Link: https://links.sgx.com/1.0.0/corporate-announcements/2M79RPEE1H723UN7/b66a19702d3869a919a4dbbba0e290c445a8819ba9af067e34a3df5789f4a611

Summary:

• Group revenue: RMB 4.7 million (from zero last year), all from the hotel management/consultancy segment after acquiring Elements Plus.

• Net loss: RMB 4.5 million for Q3 2025 (vs RMB 1.9 million loss last year), driven by low occupancy/rates in the new hotel business and higher administrative expenses (RMB 3.8 million).

• Continuing operations: Loss before tax was RMB 3.8 million, hotel segment gross margin extremely low (0.08%) due to a soft tourism market and start-up expenses.

• Discontinued operations: Loss of RMB 0.7 million (vs profit 3Q2024) after ending prior contracts and group disposal.

• Balance sheet: Net liabilities grew to RMB 12.5 million, negative working capital exceeds RMB 13.9 million; trade and other payables rose to RMB 14.1 million (includes RMB 7.8 million owed to directors).

• Cash position: RMB 0.9 million remaining, down from RMB 1.0 million at Dec 2024.

• Fundraising: October 2025—agreement to issue 50 million new shares at SGD 0.0153 (S$765,000) for liquidity; seeking further business diversification and capital market raises.

• No dividend declared (as in prior periods).

• Outlook: Hotel management remains core focus but competitive pressures and China property downturn weigh on margin and new business prospects; aims to expand hotel business and pursue old estate upgrades, with ongoing cost controls and new fundraising to address going concern warning.