Financial Performance - Total revenue for the six months ended March 31, 2025, was SGD 31,956,119, representing an increase of 35.4% compared to SGD 23,625,588 for the same period in 2024[4] - Service revenue increased to SGD 31,678,591, up 35.8% from SGD 23,344,088 year-on-year[4] - Gross profit for the period was SGD 2,839,602, slightly up from SGD 2,753,475, indicating a gross margin improvement[4] - The company reported a pre-tax profit of SGD 413,129, compared to SGD 251,515 in the previous year, reflecting a growth of 64.3%[4] - Basic and diluted earnings per share increased to SGD 0.09 from SGD 0.05, marking an 80% increase[4] - Total segment revenue for construction services was SGD 31,678,591, while property investment revenue was SGD 277,528, leading to total segment revenue of SGD 31,956,119[17] - The company incurred financing costs of SGD 361,629 for the six months ended March 31, 2025, down from SGD 454,307 in the previous year, reflecting a 20.3% decrease[23] - The total employee costs, including directors' remuneration, amounted to SGD 4,415,112, an increase from SGD 3,824,963 in the previous year, representing a 15.4% rise[24] - Other income decreased to SGD 102,767 for the six months ended March 31, 2025, from SGD 217,231 in the same period of 2024, indicating a 52.7% decline[22] - The company did not declare any dividends for the six months ended March 31, 2025, nor for the period following this date[25] Assets and Liabilities - Non-current assets totaled SGD 28,217,793, a decrease from SGD 29,330,320 as of September 30, 2024[5] - Current liabilities decreased to SGD 28,989,138 from SGD 35,184,100, indicating improved liquidity[5] - The company's net asset value increased to SGD 27,587,982 from SGD 27,174,853, showing a positive trend in equity[6] - As of March 31, 2025, the total value of trade receivables is SGD 7,189,863, a decrease from SGD 8,299,673 as of September 30, 2024, reflecting a decline of approximately 13.4%[33] - Contract assets amount to SGD 20,845,505 as of March 31, 2025, down from SGD 23,781,688 as of September 30, 2024, representing a decrease of about 12.9%[36] - The company's total liabilities related to contract assets decreased to SGD 14,588,917 as of March 31, 2025, down from SGD 19,882,389 as of September 30, 2024, indicating a reduction of about 26.7%[36] - The group's trade payables as of March 31, 2025, were SGD 5,354,493, down from SGD 7,067,901 as of September 30, 2024, indicating a reduction of about 24.2%[40] - The total liabilities, including bank overdrafts and borrowings, decreased from SGD 16,333,778 as of September 30, 2024, to SGD 12,607,518 as of March 31, 2025, reflecting a decline of approximately 22.7%[41] - The group's lease liabilities totaled SGD 1,847,588 as of March 31, 2025, compared to SGD 2,230,811 as of September 30, 2024, showing a decrease of around 17.2%[42] Operational Highlights - The company operates primarily in Singapore, with 100% of its revenue generated from this market for the six months ended March 31, 2025[21] - The group continues to focus on expanding its construction services and property investment segments, aiming for further growth in the upcoming periods[13] - The construction services segment generated revenue of 31.678 million SGD in FY2025, accounting for 99.1% of total revenue, compared to 23.344 million SGD or 98.8% in FY2024[55] - The expected nominal value of total construction demand in Singapore for 2025 is projected to be between 47 billion SGD and 53 billion SGD, with real value demand estimated between 35 billion SGD and 39 billion SGD, reflecting a growth of 0.3% to 11.7% compared to pre-COVID levels[53] - The company plans to enhance productivity, technical capabilities, financial management, and team skills to strengthen its core competencies and adapt to changing market demands[53] Employee and Management Costs - The remuneration for directors and key management personnel for the six months ended March 31, 2025, was SGD 599,800, significantly higher than SGD 130,400 for the same period in 2024[45] - The group employed 191 employees as of March 31, 2025, with total employee costs amounting to approximately SGD 4.4 million for the first half of the fiscal year, compared to SGD 3.8 million in the same period last year[80] Investment and Capital Structure - The company holds significant investments in properties, with a total investment cost of approximately SGD 8.12 million and a fair value of approximately SGD 11.46 million, representing 18.1% of total assets as of March 31, 2025[76] - The group has a total investment cost of SGD 4,985,271 and a fair value of SGD 4,250,000 for its major investment property, representing 6.7% of the group's total assets[77] - The debt-to-equity ratio improved to approximately 52.4% as of March 31, 2025, compared to approximately 68.3% as of September 30, 2024[70] - The company had total bank borrowings and lease liabilities of approximately SGD 14.5 million as of March 31, 2025, down from approximately SGD 18.6 million as of September 30, 2024[68] Governance and Compliance - The group has complied with the corporate governance code as per the listing rules during the first half of the fiscal year[84] - The audit committee reviewed the group's unaudited interim results for the first half of the fiscal year and found them to comply with applicable accounting standards and regulations[87] - The company has not conducted any significant post-reporting period events following March 31, 2025[83]

China Next-Gen Commerce and Supply Chain Limited 中國新零售供應鏈集團有限公司 股份代號：3928 （於開曼群島註冊成立的有限公司） （前稱 S&T Holdings Limited） 2024 年 報 2024 ANNUAL REPORT China Next-Gen Commerce and Supply Chain Limited 中國新零售供應鏈集團有限公司 (formerly known as S&T Holdings Limited) China Next-Gen Commerce and Supply Chain Limited Annual Report 2024 年報 中國新零售供應鏈集團有限公司 目錄 | 170 | 93 | 91 | 90 | 88 | 87 | 80 | 44 | 31 | 21 | 17 | 5 | 4 | 2 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 財務資料概要 | 綜合財務報表 ...

綜合財務報表以新加坡元（「新元」）列報，其亦為本公司的功能貨幣。 於本年度，本集團已於編製綜合財務報表時首次應用以下由國際會計準則理事會（「國 際會計準則理事會」）頒佈且於本集團於二零二三年十月一日或之後開始的年度期間強 制生效的新訂及經修訂國際財務報告準則： 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依 賴該等內容而引致的任何損失承擔任何責任。 中國新零售供應鏈集團有限公司 China Next-Gen Commerce and Supply Chain Limited （前稱S&T Holdings Limited） （於開曼群島註冊成立的有限公司） （股份代號：3928） 截至二零二四年九月三十日止年度之 全年業績公告 中國新零售供應鏈集團有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈 本公司及其附屬公司（統稱「本集團」）截至二零二四年九月三十日止年度的經 審核綜合業績（「全年業績」），連同截至二零二三年九月三十日止年度的比較 數字。 – 1 – 綜合損益及其他全面收入表 截 ...

Financial Performance - Total revenue for the six months ended March 31, 2024, was SGD 23,625,588, a decrease of 26% compared to SGD 31,885,141 for the same period in 2023[73]. - Gross profit increased to SGD 2,753,475, up 54% from SGD 1,786,156 in the previous year[73]. - The company reported a profit before tax of SGD 251,515, compared to SGD 27,111 in the same period last year[73]. - Basic and diluted earnings per share were SGD 0.05, down from SGD 0.06 in the previous year[73]. - The company reported a net profit of 11,329,147 SGD for the six months ending March 31, 2024, compared to 11,213,368 SGD for the same period in 2023[150]. - Other income increased to SGD 217,231 from SGD 99,359 in the previous year, reflecting a growth of 118%[73]. - The company reported a net cash from operating activities of SGD 2,376,155, compared to SGD 2,100,251 for the same period in 2023, reflecting an increase of about 13.14%[104]. Assets and Liabilities - As of March 31, 2024, total assets amounted to 28,031,698 SGD, a decrease from 30,211,039 SGD as of September 30, 2023[147]. - The company's non-current assets increased to SGD 27,917,051 as of March 31, 2024, up from SGD 27,797,849 as of September 30, 2023, reflecting a growth of approximately 0.43%[101]. - Total liabilities decreased to SGD 26,463,623 from SGD 27,323,859, showing a reduction of approximately 3.15%[101]. - The group’s total liabilities decreased from SGD 16,124,056 to SGD 15,095,284, a reduction of approximately 6.4%[177]. - Non-current liabilities, including bank loans, decreased to SGD 4,063,249 from SGD 4,812,549 year-over-year[76]. - Cash and cash equivalents at the end of the period were SGD 8,546,790, compared to SGD 8,804,534 at the end of the previous year[81]. Investments and Capital Expenditures - The group purchased property, plant, and equipment amounting to approximately SGD 1.4 million in the first half of FY2024, a significant increase from approximately SGD 15,000 in the first half of FY2023[22]. - The company has no future plans for significant investments or capital assets as of March 31, 2024[35]. - The total amount allocated for enhancing the company's financial position from the net proceeds was SGD 36.4 million, with SGD 21.8 million initially planned[39]. - The company has not granted, agreed to grant, exercised, cancelled, or forfeited any share options under the share option scheme since its adoption in August 2019[58]. Employee and Administrative Costs - As of March 31, 2024, the total employee cost for the first half of the fiscal year was approximately SGD 3.8 million, a decrease from SGD 3.9 million in the same period of 2023[36]. - The total employee count decreased to 182 as of March 31, 2024, down from 197 a year earlier[36]. - The company reported a decrease in administrative expenses to SGD 432,790 for the first half of 2024, down from SGD 490,604 in the previous year[65]. - The total employee costs, including director remuneration, amounted to SGD 3,824,963 for the first half of 2024, slightly down from SGD 3,890,412 in the same period of 2023[65]. Dividends and Shareholder Information - The group did not declare an interim dividend for the first half of FY2024, consistent with the first half of FY2023, which also had no dividend declared[9]. - The company’s board member, Mr. Fang, holds a controlled corporation interest of 360,000,000 shares, representing 75% of the issued share capital[42]. Credit Loss Provisions and Receivables - The expected credit loss provision for financial assets and contract assets increased from approximately SGD 40,000 in the first half of FY2023 to about SGD 160,000 in the first half of FY2024, primarily due to a slight improvement in the economic environment compared to the previous year[6]. - Trade receivables decreased to SGD 4,124,880 from SGD 4,475,803, indicating a reduction of about 7.85%[101]. - Expected credit loss provisions for trade receivables improved to SGD 292,109 from SGD 393,188, indicating a decrease of about 25.7%[170]. - Contract assets, net of loss provisions, amounted to SGD 19,953,590 as of March 31, 2024, down from SGD 20,571,767, a decline of approximately 3%[172]. Other Financial Metrics - The company recorded a net cash outflow from financing activities of SGD 1,579,681, an improvement from SGD 6,737,872 in the previous year[81]. - The financing costs decreased to 454,307 SGD in 2024 from 554,261 SGD in 2023, reflecting a reduction of about 18%[141]. - The company did not incur any taxable profits in Singapore for the six months ending March 31, 2024, resulting in no provision for corporate income tax[149]. - The company made tax adjustments of (253,141) SGD related to prior years' excess provisions refunded by the Singapore tax authorities[150].

Financial Performance - Total revenue for the six months ended March 31, 2024, was SGD 23,625,588, a decrease of 26% compared to SGD 31,885,141 for the same period in 2023[14] - Gross profit for the period was SGD 2,753,475, representing a significant increase from SGD 1,786,156 in the previous year[14] - The company reported a net profit of SGD 251,515 for the six months ended March 31, 2024, compared to SGD 280,252 in the same period last year, reflecting a decrease of approximately 10%[14] - Earnings per share for the period was SGD 0.05, down from SGD 0.06 in the previous year[14] - Revenue from construction services was SGD 23,344,088, a decline of 26% from SGD 31,608,291 in the prior year[32] - Revenue from property investment increased slightly to SGD 281,500 from SGD 276,850, marking a growth of approximately 1%[32] - The total segment revenue for the six months ended March 31, 2024, was 23,625,588 SGD, down from 31,885,141 SGD in the previous year, reflecting a decline of approximately 26%[55] - The company reported a pre-tax profit of 251,515 SGD for the six months ended March 31, 2024, compared to 27,111 SGD in the same period of 2023[59] - The group's net profit for the first half of fiscal year 2024 remained stable compared to the first half of fiscal year 2023, primarily due to improved cost control on ongoing projects and higher profit margins from other supporting services[145] - The group's net profit for the first half of FY2024 and FY2023 was approximately 0.3 million SGD[185] Assets and Liabilities - The company’s total liabilities decreased to SGD 7,736,976 from SGD 8,329,806 as of September 30, 2023[24] - Non-current assets increased to SGD 28,210,521 from SGD 27,959,006, indicating a growth in asset value[24] - The company's total current assets decreased to SGD 34,494,069 from SGD 35,814,822 as of September 30, 2023[47] - Current liabilities were reported at SGD 26,463,623, down from SGD 27,323,859 as of September 30, 2023[47] - The company’s total liabilities decreased to SGD 26,463,623 from SGD 27,323,859 as of September 30, 2023[47] - The company’s total assets less current liabilities amounted to SGD 35,947,497, down from SGD 36,288,812 as of September 30, 2023[47] - The company's non-current liabilities related to bank loans were 4,063,249 SGD as of March 31, 2024, compared to 4,812,549 SGD as of September 30, 2023, showing a decrease of approximately 15.6%[83] - The total trade receivables as of March 31, 2024, were 4,124,880 SGD, down from 4,475,803 SGD as of September 30, 2023, representing a decline of about 7.8%[101] - The company’s contract assets, net of loss provisions, were reported at 19,953,590 SGD as of March 31, 2024, compared to 20,571,767 SGD as of September 30, 2023, reflecting a decline of approximately 3.0%[102] Employee and Compensation - The company continues to review its employee compensation policies to ensure competitiveness and retention of high-quality staff[10] - Total employee costs, including directors' remuneration, amounted to 3,824,963 SGD for the six months ended March 31, 2024, compared to 3,890,412 SGD in the same period of 2023[67] - As of March 31, 2024, the group employed 182 staff members, a decrease from 197 staff members as of March 31, 2023[199] - The total employee costs for the first half of the fiscal year 2024 amounted to approximately 3.8 million SGD, slightly down from 3.9 million SGD in the first half of fiscal year 2023[199] Cash Flow and Financing - The company has not recognized any taxable profits in Singapore for the six months ended March 31, 2024, thus no provision for Singapore corporate income tax was made[41] - The interest expenses for bank loans and overdrafts decreased to 434,303 SGD for the six months ended March 31, 2024, down from 522,799 SGD for the same period in 2023, a reduction of about 17.0%[87] - The group maintains a prudent cash and financial management policy, with cash primarily denominated in SGD and HKD, and closely monitors foreign exchange risks[160] - As of March 31, 2024, the group had bank borrowings of approximately 6.2 million SGD, down from approximately 6.9 million SGD as of September 30, 2023[161] - The debt-to-equity ratio as of March 31, 2024, was approximately 67.0%, down from 69.7% as of September 30, 2023, primarily due to a decrease in bank borrowings[190] - The group has pledged approximately 0.5 million SGD in bank deposits and various properties valued at approximately 21.4 million SGD to secure bank financing[191] Market Outlook and Strategy - The construction demand in Singapore for 2023 reached 33.8 billion SGD, exceeding the forecast of 27.0 billion SGD, with expectations for 2024 demand between 32.0 billion SGD and 38.0 billion SGD[124] - The company remains cautiously optimistic about profit recovery and business growth despite challenges from the post-COVID-19 environment and rising costs[125] - The company anticipates that the construction industry will regain momentum in the medium to long term[125] - The construction demand in the private sector for 2024 is projected to be between 14 billion SGD and 17 billion SGD, driven mainly by residential projects under government land sales and the expansion of two integrated resorts[147] - The group continues to focus on enhancing core competencies through productivity improvements, technical capabilities, financial management, and team skill enhancement[174] - The group aims to establish a stable and recurring revenue source through a diversified investment property portfolio, while mitigating risks associated with potential changes in the construction industry[197] Dividends and Shareholder Returns - The company did not declare any dividends for the six months ended March 31, 2024[42] - The board has decided not to declare an interim dividend for the first half of fiscal year 2024, compared to zero SGD in the first half of fiscal year 2023[158] Other Income and Expenses - Government grants received increased to 22,644 SGD from 19,238 SGD year-over-year[62] - The group's other income increased from approximately 0.1 million SGD in the first half of fiscal year 2023 to approximately 0.2 million SGD in the first half of fiscal year 2024, mainly due to increased rental income from leased equipment[153] - Other income decreased from approximately 1.4 million SGD in the first half of FY2023 to about 0.1 million SGD in the first half of FY2024, primarily due to a reduction in net gains from the sale of properties, plants, and equipment by approximately 2.2 million SGD[180] - Administrative expenses decreased from approximately 2.8 million SGD in the first half of FY2023 to about 2.6 million SGD in the first half of FY2024, mainly due to a reduction in professional fees by approximately 0.2 million SGD[181] - The expected credit loss provision for financial assets and contract assets increased from approximately 40,000 SGD in the first half of FY2023 to about 160,000 SGD in the first half of FY2024, attributed to a slight improvement in the economic environment[182] - Financing costs decreased from approximately 0.6 million SGD in the first half of FY2023 to about 0.5 million SGD in the first half of FY2024, mainly due to a reduction in bank borrowings[183]

1. 宏德由方先生及張先生分別實益擁有50%及50%。根據上市規則，方先生、張先生及宏德被視為本公司一組一致行動以行使彼等於本公司投票權 之控股股東，且彼等將共同於本公司合計75%的已發行股本中擁有權益。根據證券及期貨條例，方先生及張先生被視為於宏德持有之股份中擁 有權益。 32 截至二零二三年九月三十日止年度，本公司及其任何附屬公司概無購買、出售或贖回本公司之任何上市證券。 (a) 激勵參與者提升其表現及效率；及 (b) 本集團任何成員公司的任何諮詢人或顧問； 年報 2023 / S&T Holdings Limited (4) 各合資格人士的配額上限 (c) 於上文(a)段提及的股東批准前，釐定將向有關建議承授人授出的購股權數目及條款；及 (7) 接納購股權須付款項 購股權計劃的參與者須於要約日期起計7日內向本公司遞交正式簽署的要約函件，並向本公司支付每份購股權 1.00港元之款項作為授出購股權的代價。 董事會報告 (b) 股份於緊接要約日期前五個營業日在聯交所每日報價表所列的平均收市價；及 董事購買股份或債券的權利 誠如本公司合規顧問均富融資有限公司（「合規顧問」）所告知，於二零二三年九月三十日，合規顧 ...

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依賴該等內容而引致的任何損失承擔任何責任。 S&T Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號︰3928） 截 至 二 零 二 三 年 九 月 三 十 日 止 年 度 之 全 年 業 績 公 告 S&T Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬 公司（「本集團」）截至二零二三年九月三十日止年度的經審核綜合業績（「全年業 績」），連同截至二零二二年九月三十日止年度的比較數字。 ...

(ii) 客戶合約履約責任 本集團隨時間從提供建築服務產生收益。 中期報告2023 / S&T Holdings Limited 12 中期簡明綜合財務報表附註 截至三月三十一日止六個月 截至二零二三年三月三十一日止六個月 4 收益及分部資料（續） (iii) 分部資料 向本公司執行董事（即本集團主要經營決策人（「主要經營決策人」））匯報資料乃為分配資源及評估表現。 主要經營決策人審閱各分部的分部收益及所佔業績（經參考相應分部的毛利計量）。本集團擁有以下兩個 經營分部： • 建築服務：向政府及商業公司提供土木工程、樓宇建築工程及其他配套服務。 • 物業投資：租賃住宅及工業物業。 概無向主要經營決策人定期提供本集團資產及負債的分析以供審閱。 | --- | --- | --- | |------------------------------------------------|------------------------------------|--------------------------------| | | 二零二三年 \n新元 （未經審核） | 二零二二年 \n新元 （未經審核） | | | ...

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依賴該等內容而引致的任何損失承擔任何責任。 S&T Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號︰3928） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 六 個 月 之 中 期 業 績 公 告 S&T Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬 公司（以下統稱「本集團」）截至二零二三年三月三十一日止六個月之未經審核 簡明綜合中期業績連同二零二二年同期之比較數字。 中期簡明綜合損益及其他全面收入表 截至二零二三年三月三十一日止六個月 截至三月三十一日止六個月 二零二三年 二零二二年 附註 新元 新元 （未經審核） （未經審核） 收益 服務 4 31,608,291 30,452,505 租金 4 276,850 292,400 總收益 31,885,141 30,744,905 服務成本 (30,098,985) (30,103,564) ...

股份代號 : 3928 中期報告 2022 目錄 2/ 公司資料 4/ 中期簡明綜合損益及其他全面收入表 5/ 中期簡明綜合財務狀況表 7/ 中期簡明綜合權益變動表 8/ 中期簡明綜合現金流量表 10/ 中期簡明綜合財務報表附註 30/ 管理層討論及分析 38/ 其他資料 中期報告2022 / S&T Holdings Limited 公司資料 | --- | --- | |---------------------------------------------------------------------|--------------------------------------------------| | | | | 董事會 | 本公司法律顧問 有關香港法律 | | 執行董事 | 柯伍陳律師事務所 | | 方順發先生 （主席） | 香港中環 | | 許洲昌先生 （行政總裁） | 康樂廣場 8 號 | | （於二零二一年十一月二十六日獲委任） | 交易廣場第三期 | | 張德泰先生 （行政總裁） | 19 樓 | | （於二零二一年十一月二十六日辭任） | 合規顧問 | | 獨立非執行董事 | 均富 ...