Leader Env LS9
Financials
Annual Report 2025
Explore the statements
6 tablesStatements of Financial Position
39 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-Current Assets | |||||
| Property, plant and equipmentRMB’000 | 53,195 | 71,759 | 5,515 | 18,387 | PDF p. 69 |
| Intangible assetsRMB’000 | 1,033 | 1,287 | – | – | PDF p. 69 |
| Investment in subsidiariesRMB’000 | – | – | 111,852 | 108,521 | PDF p. 69 |
| Investment in associatesRMB’000 | 10,344 | 11,556 | – | – | PDF p. 69 |
| Deferred tax assetsRMB’000 | 2,092 | – | – | – | PDF p. 69 |
| Total non-current assetsRMB’000 | 66,664 | 84,602 | 117,367 | 126,908 | PDF p. 69 |
| Current Assets | |||||
| Contract assetsRMB’000 | 9,196 | 11,494 | – | – | PDF p. 69 |
| InventoriesRMB’000 | 2,532 | 6,358 | – | – | PDF p. 69 |
| Trade and other receivablesRMB’000 | 21,804 | 14,164 | 82,645 | 22,897 | PDF p. 69 |
| PrepaymentsRMB’000 | 616 | 404 | 121 | 54 | PDF p. 69 |
| Cash and bank balancesRMB’000 | 94,986 | 50,007 | 8,401 | 20,562 | PDF p. 69 |
| Assets of disposal group classified as held-for-saleRMB’000 | – | 39,977 | – | – | PDF p. 69 |
| Total current assetsRMB’000 | 129,134 | 122,404 | 91,167 | 43,513 | PDF p. 69 |
| Assets | |||||
| Total assetsRMB’000 | 195,798 | 207,006 | 208,534 | 170,421 | PDF p. 69 |
| Capital and Reserves | |||||
| Share capitalRMB’000 | 126,399 | 375,049 | 126,399 | 375,049 | PDF p. 69 |
| PRC statutory reserveRMB’000 | 1,168 | 1,168 | – | – | PDF p. 69 |
| Share option reserveRMB’000 | 4,365 | 4,102 | 4,365 | 4,102 | PDF p. 69 |
| Currency translation reserveRMB’000 | 2,982 | 2,484 | – | – | PDF p. 69 |
| Accumulated lossesRMB’000 | (151,306) | (360,883) | (40,236) | (324,470) | PDF p. 69 |
| Equity attributable to owners of the CompanyRMB’000 | (16,392) | 21,920 | 90,528 | 54,681 | PDF p. 69 |
| Non-controlling interestsRMB’000 | 5,493 | 16,718 | – | – | PDF p. 69 |
| Total (capital deficiency)/equityRMB’000 | (10,899) | 38,638 | 90,528 | 54,681 | PDF p. 69 |
| Non-Current Liabilities | |||||
| Bank borrowingsRMB’000 | 16,279 | 18,936 | – | – | PDF p. 69 |
| Lease liabilitiesRMB’000 | 747 | 1,031 | 155 | 535 | PDF p. 69 |
| Provision for restoration costsRMB’000 | 595 | 529 | – | – | PDF p. 69 |
| Other liabilitiesRMB’000 | – | 9,493 | – | 9,324 | PDF p. 69 |
| Deferred tax liabilitiesRMB’000 | – | 1,214 | – | – | PDF p. 69 |
| Total non-current liabilitiesRMB’000 | 17,621 | 31,203 | 155 | 9,859 | PDF p. 69 |
| Current Liabilities | |||||
| Contract liabilitiesRMB’000 | – | 469 | – | – | PDF p. 69 |
| Bank borrowingsRMB’000 | 5,950 | 7,376 | – | – | PDF p. 69 |
| Convertible bondsRMB’000 | 108,090 | 90,981 | 108,090 | 90,981 | PDF p. 69 |
| Lease liabilitiesRMB’000 | 1,011 | 827 | 386 | 367 | PDF p. 69 |
| Other liabilitiesRMB’000 | 2,653 | 17,911 | 1,230 | 1,868 | PDF p. 69 |
| Trade and other payablesRMB’000 | 64,830 | 8,850 | 8,145 | 12,665 | PDF p. 69 |
| Income tax payableRMB’000 | 6,542 | – | – | – | PDF p. 69 |
| Liabilities directly associated with disposal group classified as held-for-saleRMB’000 | – | 10,751 | – | – | PDF p. 69 |
| Total current liabilitiesRMB’000 | 189,076 | 137,165 | 117,851 | 105,881 | PDF p. 69 |
| Liabilities | |||||
| Total liabilitiesRMB’000 | 206,697 | 168,368 | 118,006 | 115,740 | PDF p. 69 |
| Equity and Liabilities | |||||
| Total equity and liabilitiesRMB’000 | 195,798 | 207,006 | 208,534 | 170,421 | PDF p. 69 |
Definitions & sources
Original report: PDF p. 69 ↗
The accompanying notes form an integral part of and should be read in conjunction with these financial statements. This statement presents Group and Company columns; values are RMB’000.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing operations | |||
| RevenueRMB’000 | 11,500 | 7,028 | PDF p. 70 |
| Cost of salesRMB’000 | (8,030) | (5,264) | PDF p. 70 |
| Gross profitRMB’000 | 3,470 | 1,764 | PDF p. 70 |
| Finance incomeRMB’000 | 209 | 1,641 | PDF p. 70 |
| Other incomeRMB’000 | 2,928 | 297 | PDF p. 70 |
| Fair value (loss)/gain of embedded derivatives on convertible bondsRMB’000 | (12,205) | 13,629 | PDF p. 70 |
| Selling and distribution expensesRMB’000 | (1,368) | (621) | PDF p. 70 |
| Administrative expensesRMB’000 | (29,037) | (39,057) | PDF p. 70 |
| Impairment lossRMB’000 | (16,133) | (21,811) | PDF p. 70 |
| Finance costsRMB’000 | (10,684) | (14,502) | PDF p. 70 |
| Other expensesRMB’000 | (39,538) | (2,799) | PDF p. 70 |
| Share of results of associates, net of taxRMB’000 | (1,376) | 349 | PDF p. 70 |
| Loss from continuing operations, before taxationRMB’000 | (103,734) | (61,110) | PDF p. 70 |
| TaxationRMB’000 | (3,188) | 2,837 | PDF p. 70 |
| Loss from continuing operations net of taxationRMB’000 | (106,922) | (58,273) | PDF p. 70 |
| Discontinued operations | |||
| Profit/(Loss) from discontinued operations, net of taxationRMB’000 | 312,994 | (3,865) | PDF p. 70 |
| Profit/(Loss) for the year | |||
| Profit/(Loss) for the yearRMB’000 | 206,072 | (62,138) | PDF p. 70 |
| Other comprehensive income/(loss) after taxation; Items that may be reclassified subsequently to profit or loss | |||
| Currency translation differencesRMB’000 | 498 | (89) | PDF p. 70 |
| Other comprehensive income/(loss) after taxation; Items that will not be reclassified subsequently to profit or loss | |||
| Currency translation differencesRMB’000 | 249 | (44) | PDF p. 70 |
| Other comprehensive income/(loss) after taxation | |||
| Other comprehensive income/(loss) after taxationRMB’000 | 747 | (133) | PDF p. 70 |
| Comprehensive income | |||
| Total comprehensive income/(loss) for the yearRMB’000 | 206,819 | (62,271) | PDF p. 70 |
| Profit/(Loss) attributable to | |||
| Owners of the CompanyRMB’000 | 209,577 | (57,689) | PDF p. 70 |
| Non-controlling interestsRMB’000 | (3,505) | (4,449) | PDF p. 70 |
| Profit/(Loss) attributable to; subtotal | |||
| SubtotalRMB’000 | 206,072 | (62,138) | PDF p. 70 |
| Total comprehensive profit/(loss) attributable to | |||
| Owners of the CompanyRMB’000 | 210,075 | (57,778) | PDF p. 70 |
| Non-controlling interestsRMB’000 | (3,256) | (4,493) | PDF p. 70 |
| Total comprehensive profit/(loss) attributable to; subtotal | |||
| SubtotalRMB’000 | 206,819 | (62,271) | PDF p. 70 |
| Profit/(Loss) per share; Continuing operations | |||
| – Basic (RMB cents)RMB cents per share | (6.79) | (3.47) | PDF p. 70 |
| – Diluted (RMB cents)RMB cents per share | (6.79) | (3.47) | PDF p. 70 |
| Profit/(Loss) per share; Discontinued operations | |||
| – Basic (RMB cents)RMB cents per share | 20.44 | (0.28) | PDF p. 70 |
| – Diluted (RMB cents)RMB cents per share | 20.44 | (0.28) | PDF p. 70 |
| Profit/(Loss) per share; Continuing and discontinued operations | |||
| – Basic (RMB cents)RMB cents per share | 13.65 | (3.75) | PDF p. 70 |
| – Diluted (RMB cents)RMB cents per share | 13.65 | (3.75) | PDF p. 70 |
Definitions & sources
Original report: PDF p. 70 ↗
The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
33 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Continuing operations | |||
| RevenueRMB’000 | 11,500 | 7,028 | PDF p. 70 |
| Cost of salesRMB’000 | (8,030) | (5,264) | PDF p. 70 |
| Gross profitRMB’000 | 3,470 | 1,764 | PDF p. 70 |
| Finance incomeRMB’000 | 209 | 1,641 | PDF p. 70 |
| Other incomeRMB’000 | 2,928 | 297 | PDF p. 70 |
| Fair value (loss)/gain of embedded derivatives on convertible bondsRMB’000 | (12,205) | 13,629 | PDF p. 70 |
| Selling and distribution expensesRMB’000 | (1,368) | (621) | PDF p. 70 |
| Administrative expensesRMB’000 | (29,037) | (39,057) | PDF p. 70 |
| Impairment lossRMB’000 | (16,133) | (21,811) | PDF p. 70 |
| Finance costsRMB’000 | (10,684) | (14,502) | PDF p. 70 |
| Other expensesRMB’000 | (39,538) | (2,799) | PDF p. 70 |
| Share of results of associates, net of taxRMB’000 | (1,376) | 349 | PDF p. 70 |
| Loss from continuing operations, before taxationRMB’000 | (103,734) | (61,110) | PDF p. 70 |
| TaxationRMB’000 | (3,188) | 2,837 | PDF p. 70 |
| Loss from continuing operations net of taxationRMB’000 | (106,922) | (58,273) | PDF p. 70 |
| Discontinued operations | |||
| Profit/(Loss) from discontinued operations, net of taxationRMB’000 | 312,994 | (3,865) | PDF p. 70 |
| Profit or loss | |||
| Profit/(Loss) for the yearRMB’000 | 206,072 | (62,138) | PDF p. 70 |
| Other comprehensive income/(loss) after taxation; items that may be reclassified subsequently to profit or loss | |||
| Currency translation differencesRMB’000 | 498 | (89) | PDF p. 70 |
| Other comprehensive income/(loss) after taxation; items that will not be reclassified subsequently to profit or loss | |||
| Currency translation differencesRMB’000 | 249 | (44) | PDF p. 70 |
| Other comprehensive income/(loss) | |||
| Other comprehensive income/(loss) after taxationRMB’000 | 747 | (133) | PDF p. 70 |
| Comprehensive income | |||
| Total comprehensive income/(loss) for the yearRMB’000 | 206,819 | (62,271) | PDF p. 70 |
| Profit/(Loss) attributable to | |||
| Owners of the CompanyRMB’000 | 209,577 | (57,689) | PDF p. 70 |
| Non-controlling interestsRMB’000 | (3,505) | (4,449) | PDF p. 70 |
| Profit/(Loss) attributable subtotalRMB’000 | 206,072 | (62,138) | PDF p. 70 |
| Total comprehensive profit/(loss) attributable to | |||
| Owners of the CompanyRMB’000 | 210,075 | (57,778) | PDF p. 70 |
| Non-controlling interestsRMB’000 | (3,256) | (4,493) | PDF p. 70 |
| Total comprehensive profit/(loss) attributable subtotalRMB’000 | 206,819 | (62,271) | PDF p. 70 |
| Profit/(Loss) per share; continuing operations | |||
| – Basic (RMB cents)RMB cents per share | (6.79) | (3.47) | PDF p. 70 |
| – Diluted (RMB cents)RMB cents per share | (6.79) | (3.47) | PDF p. 70 |
| Profit/(Loss) per share; discontinued operations | |||
| – Basic (RMB cents)RMB cents per share | 20.44 | (0.28) | PDF p. 70 |
| – Diluted (RMB cents)RMB cents per share | 20.44 | (0.28) | PDF p. 70 |
| Profit/(Loss) per share; continuing and discontinued operations | |||
| – Basic (RMB cents)RMB cents per share | 13.65 | (3.75) | PDF p. 70 |
| – Diluted (RMB cents)RMB cents per share | 13.65 | (3.75) | PDF p. 70 |
Definitions & sources
Original report: PDF p. 70 ↗
The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
Consolidated Statement of Cash Flows
48 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit/(Loss) before taxation from continuing operationsRMB’000 | (103,734) | (61,110) | PDF p. 72 |
| Loss before taxation from discontinued operationsRMB’000 | 312,994 | (2,071) | PDF p. 72 |
| Profit/(Loss) before taxationRMB’000 | 209,260 | (63,181) | PDF p. 72 |
| Operating activities; adjustments for | |||
| Depreciation of property, plant and equipmentRMB’000 | 7,385 | 7,661 | PDF p. 72 |
| Amortisation of intangible assetsRMB’000 | 254 | 252 | PDF p. 72 |
| Inventories written offRMB’000 | – | 236 | PDF p. 72 |
| Property, plant and equipment written offRMB’000 | – | 56 | PDF p. 72 |
| Share-based payment expensesRMB’000 | 263 | 1,466 | PDF p. 72 |
| Gain on disposal of subsidiariesRMB’000 | (318,618) | – | PDF p. 72 |
| Impairment loss on financial and non-financial assetsRMB’000 | 16,133 | 21,998 | PDF p. 72 |
| Loss/(gain) on re-measurements/termination of lease liabilitiesRMB’000 | 88 | (52) | PDF p. 72 |
| Fair value loss/(gain) of embedded derivatives on convertible bondsRMB’000 | 12,205 | (13,629) | PDF p. 72 |
| Exchange (gain)/loss on convertible bondsRMB’000 | (4,572) | 2,914 | PDF p. 72 |
| Share of results of associates, net of taxRMB’000 | 1,376 | (349) | PDF p. 72 |
| Government grant income – amortisedRMB’000 | – | (68) | PDF p. 72 |
| Special payment to convertible bond holdersRMB’000 | 34,710 | – | PDF p. 72 |
| Finance costsRMB’000 | 10,700 | 14,510 | PDF p. 72 |
| Finance incomeRMB’000 | (209) | (1,658) | PDF p. 72 |
| Operating activities | |||
| Total operating cash flows before movements in working capitalRMB’000 | (31,025) | (29,844) | PDF p. 72 |
| Operating activities; changes in working capital | |||
| (Increase)/decrease in contract assetsRMB’000 | (13,391) | 9,244 | PDF p. 72 |
| Decrease/(increase) in inventoriesRMB’000 | 2,842 | (825) | PDF p. 72 |
| Increase in trade and other receivablesRMB’000 | (12,225) | (4,968) | PDF p. 72 |
| (Decrease)/increase in contract liabilitiesRMB’000 | (469) | 469 | PDF p. 72 |
| Increase in trade and other payablesRMB’000 | 27,713 | 3,494 | PDF p. 72 |
| Decrease in other liabilitiesRMB’000 | (16,201) | (8,043) | PDF p. 72 |
| Operating activities | |||
| Cash used in operationsRMB’000 | (42,756) | (30,473) | PDF p. 72 |
| Income tax refunds/(paid)RMB’000 | 48 | (22) | PDF p. 72 |
| Net cash used in operating activitiesRMB’000 | (42,708) | (30,495) | PDF p. 72 |
| Investing activities | |||
| Acquisition of property, plant and equipmentRMB’000 | (4,902) | (11,770) | PDF p. 72 |
| Proceeds from government grant for property, plant and equipmentRMB’000 | 6,143 | 9,324 | PDF p. 72 |
| Additions to intangible assetsRMB’000 | – | (1,303) | PDF p. 72 |
| Interest income receivedRMB’000 | 209 | 1,658 | PDF p. 72 |
| Investment in associatesRMB’000 | – | (11,207) | PDF p. 72 |
| Proceeds from disposal of subsidiaries – netRMB’000 | 239,012 | – | PDF p. 72 |
| Net cash from/(used in) investing activitiesRMB’000 | 240,462 | (13,298) | PDF p. 72 |
| Financing activities | |||
| Capital contributions from non-controlling interestsRMB’000 | 2,000 | 6,707 | PDF p. 73 |
| Proceeds from bank borrowingsRMB’000 | – | 4,538 | PDF p. 73 |
| Repayments of bank borrowingsRMB’000 | (4,084) | (6,617) | PDF p. 73 |
| Repayments of lease liabilitiesRMB’000 | (1,093) | (1,723) | PDF p. 73 |
| Return of capital contribution to shareholdersRMB’000 | (154,208) | – | PDF p. 73 |
| Interest paidRMB’000 | (1,148) | (1,476) | PDF p. 73 |
| Decrease in bank deposits pledgedRMB’000 | 2,222 | 364 | PDF p. 73 |
| Increase in restricted cashRMB’000 | – | (690) | PDF p. 73 |
| Net cash (used in)/from financing activitiesRMB’000 | (156,311) | 1,103 | PDF p. 73 |
| Cash and cash equivalents | |||
| Net increase/(decrease) in cash and cash equivalentsRMB’000 | 41,443 | (42,690) | PDF p. 73 |
| Effect of foreign exchange rate changes on balances held in foreign currenciesRMB’000 | (374) | 16 | PDF p. 73 |
| Cash and cash equivalents at beginning of yearRMB’000 | 49,093 | 91,767 | PDF p. 73 |
| Cash and cash equivalents at end of yearRMB’000 | 90,162 | 49,093 | PDF p. 73 |
Definitions & sources
Original report: PDF p. 72 ↗ PDF p. 73 ↗
Note A: Property, plant and equipment and right-of-use assets. In financial year ended 31 December 2025, the Group acquired property, plant and equipment with an aggregate cost of RMB4,044,000 (2024: RMB14,494,000) (Note 3). The Group made cash payments of RMB4,902,000 (2024: RMB11,770,000) to acquire property, plant and equipment.
Note B: Intangible assets. There was no acquisition of intangible assets during the financial year ended 31 December 2025. In financial year ended 31 December 2024, the Group acquired intangible assets with an aggregate cost of RMB1,303,000 in cash (Note 4).
The accompanying notes form an integral part of and should be read in conjunction with these financial statements.
Cash distribution to shareholders
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company; distribution paid 11 August 2025 | Source |
|---|---|---|
| Capital reduction and cash distribution | ||
| Cash distributionS$ | 27,307,912 | PDF p. 122 |
| Cash distributionRMB | 154,207,777 | PDF p. 122 |
| Cash distribution per shareS$ per share | 0.0287 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
The report describes this as a cash distribution made following a capital reduction and the disposal of AIWater Group; it was paid to Company shareholders on 11 August 2025. The corporate governance report separately says approximately S$44.05 million, or S$0.0287 per share, was distributed on that date (physical page 56).
Profit/(Loss) per share — detailed calculation
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Continuing operations | 2024Continuing operations | 2025Discontinued operations | 2024Discontinued operations | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Profit/(Loss) per share — Basic | |||||||
| Basic (loss)/profit per share (RMB cents)RMB cents | (6.79) | (3.47) | 20.44 | (0.28) | 13.65 | (3.76) | PDF p. 134 |
Definitions & sources
Original report: PDF p. 134 ↗
The note says basic profit/(loss) per share is based on profit/(loss) attributable to ordinary shareholders divided by weighted average shares in issue during the financial year. For diluted EPS, it explains that convertible bonds and share options are potential ordinary shares; the table footnote says their conversion/exercise effects are excluded because they are anti-dilutive. The printed diluted total for 2024 is retained as “(3,76)” exactly as shown.
Where the money comes from
Segment information
By business
Operating segments by business 18 lines
| Item / unit | 2025Continuing operations – Engineering and sludge treatment services | 2025Continuing operations – Manufacturing of high-performance membrane products | 2025Continuing operations – Others | 2025Continuing operations – Total | 2025Discontinued operations – AIWater and sludge treatment services | 2025Elimination | 2025Total continuing and discontinued operations | 2024Continuing operations – Engineering and sludge treatment services | 2024Continuing operations – Manufacturing of high-performance membrane products | 2024Continuing operations – Other | 2024Continuing operations – Total | 2024Discontinued operations – AIWater and sludge treatment services | 2024Elimination | 2024Total continuing and discontinued operations | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||
| Sales to external customersRMB'000 | 9,494 | 2,006 | – | 11,500 | 18,433 | – | 29,933 | 6,706 | 322 | – | 7,028 | 23,442 | – | 30,470 | PDF p. 140PDF p. 141 |
| Inter-segment salesRMB'000 | 2,701 | – | – | 2,701 | 1,167 | (3,868) | – | 3,132 | – | – | 3,132 | 1,761 | (4,893) | – | PDF p. 140PDF p. 141 |
| Total revenueRMB'000 | 12,195 | 2,006 | – | 14,201 | 19,600 | (3,868) | 29,933 | 9,838 | 322 | – | 10,160 | 25,203 | (4,893) | 30,470 | PDF p. 140PDF p. 141 |
| Results | |||||||||||||||
| Segmental resultsRMB'000 | 22,450 | (1,621) | (77,335) | (56,506) | 314,519 | – | 258,013 | (10,187) | (3,384) | (19,768) | (33,339) | (1,057) | – | (34,396) | PDF p. 140PDF p. 141 |
| Fair value loss from convertible bondRMB'000 | – | – | (12,205) | (12,205) | – | – | (12,205) | PDF p. 140 | |||||||
| Impairment loss on non-financial assetsRMB'000 | (898) | – | – | (898) | – | – | (898) | – | (541) | – | (541) | – | – | (541) | PDF p. 140PDF p. 141 |
| Impairment loss on financial assets and contract assets, netRMB'000 | (14,931) | (304) | – | (15,235) | (909) | – | (16,144) | (21,270) | – | – | (21,270) | (187) | – | (21,457) | PDF p. 140PDF p. 141 |
| EBITDARMB'000 | 6,621 | (1,925) | (89,540) | (84,844) | 313,610 | – | 228,766 | (31,457) | (3,925) | (6,139) | (41,521) | (1,244) | – | (42,765) | PDF p. 140PDF p. 141 |
| Depreciation and amortisationRMB'000 | (2,018) | (4,018) | (1,003) | (7,039) | (600) | – | (7,639) | (2,738) | (3,880) | (459) | (7,077) | (836) | – | (7,913) | PDF p. 140PDF p. 141 |
| Finance costsRMB'000 | (125) | (1,035) | (9,524) | (10,684) | (16) | – | (10,700) | (359) | (1,204) | (12,939) | (14,502) | (8) | – | (14,510) | PDF p. 140PDF p. 141 |
| Finance incomeRMB'000 | 3 | 1 | 205 | 209 | – | – | 209 | 158 | 2 | 1,481 | 1,641 | 17 | – | 1,658 | PDF p. 140PDF p. 141 |
| Share of results of associatesRMB'000 | (63) | (1,313) | – | (1,376) | – | – | (1,376) | 296 | 53 | – | 349 | – | – | 349 | PDF p. 140PDF p. 141 |
| Profit/(Loss) before taxationRMB'000 | 4,418 | (8,290) | (99,862) | (103,734) | 312,994 | – | 209,260 | PDF p. 140 | |||||||
| TaxationRMB'000 | (3,188) | – | – | (3,188) | – | – | (3,188) | 2,837 | – | – | 2,837 | (1,794) | – | 1,043 | PDF p. 140PDF p. 141 |
| Profit/(Loss) for the yearRMB'000 | 1,230 | (8,290) | (99,862) | (106,922) | 312,994 | – | 206,072 | PDF p. 140 | |||||||
| Fair value gain of embedded derivatives on convertible bondsRMB'000 | – | – | 13,629 | 13,629 | – | – | 13,629 | PDF p. 141 | |||||||
| Loss before taxationRMB'000 | (34,100) | (8,954) | (18,056) | (61,110) | (2,071) | – | (63,181) | PDF p. 141 | |||||||
| Loss for the yearRMB'000 | (31,263) | (8,954) | (18,056) | (58,273) | (3,865) | – | (62,138) | PDF p. 141 | |||||||
Notes
Segment assets, liabilities, non-current assets and other expenses are not disclosed as they are not regularly provided to the chief operating decision maker.
Group financing cost is allocated to operating segments according to the revenue generated.
* EBITDA – Earnings before interest, taxation, depreciation and amortisation.
By geography
Geographical information – Group revenue by geographical location 3 lines
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Revenue | |||
| PRCRMB'000 | 27,927 | 29,529 | PDF p. 142 |
| TaiwanRMB'000 | 2,006 | 941 | PDF p. 142 |
| TotalRMB'000 | 29,933 | 30,470 | PDF p. 142 |
Notes
The Group's revenue based on geographical location is as follows
Geographical information – Group non-current assets by geographical location 3 lines
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Singapore(2)RMB'000 | 60,612 | 74,764 | PDF p. 142 |
| PRC(1)RMB'000 | 6,052 | 9,838 | PDF p. 142 |
| TotalRMB'000 | 66,664 | 84,602 | PDF p. 142 |
Notes
(1) included intangible assets amounting to RMB1,033,000 (2024: RMB1,287,000).
(2) included non-current assets of RMB55,096,000 (2024: RMB58,179,000), belonging to a subsidiary, whose operation is classified under manufacturing of high-performance membrane products segment.
Major customers: Revenue of RMB29.9 million (2024: RMB16.7 million) is derived from three (2024: two) major PRC customers, and is attributable to the AIWater and Sludge treatment segment for the financial year ended 31 December 2025.
Debt
Borrowings
Bank borrowings maturity profile
| Item / unit | 2025Carrying amount, RMB'000 | 2025Contractual cash flows (undiscounted), RMB'000 | 2024Carrying amount, RMB'000 | 2024Contractual cash flows (undiscounted), RMB'000 | Source |
|---|---|---|---|---|---|
| Amount repayable in | |||||
| Less than one yearRMB'000 | 5,950 | 7,985 | 7,376 | 8,380 | PDF p. 126 |
| Between two to five yearsRMB'000 | 13,470 | 15,734 | 12,821 | 15,305 | PDF p. 126 |
| More than five yearsRMB'000 | 2,809 | 3,368 | 6,115 | 6,377 | PDF p. 126 |
| Total non-current (unlabelled subtotal)RMB'000 | 16,279 | 19,102 | 18,936 | 21,682 | PDF p. 126 |
| Total (unlabelled)RMB'000 | 22,229 | 27,087 | 26,312 | 30,062 | PDF p. 126 |
Notes
Subtotal and total rows are unlabelled in the source; labels are descriptive.
Based on contractual undiscounted cash flows.
Borrowing notes 4 tables
Bank borrowings
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Non-current | |||
| Bank loan – securedRMB'000 | 16,279 | 18,936 | PDF p. 125 |
| Current | |||
| Bank loan – securedRMB'000 | 2,950 | 2,837 | PDF p. 125 |
| Bank loan – unsecuredRMB'000 | 3,000 | 4,539 | PDF p. 125 |
| Total | |||
| Total borrowingsRMB'000 | 22,229 | 26,312 | PDF p. 125 |
Notes
Current subtotal printed: 5,950 (2025), 7,376 (2024).
Unsecured 2024 loan: effective interest rate 3.15% (2024: 4.35%) per annum; fully repaid in FY2025. 2025 unsecured loan RMB3,000,000, 1-year tenor from 3 March 2025, floating 0.18% above 1-year LPR, effective rate 3.9% (2024: Nil %), settled March 2026.
Secured loan: 10-year facility of RMB27,399,000 from 2021, floating SORA-based; effective interest rate ranging from 3.29% to 5.24% (2024: 4.35% to 5.11%) per annum. Secured by mortgage of leasehold property at 8 Tuas West Avenue, corporate guarantees and bank deposit RMB4,134,000 (2024 – RMB6,356,000). Covenant: tangible net worth not less than SGD 6.0 million.
Unutilised bank facility approx RMB8.2 million (2024: RMB3.5 million).
Carrying amounts approximate fair value.
Statement of financial position – borrowings and debt lines
| Item / unit | 2025The Group, RMB'000 | 2024The Group, RMB'000 | 2025The Company, RMB'000 | 2024The Company, RMB'000 | Source |
|---|---|---|---|---|---|
| Non-Current Liabilities | |||||
| Bank borrowingsRMB'000 | 16,279 | 18,936 | – | – | PDF p. 69 |
| Lease liabilitiesRMB'000 | 747 | 1,031 | 155 | 535 | PDF p. 69 |
| Current Liabilities | |||||
| Bank borrowingsRMB'000 | 5,950 | 7,376 | – | – | PDF p. 69 |
| Convertible bondsRMB'000 | 108,090 | 90,981 | 108,090 | 90,981 | PDF p. 69 |
| Lease liabilitiesRMB'000 | 1,011 | 827 | 386 | 367 | PDF p. 69 |
Notes
Convertible bonds: zero coupon, nominal USD15 million; maturities extended from 3 March 2026 and 31 July 2026 to 3 March 2028 and 31 July 2028; host liability effective interest rate 12.51% and 13.61% per annum (note 18, p.125-126).
Convertible bonds
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| The Group and the Company | |||
| Nominal value of convertible bonds issuedRMB'000 | 105,787 | 105,787 | PDF p. 127 |
| Represented by | |||
| Host liability component, at amortised costRMB'000 | 108,090 | 103,186 | PDF p. 127 |
| The Group and the Company | |||
| Balance at end yearRMB'000 | 108,090 | 90,981 | PDF p. 127 |
Notes
Embedded derivative liability component: – (2025), (12,205) (2024).
Lease liabilities – undiscounted payments and presentation
| Item / unit | 2025The Group, RMB'000 | 2024The Group, RMB'000 | 2025The Company, RMB'000 | 2024The Company, RMB'000 | Source |
|---|---|---|---|---|---|
| Undiscounted lease payment due | |||||
| – Year 1RMB'000 | 1,076 | 892 | 401 | 396 | PDF p. 128 |
| – Year 2RMB'000 | 702 | 901 | 157 | 396 | PDF p. 128 |
| – Year 3RMB'000 | 65 | 155 | – | 155 | PDF p. 128 |
| Less: Unearned interestRMB'000 | (85) | (90) | (17) | (45) | PDF p. 128 |
| Total | |||||
| Lease liabilitiesRMB'000 | 1,758 | 1,858 | 541 | 902 | PDF p. 128 |
| Presented as | |||||
| CurrentRMB'000 | 1,011 | 827 | 386 | 367 | PDF p. 128 |
| Non-currentRMB'000 | 747 | 1,031 | 155 | 535 | PDF p. 128 |
Notes
Undiscounted total: 1,843 / 1,948 (Group); 558 / 947 (Company).
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 – Dividend Policy | The Company does not have a fixed dividend policy and did not pay any dividend in FY2025 (except for a cash distribution made to shareholders following the disposal of AIWater Group – refer to “Material Contracts” section for further details) as the Group needs to preserve its cash for working capital requirements. | Company/Group, FY2025 | PDF p. 54 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Cash distribution following AIWater Group disposal / capital reduction | S$0.0287 per Share | FY2025 one-off cash distribution via capital reduction (not an ordinary dividend) | PDF p. 56 |
| Dividend paid in FY2025 | did not pay any dividend in FY2025 | FY2025 | PDF p. 54 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | FORVIS MAZARS LLP | Group | PDF p. 68 |
| Engagement partner | Chin Chee Choon | Group | PDF p. 68 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view | Group and Company | PDF p. 63 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | there is no material uncertainty related to these conditions | Group | PDF p. 76 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.