Link: https://links.sgx.com/1.0.0/corporate-announcements/BD02SJKJHOL4DT6K/5a53756e59198abfc65c2a25791508f8c186c2da169e69eb9823dc0136c6241f

Summary:

• Revenue: S$139.8k in 2Q25 (-20% YoY); S$184.3k in 1H25 (-33% YoY), all from Hong Kong distribution/retail after cessation of residential projects.

• Profit/Loss: 2Q25 net loss S$0.80m (vs S$1.01m); 1H25 net loss S$1.53m (vs S$1.28m), reflecting lower other income and higher finance costs; basic/diluted LPS 0.36 cent (vs 0.30 cent).

• Margins/expenses: 1H25 gross profit S$123.6k (-18%); other income S$3.5k (vs S$102.1k); other operating expenses S$328.9k (vs S$5.4k); G&A S$1.02m (-27%).

• Balance sheet: Total assets S$0.79m; total liabilities S$9.44m; equity negative S$8.64m; accumulated losses S$67.0m; foreign currency translation reserve S$0.37m.

• Borrowings: S$7.26m now classified as current (from non-current), comprising interest-free Loans 1 and 2 and Redeemable Loans with equity conversion options; lease liabilities S$0.18m.

• Cash flow: Net cash used in operating activities S$0.46m; investing outflow S$0.01m; financing outflow S$0.06m; period-end cash S$0.17m.

• Receivables/impairments: Net trade receivables S$33k after S$158k ECL; other receivables gross S$19.13m largely amounts due from former subsidiaries/associate, with cumulative impairment S$18.86m; Company-level ECL on receivables S$23.15m.

• Segments/geography: Revenue solely from Hong Kong; distribution/retail loss S$268k in 1H; “others” segment loss S$1.26m.

• Corporate and going concern: Business pivot to biotech via Hainan Blue Code Biotechnology; derivative liability from loan equity conversion option assessed insignificant; management uses going-concern basis but negative equity, current borrowings, and low cash pose material uncertainty.