Jianlong | Beneficial owner | 61,612,000 (L) | 7.53% | - Save as disclosed above, the Company was **not aware of any other disclosable interests** in shares or underlying shares[102](index=102&type=chunk) [Purchase, Sale or Redemption of Listed Securities of the Company](index=41&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities - Neither the Company nor any of its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities** during the period[103](index=103&type=chunk) [Share Option Scheme](index=41&type=section&id=Share%20Option%20Scheme) The company adopted a 10-year share option scheme on December 19, 2017, with no options granted or outstanding for the six months ended June 30, 2025 - The Company adopted a share option scheme on **December 19, 2017**, with a validity period of **10 years**[104](index=104&type=chunk) - Under the scheme, the Company has **40,000,000 share options available for issue**, representing approximately **4.9% of the issued shares**[104](index=104&type=chunk) - No share options were granted during the six months ended June 30, 2025, and **no share options were outstanding**[107](index=107&type=chunk) [Compliance with Corporate Governance Code](index=42&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company strives for high corporate governance standards, complying with the GEM Listing Rules' Corporate Governance Code, except for the non-segregation of Chairman and CEO roles - The Company has **complied with the Corporate Governance Code** set out in Part C1 of Appendix C1 to the GEM Listing Rules, **except for code provision C.2.1**[108](index=108&type=chunk) - Mr. Poon holds both the Chairman and Chief Executive Officer roles, an arrangement the Board believes is **in the best interests of the Company and its shareholders**[108](index=108&type=chunk) [Directors' Securities Transactions](index=43&type=section&id=Directors'%20Securities%20Transactions) All directors confirmed full compliance with the required standards for securities transactions for the six months ended June 30, 2025, with no non-compliance incidents - All Directors confirmed **full compliance with the required standards for securities transactions** as set out in Rules 5.48 to 5.67 of the GEM Listing Rules[109](index=109&type=chunk) - There were **no incidents of non-compliance** for the six months ended June 30, 2025[109](index=109&type=chunk) [Audit Committee](index=43&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, advises on external auditors, financial statements, and internal controls, having reviewed the Group's unaudited interim financial information - The Audit Committee comprises **three independent non-executive Directors**, with Professor Cheung Ka Yu as Chairman[110](index=110&type=chunk) - Key responsibilities include **recommending the appointment and removal of external auditors**, reviewing financial statements, and overseeing internal control procedures[110](index=110&type=chunk) - The Audit Committee has discussed and reviewed the Group's **unaudited condensed consolidated financial information** for the six months ended June 30, 2025, deeming it compliant with applicable accounting standards and Listing Rules requirements[110](index=110&type=chunk) [Board Members and Report Publication](index=43&type=section&id=Board%20Members%20and%20Report%20Publication) This report, issued by Chairman and Executive Director Mr. Poon Sui Ho on August 29, 2025, on behalf of the Board, will be published on the Stock Exchange and company websites - This report was issued by Mr. Poon Sui Ho, Chairman and Executive Director, on behalf of the Board on **August 29, 2025**[111](index=111&type=chunk) - The Company's executive Directors include Mr. Poon Sui Ho, Ms. Xu Bin, Mr. Lee Jen Kang, and Mr. Yeo Qi Jun; independent non-executive Directors are Mr. Foo See Ann, Professor Cheung Ka Yu, and Ms. Tan Yee Wah[113](index=113&type=chunk) - This report will be **published and maintained on the Stock Exchange website and the Company's website** at www.inzign.com[113](index=113&type=chunk)

Report Overview [GEM Characteristics and Disclaimer](index=1&type=section&id=GEM%20Characteristics%20and%20Disclaimer) The announcement details MaxWin International Holdings Limited's interim results for the six months ended June 30, 2025, emphasizing GEM market risks and the precedence of the English version - The GEM market targets small and medium-sized companies, entailing higher investment risks, potentially greater market volatility, and no guaranteed liquidity[2](index=2&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for the content of this announcement, make no representation, and accept no liability for any loss[2](index=2&type=chunk) - This announcement is prepared in English, with the Chinese version being a translation; in case of any inconsistency, the English version shall prevail[3](index=3&type=chunk) Financial Statements [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, revenue grew 44.9% to S$7,060 thousand, gross profit turned positive, and loss per share significantly narrowed to 0.02 Singapore cents Key Financial Performance (For the six months ended June 30) | Metric | 2025 (S$ thousand) | 2024 (S$ thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 7,060 | 4,869 | 44.9% Increase | | Cost of sales | (5,517) | (4,987) | 10.6% Increase | | Gross profit/(loss) | 1,543 | (118) | Turned from loss to profit | | Operating loss | (128) | (1,486) | Loss narrowed by 91.4% | | Loss for the period | (192) | (1,581) | Loss narrowed by 87.8% | | Basic and diluted loss per share (Singapore cents) | (0.02) | (0.23) | Loss narrowed by 91.3% | - Other income increased from **S$50 thousand** in 2024 to **S$175 thousand** in 2025[5](index=5&type=chunk) - Administrative expenses increased from **S$1,322 thousand** in 2024 to **S$1,655 thousand** in 2025[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and equity decreased, cash and cash equivalents significantly reduced, and increased receivables and borrowings impacted liquidity and leverage ratios Key Financial Position (As of June 30) | Metric | 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total assets | 8,341 | 8,753 | 4.7% Decrease | | Equity attributable to owners of the Company | 1,938 | 2,141 | 9.5% Decrease | | Total equity | 1,923 | 2,126 | 9.6% Decrease | | Total liabilities | 6,418 | 6,627 | 3.2% Decrease | | Current assets | 6,658 | 6,491 | 2.6% Increase | | Current liabilities | 3,764 | 3,550 | 6.0% Increase | - Trade and other receivables increased from **S$4,132 thousand** as of December 31, 2024, to **S$4,992 thousand** as of June 30, 2025[7](index=7&type=chunk) - Cash and cash equivalents decreased from **S$1,779 thousand** as of December 31, 2024, to **S$759 thousand** as of June 30, 2025[7](index=7&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Equity attributable to owners decreased from S$2,141 thousand to S$1,938 thousand for the six months ended June 30, 2025, driven by a S$192 thousand loss and S$11 thousand in exchange differences - Equity attributable to owners of the Company decreased from **S$2,141 thousand** as of January 1, 2025, to **S$1,938 thousand** as of June 30, 2025[9](index=9&type=chunk) - Loss for the period resulted in an increase in accumulated losses by **S$192 thousand**[9](index=9&type=chunk) - Exchange differences from translating foreign operations amounted to **S$11 thousand**, leading to a negative foreign currency translation reserve[9](index=9&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operations increased, investing cash outflow decreased, and financing activities shifted to a net outflow, leading to a S$1,020 thousand net decrease in cash Key Cash Flows (For the six months ended June 30) | Metric | 2025 (S$ thousand) | 2024 (S$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net cash used in operating activities | (792) | (683) | Outflow increased by 16.0% | | Net cash used in investing activities | (18) | (227) | Outflow decreased by 92.1% | | Net cash (used in)/generated from financing activities | (210) | 466 | Shifted from net inflow to net outflow | | Net decrease in cash and cash equivalents | (1,020) | (444) | Decrease increased by 129.7% | | Cash and cash equivalents at end of period | 759 | 1,154 | 34.2% Decrease | - Proceeds from borrowings significantly decreased from **S$2,101 thousand** in 2024 to **S$500 thousand** in 2025[12](index=12&type=chunk) - Repayment of principal portion of lease liabilities decreased from **S$745 thousand** in 2024 to **S$671 thousand** in 2025[12](index=12&type=chunk) Notes to the Financial Statements [Company Information and Basis of Preparation](index=9&type=section&id=Company%20Information%20and%20Basis%20of%20Preparation) The Cayman Islands-registered company operates in Singapore (medical device components) and China (big data solutions), with interim financial statements prepared using consistent accounting policies and presented in S$ thousand - The Company is registered in the Cayman Islands, with principal activities in Singapore (manufacturing and sales of medical device injection molded components and mold fabrication services) and China (big data solutions, technical support, and data services)[13](index=13&type=chunk) - The interim condensed consolidated financial statements adopt the same accounting policies and methods of computation as those used in the annual consolidated financial statements for the year ended December 31, 2024[14](index=14&type=chunk) - The financial statements are presented in **thousands of Singapore Dollars**[15](index=15&type=chunk) [New Standards Adopted and Amendments to Standards and Estimates](index=9&type=section&id=New%20Standards%20Adopted%20and%20Amendments%20to%20Standards%20and%20Estimates) The Group adopted IAS 21 (Amendment) "Lack of Exchangeability" from January 1, 2025, with significant judgments and estimates consistent with the prior year, acknowledging potential differences in actual results - The Group first adopted and applied IAS 21 (Amendment) "Lack of Exchangeability" from **January 1, 2025**[17](index=17&type=chunk) - The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty in preparing the interim condensed consolidated financial statements are the same as those applied to the consolidated financial statements for the year ended December 31, 2024[18](index=18&type=chunk) [Financial Risk Management](index=10&type=section&id=Financial%20Risk%20Management) The Group faces market, credit, and liquidity risks, with unchanged risk management policies since December 31, 2024, and fair values of short-term receivables and payables approximating carrying amounts - The Group's business faces market risks (foreign currency risk and interest rate risk), credit risk, and liquidity risk[19](index=19&type=chunk) - Risk management policies have not changed since **December 31, 2024**[20](index=20&type=chunk) [Revenue and Segment Information](index=10&type=section&id=Revenue%20and%20Segment%20Information) For the six months ended June 30, 2025, all segments, including new data solutions and services (S$341 thousand), achieved revenue growth, leading to an overall gross profit turnaround Segment Revenue and Gross Profit (For the six months ended June 30) | Segment | 2025 Revenue (S$ thousand) | 2025 Gross Profit (S$ thousand) | 2024 Revenue (S$ thousand) | 2024 Gross Profit/(Loss) (S$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Components | 4,550 | 1,019 | 4,037 | 36 | | Sub-component parts | 2,169 | 485 | 832 | (154) | | Data solutions and services | 341 | 39 | – | – | | **Total** | **7,060** | **1,543** | **4,869** | **(118)** | - Sales of goods increased from **S$4,645 thousand** in 2024 to **S$6,594 thousand** in 2025[27](index=27&type=chunk) - Sales of services increased from zero in 2024 to **S$341 thousand** in 2025, while revenue from mold fabrication services decreased from **S$224 thousand** in 2024 to **S$125 thousand** in 2025[27](index=27&type=chunk) [Other Income](index=13&type=section&id=Other%20Income) Total other income for the six months ended June 30, 2025, surged by 250% to S$175 thousand, mainly driven by increased scrap sales Composition of Other Income (For the six months ended June 30) | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Government grants | 21 | 27 | 22.2% Decrease | | Scrap sales | 154 | 23 | 569.6% Increase | | **Total** | **175** | **50** | **250.0% Increase** | [Expense Details](index=14&type=section&id=Expense%20Details) Total expenses for the six months ended June 30, 2025, rose 12.1% to S$7,261 thousand, driven by increased cost of inventories sold and legal fees, while other depreciation and employee benefits decreased Major Expense Components (For the six months ended June 30) | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 3,283 | 2,404 | 36.6% Increase | | Employee benefit expenses | 1,861 | 1,919 | 3.0% Decrease | | Depreciation of property, plant and equipment | 113 | 191 | 40.9% Decrease | | Depreciation of right-of-use assets | 482 | 757 | 36.3% Decrease | | Legal and professional fees | 430 | 185 | 132.4% Increase | | Research and development expenses | 264 | 293 | 9.9% Decrease | | **Total expenses** | **7,261** | **6,475** | **12.1% Increase** | - Total directors' emoluments increased from **S$188 thousand** in 2024 to **S$200 thousand** in 2025[31](index=31&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance costs for the six months ended June 30, 2025, decreased by 32.7% to S$64 thousand, mainly due to lower interest on lease liabilities despite increased bank borrowing interest Composition of Finance Costs (For the six months ended June 30) | Item | 2025 (S$ thousand) | 2024 (S$ thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Interest expense on lease liabilities | 39 | 75 | 48.0% Decrease | | Interest expense on bank borrowings | 25 | 13 | 92.3% Increase | | Interest expense on trust receipt loans | – | 7 | 100.0% Decrease | | **Total** | **64** | **95** | **32.7% Decrease** | [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, no income tax expense was recognized due to no taxable profit, and no withholding tax was provided for Chinese subsidiaries' retained earnings - Total income tax expense for the six months ended **June 30, 2025**, was **zero**[33](index=33&type=chunk) - The corporate income tax rate in Singapore is **17%**, while companies in the Cayman Islands and British Virgin Islands are exempt from income tax[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - The corporate income tax rate in China is **25%**, but no withholding tax was provided as retained earnings of Chinese subsidiaries are not expected to be distributed in the foreseeable future[38](index=38&type=chunk)[39](index=39&type=chunk) [Loss Per Share](index=17&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share for the six months ended June 30, 2025, significantly narrowed by 91.3% to 0.02 Singapore cents, driven by reduced loss attributable to owners Loss Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company (S$ thousand) | (192) | (1,581) | Loss narrowed by 87.8% | | Weighted average number of ordinary shares in issue (thousand shares) | 818,455 | 682,046 | 20.0% Increase | | Basic and diluted loss per share (Singapore cents) | (0.02) | (0.23) | Loss narrowed by 91.3% | - Diluted loss per share was the same as basic loss per share as there were no outstanding potential ordinary shares during the period[41](index=41&type=chunk) [Property, Plant and Equipment](index=18&type=section&id=Property%2C%20Plant%20and%20Equipment) Property, plant and equipment net book value decreased from S$425 thousand to S$328 thousand as of June 30, 2025, due to depreciation and write-offs, partially offset by additions - The net book value of property, plant and equipment decreased from **S$425 thousand** as of January 1, 2025, to **S$328 thousand** as of June 30, 2025[43](index=43&type=chunk) - Additions during the period amounted to **S$18 thousand**, depreciation was **S$113 thousand**, and write-offs were **S$2 thousand**[43](index=43&type=chunk)[44](index=44&type=chunk) [Right-of-Use Assets and Lease Liabilities](index=19&type=section&id=Right-of-Use%20Assets%20and%20Lease%20Liabilities) As of June 30, 2025, right-of-use assets and lease liabilities significantly decreased by 73.2% and 35.9% respectively, indicating reduced leasing activities and lower associated depreciation and cash outflows Right-of-Use Assets and Lease Liabilities (As of June 30) | Metric | 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | Change | | :--- | :--- | :--- | :--- | | Right-of-use assets | 176 | 658 | 73.2% Decrease | | Lease liabilities (Total) | 1,196 | 1,867 | 35.9% Decrease | | Depreciation expense of right-of-use assets (For the six months ended June 30) | 482 | 757 | 36.3% Decrease | - There were no additions or disposals of right-of-use assets during the period[45](index=45&type=chunk) - Total cash outflow for leases decreased from **S$820 thousand** in 2024 to **S$710 thousand** in 2025[46](index=46&type=chunk) [Trade and Other Receivables](index=20&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables increased by 20.8% to S$4,992 thousand as of June 30, 2025, mainly due to higher trade receivables, with no loss allowance recognized for trade receivables or contract assets Trade and Other Receivables (As of June 30) | Item | 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | Change | | :--- | :--- | :--- | :--- | | Trade receivables | 3,729 | 2,707 | 37.8% Increase | | Other receivables | 417 | 440 | 5.2% Decrease | | Prepayments | 250 | 393 | 36.4% Decrease | | Deposits paid | 596 | 592 | 0.7% Increase | | **Total** | **4,992** | **4,132** | **20.8% Increase** | - Trade receivables are primarily denominated in **Singapore Dollars** and **US Dollars**, with credit terms generally ranging from **30 to 90 days**[51](index=51&type=chunk) - No loss allowance was recognized for trade receivables and contract assets as of the reporting date[54](index=54&type=chunk) [Share Capital](index=23&type=section&id=Share%20Capital) As of June 30, 2025, the Company's issued share capital remained at S$1,412 thousand (818,455,377 shares) and share premium at S$20,516 thousand, following a new share issuance on July 29, 2024 - As of **June 30, 2025**, the number of issued and fully paid ordinary shares was **818,455,377**, with share capital of **S$1,412 thousand** and share premium of **S$20,516 thousand**[56](index=56&type=chunk) - On **July 29, 2024**, the Company issued **136,409,229 new shares**, generating proceeds of **S$1,690 thousand**[56](index=56&type=chunk) [Trade and Other Payables](index=23&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables slightly increased by 0.2% to S$1,391 thousand as of June 30, 2025, with trade payables decreasing and other payables increasing, and no overdue amounts exceeding 90 days Trade and Other Payables (As of June 30) | Item | 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | Change | | :--- | :--- | :--- | :--- | | Trade payables | 1,035 | 1,055 | 1.9% Decrease | | Other payables and accrued expenses | 356 | 333 | 6.9% Increase | | **Total** | **1,391** | **1,388 | **0.2% Increase** | - Trade payables are primarily denominated in **US Dollars** and **Singapore Dollars**[58](index=58&type=chunk) - The aging analysis of trade payables shows **no overdue amounts exceeding 90 days**[58](index=58&type=chunk) [Related Party Transactions](index=25&type=section&id=Related%20Party%20Transactions) Key management includes Mr. Poon Sui Ho and Ms. Xu Bin, with related party borrowings being unsecured, carrying 0% to 4.80% annual interest, and having extendable one-year repayment terms - Key management includes Executive Directors **Mr. Poon Sui Ho** and **Ms. Xu Bin**[60](index=60&type=chunk)[61](index=61&type=chunk) - Borrowings are **unsecured**, with annual interest rates ranging from **0% to 4.80%**, and a repayment period of **one year, extendable**[62](index=62&type=chunk) Management Discussion and Analysis [Business Review](index=26&type=section&id=Business%20Review) For the six months ended June 30, 2025, revenue grew 44.9% to S$7.1 million, and net loss significantly narrowed by 87.5% to S$0.2 million, driven by increased medical device component sales - The Group's revenue was approximately **S$7.1 million**, representing a **44.9% year-on-year increase**[64](index=64&type=chunk) - Net loss was approximately **S$0.2 million**, a significant **87.5% year-on-year reduction**, primarily due to increased one-off sales orders for medical device injection molded plastic components[64](index=64&type=chunk) [Outlook](index=26&type=section&id=Outlook) Amid a challenging global economic outlook, the Group will prudently manage costs, growth, and risks, leveraging its expertise and diversified segments for sustainable development and business resilience - Global economic recovery is weaker than expected, with an uncertain outlook; the Group will remain vigilant and prudently manage operating costs, business growth, and risks[65](index=65&type=chunk) - The Group believes its business segment diversification can promote sustainable development and will continue to take action to mitigate operational risks and maximize resource utilization[65](index=65&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) For the six months ended June 30, 2025, revenue grew 44.9% to S$7.1 million, gross profit turned positive with a 21.9% margin, administrative expenses increased, and loss for the period significantly reduced - Revenue increased by **44.9%** to **S$7.1 million**, primarily attributable to increased one-off sales orders for medical device injection molded plastic components in Singapore and big data solutions and services in China[66](index=66&type=chunk) - Cost of sales increased by **10.0%** to **S$5.5 million**, consistent with revenue growth[67](index=67&type=chunk) - Gross profit turned from a gross loss of **S$0.1 million** in the prior period of 2024 to a gross profit of **S$1.5 million**, with gross margin increasing from **2.4% to 21.9%**[68](index=68&type=chunk) - Administrative expenses increased by **30.8%** to **S$1.7 million**, mainly due to increased legal and professional fees incurred for business development[69](index=69&type=chunk)[70](index=70&type=chunk) - Loss for the period decreased from **S$1.6 million** to **S$0.2 million**[71](index=71&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=27&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, liquidity and leverage ratios deteriorated due to decreased cash, increased borrowings, and higher receivables/inventories, though no assets were pledged - The current ratio decreased from **1.83 times** as of December 31, 2024, to **1.77 times** as of June 30, 2025, primarily due to decreased cash, increased borrowings, and higher inventories/receivables[72](index=72&type=chunk) - The debt-to-equity ratio increased from **2.0 times** as of December 31, 2024, to **2.1 times** as of June 30, 2025, mainly due to increased borrowings and decreased total equity[72](index=72&type=chunk) - Cash and cash equivalents decreased from **S$1.8 million** as of December 31, 2024, to **S$0.8 million** as of June 30, 2025, while total borrowings increased from **S$0.5 million** to **S$1.1 million**[73](index=73&type=chunk) - The Group did not pledge any assets as of the reporting date[73](index=73&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group's employee count increased to 94, with total staff costs stable at S$1.9 million, supported by training, career development, and competitive remuneration - As of **June 30, 2025**, the Group's total number of employees was **94**, an increase from **88** as of June 30, 2024[74](index=74&type=chunk) - Total staff costs for the six months ended **June 30, 2025**, were approximately **S$1.9 million**, consistent with the prior period[75](index=75&type=chunk) - The company provides on-the-job training, career development support, and remuneration and benefits, while adopting an equal opportunity policy[75](index=75&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend payment for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[76](index=76&type=chunk) [Commitments, Contingent Liabilities and Material Investments](index=30&type=section&id=Commitments%2C%20Contingent%20Liabilities%20and%20Material%20Investments) As of June 30, 2025, the Group had no material commitments, contingent liabilities, or investments, nor any other future plans for significant capital assets beyond this announcement - As of **June 30, 2025**, the Group had no material commitments, contingent liabilities, or material investments[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - Other than as disclosed in this announcement, there were no other future plans for material investments or capital assets[80](index=80&type=chunk) [Significant Acquisitions and Disposals](index=30&type=section&id=Significant%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries - For the six months ended **June 30, 2025**, the Group did not undertake any significant acquisitions or disposals of subsidiaries[81](index=81&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign exchange risk from purchases denominated in Singapore Dollars, US Dollars, and Renminbi, but this risk was not significant during the reporting periods, and no hedging instruments were used - The Group faces foreign exchange risk from purchases denominated in **Singapore Dollars**, **US Dollars**, and **Renminbi**[82](index=82&type=chunk) - Foreign exchange risk was **not significant** during the reporting periods, and no financial instruments were used for hedging[82](index=82&type=chunk) [Capital Structure and Post Balance Sheet Events](index=30&type=section&id=Capital%20Structure%20and%20Post%20Balance%20Sheet%20Events) The Group's capital structure remained unchanged for the period ended June 30, 2025, with no significant post-balance sheet events affecting business or financial performance identified by the Directors - The Group's capital structure remained **unchanged** for the period ended **June 30, 2025**[83](index=83&type=chunk) - No significant events concerning the Group's business or financial performance were identified subsequent to the interim period-end[84](index=84&type=chunk) Shareholder and Governance Information [Directors' and Chief Executive's Interests](index=31&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests) As of June 30, 2025, Mr. Poon Sui Ho held a 4.13% long position in the Company's shares, with no other directors or chief executives holding any disclosable interests - Mr. Poon Sui Ho held a long position of **33,832,000 shares**, representing **4.13%** of the Company's share capital[85](index=85&type=chunk) - As of **June 30, 2025**, no directors or chief executives of the Company held any interests in underlying shares in respect of physically settled, cash settled, or other equity derivatives[86](index=86&type=chunk) [Substantial Shareholders' and Other Persons' Interests](index=32&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests) As of June 30, 2025, Ms. Wu Haiyan and Mr. Xie Jianlong were substantial shareholders, holding 6.44% and 7.53% long positions respectively, with no other disclosable interests known - Ms. Wu Haiyan held **52,694,000 shares**, representing **6.44%** of the share capital[87](index=87&type=chunk) - Mr. Xie Jianlong held a long position of **61,612,000 shares**, representing **7.53%** of the share capital[87](index=87&type=chunk) [Dealings in Listed Securities](index=32&type=section&id=Dealings%20in%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[88](index=88&type=chunk) [Share Option Scheme](index=33&type=section&id=Share%20Option%20Scheme) The Company adopted a 10-year share option scheme on December 19, 2017, for 40,000,000 options (4.9% of shares), with no grants or outstanding options for the six months ended June 30, 2025 - The Company adopted a share option scheme on **December 19, 2017**, with a **10-year validity**, allowing for the issuance of **40,000,000 share options**, representing approximately **4.9%** of issued shares[89](index=89&type=chunk) - For the six months ended **June 30, 2025**, no share options were granted, and none remained outstanding[91](index=91&type=chunk) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The Company maintains high corporate governance standards, complying with GEM Listing Rules, with the exception of the combined Chairman and CEO roles, which the Board deems in the best interest of the Company and shareholders - The Company has complied with the GEM Listing Rules Appendix C1 Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Poon, which the Board believes serves the best interests of the Company and its shareholders[92](index=92&type=chunk) - All Directors have fully complied with the required standards for Directors' dealings in the Company's securities[93](index=93&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors and chaired by Professor Cheung Ka Yu, reviewed the Group's unaudited interim financial information for the six months ended June 30, 2025, confirming its compliance with relevant standards - The Audit Committee comprises **three independent non-executive directors**, with **Professor Cheung Ka Yu** as Chairman[94](index=94&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial information for the six months ended **June 30, 2025**, and considers it to be in compliance with applicable accounting standards, the GEM Listing Rules, and other applicable legal requirements[95](index=95&type=chunk) [Board Composition](index=35&type=section&id=Board%20Composition) As of the announcement date, the Board of Directors comprises four executive directors (Mr. Poon Sui Ho, Ms. Xu Bin, Mr. Lee Yan Kong, Mr. Yeung Kei Kwan) and three independent non-executive directors (Mr. Foo Sze An, Professor Cheung Ka Yu, Ms. Chan Yee Wah) - Executive Directors include **Mr. Poon Sui Ho**, **Ms. Xu Bin**, **Mr. Lee Yan Kong**, and **Mr. Yeung Kei Kwan**[96](index=96&type=chunk) - Independent Non-executive Directors include **Mr. Foo Sze An**, **Professor Cheung Ka Yu**, and **Ms. Chan Yee Wah**[96](index=96&type=chunk)

董事會謹此進一步補充，陳女士於該公告日期的年齡為 67 歲。 該公告所載的所有資訊保持不變，並繼續有效。本補充公告應與該公告一併閱讀。 承董事會命 加和國際控股有限公司 主席 潘瑞河 新加坡，2025 年 8 月 18 日 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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 MaxWin International Holdings Limited 加和國際控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號: 8513) 有關於委任獨立非執行董事的補充公告 茲提述本公司日期為 2025年 8月 15日有關於委任陳藝華女士的公告(「該公告」)。除另有界定者 外，本公告所用詞彙與該公告所界定者俱有相同涵義。 於本公告日期，本公司之執行董事為潘瑞河先生、李仁剛先生、徐斌女士及楊淇鈞先生；以及本公司之獨 立非執行董事為陳藝華女士、張嘉裕教授及傅思安先生。 本公告的資料乃遵照《香港聯合交易所有限公司的 GEM 證券上市規則》而刊載，旨在提供有關本公司的資 料 ...

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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 MaxWin International Holdings Limited 加和國際控股有限公司 有關於截至二零二四年十二月三十一日止年度之年報的補充公告 茲提述加和國際控股有限公司（「本公司」）於二零二五年四月二十五日刊發的截至二零二四年 十二月三十一日止年度之年報（「年報」）。除另有界定者外，本公告所用詞彙與年報所界定者 具有相同涵義。本公告為年報提供補充資料，並應與年報一併閱讀。 購股權計劃 除年報所提供的資料外，本公司謹根據GEM上市規則第23.07(2)條及23.09(3)條，向本公司股東及 潛在投資者提供以下有關該計劃之額外資料。 於二零二四年十二月三十一日，該計劃下可供授出之購股權總數為40,000,000股 （二零二三年： 40,000,000股）。此外，於年報刊發日，該計劃下可供發行之普通股總數為40,000,000，佔已發行 普通股約4.9%。 以上額外資料對年報所載之其他資料並無影響 ...

Company Overview - 加和国际控股有限公司 is a contract manufacturer based in Singapore, specializing in the production and sale of disposable medical devices and injection-molded plastic components, as well as providing mold-making services [2] - Established in 1981, the company has become a reliable contract manufacturer for major international healthcare and medical device companies [2] - The company's revenue is derived from two main segments: manufacturing and selling injection-molded plastic components for disposable medical devices, and providing mold-making services [2] Financial Performance - As of December 31, 2024, 加和国际控股 reported total revenue of 55.6565 million yuan, representing a year-on-year growth of 14.33% [1] - The company recorded a net profit attributable to shareholders of -14.0006 million yuan, showing a year-on-year increase of 61% [1] - The gross profit margin stood at 2.18%, while the debt-to-asset ratio was 75.71% [1] Market Position and Valuation - 加和国际控股's price-to-earnings (P/E) ratio is -7.04, ranking 87th in the industry, compared to the average P/E ratio of 0.66 and the median of 1.36 for the healthcare equipment and services sector [1] - Other companies in the same industry have varying P/E ratios, with 京玖康疗 at 0.38, 巨星医疗控股 at 0.4, 医汇集团 at 2.32, 环球医疗 at 5.31, and 瑞慈医疗 at 5.4 [1] Upcoming Events - The company is scheduled to disclose its mid-year report for the fiscal year 2025 on August 29, 2025 [3]

Group 1 - The core point of the article is the appointment of Ms. Chen Yihua as an independent non-executive director, audit committee member, and nomination committee member of Cargill International Holdings, effective from August 15, 2025 [1]

Group 1 - The company, 加和国际控股 (08513), announced the appointment of Ms. Chen Yihua as an independent non-executive director, member of the audit committee, and member of the nomination committee, effective from August 15, 2025 [1]