Financial Performance - For the fiscal year ending December 31, 2025, the total revenue decreased by 17.7% to SGD 83.9 million from SGD 101.9 million in 2024, primarily due to the transition from lower-margin D2C business to higher-margin, technology-driven D2B business [4]. - The group reported a significant reduction in losses, narrowing from SGD 269.8 million in 2024 to SGD 51.5 million in 2025, attributed to cost optimization and improved operational efficiency [7]. - Adjusted EBITDA remained stable with a loss of SGD 3.8 million in 2025 compared to a loss of SGD 3.9 million in 2024, reflecting improved cost control [7]. - The gross profit margin decreased to 24.8% in 2025 from 30.8% in 2024, with gross profit falling by 33.7% to SGD 20.8 million [7]. - The company reported a basic loss per share of 11.53 Singapore cents for 2025, compared to 62.08 Singapore cents in 2024 [9]. - The company reported a net loss attributable to shareholders of SGD 51.490 million for 2025, compared to a loss of SGD 269.767 million in 2024, indicating a significant improvement [17]. - The company recorded a net loss of SGD 51.5 million in 2025, compared to a net loss of SGD 269.8 million in 2024, resulting in a net loss margin of 61.4% [49]. Revenue Breakdown - Total revenue for 2025 was SGD 83.874 million, a decrease of 17.7% from SGD 101.861 million in 2024 [14]. - D2C revenue through omnichannel sales was SGD 56.014 million, down 18.7% from SGD 68.905 million in 2024 [14]. - D2B revenue from digital solutions was SGD 27.860 million, a decline of 15.5% from SGD 32.956 million in 2024 [14]. - The D2B segment contributed 33.2% to total revenue, up from 32.4% in the previous year, indicating continued adoption of the group's digital commerce solutions by brand partners [4]. - D2B revenue accounted for 33.2% of total revenue in 2025, reflecting a strong performance in the transition from D2C, which saw a decline in revenue by 18.7% to SGD 56.0 million [35][36]. Assets and Liabilities - As of December 31, 2025, adjusted net assets were SGD 76.2 million, down from SGD 100.9 million in 2024 [7]. - Cash and cash equivalents increased to SGD 76.202 million in 2025 from SGD 47.909 million in 2024, reflecting a growth of 59.2% [10]. - Total assets decreased to SGD 103.229 million in 2025 from SGD 78.446 million in 2024, a decline of 31.6% [10]. - Trade receivables decreased to SGD 13.680 million in 2025 from SGD 18.905 million in 2024, a reduction of 27.4% [18]. - Trade payables decreased significantly to SGD 18.018 million in 2025 from SGD 27.588 million in 2024, a decline of 34.7% [19]. - The company reported net current assets of SGD 41.5 million, an improvement from net current liabilities of SGD 75.9 million as of December 31, 2024 [53]. Strategic Initiatives - The company launched Geene, an enterprise-level AI platform integrating large language models, blockchain infrastructure, and advanced data analytics, enhancing its technological capabilities [4]. - The group aims to strengthen its digital commerce ecosystem through technological innovation and strategic partnerships, positioning itself for sustainable long-term growth [5]. - The company launched the Geene AI platform, integrating large language models, blockchain infrastructure, and data analytics, enhancing AI capabilities for secure and scalable solutions [28]. - The company established a strategic partnership with Byteplus to enhance its Geene AI platform, aiming to meet the growing demand for enterprise-level AI capabilities in Asia [30]. - The company aims to expand its cross-border business initiatives through the "SEA the Future" program, targeting Southeast Asian market opportunities [68]. Cost Management - Sales costs for the D2B model increased by 13.0% to SGD 10.0 million in 2025, attributed to providing more digital solutions to brand partners [38]. - Sales and distribution expenses decreased from SGD 15.5 million in 2024 to SGD 8.8 million in 2025, representing a reduction from 15.2% to 10.4% of total revenue, attributed to the focus on the D2B business model [45]. - General and administrative expenses decreased from SGD 117.5 million in 2024 to SGD 113.0 million in 2025, but as a percentage of total revenue, it increased from 115.4% to 134.8% due to declining revenue [46]. - Financial costs significantly reduced from SGD 1.7 million in 2024 to SGD 1.0 million in 2025, with the percentage of total revenue decreasing from 1.7% to 1.1% [47]. Corporate Governance and Compliance - The company has adopted a corporate governance code and has complied with all applicable provisions during the reporting period [75]. - The audit committee, composed entirely of independent non-executive directors, reviewed the group's annual performance and agreed on the accounting principles adopted [78]. - Deloitte has verified the financial statements for the year ending December 31, 2025, ensuring consistency with the amounts approved by the board [79]. Future Outlook - The company plans to enhance its digital commerce ecosystem through technological innovation and strategic partnerships, focusing on operational improvements [68]. - The group is positioned to capitalize on opportunities arising from the ongoing evolution of digital commerce and cross-border digital trade in Asia [69]. - The company is strategically expanding its global business beyond Southeast Asia, including regions like Hong Kong and Spain [28].
狮腾控股(02562) - 2025 - 年度业绩