[HK]靛蓝星(08373):截至二零二五年十二月三十一日止年度全年业绩公告
原标题:靛蓝星:截至二零二五年十二月三十一日止年度全年业绩公告 Exchange of Hong Kong Limited take no responsibility for the 交易所有限公司對本公告之內容概不負contents of this announcement, make no representation as to its 責，對其準確性或完整性亦不發表任何聲 accuracy or completeness and expressly disclaim any liability 明，並明確表示，概不就因本公告全部或whatsoever for any loss howsoever arising from or in reliance upon 任何部分內容而產生或因依賴該等內容 the whole or any part of the contents of this announcement. 而引致之任何損失承擔任何責任。 INDIGO STAR HOLDINGS LIMITED 靛藍星控股有限公司 (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock Code: 8373) （股份代號：8373） ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 截至二零二五年十二月三十一日止年度 全年業績公告 CHARACTERISTICS OF GEM OF THE STOCK 香港聯合交易所有限公司（「聯交所」）EXCHANGE OF HONG KONG LIMITED (THE “STOCK GEM之特色 EXCHANGE”) GEM has been positioned as a market designed to GEM之定位，乃為中小型公司而設之市accommodate small and mid-sized companies to which a higher 場，該等公司之投資風險可能較於聯交所investment risk may be attached than other companies listed on 主板上市之公司為高。有意投資者應了解the Stock Exchange. Prospective investors should be aware of 投資於該等公司之潛在風險，並應經審慎the potential risks of investing in such companies and should 周詳考慮後方作出投資決定。 make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small 鑑於在 GEM上市之公司一般為中小型公and mid-sized companies, there is a risk that securities traded 司，在 GEM買賣之證券可能較於聯交所on GEM may be more susceptible to high market volatility than 主板買賣之證券更容易受到市場高度波securities traded on the Main Board of the Stock Exchange and 動之影響，且概不保證在 GEM買賣之證no assurance is given that there will be a liquid market in the 券將會有活躍之市場。 securities traded on GEM. The board (the “Board”) of directors (the “Directors”) of the 本公司董事會（「董事會」）欣然公佈本公 Company and its subsidiaries (collectively referred to as the 司及其附屬公司（統稱「本集團」）截至二 “Group”) is pleased to announce its annual consolidated results for 零二五年十二月三十一日止年度之年度 the year ended 31 December 2025, together with the corresponding 綜合業績，連同截至二零二四年十二月三 comparative audited figures for the year ended 31 December 2024, 十一日止年度之經審核比較數字。該等業 which was reviewed by the audit committee of the Company, as 績已由本公司審核委員會審閱，載列如follows: 下： OTHER COMPREHENSIVE INCOME For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度 2025 2024 二零二五年 二零二四年 Notes S$’000 S$’000 附註 千坡元 千坡元 Revenue 收益 4 81,731 86,431 Cost of sales 銷售成本 (66,674) (71,835) Gross profit 毛利 15,057 14,596 Other income and gains and losses, net 其他收入及收益及虧損，淨額 5 924 663 Administrative expenses 行政開支 (12,618) (11,672) (Impairment losses) / reversal of 貿易及其他應收款項以及合約 (766) 169 impairment losses on trade and 資產之（減值虧損）／減 other receivables and contract 值虧損撥回淨額 assets, net Finance costs 財務成本 6 (101) (93) Profit before tax 除稅前溢利 2,496 3,663 Income tax expense 所得稅開支 7 (552) (495) Profit for the year attributable to 本公司擁有人應佔年內溢利 8 1,944 3,168 owners of the Company Other comprehensive income / 年內其他全面收益／（開支）：： (expenses) for the year: Item that may be reclassified 其後可能被重新分類至損益的 subsequently to profit or loss: 項目： Exchange differences arising on 換算海外業務財務報表產生的 translation of financial statements 匯兌差額 of foreign operations 10 (33) Other comprehensive income / 年內其他全面收益／（開支） (expenses) for the year 10 (33) Total comprehensive income for the 本公司擁有人應佔年內全面收 year attributable to owners of 益總額 the Company 1,954 3,135 Earnings per share 每股盈利 Basic and diluted (in Singapore cents) 基本及攤薄（新加坡仙） 10 4.86 7.92 POSITION As at 31 December 2025 於二零二五年十二月三十一日 2025 2024 二零二五年 二零二四年 Notes S$’000 S$’000 附註 千坡元 千坡元 Non-current assets 非流動資產 Investment property 投資物業 216 221 Property, plant and equipment 物業、廠房及設備 5,730 5,518 Right-of-use assets 使用權資產 1,821 925 Deferred tax assets 遞延稅項資產 59 16 7,826 6,680 Current assets 流動資產 Trade receivables 貿易應收款項 11 6,240 6,000 Contract assets 合約資產 13,114 9,574 Prepayments, deposits and other 預付款項、按金及其他應收款項 2,856 1,720 receivables Inventories 存貨 2,515 3,124 Financial assets at fair value through 按公平值計入損益的財務資產 1,155 510 profit or loss (“FVTPL”) Pledged bank deposits 已質押銀行存款 344 344 Cash and cash equivalents 現金及現金等價物 11,740 13,211 37,964 34,483 Current liabilities 流動負債 Trade and retention sum payables 貿易應付款項及應付保修金 12 5,135 1,295 Contract liabilities 合約負債 7,960 9,461 Other payables and accruals 其他應付款項及應計費用 8,317 7,917 Amount due to a shareholder 欠一名股東款項 1,255 1,397 Bank borrowings 銀行借款 719 779 Other borrowings 其他借款 398 1,126 Lease liabilities 租賃負債 270 94 Income tax payable 應付所得稅 842 603 24,896 22,672 Net current assets 流動資產淨值 13,068 11,811 Total assets less current liabilities 總資產減流動負債 20,894 18,491 Non-current liabilities 非流動負債 Lease liabilities 租賃負債 1,417 968 Total non-current liabilities 非流動負債總額 1,417 968 Net assets 資產淨值 19,477 17,523 Capital and reserves 資本及儲備 Share capital 股本 695 695 Reserves 儲備 18,782 16,828 Total equity 總權益 19,477 17,523 STATEMENTS For the year ended 31 December 2025 截至二零二五年十二月三十一日止年度 1. GENERAL INFORMATION 1. 一般資料 Indigo Star Holdings Limited (the “Company”) was 靛藍星控股有限公司（「本公司」）於二incorporated as an exempted company with limited liability in 零一七年三月八日在開曼群島註冊成the Cayman Islands on 8 March 2017. The shares of the 立為獲豁免有限公司。本公司股份於二Company were listed on GEM of The Stock Exchange of Hong 零一七年十一月十六日在香港聯合交Kong Limited (the “Stock Exchange”) on 16 November 2017. 易所有限公司（「聯交所」）GEM上市。 In the opinion of the directors of the Company, as at 31 董事認為，於二零二五年十二月三十一December 2025, the Company's immediate and ultimate 日，本公司之直接及最終控股公司為holding company was Splendor Investment Limited, a Splendor Investment Limited（一間於香company incorporated in Hong Kong. 港註冊成立之公司）。 The address of the Company's registered office is Cricket 本公司之註冊辦事處地址為 Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1- Square, Hutchins Drive, P.O. Box 2681, 1111, Cayman Islands. The address of the head office and Grand Cayman KY1-1111, Cayman principal place of business of the Group is at 5, Upper Aljunied Islands。：本集團之總辦事處及主營業業 Link, #03-08 Quartz Industrial Building, Singapore 367903. 地點位於 5, Upper Aljunied Link, #03-08 The address of the principal place of business in Hong Kong Quartz Industrial Building, Singapore has been changed from Room 1, 1/F, Yee Fai Building, 423-433 367903。：本公司於香港之主營業業地點Chatham Road, Hung Hom, Kowloon, Hong Kong to Unit 已於二零二五年四月三十日由香港九1704, 17/F, Far East Consortium Building, No. 121 Des Voeux 龍紅磡漆咸道 423-433號怡輝大廈 1樓Road Central, Hong Kong on 30 April 2025. 1室更改為香港德輔道中 121號遠東發展大廈 17樓 1704室。 The principal activities of the Company and its subsidiaries 本公司及其附屬公司（統稱「本集團」）(hereinafter collectively referred to as the "Group") are the 之主營業務為於新加坡提供鋼筋混凝provision of reinforced concrete works including steel 土工程，包括鋼筋工程、模板工程及混reinforcement works, formwork erection and concrete works, 凝土工程、為建築行業提供勞工供應、labour supply for construction industry, trading in ceramic tiles 瓷磚貿易及作為建築相關工程之瓷磚and as ceramic tiles contractor for building related works in 承包商，以及於香港從事手機及配件貿Singapore, and trading of mobile phones and accessories in 易。 Hong Kong. The functional currency of the Company is Hong Kong dollars 本公司之功能貨幣為港元（「港元」）。 (“HK$”). The consolidated financial statements are presented 綜合財務報表以新加坡元（「坡元」）呈in Singapore dollars (“S$”), and all values are rounded to 列，除另有指明外，所有金額均約整至thousands (“S$000”) unless otherwise stated. The directors of 千位數（「千坡元」）。董事認為，由於主 the Company consider that choosing S$ as the presentation 營附屬公司之主營業運地點為新加坡，currency best suits the needs of the shareholders and investors 選擇新加坡元作為呈列貨幣更符合股as the principal place of operation of principal subsidiaries is 東及投資者之需營。 Singapore. PREPARATION These consolidated financial statements have been prepared in 該等綜合財務報表乃根據《國際財務報accordance with IFRS Accounting Standards and the disclosure 告準則》會計準則及香港法例第 622章requirements of the Hong Kong Companies Ordinance Cap. 《公司條例》之披露規定編製。該等綜622. These consolidated financial statements also comply with 合財務報表亦符合香港聯合交易所有the applicable disclosure provisions of the Rules Governing the 限公司 GEM證券上市規則之適用披露Listing of Securities on GEM of The Stock Exchange of Hong 條文。 Kong Limited. These consolidated financial statements have been prepared on 除若干按公允價值計量之金融資產外，a historical cost basis, except for certain financial assets 該等綜合財務報表乃按歷史成本基準measured at fair value. 編製。 The preparation of these consolidated financial statements in 按照《國際財務報告準則》會計準則編conformity with IFRS requires management to make 製該等綜合財務報表時，管理層須作出judgements, estimates and assumptions that affect the 影響會計政策應用以及資產、負債、收application of policies and reported amounts of assets, 入及開支呈報金額之判斷、估計及假liabilities, income and expenses. The estimates and associated 設。該等估計及相關假設乃基於過往經assumptions are based on historical experience and various 驗及在有關情況下被認為屬合理之多factors that are believed to be reasonable under the 項因素而作出，其結果構成就無法從其circumstances, the results of which form the basis of making 他來源明顯得悉之資產及負債賬面值the judgements about carrying values of assets and liabilities 作出判斷之基準。實際結果可能與該等that are not readily apparent from other sources. Actual results 估計存在差異。 may differ from these estimates. The estimates and underlying assumptions are reviewed on an 該等估計及相關假設會持續檢討。倘會ongoing basis. Revisions to accounting estimates are 計估計之修訂僅影響作出修訂之期間，recognised in the period in which the estimate is revised if the 則於該期間確認；倘同時影響當前及未revision affects only that period, or in the period of the revision 來期間，則於修訂期間及未來期間確 and future periods if the revision affects both current and future 認。 periods. Consolidation of Clever Supremacy Limited and its 越醒有限公司及其附屬公司（「CS 集subsidiaries (the “CS Group”) 團」）之合併入賬 References are made to the Company's announcements dated 茲提述本公司日期為二零二五年十一10 November 2025 and 12 December 2025 in relation to the 月十日及二零二五年十二月十二日之Group's subsidiaries, the CS Group. In the course of preparing 公告，內容有關本集團之附屬公司 CSthe Group's consolidated financial statements for the years 集團。於編製本集團截至二零二四年十ended 31 December 2024 and 31 December 2025, the 二月三十一日止年度及二零二五年十Company requested management of Clever Supremacy 二月三十一日止年度之綜合財務報表Limited (a company incorporated in the British Virgin Islands 過程中，本公司已營求越醒有限公司(“BVI”), in which the Company held a 100% equity interest （於英屬維爾京群島註冊成立之公司，and which was struck off as of 4 July 2023) and its subsidiaries 本公司持有其 100%股權，並已於二零(collectively, the “CS Group”) to furnish a complete set of the 二三年七月四日被除名）及其附屬公司 CS Group's books, records and supporting documents (the “CS （統稱「CS集團」）之管理層提供一套Books and Records”). 完整之 CS集團帳簿、記錄及支持文件 （「CS帳簿及記錄」）。 that the CS Books and Records were not made available in a 披露，儘管多次作出營求，CS帳簿及timely manner despite repeated requests. As a result, the 記錄仍未能及時提供。因此，本公司表Company stated that it was unable to prepare complete 示其未能編製 CS集團之完整財務資料financial information of the CS Group for inclusion in the 以納入本集團之綜合財務報表。本公司Group's consolidated financial statements. The Company 進一步披露，鑑於長期未能取得 CS帳further disclosed that, in view of the prolonged inability to 簿及記錄，其已確定不再對 CS集團擁obtain the CS Books and Records, it determined that it no 有控制權，並將進行 CS集團之不再合longer had control over the CS Group and would proceed with 併入賬處理；據此，CS集團於二零二the deconsolidation of the CS Group, with the CS Group's 四年一月一日及其後之財務狀況，以及financial position as at and after 1 January 2024, and its results 自二零二四年一月一日起之業績及現and cash flows from 1 January 2024, being excluded from the 金流量，將不再納入按該基準編製之本Group's consolidated financial statements prepared on that 集團綜合財務報表。 basis. The Company also disclosed that Clever Supremacy Limited is 本公司亦披露，越醒有限公司於英屬維incorporated in the BVI and had been dissolved on 4 July 2023 爾京群島註冊成立，並因未繳付年度牌due to non-payment of annual licence fee. The announcement 照費而已於二零二三年七月四日被解further noted management's then-intention not to reactivate 散。該公告進一步指出，鑑於當時所述Clever Supremacy Limited, having regard to the circumstances CS集團之情況，管理層當時無意恢復of the CS Group as described therein. 越醒有限公司之註冊。 Subsequently, the Company announced on 12 December 2025 其後，本公司於二零二五年十二月十二that management of the CS Group had commenced providing 日公佈，CS集團之管理層已開始向本the CS Books and Records to the Company. The Company 公司提供 CS帳簿及記錄。本公司亦進further announced that, following receipt of such documents, 一步公佈，於收妥有關文件後，CS帳the CS Books and Records could be assessed by the Company 簿及記錄可再次由本公司評估，使本集again, enabling the Group to review and verify the relevant 團能夠就相關期間重新審閱及核實 CSfinancial and operational information of the CS Group for the 集團之相關財務及業運資料。 relevant periods. For the year ended 31 December 2025, the Group's 截至二零二五年十二月三十一日止年consolidated financial statements were prepared on the basis 度，本集團之綜合財務報表乃按 CS集that the CS Group continued to be consolidated, consistent with 團持續被合併入賬之基準編製，並與過prior years, and the assets, liabilities, results and cash flows of 往年度一致，而 CS集團之資產、負債、 the CS Group were included based on the CS Books and 業績及現金流量乃根據向董事提供之Records made available to the directors. CS帳簿及記錄納入。 The directors of the Company acknowledge that it is their 董事確認，彼等有責任根據國際會計準responsibility to prepare consolidated financial statements that 則理事會頒佈之《國際財務報告準則》give a true and fair view in accordance with IFRS Accounting 會計準則編製真實而公平之綜合財務Standards issued by the International Accounting Standards 報表，並保存足夠之會計記錄，以支持Board (the “IASB”), and to maintain adequate accounting 綜合財務報表之編製。 records to support the preparation of the consolidated financial statements. and up to the date of approval of these consolidated financial 二月三十一日止年度內及直至該等綜statements, the directors experienced difficulties in obtaining 合財務報表獲批准之日期，董事在取得access to information and documentation of the CS Group. In CS集團之資料及文件方面一直面對困particular, up to the date of approval of these consolidated 難。尤其是，直至該等綜合財務報表獲financial statements, the directors experienced difficulties in 批准之日期，董事在聯絡 CS集團董事contacting the directors of the CS Group, and accordingly were 方面遇到困難，因而未能與彼等溝通，unable to communicate with them to understand and 以了解及核實 CS帳簿及記錄所反映之corroborate the nature, basis and completeness of the balances, 結餘、交易及其他資料之性質、基礎及transactions and other information reflected in the CS Books 完整性。董事亦未能取得或控制 CS集and Records. The directors were also unable to obtain 團之公司印章以及若干相關文件及記possession of, or exercise control over, the company seals and 錄。 certain documents and records relating to the CS Group. Notwithstanding the above, the directors were able to liaise 儘管如此，董事仍能與 CS集團之若干with certain working staff of the CS Group and, through such 在職員工保持聯繫，並透過該等渠道於channels, obtain additional CS Books and Records during the 編製該等綜合財務報表過程中取得額process of preparing these consolidated financial statements, 外之 CS帳簿及記錄，包括若干明細資including certain breakdowns and supporting documents. 料及支持文件。然而，鑑於上述限制，However, given the limitations described above, the directors 董事僅能取得及審閱截至該等綜合財were only able to obtain and review the CS Books and Records 務報表批准日期為止可供其使用之 CSthat were made available to them up to the date of approval of 帳簿及記錄，故未能就所取得之資料及these consolidated financial statements, and accordingly are not 文件是否在所有重大方面均屬完整及in a position to conclude whether the information and 準確作出結論。 documentation obtained is complete and accurate in all respects. The directors are also in the process of taking steps to restore 董事亦正採取措施，以於越醒有限公司Clever Supremacy Limited following its being struck off. 被除名後辦理恢復註冊。然而，於該等However, at the date of approval of these consolidated financial 綜合財務報表獲批准之日期，恢復程序statements, the restoration process remains ongoing, and no 仍在進行中，且尚未向英屬維爾京群島submission has been made to the BVI court. In preparing these 法院作出任何提交。於編製截至二零二consolidated financial statements for the years ended 31 五年十二月三十一日止年度之綜合財December 2025, the directors have, based on their assessment 務報表時，董事已根據其評估及於批准and the information available to them as at the date of approval, 日期可得之資料，按 CS集團須予合併prepared the consolidated financial statements on the basis that 入賬之基準編製該等綜合財務報表。因the CS Group is to be consolidated. Accordingly, management 此，管理層已合併所有可取得之 CS帳has consolidated all CS Books and Records that were made 簿及記錄，並按該基準納入 CS集團之available and has included the assets, liabilities, results and 資產、負債、業績及現金流量。 cash flows of the CS Group on that basis. However, given the circumstances described above, 然而，鑑於上述情況，管理層未能確認management is unable to confirm that the underlying records 自 CS集團取得之相關基礎記錄及資料and information obtained from the CS Group are complete and 在所有方面均屬完整及準確，故就 CSaccurate, and therefore the amounts recognised and disclosures 集團確認之金額及所作披露，倘日後取made in respect of the CS Group may be subject to adjustment 得額外資料，或須作出相應調整。 should additional information become available in the future. New and amended standards adopted by the Group 本集團已採納之新訂及經修訂準則 The Group has applied the following standards, amendments 本集團已於自二零二五年一月一日開and interpretation for the first time for its annual reporting 始之年度報告期間首次應用下列準則Exchange Rates – Lack of Exchangeability. 「匯率變動之影響－缺乏可兌換 性」。 The amendments and interpretation listed above did not have 上述修訂及詮釋對過往期間已確認之any material impact on the amounts recognised in prior periods 金額並無任何重大影響，且預期不會對and are not expected to significantly affect the current or future 當前或未來期間構成重大影響。 periods. New and amended standards and interpretations not yet 尚未採納之新訂及經修訂準則及詮釋 adopted Certain new accounting standards and amendments to 若干新訂會計準則及會計準則修訂已accounting standards have been published that are not 頒佈，惟並非截至二零二五年十二月三mandatory for 31 December 2025 reporting periods and have 十一日止報告期間必須採納，且本集團not been early adopted by the Group. 亦未提早採納。 Effective for accounting periods beginning on or after 自以下日期開始的會計期間起生效 Amendments to IFRS 9, Financial Instruments and IFRS 7, 1 January 2026 Financial instruments: Disclosures – Amendments to the 二零二六年一月一日 Classification and Measurement of Financial Instruments 《國際財務報告準則》第 9號「金融工具」及《國際財務 報告準則》第 7號「金融工具：披露」之修訂－金融工具 分類及計量之修訂 IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7, Annual 1 January 2026 Improvements to IFRS Accounting Standards — Volume 11 二零二六年一月一日 《國際財務報告準則》第 1號、第 7號、第 9號、第 10號 及《國際會計準則》第 7號，《國際財務報告準則年度改進 －第 11卷》 Amendments to IFRS 9, Financial Instruments and IFRS 7, 1 January 2026 Financial instruments: Disclosures – Contracts referencing 二零二六年一月一日 Nature-dependent Electricity 《國際財務報告準則》第 9號「金融工具」及《國際財務 報告準則》第 7號「金融工具：披露」之修訂－涉及自然 資源電力之合約 IFRS 18, Presentation and Disclosure in Financial Statements 1 January 2027 《國際財務報告準則》第 18號，「財務報表之呈列及披露」 二零二七年一月一日 IFRS 19, Subsidiaries without Public Accountability: 1 January 2027 Disclosures 二零二七年一月一日 《國際財務報告準則》第 19號，「不具公眾責任之附屬公 司：披露」 Amendments to IAS 21, Translation to a Hyperinflationary 1 January 2027 Presentation Currency 二零二七年一月一日 國際會計準則第 21號（修訂本）「換算為高通脹呈列貨幣」 statements 之呈列及披露」 IFRS 18 will replace IAS 1 Presentation of Financial 國際財務報告準則第 18號（「IFRS 18」）Statements, introducing new requirements that will help to 將取代國際會計準則第 1號「財務報表achieve comparability of the financial performance of similar 之呈列」，引入新規定，以提升類似實entities and provide more relevant information and 體財務表現之可比性，並為使用者提供transparency to users. Even though IFRS 18 will not impact the 更具相關性及透明度之資料。儘管recognition or measurement of items in the financial IFRS 18不會影響財務報表項目之確認statements, its impacts on presentation and disclosure are 或計量，其對呈列及披露之影響預期將expected to be pervasive, in particular those related to the 屬廣泛性，尤其是對綜合損益表之呈consolidated statements of profit or loss and providing 列，以及於財務報表內披露管理層界定management-defined performance measures within the 之績效指標方面。 financial statements. Management is currently assessing the detailed implications of 管理層現正評估採納新準則對本集團applying the new standard on the Group’s consolidated 綜合財務報表之具體影響。本集團預期financial statements. The Group expects to apply the new 將自其強制生效日期（二零二七年一月standard from its mandatory effective date of 1 January 2027. 一日）起應用該新準則。該準則須追溯Retrospective application is required, and so the comparative 應用，因此截至二零二六年十二月三十information for the financial year ending 31 December 2026 一日止財政年度之比較資料將根據will be restated in accordance with IFRS 18. IFRS 18予以重列。 Except for the abovementioned changes in presentation and 除上述呈列及披露之變動外，該等準則disclosure, these pronouncements are not expected to have a 預期不會對本集團之業績或財務狀況material impact on the results or the financial position of the 造成重大影響。 Group. 3. SEGMENT INFORMATION 3. 分部資料 Information reported to the directors of the Company, being the 就資源分配及評估分部表現而言，向本chief operating decision maker (“CODM”), for the purpose of 公司董事（即主營業運決策者（「主營resource allocation and assessment of segment performance is 業運決策者」））匯報之資料，乃主營按categorised mainly according to the types of services provided 所提供之服務類型及所銷售之產品種and products sold. 類分類。 Specifically, the Group's reportable segments are as follows: 具體而言，本集團之可報告分部如下： - the construction contract provided including general - 提供建築合約服務，包括一般建築building projects, civil engineering projects and labour 工程、土木工程及勞工供應； supplies; - sales of tiles to external customers; and - 向外部客戶銷售瓷磚；及 - sales of mobile phones and accessories. - 銷售手機及配件。 Construction phones and contract Sales of tiles accessories Total 建築合約 銷售瓷磚 買賣手機及配件 合共 S$’000 S$’000 S$’000 S$’000 千坡元 千坡元 千坡元 千坡元 Year ended 31 December 2025 截至二零二五年十二月三十一 日止年度 Segment revenue 分部收益 Revenue from external customers 外部客戶收益 48,700 10,683 22,348 81,731 Segment results 分部業績 1,842 350 762 2,954 Reconciliation: 對賬： Interest income 利息收入 106 Dividend income 股息收入 30 Finance costs 財務成本 (101) Fair value gain on financial assets at 按公平值計入損益的財務資產 380 FVTPL 的公平值收益 Gain on disposal of financial assets at 以公允價值計量且其變動計入 39 FVTPL 的金融資產損失及處置 Corporate and other unallocated expenses 公司及其他未分配開支 (912) Profit before tax 除稅前溢利 2,496 Other segment information 其他分部資料 Depreciation of: 以下各項之折舊： – Property, plant and equipment – 物業、廠房及設備 564 114 – 678 – Investment property – 投資物業 5 – – 5 – Right-of-use assets – 使用權資產 206 – – 206 Impairment losses on trade and other 貿易及其他應收款項及合約資 634 131 1 766 receivables and contract assets, net 產的減損損失淨額 Capital expenditure * 資本開支* 1,658 394 – 2,052 Construction phones and contract Sales of tiles accessories Total 建築合約 銷售瓷磚 買賣手機及配件 合共 S$’000 S$’000 S$’000 S$’000 千坡元 千坡元 千坡元 千坡元 Year ended 31 December 2024 截至二零二四年十二月三十一 日止年度 Segment revenue 分部收益 Revenue from external customers 外部客戶收益 46,096 11,413 28,922 86,431 Segment results 分部業績 4,311 332 1,118 5,761 Reconciliation: 對賬： Interest income 利息收入 118 Dividend income 股息收入 21 Finance costs 財務成本 (93) Fair value gain on financial assets at 按公平值計入損益的財務資產 71 FVTPL 的公平值收益 Loss on disposal on financial assets at 以公允價值計量且其變動計入 (182) FVTPL 的金融資產損失及處置 Corporate and other unallocated expenses 公司及其他未分配開支 (2,033) Profit before tax 除稅前溢利 3,663 Other segment information 其他分部資料 Depreciation of: 以下各項之折舊： – Property, plant and equipment – 物業、廠房及設備 600 106 – 706 – Investment property – 投資物業 5 – – 5 – Right-of-use assets – 使用權資產 83 – – 83 (Reversal of impairment （減損損失轉回）/貿易及其他 (238) 69 – (169) losses)/impairment losses on trade 應收款項及合約資產的減 and other receivables and contract 損損失淨額 assets, net Capital expenditure * 資本開支* 32 237 - 269 * Capital expenditure consists of additions to property, plant and equipment. * 資本開支包括添置物業、廠房及設備。 Construction phones and contract Sales of tiles accessories Total 建築合約 銷售瓷磚 買賣手機及配件 合共 S$’000 S$’000 S$’000 S$’000 千坡元 千坡元 千坡元 千坡元 As at 31 December 2025 於二零二五年十二月三十一日 Segment assets 分部資產 32,758 5,982 2,833 41,573 Reconciliation: 對賬： Financial assets at FVTPL 按公平值計入損益的財務資產 1,155 Deferred tax assets 遞延稅項資產 59 Corporate and other 公司及其他未分配資產 3,003 unallocated assets Total assets 資產總值 45,790 Segment liabilities 分部負債 14,715 1,955 317 16,987 Reconciliation: 對賬： Bank borrowings 銀行借款 719 Other borrowings 其他借款 398 Corporate and other 公司及其他未分配負債 8,209 unallocated liabilities Total liabilities 負債總額 26,313 Construction phones and contract Sales of tiles accessories Total 建築合約 銷售瓷磚 買賣手機及配件 合共 S$’000 S$’000 S$’000 S$’000 千坡元 千坡元 千坡元 千坡元 As at 31 December 2024 於二零二四年十二月三十一日 Segment assets 分部資產 27,990 6,324 4,305 38,619 Reconciliation: 對賬： Financial assets at FVTPL 按公平值計入損益的財務資產 510 Deferred tax assets 遞延稅項資產 16 Corporate and other 公司及其他未分配資產 2,018 unallocated assets Total assets 資產總值 41,163 Segment liabilities 分部負債 11,280 992 149 12,421 Reconciliation: 對賬： Bank borrowings 銀行借款 779 Other borrowings 其他借款 1,126 Corporate and other 公司及其他未分配負債 9,314 unallocated liabilities Total liabilities 負債總額 23,640 The Group’s revenue from customers are divided into the 本集團來自客戶之收益按以下地區劃following geographical areas: 分： 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Singapore 新加坡 59,383 57,509 Hong Kong 香港 22,348 28,922 81,731 86,431 Information about major customers 主營客戶資料 Revenue from customers of the corresponding year contributing 於相應年度內，佔本集團總收益超過over 10% of the total revenue of the Group are as follows: 10%之客戶所產生之收益如下： 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 1 1 Customer A 客戶 A N/A 13,641 1 1 Customer B 客戶 B 10,330 17,384 2 2 Customer C 客戶 C N/A 11,066 3 3 Customer D 客戶 D N/A 10,012 1 1 Customer E 客戶 E 12,829 N/A 1 1 Revenue from construction contracts 來自建築合約之收益 2 2 Revenue from sales of mobile phones and accessories 來自銷售手機及配件之收益3 3 Revenue from construction contracts and sales of tiles 來自建築合約及銷售瓷磚之收益N/A N/A Revenue from the relevant customer was less than 10% 於報告期間內，來自相關客戶之收 of the Group total revenue for the reporting period 益少於本集團總收益之 10% Revenue represents revenue arising on construction contracts, 收益指年內來自建築合約、銷售瓷磚sales of tiles and sales of mobile phones and accessories for the 以及銷售手機及配件所產生之收益。 year. An analysis of the Group’s revenue for the year is as 本集團於本年度之收益分析如下： follows: 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Disaggregated by major services 按主營服務劃分 – Construction contracts - 建築合約 ? General building projects ? 一般樓宇項目 18,305 20,420 ? Civil engineering projects ? 土木工程項目 14,735 19,138 ? Labour supply ? 勞工供應 15,660 6,538 – Sales of tiles - 銷售瓷磚 10,683 11,413 – Sales of mobile phones and - 買賣手機及配件 22,348 28,922 accessories 81,731 86,431 Timing of revenue recognition 收益確認時間 Over time 隨時間 48,700 46,096 At a point in time 於某一時間點 33,031 40,335 81,731 86,431 obligations for contracts with customers 易價格 As at 31 December 2025, the aggregate amount of transaction 於二零二五年十二月三十一日，分配price allocated to the performance obligations that are unsatisfied 至尚未履行（或部分尚未履行）履約 (or partially unsatisfied) is approximately S$164,117,000 (2024: 責任之交易價格總額約為S$82,147,000). The amount represents revenue expected to be 164,117,000坡元（二零二四年：recognised in the future from general building and civil 82,147,000坡元）。該金額指預期未來engineering projects. 自一般建築工程及土木工程項目確 認之收益。 The amounts of transaction prices allocated to the remaining 於十二月三十一日分配至餘下履約performance obligations (unsatisfied or partially unsatisfied) as 責任（尚未履行或部分尚未履行）之at 31 December are as follows: 交易價格金額如下： 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Amounts expected to be recognised 預計確認為收入的金額 as revenue Within one year 一年內 131,880 44,367 After one year 一年後 32,237 37,780 164,117 82,147 The amounts of transaction prices allocated to the remaining 預期於一年後確認為收益之分配至performance obligations which are expected to be recognized as 餘下履約責任之交易價格金額乃與revenue after one year relate to construction services, of which 建築服務有關，而相關履約責任預期the performance obligations are to be satisfied within two years. 將於兩年內履行。分配至其他履約責All the other amounts of transaction prices allocated to 任之所有其他交易價格金額預期將performance obligations are expected to be recognized as 於一年內確認為收益。上述披露之金revenue within one year. The amounts disclosed above do not 額並不包括受限制之可變代價。 include variable consideration which is constrained. A contract with a customer is classified by the Group as a 當與客戶訂立之合約涉及在客戶控construction contract when the contract relates to work on an 制之資產上進行工程，而本集團之建asset under the control of the customer and therefore the Group's 築活動創造或增強一項由客戶控制construction activities create or enhance an asset under the 之資產時，該合約會被本集團分類為customer's control. 建築合約。 When the outcome of a construction contract can be reasonably 當建築合約之結果能夠可靠地計量measured, revenue from the contract is recognised over time 時，合約收益乃採用成本對成本法按using the cost-to-cost method, i.e. based on the proportion of the 時間確認，即根據實際產生成本相對actual costs incurred relative to the estimated total costs. In the 於估計總成本之比例確認收益。於合 early stage of a contract, the Group is generally not able to 約早期階段，本集團通常未能可靠計measure the outcome of its performance obligations but expects 量其履約責任之結果，惟預期可收回to recover the contract costs incurred. Revenue is recognised to 已產生之合約成本。在本集團能夠可the extent of those costs until such time that the Group can 靠計量履約責任之結果前，收益僅按reliably measure the outcome of the performance obligation. 已產生之成本金額予以確認。 If at any time the costs to complete the contract are estimated to 倘於任何時間估計完成合約所需成exceed the remaining amount of the consideration under the 本將超過合約項下餘下代價金額，則contract, then a provision is recognised in accordance with an 須就虧損性合約確認撥備。當本集團onerous contract. An onerous contract exists when the Group has 根據合約履行責任所不可避免之成a contract under which the unavoidable costs of meeting the 本超過預期可自該合約獲得之經濟obligations under the contract exceed the economic benefits 利益時，即存在虧損性合約。虧損性expected to be received from the contract. Provisions for onerous 合約撥備按終止合約之預期成本與contracts are measured at the present value of the lower of the 繼續履行合約之淨成本兩者中較低expected cost of terminating the contract and the net cost of 者之現值計量。 continuing with the contract. Revenue from provision of structural reinforced and concrete 來自於一般建築及土木工程提供結works in general building and civil engineering works and other 構鋼筋及混凝土工程以及其他服務services is recognised over time. 之收益按時間確認。 Revenue from provision of labour supply in construction 來自於建築行業提供勞工供應服務industry is recognised over time. 之收益按時間確認。 The progress towards complete satisfaction of a performance 履約責任之完成進度乃按投入法計obligation is measured based on input method. Input methods 量。投入法乃根據本集團為履行履約recognise revenue on the basis of the Group's efforts or inputs to 責任所付出之努力或投入（例如所耗the satisfaction of a performance obligation (for example, 用資源、所用工時、已產生成本、已resources consumed, labour hours expended, costs incurred, time 過時間或所用機器工時）相對於履行elapsed or machine hours used) relative to the total expected 該履約責任之預期總投入確認收益。 inputs to the satisfaction of that performance obligation. Sales of tiles, mobile phones and accessories 銷售瓷磚、手機及配件 Revenue from sales of tiles, mobile phones and accessories are 來自銷售瓷磚、手機及配件之收益，recognised when goods are transferred to and accepted by the 於貨品轉移並獲客戶接納時確認，即customers, which is the point of time the customer has the ability 客戶有能力主導產品之使用並取得to direct the use of the products and obtain substantially all of the 產品絕大部分剩餘利益之時點確認。 remaining benefits of the products. An analysis of the Group’s other income and gains and losses is 本集團其他收入以及收益及虧損淨as follows: 額之分析如下： 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Dividend income 股息收入 30 21 Fair value gain on financial assets at 按公平值計入損益的財務資產的公 380 71 FVTPL 平值收益 Government grants (Note (a)) 政府補貼（附註(a)） 109 325 Gain / (loss) on disposal of financial 出售按公平值計入損益之財務資產 39 (182) assets at FVTPL 收益／（虧損） Interest income 利息收入 106 118 Rental income from investment 投資物業之租金收入（附註(b)） 44 18 property (Note (b)) (Loss) / gain on disposal of property, 出售物業、機器及設備的收益 (14) 43 plant and equipment Sundry income 雜項收入 230 249 924 663 Notes: 附註： (a) The government grants received mainly pertain to Job (a) 已收政府補助主營與職位增長獎勵 Growth Incentive (“JGI”), Productivity Solutions Grant 計劃、生產力解決方案補助計劃、漸 (“PSG”), Progressive Wage Credit Scheme (“PWCS”) 進式加薪補貼計劃及高齡僱傭補貼 and Senior Employment Credit (“SEC”) Scheme. 計劃有關。 The goal of JGI is to stimulate economic growth and create 職位增長獎勵計劃旨在刺激經濟增 job opportunities, whereas PSG helps Singapore companies 長及創造就業機會，而生產力解決 improve their productivity and automate existing processes 方案補助計劃則協助新加坡企業透 through IT solutions and equipment. 過資訊科技方案及設備提升生產力 及自動化現有流程。 PWCS is to provide transitional wage support for employers 漸進式加薪補貼計劃旨在為僱主提 to adjust to upcoming mandatory wage increases for lower- 供過渡性工資支援，以協助其應對 wage workers covered by the Progressive Wage and Local 涵蓋於漸進式薪金及本地合資格薪 Qualifying Salary requirements; and voluntarily raise wages 金規定下之低薪僱員即將實施之強 of lower-wage workers. 制加薪；以及自願提高低薪僱員之 薪酬。 SEC is to provide wage offset to help employers that employ 高齡僱傭補貼計劃旨在提供工資補 Singaporean workers adjust to the higher retirement Age and 貼，以協助聘用新加坡籍僱員之僱 Re-employment age. There were no unfulfilled conditions or 主應對較高之退休年齡及再就業年 contingencies relating to those government grants. 齡。該等政府補助並無附帶任何未 履行條件或或然事項。 (b) Rental income arising from the operating leases of its (b) 租金收入乃來自本集團投資物業之 investment property of the Group whose lease payments 經業租賃，相關租賃款項為固定金 were fixed. No related direct operating expenses were 額。截至二零二五年及二零二四年 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Interest on bank borrowings 銀行借款利息 10 28 Interest on other borrowings 其他借款利息 37 20 Interest on lease liabilities 租賃負債利息 54 45 101 93 7. INCOME TAX EXPENSE 7. 所得稅開支 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Singapore Corporate Income Tax 新加坡企業所得稅 Current year 本年度 (407) (426) (Under)/over-provision in respect 上年度撥備（不足）／過多 (93) 106 of prior year Hong Kong Profits Tax 香港利得稅 Current Year 本年度 (95) (146) Deferred tax 遞延稅款 43 (29) Income tax expense 所得稅費用 (552) (495) Profit for the year has been arrived at after charging/ (crediting): 年度溢利乃經扣除/(計入)以下各項 後達致： 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Employee benefit expenses (including 僱員福利開支（包括董事薪酬） directors’ remuneration) – Salaries and welfare – 薪金及福利 22,513 31,616 – Defined contributions scheme – 定額供款計劃 744 858 Total employee benefit expenses 僱員福利開支總額（包括董事薪酬） 23,257 32,474 (including directors’ remuneration) Auditor’s remuneration 審計師報酬 151 188 Cost of inventories 存貨成本 29,517 36,261 Depreciation of property, plant and 物業、廠房及設備折舊 678 706 equipment Depreciation of right-of-use assets 使用權資產折舊 206 83 Depreciation of investment property 投資物業折舊 5 5 Fair value loss on financial assets at 按公平值計入損益的財務資產的公 (380) (71) FVTPL 平值虧損 (Gain) / loss on disposal on financial 按公平值計入損益之財務資產出售 (39) 182 assets at FVTPL （收益）／虧損 Impairment losses / (reversal of 貿易應收款項之減值虧損／（減值 355 (13) impairment losses) on trade 虧損撥回） receivables Impairment losses / (reversal of 合約資產之減值虧損／（減值虧損 300 (195) impairment losses) on contract assets 撥回） Impairment losses on deposits and other 存款及其他應收款項的減損損失 111 39 receivables 9. DIVIDENDS 9. 股息 No dividend was paid or proposed during the year ended 31 截至二零二五年十二月三十一日止December 2025, nor has any dividend been proposed since the 年度內概無派付或建議派付任何股end of the reporting period (2024: Nil). 息，自報告期末以來亦無建議派付任 何股息（二零二四年：無）。 10. EARNINGS PER SHARE 10. 每股盈利 The calculation of basic earnings per share attributable to owners 本公司擁有人應佔每股基本盈利乃of the Company is based on the profit for the year attributable to 根據年內本公司擁有人應佔溢利約 owners of the Company of approximately S$1,944,000 (2024: 1,944,000 坡元（二零二四年：S$3,168,000) and the weighted average number of ordinary 3,168,000 坡元）及年內已發行普通shares of approximately 40,000,000 (2024: 40,000,000) in issue 股加權平均數約 40,000,000股（二零not have any potential dilutive ordinary shares outstanding 十二月三十一日止兩個年度內，本公during the two years ended 31 December 2025 and 2024. 司並無任何具潛在攤薄效應之已發行普通股，故並無呈列每股攤薄盈 利。 The calculation of the basic and diluted earnings per share is 每股基本及攤薄盈利之計算乃基於based on the following: 以下數據： 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Profit 溢利 Profit for the purpose of calculating basic 為計算每股基本及攤薄盈利所 1,944 3,168 and diluted earnings per share 用之溢利 2025 2024 ’000 ’000 Number of shares 股份數量 Weighted average number of ordinary 為計算基本每股盈餘和稀釋每 shares in issue during the year for the 股盈餘，本年度已發行普通 purpose of the basic and diluted earnings 股的加權平均數 per share 40,000 40,000 11. TRADE RECEIVABLES 11. 貿易應收款項 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Trade receivables 貿易應收款項 6,984 6,389 Loss allowance for credit losses 信貸虧損撥備 (744) (389) 6,240 6,000 As at 31 December 2025, the gross amount of trade receivables 於二零二五年十二月三十一日，來自arising from contracts with customers amounted to S$6,984,000 客戶合約之應收貿易賬款總額為 (2024: S$6,389,000). 6,984,000 坡元（二零二四年： 6,389,000 坡元）。 generally within 35 days from invoice date of the relevant 益發票日期起計 35日之信貸期。以contract revenue. The following is an aging analysis of trade 下為於報告期末按發票日期呈列之receivables net of allowance for impairment of trade receivables 應收貿易賬款（扣除應收貿易賬款減presented based on the invoice date, at the end of the reporting 值撥備）之賬齡分析。 period. 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 0 to 30 days 0至 30日 5,382 5,610 31 to 90 days 31至 90日 505 390 91 to 180 days 91至 180日 353 - 6,240 6,000 12. TRADE AND RETENTION SUM PAYABLES 12. 貿易應付款項及應付保修金 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 Trade payables 貿易應付款項 5,067 721 Retention sum payables 應付保修金 68 574 5,135 1,295 The credit period of trade payables is generally 30 days. The 應付貿易賬款之信貸期一般為 30日。 terms and conditions in relation to the release of retention vary 有關保留金之釋放條款及條件因合from contract to contract, which usually within 1 year and subject 約而異，通常於一年內並須待實際完to practical completion, the expiry of the defect liability period 工、：保期期滿或或預協協定之期限滿 or a pre-agreed time period. 或後方可支付。 The following is an aging analysis of trade and retention sum 以下為於報告期末按發票日期呈列payables presented based on the invoice date at the end of the 之應付貿易賬款及保留金之賬齡分reporting period: 析： 2025 2024 二零二五年 二零二四年 S$’000 S$’000 千坡元 千坡元 0 to 30 days 0至 30日 5,017 567 31 to 90 days 31至 90日 118 122 91 to 180 days 91至 180日 – 32 Over 180 days 超過 180日 – 574 Below set out an extract of the report by Beijing Xinghua 下文所載為本公司核數師北京興華鼎豐Caplegend CPA Limited, the auditor of the Company, regarding the 會計師事務所有限公司有關本集團於本consolidated financial statements of the Group for the Year: 年度綜合財務報表的報告摘錄： QUALIFIED OPINION 保留意見 In our opinion, except for the possible effects of the matters 我們認為，除本報告「保留意見之基礎」described in the Basis for Qualified Opinion section of our report, 一節所述事項可能造成之影響外，該等綜 the consolidated financial statements give a true and fair view of 合財務報表已根據國際會計準則理事會 the consolidated financial position of the Group as at 31 December （「國際會計準則理事會」）頒佈之《國際 2025, and of its consolidated financial performance and its 財務報告準則》（IFRS 會計準則）編製，consolidated cash flows for the year then ended in accordance with 真實而公平地反映本集團於二零二五年 IFRS Accounting Standards as issued by the International 十二月三十一日之綜合財務狀況，以及其Accounting Standards Board (“IASB”) and have been properly 截至該日止年度之綜合財務表現及綜合prepared in compliance with the disclosure requirements of the 現金流量，並已妥為遵守香港《公司條例》 Hong Kong Companies Ordinance. 之披露規定。 BASIS FOR QUALIFIED OPINION 保留意見之基礎 Insufficient accounting records of certain subsidiaries of the Group 本集團若干附屬公司之會計記錄不足 As set out in Note 2 to the consolidated financial statements, in the 誠如綜合財務報表附註 2所載，於編製本 course of preparing the Group’s consolidated financial statements 集團截至二零二五年十二月三十一日止 for the year ended 31 December 2025, the Company requested 年度之綜合財務報表過程中，本公司已營management of Clever Supremacy Limited (a company 求越醒有限公司（：於英屬維爾京群島註冊incorporated in the British Virgin Islands (“BVI”), in which the 成立之公司，本公司持有其 100% 股權， Company held a 100% equity interest and which was struck off on 並已於二零二三年七月四日被除名）及其 4 July 2023) and its subsidiaries (collectively, the “CS Group”) to 附屬公司（統稱「CS集團」）之管理層提 furnish a complete set of the CS Group’s books, records and 供一套完整之 CS集團帳簿、記錄及相關supporting documents (the “CS Books and Records”). 支持文件（統稱「CS帳簿及記錄」）。 The Company previously disclosed, on 10 November 2025, that the 本公司此前已於二零二五年十一月十日CS Books and Records were not made available in a timely manner 披露，儘管多次作出營求，CS 帳簿及記despite repeated requests. As a result, the Company stated that it 錄仍未能及時提供。因此，本公司表示其 was unable to prepare complete financial information of the CS 未能編製 CS 集團之完整財務資料以納Group for inclusion in the Group’s consolidated financial 入本集團之綜合財務報表。本公司其後進statements. The Company further disclosed that, in view of the 一步披露，鑑於長期未能取得 CS 帳簿及prolonged inability to obtain the CS Books and Records, it 記錄，其已確定不再對 CS 集團擁有控制determined that it no longer had control over the CS Group and 權，並將進行 CS 集團之不再合併入賬處would proceed with the deconsolidation of the CS Group, with the 理，據此，CS 集團於二零二五年一月一 CS Group’s financial position as at and after 1 January 2024, and 日及其後之財務狀況，以及自二零二五年 its results and cash flows from 1 January 2024, being excluded from 一月一日起之業績及現金流量，將不再納 the Group’s consolidated financial statements prepared on that 入按該基準編製之本集團綜合財務報表。 basis. The Company also disclosed that Clever Supremacy Limited is 本公司亦披露，越醒有限公司於英屬維爾incorporated in the BVI and had been dissolved on 4 July 2023 due 京群島註冊成立，並因未繳付年費而已於 to non-payment of annual licence fee. The announcement further 二零二三年七月四日被解散。該公告進一noted management’s then-intention not to reactivate Clever 步指出，鑑於當時所述 CS 集團之情況，Supremacy Limited, having regard to the circumstances of the CS 管理層並無意重啟越醒有限公司。 management of the CS Group had commenced providing the CS 公佈，CS 集團之管理層已開始向本公司Books and Records to the Company. The Company further 提供 CS 帳簿及記錄。本公司亦進一步公announced that, following receipt of such documents, the CS Books 佈，於收妥有關文件後，CS 帳簿及記錄 and Records could be assessed by the Company again, enabling the 可再次由本公司進行評估，使本集團能夠 Group to review and verify the relevant financial and operational 就相關期間重新審閱及核實 CS 集團之 information of the CS Group for the relevant periods. 相關財務及業運資料。 For the year ended 31 December 2025, the Group’s consolidated 就截至二零二五年十二月三十一日止年financial statements were prepared on the basis that the CS Group 度而言，本集團之綜合財務報表乃按 CS continued to be consolidated, consistent with prior years, and the 集團持續被合併入賬之基準編製，並與過 assets, liabilities, results and cash flows of the CS Group were 往年度保持一致，而 CS 集團之資產、負 included based on the CS Books and Records made available to the 債、業績及現金流量乃根據董事可取得之 directors. CS 帳簿及記錄而納入。 Notwithstanding the above developments and the information 儘管出現上述發展及其後所提供之資料，subsequently provided, based on the audit evidence made available 根據截至核數師報告日期我們可取得之 to us up to the date of our auditor’s report, we were unable to obtain 審計憑證，我們仍未能就 CS 集團若干結 sufficient appropriate audit evidence in respect of certain balances 餘及交易取得充足及適當之審計憑證（詳 and transactions of the CS Group, as set out below. We were also 述如下）。我們亦未能取得充足及適當之 unable to obtain sufficient appropriate audit evidence to evaluate 審計憑證，以評估若干與本集團就其於 certain matters relevant to the Group’s accounting for its interest in CS 集團之權益之會計處理，以及綜合財 the CS Group and the related presentation and disclosures in the 務報表中相關呈列及披露有關之事項。 consolidated financial statements. Prepayments, deposits and other receivables 預付款項、按金及其他應收款項 Included in prepayments, deposits and other receivables in the 於二零二五年十二月三十一日之綜合財consolidated statement of financial position as at 31 December 務狀況表中，預付款項、按金及其他應收2025 were balances in the CS Group of approximately S$98,000 款項包括 CS 集團內約 98,000坡元之結due from certain parties. Due to the limited accounting books and 餘，為應收若干方之款項。由於可供我們 records available to us, we were unable to obtain sufficient 審閱之會計帳簿及記錄有限，我們未能取appropriate audit evidence to satisfy ourselves as to the existence, 得充足及適當之審計憑證，以令我們信納 the Group’s rights to these balances, their completeness, 該等結餘於二零二五年十二月三十一日classification, and their recoverability, as at 31 December 2025. 之存在性、本集團對該等結餘之權利、其 完整性、分類及可收回性。 Other payables and accruals 其他應付款項及應計費用 Included in other payables and accruals in the consolidated 於二零二五年十二月三十一日之綜合財statement of financial position as at 31 December 2025 were 務狀況表中，其他應付款項及應計費用包balances in the CS Group of approximately S$2,215,000 due to 括 CS 集團內約 2,215,000坡元之結餘，certain parties. Due to the limited accounting books and records 為應付若干方之款項。由於可供我們審閱 available to us, we were unable to obtain sufficient appropriate 之會計帳簿及記錄有限，我們未能取得充 audit evidence to satisfy ourselves as to the completeness, 足及適當之審計憑證，以令我們信納該等existence, and the Group’s obligations in respect of these balances, 結餘之完整性、存在性、本集團就該等結（未完）  |