[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","ou1yq5f72eugcsb3bm3xnjz73","revision",2,"title","JE Cleantech Holdings Limited 2026年上半年营收2,081.4万新加坡元，净利润170万新加坡元","originalTitle","JE Cleantech Holdings Ltd (0001905511) (Filer)","summary","JE Cleantech Holdings Limited披露，2026年上半年营收为2,081.4万新加坡元，净利润为170万新加坡元，毛利率为36.2%。公司称营收增长主要因马来西亚大客户工厂升级，部分精密清洁系统订单延期至上半年确认；前五大客户贡献营收90.0%，原材料成本占比为63.7%。","reason","材料称公司2026年上半年营收和净利润为正，同时披露客户集中、原材料成本波动及股价低于纳斯达克最低报价要求等风险。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-20T12:15:53.000Z","discoveredAt","2026-10-20T12:28:04.777Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",63,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fBWO_MEDdsmk",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","1cfef8bb-887b-44c3-ab60-9dc09c51a55f","JE Cleantech 2026年上半年财务数据公布",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿\nD.C. 20549

表格\n6-K

外国私人发行人报告

根据\n1934年证券交易所法案第13a-16或15d-16条

的\n证券交易所法案

2026年10月\n

委员会\n文件编号：001-41335

JE\n清洁能源控股有限公司

(注册人章程中规定的准确名称)

3\n伍德兰兹区1

新加坡\n738361

(主要执行办公室的地址)

请用勾选框表明注册人是否提交或将在20-F表格或40-F表格下提交年度报告。

20-F ☒ 40-F ☐

目录\n

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	页码

概述	3
影响我们集团业绩的关键因素	4
管理层讨论与分析财务状况和经营成果	5
流动性与资本资源	9
营运资金	11
承诺	15
资本支出	15
关键会计政策和估计	15
关于市场风险的定量和定性披露	16
签名	17
财务报表	F-1

概述

JE\nCleantech Holdings Limited ( together with its subsidiaries, our “Group”) is based in Singapore and is principally engaged\nin (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Our\nGroup commenced business in the selling of cleaning systems in 2005, before starting our business in the design, development, manufacture\nand sale of cleaning systems in Singapore in 2006. We design, develop, manufacture and sell cleaning systems for various industrial end-use\napplications to our customers mainly in Singapore and Malaysia. We have also provided centralized dishwashing services since 2013 and\ngeneral cleaning services since 2015 mainly for food and beverage establishments in Singapore.

For\nthe six-month periods ended June 30, 2025 and 2026, our revenue amounted to SGD6.5 million and SGD20.8 million, respectively. Our\nnet loss amounted to SGD0.8 million and net income amounted to SGD1.7 million for the six-month periods ended June 30, 2025 and\n2026, respectively.

The\nfollowing table shows our Statement of Operations data for the six-month periods ended June 30, 2025 and 2026 in SGD and, for 2026,\nin USD. For further information regarding the results of our operations, see our unaudited interim condensed consolidated financial statements\nappearing elsewhere in this Report.

	For the six-month periods ended June 30,
	2025			2026		2026
	SGD’000			SGD’000		USD’000 ⁽¹⁾

Revenues		6,494			20,814		16,084
Cost of revenues		(4,866	)		(13,276	)	(10,259	)
Gross profit		1,628			7,538		5,825

Operating expenses:
Selling and marketing expenses		(107	)		(583	)	(451	)
General and administrative expenses		(1,943	)		(3,377	)	(2,610	)
Total operating expenses		(2,050	)		(3,960	)	(3,061	)

Income/(loss) from operations		(422	)		3,578		2,764

Other income/(expense):
Other income		268			318		246
Interest expense		(238	)		(114	)	(88	)
Other expense		(420	)		(262	)	(202	)
Loss from cybersecurity incident		-			(1,009	)	(780	)
Total other income/(expense)		(390	)		(1,067	)	(824	)

Income/(loss) before tax expense		(812	)		2,511		1,940
Income tax expense		(20	)		(811	)	(627	)
Net income/(loss)		(832	)		1,700		1,313

^(1)\n按美国联邦储备系统2026年6月30日发布的统计公告中规定的汇率1美元=0.7727美元=新元1美元计算。

影响我们集团经营成果的关键因素

我们的财务状况和经营成果将受到多种因素的影响，其中许多因素可能超出我们的控制范围，包括我们在2025年12月31日止财年年度报告中“风险因素”部分所述的因素，该报告于2026年5月8日提交给美国证券交易委员会（“SEC”），以及以下所述的因素：

对主要客户群体的依赖

我们从前五大客户群体获得的总销售额分别为2025年6月30日和2026年6月30日六个月期间收入的54.7%和90.0%。因此，如果前五大客户群体的订单减少，我们的销售额将受到显著负面影响。维持一定水平的客户订单存在某些固有风险，其中许多风险超出我们的控制范围，包括但不限于可能影响客户从我们这里采购的当地政治、监管和商业状况的变化和发展的风险。我们主要客户群体对我们产品和服务需求的减少可能对我们的业务、经营成果和财务状况产生重大不利影响，并可能影响我们保持盈利能力和实现业务增长的能力。

除了与现有客户保持和扩大业务外，我们业务的成功还取决于我们吸引新客户的能力。如果我们无法吸引新客户，我们的业务增长将受到阻碍，我们的业务、财务状况、经营成果和前景可能会受到重大不利影响。

我们清洁系统和其他设备业务的非经常性性质

我们根据订单设计、制造和销售清洁系统和其他设备。我们的客户没有义务继续将合同授予我们或向我们下订单，我们也不能保证未来能够获得新订单。此外，我们集团通常必须通过招标或报价流程来获得新订单，我们能够从中获得的订单数量和收入金额受到一系列因素的影响，包括但不限于客户业务的变化和市场及经济状况的变化。该过程的结果超出我们的控制范围，我们不能保证我们的集团能够从未来的招标提交中获得新项目或新订单。因此，如果我们的集团无法从客户处获得合同价值、规模和/或利润率与以往订单相当的新订单，我们的经营成果、收入和财务表现可能会受到不利影响。

原材料成本的波动

原材料，如钢材和电子元件，是我们收入成本的最大组成部分，分别占截至2025年6月30日和2026年6月30日六个月期间总收入成本的17.6%和63.7%。由于一旦客户确认订购清洁系统或其他设备，我们的合同价格就已固定，因此我们很难管理清洁系统和其他设备的定价，以将任何成本上涨转嫁给客户。原材料成本的任何波动都会影响我们的盈利能力。

我们购买这些原材料的价格主要由市场因素决定，例如这些原材料的相关供应和需求以及我们与供应商的议价能力。在截至2025年6月30日和2026年6月30日的六个月期间，我们大部分原材料在市场上普遍可得，其价格受市场因素影响。我们监控这些原材料的供应和成本趋势，并采取适当措施获取生产所需的材料。我们预计关键材料成本的波动将继续影响我们的利润率。

我们采购的所有原材料，包括不锈钢、铝和电子元件，均从多家供应商处采购，以确保向我们的生产和加工设施提供充足且高效的供应。

我们可能无法维持符合纳斯达克持续上市要求。

2022年11月和2023年12月，我们曾收到纳斯达克证券市场有限责任公司（“纳斯达克”）上市资格部的通知，称我们的普通股未能在最近30个连续交易日保持最低出价1.00美元，这不符合纳斯达克的最低出价要求，使我们的普通股面临被纳斯达克退市的风险。尽管在这两种情况下，我们重新获得了合规性，我们的普通股也没有被纳斯达克退市，但我们的股价波动较大，不能保证未来不会连续30个交易日低于1.00美元。如果发生这种情况，并且我们无法重新符合最低出价要求，我们的普通股可能会被纳斯达克退市。

如果未来我们的普通股被纳斯达克退市，我们可能会面临重大不利后果，包括：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	●	我们普通股的市场报价有限；
	●	我们普通股的流动性降低；
	●	确定我们的普通股为“低价股”，这将要求交易我们股票的经纪人遵守更严格的规则，可能会导致我们普通股在二级交易市场中的交易活动水平降低；
	●	新闻和分析师覆盖有限；以及
	●	未来发行额外证券或获得额外融资的能力下降。

此外，只要我们的普通股在纳斯达克上市，美国联邦法律就防止或优先于各州对它们的销售进行监管，尽管该法律允许各州在怀疑存在欺诈行为时调查公司，如果发现有欺诈行为，各州可以监管或禁止其销售。如果我们不再在纳斯达克上市，那么我们未来在每个发行股票的州都将受到该州的监管。

管理层对财务状况和经营成果的讨论与分析

以下讨论基于我们集团的历史经营结果，可能不能反映我们集团未来的经营表现。

收入

在截至2025年6月30日和2026年6月30日的六个月期间，我们的客户来自各种行业，包括硬盘制造、半导体制造、食品饮料和工业电子。截至本报告日期，我们的客户仍然来自这些行业。我们的清洁系统和其他设备主要在新加坡和马来西亚销售，我们在新加坡为客户提供集中式洗碗和辅助服务。

我们的收入来自（i）我们清洁系统和其他设备业务的销售；以及（ii）我们提供集中式洗碗和辅助服务业务。下表列出了截至2025年6月30日和2026年6月30日的六个月期间，我们各业务部门产生的收入：

	六个月结束于6月30日
	2025		2026
	SGD'000		%		SGD'000	%

清洁系统和其他设备业务的销售
精密清洁系统销售		1,391		21.4		14,814	71.2
其他清洁系统和其他设备销售		1,077		16.6		1,005	4.8
清洁系统的维修和保养及相关零件销售		346		5.3		832	4.0
小计		2,814		43.3		16,651	80.0

集中式洗碗和辅助服务业务的提供
集中式洗碗和一般清洁服务的提供		3,433		52.9		3,912	18.8
洗碗设备租赁		247		3.8		251	1.2
小计		3,680		56.7		4,163	20.0

总计		6,494		100.0		20,814	100.0

截至2026年6月30日的六个月期间，我们的总收入增加了1430万新元，或220.5%，达到2080万新元，而截至2025年6月30日的六个月期间为650万新元。增长主要归因于精密清洁系统销售增加了1340万新元。这是由于向马来西亚的一组主要客户销售增加，他们的主要订单因工厂升级和扩建计划而重新安排在2026年上半年交付和调试。由于收入在安装完成和客户验收后确认，这些订单在截至2026年6月30日的六个月期间确认。因此，来自马来西亚客户的收入增加至1280万新元（占总收入的61.5%），而上一期间为60万新元（占总收入的9.7%）。由于这一增长主要归因于这些订单的一次性重新安排，我们预计未来期间的收入不会维持在这一水平。

下表列出了截至2025年6月30日和2026年6月30日的六个月期间，我们清洁系统和其他设备销售的订单积压量的变动情况，以订单的近似合同价值表示。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	六个月结束于6月30日
	2025			2026
	(SGD'000)			(SGD'000)

期初合同价值⁽¹⁾		14,551			26,372
期间新增合同价值		4,282			8,717
期间确认的收入		(2,814	)		(16,651	)
期末未完成合同价值⁽²⁾		16,019			18,438

^(1)\n期初未完成合同价值代表相关期间期初尚未完成的订单的合同价值。

^(2)\n期末未完成合同价值代表相关年度或期间期末正在进行的订单的合同价值，这些订单将结转至下一年度或期间。

按地区划分的收入

对于截至2025年6月30日和2026年6月30日的六个月期间，我们分别有67.3%和23.0%的总收入来自新加坡的客户，分别有9.7%和61.5%的总收入来自马来西亚的客户。对于同一六个月期间，我们来自其他国家客户的收入分别占总收入的23.0%和15.5%。

收入成本

在截至2025年6月30日和2026年6月30日的六个月期间，我们的收入成本主要由原材料成本、人工成本、分包成本和生产间接费用组成。在截至2025年6月30日和2026年6月30日的六个月期间，我们的收入成本分别为490万新元和1330万新元。收入成本随着收入的增加而增加。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至6月30日的六个月期间
	2025		2026
	新元'000		%		新元'000	%

清洁系统和其他设备的销售成本		1,729		35.5		9,656	72.7
集中洗碗及辅助服务的提供成本		3,137		64.5		3,620	27.3

总计		4,866		100.0		13,276	100.0

毛利和毛利率

截至2025年6月30日和2026年6月30日的六个月期间，我们的总收入毛利分别为160万新元和750万新元。我们的整体毛利率分别为25.1%和36.2%。

截至2026年6月30日的六个月期间，我们的总收入毛利增加了590万新元，主要是由于精密清洁系统销售带来的收入增加，这是我们最盈利的业务细分，收入增加主要是由于马来西亚的一组关键客户将订单从2025年下半年重新安排到2026年上半年。

销售和营销费用

我们的销售和营销费用主要包括销售佣金、促销和营销费用以及运输费用。截至2026年6月30日的六个月期间，我们的销售和营销费用增加到60万新元，而截至2025年6月30日的六个月期间为10万新元。增加主要是由于在该期间获得的新销售订单产生的更高销售佣金，这部分费用是我们的精密清洁系统销售收入显著增加的一部分，特别是针对一家位于法国、从事半导体行业的新客户。

一般及行政费用

我们的普通及行政费用主要包括：(i) 员工成本；(ii) 折旧；(iii) 办公用品及维护费用；(iv) 差旅及招待；(v) 法律及专业费用；(vi) 董事及高级管理人员责任保险；(vii) 关键人员保险；(viii) 咨询费；以及 (ix) 其他费用。下表列示了截至2025年6月30日及2026年6月30日止六个月期间我们的普通及行政费用的明细：

	截至2025年6月30日及2026年6月30日止六个月期间
	2025		2026
	SGD’000		%		SGD’000	%

员工成本		1,138		58.6		1,727	51.1
折旧		68		3.5		88	2.6
办公用品及维护费用		79		4.1		77	2.3
差旅及招待		154		7.9		116	3.4
法律及专业费用		414		21.3		292	8.6
董事及高级管理人员责任保险		32		1.6		42	1.2
关键人员保险		-		-		601	17.8
咨询费		-		-		257	7.6
其他费用		58		3.0		177	5.4
总计		1,943		100.0		3,377	100.0

截至2025年6月30日及2026年6月30日止六个月期间，我们的普通及行政费用分别为190万新元和340万新元，分别占同期总收入的29.9%和16.2%。

员工成本主要代表我们员工及董事的薪资、员工福利和退休福利成本。截至2026年6月30日止六个月期间员工成本的增加主要是由于 (i) 为我们的首席执行官计提了基于该期间净收入计算的0.4万新元绩效奖金；以及 (ii) 为支持我们的运营而招聘了额外的工程师。

折旧费用针对我们的固定资产，包括 (i) 租赁建筑物；(ii) 设备、家具及装置；以及 (iii) 机动车辆。

办公用品及维护费用主要代表办公用品、清洁费用及水电等公用事业费用。

差旅及招待主要代表业务差旅支出以及为员工举办的社交聚会和茶点费用。

法律及专业费用主要代表审计师的报酬及其他法律相关费用和申请及注册商标和专利的费用、法律咨询费、过户代理费及员工招聘服务费。

董事及高级管理人员责任保险涉及支付给公司董事及高级管理人员或公司本身的责任保险保费，作为对其因作为董事及高级管理人员而遭受法律诉讼所导致的损失或垫付辩护费用的赔偿（补偿）。

关键人员保险代表为我们的首席执行官和机械设计主管支付的寿险保费，保额总计约260万新元，我们是受益人，以保护我们免受这些关键人员死亡或失去服务所带来的财务损失。截至2026年6月30日止六个月期间的关键人员保险费用约为60万新元，而截至2025年6月30日止六个月期间为零。

咨询费用是与截至2026年6月30日的六个月期间进行的战略和企业发展计划有关而产生的。这些服务主要涉及对潜在项目的尽职调查、潜在商业伙伴和客户的识别与介绍以及业务扩展的咨询服务。管理层认为这些业务对集团的增长战略和价值创造计划至关重要，因此相关成本已在发生期间确认为运营费用。

其他费用主要包括办公室维护和保养、会员和订阅费用、许可证和执照续期费用、医疗费用和其他其他费用。

其他收入

截至2025年6月30日和2026年6月30日的六个月期间，集团的其他收入分别为30万新元和30万新元。这两个期间的其他收入没有重大变化。下表列出了这些期间我们其他收入的构成。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至6月30日的六个月期间
	2025		2026
	千新元		千新元

STICO防滑鞋的批发销售		23		12
利息收入		75		65
政府补助		147		186
其他⁽¹⁾		23		55
总计		268		318

^(1)\n其他主要包括废料销售和其他其他收入。

利息支出

我们的利息支出来源于租赁负债和有担保的银行贷款。截至2025年6月30日和2026年6月30日的六个月期间，集团的利息支出分别为20万新元和10万新元。

其他费用

集团的其他费用主要包括STICO防滑鞋的成本、银行手续费和汇兑损失。

网络攻击事件导致的损失

2026年2月7日，公司发现其在支付之前宣布的现金股息过程中成为欺诈的受害者。一封冒充美国存管信托公司（“DTC”）的欺诈性电子邮件包含虚假的电汇指令；因此，资金未被DTC收到，股息未支付给公司的名义股东，公司因此遭受了约100万新元（约80万美金）的损失。该股息最终在2026年2月底前支付给了股东。

该欺诈行为已向美国联邦调查局网络犯罪投诉中心、新加坡警察部队和相关银行报告，公司正在与内部IT安全部门一起审查该事件。该事件对集团的业务和运营没有重大影响，调查仍在进行中。

所得税

在截至2025年6月30日和2026年6月30日的六个月期间，我们的所得税费用包括当期的税费用。下表列出了截至2025年6月30日和2026年6月30日的六个月期间我们的所得税构成：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至6月30日的六个月期间
	2025		2026
	千新元		千新元

当期税费用		20		811
递延税		-		-

总计		20		811

我们的\n应税收入，净额，相比2025年6月30日止六个月的约20,000新元，增加至2026年6月30日止六个月的800,000新元。这通常与我们的利润和应税收入的增加一致。

在2025年6月30日及2026年6月30日止的六个月期间，我们的集团没有来自其他司法管辖区的税务义务。在2025年6月30日及2026年6月30日止的六个月期间，我们的集团与相关税务机关没有重大争议或未解决的税务问题。

根据开曼群岛和英属维尔京群岛的法规，我们的集团在开曼群岛或英属维尔京群岛不承担任何所得税。我们的集团业务位于新加坡，我们根据新加坡的预计应税收入，按17%的法定税率在实体基础上承担所得税。

期间的净收入/（亏损）

由于上述原因，我们的净亏损为2025年6月30日止六个月的800,000新元，而我们的净收入为2026年6月30日止六个月的1,700,000新元。

关键非美国通用会计准则财务指标

除了我们在合并财务报表中呈现的指标外，我们还使用以下关键非美国通用会计准则财务指标来帮助我们评估业务、识别影响我们业务的趋势、制定业务计划和做出战略决策。

调整后息税折旧及摊销前利润

调整后息税折旧及摊销前利润是一项非美国通用会计准则财务指标，计算方式为：（a）折旧和摊销；（b）利息支出；以及（c）所得税支出的净收入调整。

调整后息税折旧及摊销前利润作为财务指标存在局限性，应被视为补充性质，并不旨在作为按照美国通用会计准则准备的相关财务信息的替代品。有关调整后息税折旧及摊销前利润与最直接可比的美国通用会计准则指标的调节情况，请参阅标题为“非美国通用会计准则财务指标的调节”的部分。

非美国通用会计准则财务指标的调节

为了补充我们的财务信息，我们使用以下非美国通用会计准则财务指标：调整后息税折旧及摊销前利润。然而，我们非美国通用会计准则财务指标的定义可能与其他公司的定义不同，因此可能不可比。此外，这些非美国通用会计准则财务指标存在某些局限性，因为它们不包括反映在我们合并财务报表中的某些费用，而这些费用对于开展我们的业务是必要的。因此，这些非美国通用会计准则财务指标应与按照美国通用会计准则准备的指标一起考虑，而不是作为其替代或孤立的指标。我们通过提供这些非美国通用会计准则财务指标与相关美国通用会计准则财务指标的调节来弥补这些局限性。我们鼓励投资者和其他人全面审查我们的财务信息，不要依赖任何单一的财务指标，并将这些非美国通用会计准则财务指标与其各自相关的美国通用会计准则财务指标结合使用。

以下表格提供了调整后息税折旧及摊销前利润的调节。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	六个月结束于6月30日
	2025			2026		2026
	千新元			千新元		千美元

净收入/（亏损）		(832	)		1,700		1,313
折旧和摊销费用		443			389		301
利息费用		238			114		88
所得税费用		20			811		627
调整后EBITDA		(131	)		3,014		2,329

流动性\n和资本资源

我们的流动性及营运资本需求主要与我们的运营和资本支出需求相关。我们预计从各种来源为营运资本及其他流动性需求提供资金，包括但不限于从运营中产生的现金、银行设施的贷款、股东的资本出资及其他适当情况下的股权和债务融资。

现金流

下表总结了截至2025年6月30日和2026年6月30日的六个月期间我们的现金流：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至2025年6月30日的六个月期间
	2025			2026
	SGD'000			SGD'000

期初现金及现金等价物		5,742			9,931

经营活动产生的净现金		19			9,569
投资活动使用的净现金		(122	)		(747	)
融资活动使用的净现金		(651	)		(3,663	)
外汇净影响		45			-

现金及现金等价物的净减少/增加		(709	)		5,159

期末现金及现金等价物		5,033			15,090

经营活动现金流

在截至2025年6月30日和2026年6月30日的六个月期间，我们经营活动的现金流入主要来自于我们清洁系统及其他设备的销售以及集中洗碗和辅助服务的提供所产生的收入，而经营活动的现金流出主要由原材料采购、生产成本和间接费用、员工成本以及一般及行政费用组成。

我们经营活动产生的净现金主要反映了我们的净利润，经调整（i）非经营性项目，如折旧和摊销；以及（ii）营运资本变动的影响，包括（a）存货的增减；（b）应收账款、预付费用和其他流动资产；（c）应付账款、应计费用和其他流动负债；（d）合同负债；（iii）偿还银行贷款和租赁负债；以及（iv）应缴税款。

截至2025年6月30日的六个月期间，我们经营活动产生的净现金约为19,000 SGD，这反映了我们亏损800,000 SGD，主要通过（i）固定资产折旧0.3百万 SGD的非现金调整；以及（ii）使用权资产摊销0.1百万 SGD进行积极调整。这些因素的影响被存货增加0.8百万 SGD；应收账款、预付费用和其他流动资产减少2.2百万 SGD；应付账款、应计费用和其他流动负债减少0.4百万 SGD；合同负债减少0.5百万 SGD；以及租赁负债偿还0.2百万 SGD所抵消。

截至2026年6月30日的六个月期间，我们的经营活动中产生的净现金为960万新元，这反映了我们170万新元的利润，主要通过以下非现金调整：(i) 固定资产、厂房和设备的折旧0.3万新元；以及(ii) 使用权资产的摊销0.1万新元。这些因素的影响被库存减少300万新元；应收账款、预付费用和其他流动资产增加240万新元；应付账款、应计费用和其他流动负债增加160万新元；合同负债增加490万新元；以及租赁负债偿还0.3万新元所抵消。

投资活动产生的现金流量

我们的投资活动使用的现金主要由固定资产、厂房和设备的购买组成。

截至2025年6月30日的六个月期间，我们的投资活动中使用的净现金为0.1万新元，主要归因于固定资产、厂房和设备的购买0.1万新元。

截至2026年6月30日的六个月期间，我们的投资活动中使用的净现金为0.7万新元，主要归因于固定资产、厂房和设备的购买0.7万新元。

筹资活动产生的现金流量

我们的筹资活动使用的现金主要由偿还银行贷款和支付股息组成。

截至2025年6月30日的六个月期间，我们的集团记录了筹资活动中使用的净现金0.7万新元，这主要归因于偿还银行贷款0.7万新元。

截至2026年6月30日的六个月期间，我们的集团记录了筹资活动中使用的净现金3.7万新元，这主要归因于偿还银行贷款0.7万新元和支付股息3.0万新元。

营运资金

我们认为，在没有意外情况的前提下，考虑到我们目前拥有的财务资源，包括手头的现金和现金等价物以及经营活动产生的现金流，我们的集团在本报告发布之日起至少未来12个月内拥有足够的营运资金。

应收账款

我们的净应收账款从2025年12月31日的740万新元增加到2026年6月30日的1000万新元。增加主要由于截至2026年6月30日的六个月期间销售额的增加。

我们并未对这些应收账款余额收取任何利息，也未持有任何担保物。我们通常向客户提供的信用期限为30至90天，以供制造和销售清洁系统及其他设备，而我们的客户在提供集中式洗碗服务和一般清洁服务时将获得7至30天的信用条款。

下表列示了根据以下所述日期的发票日期计算的我们的净应收账款的账龄分析：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至 2025年12月31日		截至 2026年6月30日
	千新元		千新元

30天以内		4,604		9,581
31至60天之间		504		39
61至90天之间		1,517		61
超过90天		786		370
应收账款总额，净额		7,411		10,051

应收账款预期信用损失准备金的变动如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至 2025年12月31日		截至 2026年6月30日
	SGD'000		SGD'000

年初/期初余额		78		78
冲销		-		(23	)
年末/期末余额		78		55

我们有一项政策，根据应收账款的可回收性评估和账龄分析以及管理层的判断来确定预期信用损失准备金，包括信用质量的变化、每个客户的过往收款历史、当前市场状况、未来预期以及可能影响公司客户支付能力的客户特定的定量和定性因素。

应收账款的预期信用损失准备金是基于简化方法提供的通用应收账款准备金（“ECL(s)”）。信用风险等级是根据定性和定量因素定义的，这些因素表明违约风险。ECL率是根据我们的客户所在行业的历史损失率和应收账款账龄计算的。

在截至2025年12月31日的年度和截至2026年6月30日的六个月期间，除了上述讨论的预期信用损失准备金外，未为逾期金额计提任何减值损失。

下表列出了截至2025年12月31日的年度和截至2026年6月30日的六个月期间我们的平均应收账款周转天数：

\n \n \n \n \n \n \n \n \n \n \n \n \n

截至

2025年12月31日

截至

2026年6月30日

平均应收账款周转天数⁽¹⁾

107.0

76.8

^(1)\n平均应收账款周转天数是将相应年/期的应收账款余额期初和期末的平均值除以相应年/期的收入，再乘以相应年/期的天数。

我们的平均应收账款周转天数分别为2025年12月31日的年度为107.0天，2026年6月30日的六个月期间为76.8天。截至2026年6月30日的六个月期间平均应收账款周转天数的减少主要是由于从客户处更快地收回款项。

应收账款被定期密切监控和审查，以识别任何潜在的未付款或付款延迟。我们集团对每个客户进行了单独审查，以确定减值，这与外部信用评级机构的定义一致（如果可用），或基于其他数据，如关于客户的可用新闻信息和逾期状态。我们集团进一步实施了某些程序以加强我们的信用控制。例如，我们正在积极监控客户的信用条款，并定期跟进收款，以确保对我们的应收账款有更大的控制。

预付费用和其他流动资产，净额

预付费用和其他流动资产，净额主要代表对供应商的预付款、预付运营费用和其他应收款，包括来自第三方的贷款应收款和员工贷款。下表列示了截至所列日期的预付费用和其他流动资产的明细：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至 2025年12月31日		截至 2026年6月30日
	SGD’000		SGD’000

其他应收款		194		61
押金		57		50
预付款		633		513
总计		884		624

截至2025年12月31日，我们的其他应收款、押金和预付款为0.9百万SGD，截至2026年6月30日减少至0.6百万SGD，主要是由于其他应收款和预付款的减少。

存货

截至所列日期，我们的存货主要由原材料、在制品和产成品组成。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至 2025年12月31日		截至 2026年6月30日
	SGD’000		SGD’000
原材料		5,720		5,049
在制品		2,920		554
产成品		562		552
		9,202		6,155

下表列示了截至2025年12月31日年度和截至2026年6月30日六个月期间的平均存货周转天数：

\n \n \n \n \n \n \n \n \n

截至

2025年12月31日

截至

2026年6月30日

平均存货周转天数⁽¹⁾

290.3

105.3

^(1)\n平均存货周转天数计算为相应年份/期间期初和期末存货余额的平均值除以相应年份/期间的采购成本，再乘以相应年份/期间的天数。

存货减少310万SGD和平均存货周转天数的减少主要是由于精密清洁系统销售额增加，其中某些系统的交付日期重新安排为在2026年上半年交付和调试。

应付账款、应计费用和其他流动负债

应付账款

我们主要供应商的一般信用条款为15至90天。截至2025年12月31日，我们的应付账款为190万SGD，截至2026年6月30日增加至270万SGD，主要是由于在该期间为履行客户销售订单而增加的采购。

下表列示了基于所提及日期的发票日期的应付账款账龄分析：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	截至 2025年12月31日		截至 2026年6月30日
	SGD’000		SGD’000

30天以内		1,862		2,663
31至60天之间		-		-
61至90天之间		-		-
超过90天		-		-
总计		1,862		2,663

下表列示了截至2025年12月31日年度和截至2026年6月30日六个月期间的平均应付账款周转天数：

\n \n \n \n \n \n \n \n \n

截至

2025年12月31日

截至

2026年6月30日

平均应付账款周转天数⁽¹⁾

43.3

31.0

^(1)\n平均应付账款周转天数计算为相应年份/期间期初和期末应付账款余额的平均值除以相应年份/期间的收入成本，再乘以相应年份/期间的天数。

截至2026年6月30日止期间，我们的应付账款周转天数保持在信用期限内。

截至2025年12月31日止年度以及2026年6月30日止六个月期间，我们的集团在应付账款支付方面没有发生任何重大违约。

应计费用和其他流动负债

应计费用和其他流动负债主要代表与专业费用、项目销售佣金和工资成本相关的费用。截至2025年12月31日和2026年6月30日，我们集团的应计费用和其他流动负债分别为80万美元和160万美元。这主要是由于该期间销售佣金和绩效奖金的应计增加所致。

截至2025年12月31日止年度以及2026年6月30日止六个月期间，我们的集团在其他应付款支付方面没有发生任何重大违约。

银行债务

截至2026年6月30日，我们的银行债务总额为340万美元，全部以新加坡元计价，并以新加坡银行同业拆借利率（“SIBOR”）之上1.25%至1.5%的浮动利率计息。我们银行债务中的110万美元属于流动负债，230万美元属于非流动负债。

以下表格总结了截至2026年6月30日我们的合同义务，包括银行借款和租赁应付款的本金：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	不到1年		1至3年		3至5年	总计
	800000		800000		800000	800000	800000
合同义务：
融资租赁		61		18		-		79	61
经营租赁		37		35		-		72	56
银行贷款		1,130		1,139		1,093		3,362	2,598
总合同义务		1,228		1,192		1,093		3,513	2,715

承诺

资本承诺

截至2025年12月31日和2026年6月30日，我们集团没有资本承诺。

资本支出

历史资本支出

截至2025年6月30日和2026年6月30日的六个月期间，我们的资本支出主要涉及淘汰设备的更换。截至2025年6月30日和2026年6月30日的六个月期间，我们与物业、厂房和设备相关的资本支出分别为10万美元和70万美元。我们在截至2025年6月30日和2026年6月30日的六个月期间，主要通过经营现金流和借款来资助我们的资本支出。我们首次公开募股的净收益主要用于资助运营以及制造设施的扩展和升级。

关键会计估计

我们的财务报表及附注已按照美国通用会计准则编制。编制这些财务报表及附注需要我们做出估计和判断，这些估计和判断会影响所报告的资产、负债、收入和费用金额以及相关或有资产和负债的披露。我们的估计基于历史经验以及在当时情况下被认为合理的各种其他假设，这些估计的结果是关于资产和负债的账面价值的判断基础，而这些账面价值无法从其他来源直接得出。某些会计估计特别敏感，因为它们对财务报表具有重要意义，而且由于可能影响这些估计的未来事件与管理层当前的判断可能存在重大差异。对公司财务报表产生影响的关键会计估计包括：

存货估值

存货按成本与可变现净值的较低者计量。存货的成本基于先进先出原则，包括获取存货所发生的支出、生产或转换成本以及其他将存货带至现有地点和状态所发生的成本。对于制造存货和在产品，成本包括基于正常运营能力的适当生产间接费用分摊。我们大部分存货由原材料和在产品组成，主要为客户确认的项目订单。

公司的业务依赖于客户对我们产品和服务的需求。任何客户对我们产品需求的减少，例如取消订单，都可能对我们的产品销售产生不利影响，这可能会导致存货过时、存货价值下降或存货核销。在这种情况下，我们的业务、财务状况、经营成果和前景可能会受到重大不利影响。

公司对每个项目的存货成本与可变现净值进行比较，如果适用，将计提准备金，将存货减记至其可变现净值（如果低于成本）。持续地，根据客户的需求（包括预计交货日期、历史工作概况、已收到的总预付款和市场状况）估计的过时或滞销存货的潜在减记，即存货成本与估计可变现净值之间的差额，对存货进行审查。当存货减记至成本或可变现净值的较低者时，不会根据基础事实和情况的变化进行后续重估。根据公司的评估，截至2025年6月30日，没有存货按成本的较低者记录，也没有迹象表明存在滞销或过时的存货。

近期会计准则

有关最近发布的会计准则的讨论，请参见本报告中包含的未经审计的中期合并财务报表的附注第2节。

关于市场风险的定量和定性披露

利率风险

我们面临与银行借款相关的利率风险，这些借款主要基于浮动利率。我们的银行借款通常适用可变利率，包括基准利率如SIBOR和伦敦银行同业拆借利率（“LIBOR”）或其后续基准利率，加上适用的利差。

为管理这种风险并实现更可预测的利息成本，我们已签订利率互换安排，包括隔夜指数互换，在这种安排下，我们支付固定利率并根据市场基准收取浮动利率。

因此，我们对市场利率波动的部分风险得到了缓解。然而，市场利率的变化仍可能影响我们的利息支出和衍生工具的公允价值。

信用风险

信用风险通过应用信用审批、限额和监控程序进行控制。我们通过内部研究和分析相关经济以及相关债务人和交易结构来管理信用风险。我们根据行业、地理位置和客户类型综合识别信用风险。在评估我们对客户的销售的信用风险时，我们主要反映客户未能履行其合同义务的“违约概率”，并考虑客户的当前财务状况以及对客户的当前和可能的未来敞口。

流动性风险

我们还面临流动性风险，即我们可能无法提供足够的资本资源和流动性以满足我们的承诺和业务需求。流动性风险通过应用财务状况分析和监控程序进行控制。在必要时，我们将寻求金融机构和关联方以获得短期资金来弥补任何流动性短缺。

外汇风险

虽然我们的报告货币是美元，但我们的大部分合并收入和合并成本及费用均以新元计价。我们所有的资产均以新元计价。因此，由于美元与新元之间的汇率波动可能影响我们的收入和经营成果，我们面临外汇风险。如果新元对美元贬值，我们以美元财务报表表示的新元收入、收益和资产的价值将下降。我们尚未签订任何对冲交易以减少我们对外汇风险的暴露。

我们持续监控外汇敞口，并在适当的情况下利用外汇衍生工具，包括外汇期权合约，以缓解短期敞口。

签字

根据1934年《证券交易法》的要求，注册人已 duly 由下文签署人代表其签署本报告，已 duly 授权。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	JE 清洁科技控股有限公司

日期 2026年10月20日	/s/ HONG Bee Yin
	HONG Bee Yin，首席执行官兼董事

日期 2026年10月20日	/s/ LONG Jia Kwang
	LONG Jia Kwang，首席财务官

索引\nTO JE 清洁科技有限公司

未经审核的\n中期合并财务报表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	页码

截至2025年12月31日和2026年6月30日的未经审核的中期合并资产负债表	F-2

截至2025年6月30日和2026年6月30日六个月期间的未经审核的中期合并损益表和综合收益表	F-3

截至2025年6月30日和2026年6月30日六个月期间的未经审核的中期合并股东权益变动表	F-4

截至2025年6月30日和2026年6月30日六个月期间的未经审核的中期合并现金流量表	F-5

未经审核的中期合并财务报表附注	F-6

F-1

JE\n清洁科技有限公司及其子公司

未经审核的\n中期合并资产负债表

（金额\n以千为单位，除非另有说明或注明）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2025			2026		2026
	截至 2025年12月31日			截至2026年6月30日
	2025			2026		2026
	SGD'000			SGD'000		US$'000
						（注2(e)）
资产
流动资产：
现金及现金等价物		9,931			15,090		11,660
应收账款，净额		7,411			10,051		7,767
预付费用和其他流动资产，净额		837			587		454
存货		9,202			6,155		4,756
流动资产合计		27,381			31,883		24,637

金融工具		764			764		590
固定资产，净额		3,735			4,159		3,214
使用权资产，净额		983			917		709
其他流动资产，净额		47			37		29
递延税资产，净额		74			74		57
非流动资产合计		5,603			5,951		4,599
总资产		32,984			37,834		29,236

负债
流动负债：
银行贷款 - 流动		1,152			1,130		873
租赁应付款 - 流动		191			98		76
应付账款、应计费用和其他流动负债		2,673			4,299		3,322
保修负债		22			22		17
应交税款		205			732		566
合同负债		5,815			10,732		8,293
流动负债合计		10,058			17,013		13,147

银行贷款 – 非流动		2,870			2,232		1,725
租赁应付款 – 非流动		217			53		41
递延税负债		67			67		52
非流动负债合计		3,154			2,352		1,818

总负债		13,212			19,365		14,965

承诺和或有事项		-			-		-

股东权益
普通股美元 0.003 每股面值，包括： \n- 23,333,333 类A普通股授权和 1,806,666 类A普通股发行和流通股，截至2025年12月31日和2026年6月30日* - 5,000,000 类B普通股授权和 3,500,000 类B普通股发行和流通股，截至2025年12月31日和2026年6月30日* - 5,000,000 股授权（未指定）和零股流通股，截至2025年12月31日和2026年6月30日*		21			21		16
额外实收资本		15,508			12,522		9,677
库存股（53,946 和 64,447 截至2025年12月31日和2026年6月30日购入）		(75	)		(92	)	(71	)
留存收益		4,394			6,094		4,708
累计其他综合损失		(76	)		(76	)	(59	)
股东权益合计		19,772			18,469		14,271

总负债和股东权益		32,984			37,834		29,236

\n \n \n \n \n

考虑\n 重新指定和重新分类的股份，详情见未经审核的\n 中期合并财务报表附注第13号

附注\n 是这些未经审核的中期合并财务报表的组成部分。

F-2

JE\n清洁科技有限公司及其子公司

未经审计的中期合并损益表和综合收益表

（金额以千为单位，除非另有说明，或另有注明）

	2025			2026		2026
	截至6月30日的六个月期间
	2025			2026		2026
	SGD’000			SGD’000		USD’000
						（注2（e））
收入		6,494			20,814		16,084
销售成本		(4,866	)		(13,276	)	(10,259	)
毛利		1,628			7,538		5,825

运营费用：
销售和营销费用		(107	)		(583	)	(451	)
一般及行政费用		(1,943	)		(3,377	)	(2,610	)
总运营费用		(2,050	)		(3,960	)	(3,061	)

运营收入（亏损）		(422	)		3,578		2,764

其他收入（支出）：
其他收入		268			318		246
利息支出		(238	)		(114	)	(88	)
其他支出		(420	)		(262	)	(202	)
网络攻击事件造成的亏损		-			(1,009	)	(780	)
其他收入（支出）总计		(390	)		(1,067	)	(824	)

税前收入（亏损）		(812	)		2,511		1,940
所得税费用		(20	)		(811	)	(627	)
净收入（亏损）		(832	)		1,700		1,313
其他综合收入（亏损）
外币折算（亏损）/收益，净额		45			-		-
总综合（亏损）收入		(787	)		1,700		1,313

归属于普通股东的每股净收入
基本和稀释*		(0.15	)		0.32		0.25
计算每股净收入（亏损）所用的加权平均普通股数
基本和稀释*		5,306,666			5,306,666		5,306,666

\n \n \n \n \n

追溯性地考虑了在未经审计的中期合并财务报表第13号注释中详细说明的股份重新指定和重新分类

附注是这些未经审计的中期合并财务报表不可分割的一部分。

F-3

JE\nCLEANTECH HOLDINGS LIMITED及其子公司

未经审计的中期合并股东权益变动表

（金额以千为单位，除非另有说明，或另有注明）

\n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

					SGD’000	SGD’000				SGD’000		SGD’000	SGD’000		SGD’000
	普通股				库藏股	累计
	A类 \n已发行股数 *		B类 \n已发行股数 *		金额	额外实收资本	已发行股数			库藏股		其他综合损失	留存收益/（亏损）		股东权益总额
					SGD’000	SGD’000				SGD’000		SGD’000	SGD’000		SGD’000
2025年1月1日余额		1,806,666		3,500,000		21		15,508			(46,406	)	(66	)		(128	)	1,158		16,493
净亏损		-		-		-		-			-		-			-		(832	)	(832	)
外币折算调整		-		-		-		-			-		-			45		-		45

2025年6月30日余额		1,806,666		3,500,000		21		15,508			(46,406	)	(66	)		(83	)	326		15,706

2026年1月1日余额		1,806,666		3,500,000		21		15,508			(53,946	)	(75	)		(76	)	4,394		19,772
净收入		-		-		-		-			-		-			-		1,700		1,700
净收入（亏损）		-		-		-		-			-		-			-		1,700		1,700
已支付股息		-		-		-		(2,986	)		-		-			-		-		(2,986	)
购回库藏股		-		-		-		-			(10,501	)	(17	)		-		-		(17	)
2026年6月30日余额		1,806,666		3,500,000		21		12,522			(64,447	)	(92	)		(76	)	6,094		18,469
2026年6月30日余额（美元）		1,806,666		3,500,000		16		9,677			(64,447	)	(71	)		(59	)	4,708		14,271

\n \n \n \n \n

追溯性地考虑了在未经审计的中期合并财务报表第13号注释中详细说明的股份重新指定和重新分类

附注是这些未经审计的中期合并财务报表不可分割的一部分。

F-4

JE\nCLEANTECH HOLDINGS LIMITED及其子公司

未经审计的中期合并现金流量表

（金额以千为单位，除非另有说明，或另有注明）

	2025			2026		2026
	截至6月30日的六个月期间
	2025			2026		2026
	SGD’000			SGD’000		US$’000

净收入（亏损）		(832	)		1,700		1,313
调整项目：
固定资产折旧		337			323		250
使用权资产摊销		106			66		51
预期信用损失准备金的冲销		-			(23	)	(18	)

营运资产变动：
存货增加/减少		(810	)		3,047		2,355
应收账款、预付费用和其他流动资产的减少/增加，净额		2,242			(2,357	)	(1,821	)
应付账款、应计费用和其他流动负债的减少/增加		(357	)		1,626		1,256
合同负债的减少/增加		(461	)		4,917		3,800
租赁负债的偿还		(154	)		(257	)	(199	)
应交税款		(52	)		527		406
经营活动产生的现金		19			9,569		7,393

购置固定资产、厂房和设备		(122	)		(747	)	(577	)
投资活动使用的现金		(122	)		(747	)	(577	)

支付股息					(2,986	)	(2,307	)
购回库藏股		-			(17	)	(13	)
银行贷款的偿还		(651	)		(660	)	(510	)

融资活动使用的现金		(651	)		(3,663	)	(2,830	)

外币影响		45			-		-
现金及现金等价物的净变动		(709	)		5,159		3,986

期初现金及现金等价物		5,742			9,931		7,674
期末现金及现金等价物		5,033			15,090		11,660
现金及现金等价物的净变动		(709	)		5,159		3,986

补充现金流量信息
支付的利息现金		238			114		88
支付的税款现金		70			284		219

附注是这些未经审计的中期合并财务报表不可分割的一部分。

F-5

JE\nCLEANTECH HOLDINGS LIMITED AND ITS SUBSIDIARIES

NOTES\nTO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.\nORGANIZATION AND PRINCIPAL ACTIVITIES

在\n2019年1月29日，JE Cleantech Holdings Limited（“公司”）在开曼群岛注册成立，是一家投资控股公司。公司通过其间接持有的全资子公司开展主要业务，这些子公司在新加坡注册和设立，分别是：1.) 由JCS-Echigo Pte. Ltd.（“JCS-Echigo”）运营，主要从事清洁系统、相关清洁设备、设备零件和组件的制造和销售，以及2.) Hygieia Warewashing Pte. Ltd.（“Hygieia”），主要从事集中式洗碗和辅助服务的提供。公司通过其全资子公司JE Cleantech International Ltd（“JEC International”）持有JCS-Echigo，该公司在英属维尔京群岛注册和设立；Hygieia是JCS-Echigo的全资子公司。JCS-Echigo全资拥有Evoluxe Pte. Ltd（“Evoluxe”），该公司也在新加坡注册和设立，截至报告日期，该公司处于休业状态。公司总部位于新加坡，并在国内开展业务。

公司及其子公司（“集团”）如下表所示：

子公司一览表

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		有效所有权百分比
名称	成立日期	2025年12月31日			2026年6月30日		注册地	主要业务
JE Cleantech Holdings Limited	2019年1月29日		-			-		开曼群岛	投资控股
JE Cleantech International Ltd	2018年4月9日		100	%		100	%	英属维尔京群岛	投资控股
JCS- Echigo Pte. Ltd.	1999年11月25日		100	%		100	%	新加坡	清洁系统的制造、销售和服务，组件和零件
Hygieia Warewashing Ptd. Ltd.	2010年12月29日		100	%		100	%	新加坡	Provision of centralized dishware washing services and leasing of dishware washing equipment
Evoluxe Pte. Ltd	May 6, 2016		100	%		100	%	Singapore	Dormant

The\naccompanying unaudited interim condensed consolidated financial statements are presented assuming that the Company was in existence at\nthe beginning of the first period presented.

F-6

2.\nSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a)\nBasis of presentation

The\nunaudited interim condensed consolidated financial statements include all normal and recurring adjustments considered necessary, in the\nopinion of management, for a fair presentation of the Company’s financial position as of June 30, 2025, the results of operation\nfor the six-month periods ended June 30, 2026 and 2025 and cash flows for the six-month periods ended June 30, 2026 and 2025.

Interim\nresults of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. These\nunaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and\nrelated notes included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2025, filed with the SEC on\nMay 8, 2026.

(b)\nConsolidation

The\nunaudited interim condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. All\ninter-company transactions, if any, and balances due to, due from, long-term investment subsidiary, and registered paid in capital have\nbeen eliminated upon consolidation.

(c)\nUse of estimates

The\npreparation of unaudited interim condensed consolidated financial statements in conformity with accounting principles generally accepted\nin the U.S. (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets\nand liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial\nstatements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected\nin the Company’s unaudited interim condensed consolidated financial statements include, but are not limited to inventory valuation,\nallowance for expected credit losses and fair value of financial instruments. Actual results could vary from the estimates and assumptions\nthat were used.

(d)\nRisks and uncertainties

The\nmain operations of the Company are located in Singapore. Accordingly, the Company’s business, financial condition, and results\nof operations may be influenced by political, economic, and legal environments in Singapore, as well as by the general state of the economy\nin Singapore. The Company’s results may be adversely affected by changes in the political, regulatory, and social conditions in\nSingapore. Although the Company has not experienced losses from these situations and believes that it is in compliance with existing\nlaws and regulations including its organization and structure disclosed in Note 1, such experience may not be indicative of future results.

In\naddition, the Company’s business, financial condition, and results of operations may be affected by various cybersecurity and other\noperational risks relating to our businesses on a daily basis. On February 7, 2026, the Company discovered that it had been the victim\nof fraud in connection with its payment of a previously declared cash dividend. A fraudulent email purporting to be from The Depository\nTrust Company (“DTC”) contained false wire instructions; as a result, the funds were not received by DTC, the dividend was\nnot paid to the Company’s street-name shareholders and the Company incurred a loss of approximately SGD1.0 million (approximately\nUSD0.8 million). The dividend was subsequently paid to shareholders by the end of February 2026. The Company recognized a loss SGD1.0\nmillion (approximately USD0.8 million) during the six-month period ended June 30, 2026.

The\nCompany’s business, financial condition, and results of operations may also be negatively impacted by risks related to natural\ndisasters, extreme weather conditions, health epidemics, and other catastrophic incidents, which could significantly disrupt the Company’s\noperations.

(e)\nForeign currency translation and transaction and convenience translation

The\naccompanying unaudited interim condensed consolidated financial statements are presented in the Singaporean dollars (“SGD”),\nwhich is the reporting currency of the Company. The functional currency of the Company and its subsidiary, JEC International are the\nUS$, respectively. JCS-Echigo, Hygieia, and Evoluxe use the Singaporean dollar as their functional currencies.

Assets\nand liabilities denominated in currencies other than the reporting currency are translated into the reporting currency at the rates of\nexchange prevailing at the balance sheet date. Translation gains and losses are recognized in the unaudited interim condensed consolidated\nstatements of income and comprehensive income as other comprehensive income or loss. Transactions in currencies other than the reporting\ncurrency are measured and recorded in the reporting currency at the exchange rate prevailing on the transaction date. The cumulative\ngain or loss from foreign currency transactions is reflected in the unaudited interim condensed consolidated statements of income and\ncomprehensive income as other income (other expenses).

F-7

The\nvalue of foreign currencies, including the US Dollar, may fluctuate against the Singaporean Dollar. Any significant variations of the\naforementioned currencies relative to the Singaporean Dollar may materially affect the Company’s financial condition in terms of\nreporting in SGD. The following table outlines the currency exchange rates that were used in preparing the accompanying unaudited interim\ncondensed consolidated financial statements:

SCHEDULE OF CURRENCY EXCHANGE RATES

\n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025		June 30, 2026
SGD to USD Year End/Period		0.7777		0.7727
SGD to USD Average Rate		0.7654		0.7828

Translations\nof the unaudited interim condensed consolidated balance sheets, unaudited interim condensed consolidated statements of comprehensive\nloss, and unaudited interim condensed consolidated statements of cash flows from SGD into US$ as of and for the period ended June 30,\n2026 are solely for the convenience of the reader and were calculated at the rate of US$0.7727 = SGD1, as set forth in the statistical\nrelease of the Federal Reserve System on June 30, 2026.

(f)\nFair value measurement

Accounting\nguidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction\nbetween market participants at the measurement date. When determining the fair value measurements for assets and liabilities required\nor permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact,\nand it considers assumptions that market participants would use when pricing the asset or liability.

Accounting\nguidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of\nunobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based\nupon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs\nthat may be used to measure fair value:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	●	Level\n 1 applies to assets or liabilities for which there are quoted prices, in active markets, for identical assets or liabilities.

	●	Level\n 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable\n for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical\n assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations\n in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

	●	Level\n 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the\n measurement of the fair value of the assets or liabilities.

Cash\nand cash equivalents, accounts receivable, other current assets, financial instruments, bank loans, leases, accounts payable and accruals\nand other current liabilities are financial assets and liabilities. Cash and cash equivalents, accounts receivables, prepaid expenses\nand other current assets, accounts payable and accruals and other current liabilities are subject to fair value measurement; however,\nbecause of their being short-term in nature, management believes their carrying values approximate their fair value.

Financial\ninstruments are fair value financial assets that are marked to fair value and are accounted for as Level 3 under the above hierarchy.

Derivative\nfinancial instruments, including interest rate swaps and foreign exchange option contracts, are measured at fair value on a recurring\nbasis and are classified within Level 2 of the fair value hierarchy. The Company determines the fair values of derivative financial instruments\nprimarily by reference to mark-to-market (“MTM”) valuations provided by bank counterparties using observable market inputs\n(See Note 17).

The\nCompany accounts for bank loans and lease payables at amortized cost and has elected not to account for them under the fair value hierarchy.

(g)\nRelated parties

Parties\nare considered related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled\nby, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members\nof the immediate families of principal owners of the Company and its management, and other parties with which the Company may deal if\none party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting\nparties might be prevented from fully pursuing its own separate interests.

F-8

(h)\nCash and cash equivalents

Cash\nand cash equivalents consist of cash on hand and the Company’s demand deposits placed with financial institutions that have original\nmaturities of less than three months and that are unrestricted as to withdrawal and use.

(i)\nAccounts receivable, net

Accounts\nreceivable, net are stated at the original amount less an allowance for expected credit loss on such receivables. The allowance for expected\ncredit loss is estimated based upon the Company’s assessment of various factors including historical experience, the age of the\naccounts receivable balances, current general economic conditions, future expectations, and customer specific quantitative and qualitative\nfactors that may affect the Company’s customer’s ability to pay. An allowance is also made when there is objective evidence\nfor the Company to reasonably estimate the amount of probable loss.

(j)\nPrepaid expenses and other current assets, net

Prepaid\nexpenses and other current asset, net mainly represents advances made to suppliers, prepaid of operating expenses and staff loans with\ninterest free and repayable by September 30, 2027 and October 31, 2030.

(k)\nInventories

Inventories\nare measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in, first-out principle and\nincludes expenditures incurred in acquiring the inventories, production or conversion costs, and other costs incurred in bringing them\nto their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate\nshare of production overhead based on normal operating capacity.

(l)\nProperty, plant and equipment, net

Property,\nplant, and equipment are stated at cost less accumulated depreciation and impairment, if any, and depreciated on a straight-line basis\nover the estimated useful lives of the assets. Cost represents the purchase price of the asset and other costs incurred to bring the\nasset into its intended use. Estimated useful lives are as follows:

SCHEDULE OF ESTIMATED USEFUL LIVES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Category		Estimated\n useful lives

Land\n use right		Over\n the lease term
Leasehold\n buildings		30\n years
Leasehold\n improvements		5\n years
Plant\n and machinery		5\n to 10 years
Equipment,\n furniture and fittings		1-5\n years
Motor\n vehicles		10\n years

Expenditures\nfor repair and maintenance costs, which do not materially extend the useful lives of the assets, are charged to expenses as incurred,\nwhereas expenditures for major renewals and betterment that substantially extend the useful lives of property and equipment are capitalized\nas additions to the related assets. Retirements, sales, and disposals of assets are recorded by removing the costs, accumulated depreciation,\nand impairment with any resulting gain or loss recognized in the consolidated statements of income.

(m)\nImpairment of long-lived assets

The\nCompany reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of\nan asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the\nlong-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition.\nIf the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment\nloss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows. No impairment\nof long-lived assets was recognized for the six-month period ended June 30, 2025 and 2026.

F-9

(n)\nContract liabilities

A\ncontract liability is recognized when the customer pays non-refundable consideration before the Company recognizes the related revenue.\nA contract liability would also be recognized if the Company has an unconditional right to receive nonrefundable consideration before\nthe Company recognizes the related revenue. In such cases, a corresponding receivable would also be recognized.

(o)\nCommitments and contingencies

In\nthe normal course of business, the Company is subject to commitments and contingencies, including operating lease commitments, legal\nproceedings, and claims arising out of its business that relate to a wide range of matters, such as government investigations and tax\nmatters. The Company recognizes a liability for such contingency if it determines it is probable that a loss will occur and a reasonable\nestimate of the loss can be made. The Company may consider many factors in making these assessments on liability for contingencies, including\nhistorical factors and the specific facts and circumstances of each matter.

(p)\nTreasury shares

Share\nrepurchases are accounted for under ASC 505-30, which requires them be recorded and shown separately as a reduction to shareholders’\nequity.

(q)\nRevenue recognition

The\nCompany currently generates its revenue from the following main sources:

Revenue\nfrom goods sold and services provided

Revenue\nfrom sales of goods and services in the ordinary course of business is recognized when the Company satisfies a performance obligation\n(‘‘PO’’) by transferring control of a promised good or service to the customer. The amount of revenue recognized\nis the amount of the transaction price allocated to the satisfied PO.

Transaction\nprice is the amount of consideration in the contract to which the Company expects to be entitled in exchange for transferring the promised\ngoods or services. The transaction price may be fixed or variable and is adjusted for time value of money if the contract includes a\nsignificant financing component. Consideration payable to a customer is deducted from the transaction price if the Company does not receive\na separate identifiable benefit from the customer. When consideration is variable, if applicable, the estimated amount is included in\nthe transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when\nthe uncertainty associated with the variable consideration is resolved.

Revenue\nmay be recognized at a point in time or over time following the timing of satisfaction of the PO.

Provision\nfor centralized dishware washing and general cleaning services

The\nCompany delivers centralized dishware washing and general cleaning service daily over the course of a month to their customers, and charge\nthe customers on a monthly basis with payment terms of 7 to 45 days. The Company recognizes revenue over time as the customer simultaneously\nreceives and consumes the benefits provided by the Company during the contract period with fixed monthly charge.

F-10

Sales\nof cleaning systems and other equipment

For\nthe sales of sterilization and cleaning systems, related cleaning equipment, equipment parts, and components, the Company typically receives\npurchase orders from its customers which will set forth the terms and conditions including the transaction price, products to be delivered,\nterms of delivery, and terms of payment. The terms serve as the basis of the performance obligation that the Company must fulfil in order\nto recognize revenue. The key performance obligation is the delivery of the finished product to the customer at its location at which\npoint title to that asset passes to the customer. The completion of this earning process is evidenced by a written customer acceptance\nindicating receipt of the product. The Company also bundles the delivery of the products and installation/commission services to its\ncustomers in a single contract such that they are not distinct within the context of the contract, in which case the performance obligation\nis satisfied at a point in time upon completion of the installation services and acceptance by the customer. The Company includes a warranty\non its products for one year from the point of delivery and acceptance. The warranty is antecedent to the performance obligation set\nforth above; however, management develops an estimate of future warranty costs and accrues that amount to cost of sales in the period\nthat revenue is recognized to the Company’s consolidated statements of income and the corresponding amount is added to warrant\nliabilities on the Company’s consolidated balance sheets. Details on the changes in warranty liabilities can be found in Note 10\nbelow. Typical payment terms set forth in the purchase order range from 30 to 90 days from the date of delivery. The amount of revenue\nrecognized from contract liabilities to the Company’s results of operations can be found in Note 11 below.

Leasing\nof dishware washing machines

In\naccordance with ASC 842 Lease Topics. The Company accounts for the rental of dishware washing machines as direct finance leases where,\nlease income from the prospective of lessor is recognized to the Company’s statement of income on a straight-line basis over the\nterm of the lease once management has determined that the lease payments are reasonably expected to be collected. The performance obligation\nunder these leasing arrangements is to deliver the unit to the customer at their location and ensure that the equipment is ready for\nuse, and to ensure that the equipment is available for use over the life of the lease contract.

(r)\nCost of revenue

Cost\nof revenue mainly consists of raw material costs, labor costs, sub-contracting costs, and production overhead.

(s)\nSelling and marketing expenses

Selling\nexpenses mainly consists of promotion and marketing expenses and transportation expenses. The Company does not carry any capitalized\ncontract acquisition costs that would be amortized to its results of operations over time, and potential expenses related to customer\nand contract acquisition costs, if any, are accounted for as periodic costs.

(t)\nGeneral and administrative expenses

General\nand administrative expenses mainly consist of staff cost including keyman insurance premium, stock-based compensation, depreciation\nor amortization, office supplies and upkeep expenses, travelling and entertainment, legal and professional fees, property and\nrelated expenses, other miscellaneous administrative expenses.

F-11

(u)\nOther income and other expenses

Other\nincome mainly consist of bank interest income, government capability development grants and net exchange gain.

Other\nexpenses mainly consist of allowance for expected credit losses, gifts and donations and net exchange loss.

(v)\nOperating leases

The\nCompany determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”)\nassets, operating lease liability, and operating lease liability, non-current in the Company’s consolidated balance sheets. ROU\nassets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s\nobligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date\nbased on the present value of lease payments over the lease term. When determining the lease term, the Company includes options to extend\nor terminate the lease when it is reasonably certain that it will exercise that option, if any. As the Company’s leases do not\nprovide an implicit rate, the Company used an incremental borrowing rate based on the information available at commencement date in determining\nthe present value of lease payments. The Company has elected to adopt the following lease policies in conjunction with the adoption of\nASU 2016-02: (i) for leases that have lease terms of 12 months or less and do not include a purchase option that is reasonably certain\nto exercise, the Company elected not to apply ASC 842 recognition requirements; and (ii) the Company elected to apply the package of\npractical expedients for existing arrangements entered into prior to January 1, 2019 to not reassess (a) whether an arrangement is or\ncontains a lease, (b) the lease classification applied to existing leases, and (c) initial direct costs.

(w)\nIncome taxes

The\nCompany accounts for income taxes under ASC 740. Deferred tax assets and liabilities are recognized for the future tax consequences attributable\nto differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective\ntax bases.

Deferred\ntax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary\ndifferences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized\nin income in the period including the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets\nto the amount expected to be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

The\nprovisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for\nconsolidated financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This\ninterpretation also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred\nincome tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures.

The\nCompany did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line\nof its consolidated statements of income for the years ended December 31, 2025 and June 30, 2026, respectively. The Company does not\nexpect that its assessment regarding unrecognized tax positions will materially change over the next 12 months.

(x)\nDividends

Dividends\nare recognized when declared by the Board of Directors. No dividends were declared during the year ended December 31, 2025. Subsequent\nto December 31, 2025, on January 2, 2026, the Company declared a cash dividend of approximately US$2.3 million (US$0.44 per share), which\nwas fully paid in February 2026. The Company will plan and declare dividends depending on the available funds and earnings of the Company.

(y)\nEarnings per share

Basic\nearnings per share is computed by dividing net earnings attributable to ordinary shareholders by the weighted average number of ordinary\nshares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other\ncontracts to issue ordinary shares were exercised or converted into ordinary shares.

F-12

(z)\nSegment reporting

In\nNovember 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280)”, Improvements to Reportable Segment Disclosures\nto improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses on an interim and\nannual basis. ASU 2023-07 became effective starting January 1, 2024, and was applied on a retrospective basis to all periods presented.\nThe Company has adopted this standard for the fiscal year 2024 annual financial statements and interim financial statements thereafter.\nSee Note 14 for details.

ASC\n280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent\nwith the Company’s internal organizational structure as well as information about geographical areas, business segments and major\nclients in financial statements for detailing the Company’s business segments. Based on the criteria established by ASC 280, the\nCompany’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer, who reviews consolidated\nresults when making decisions about allocating resources and assessing performance of the Company. As a whole and hence, the Company\nhas only two reportable segments: 1) Sales of cleaning systems and other equipment, and 2) Provision of centralized dishware washing\nand general cleaning services. The Company does not distinguish between markets or segments for the purpose of internal reporting. As\nthe Company’s long-lived assets are substantially located in Singapore, no geographical segments are presented.

(aa)\nRecent accounting pronouncements

The\nCompany maintains a proactive approach in evaluating the impact of new accounting pronouncements on its financial reporting. Upon identifying\npotential effects on its financial statements, the Company conducts a thorough analysis to assess the necessary adjustments to its Consolidated\nFinancial Statements. Furthermore, the Company conducts a comprehensive review to understand the implications of the changes and ensures\nthe implementation of appropriate controls to safeguard the accuracy and integrity of its Consolidated Financial Statements.

New\nand amended standards not yet adopted by the Company:

Accounting\nStandards Update 2024-03, Comprehensive income (Topic 220): Disaggregation of Income Statement expenses

In\nNovember, 2024, the FASB issued ASU No. 2024-03, Expense Disaggregation Disclosures (“ASU 2024-03”). ASU 2024-03 amends ASC\n220, Comprehensive Income to expand income statement expense disclosures and require disclosure in the notes to the financial statements\nof specified information about certain costs and expenses. ASU 2024-03 is required to be adopted for fiscal years commencing after December\n15, 2026, with early adoption permitted.

The\nCompany does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material\neffect on the Company’s audited consolidated balance sheets, statements of income and comprehensive income, and statements of cash\nflows.

F-13

3.\nACCOUNTS RECEIVABLE, NET

Accounts\nreceivable, net, consists of the following:

SCHEDULE OF ACCOUNTS RECEIVABLES, NET

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025			June 30, 2026		June 30, 2026
	SGD’000			SGD’000		USD’000
Accounts receivable		7,489			10,106		7,810
Less: allowance for expected credit losses		(78	)		(55	)	(43	)
Accounts receivable, net		7,411			10,051		7,767

The\nmovements in the allowance for expected credit losses for the year ended December 31, 2025 and the six-month period ended June 30, 2026\nwere as follows:

SCHEDULE OF ALLOWANCE FOR DOUBTFUL ACCOUNTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025		June 30, 2026		June 30, 2026
	SGD’000		SGD’000		USD’000
Balance at beginning of the year/period		78		78		61
Reversal		-		(23	)	(18	)
Balance at end of the year/period		78		55		43

4.\nINVENTORY

SCHEDULE OF INVENTORIES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025		June 30, 2026		June 30, 2026
	SGD’000		SGD’000		USD’000
Raw materials		5,720		5,049		3,901
Work-in-progress		2,920		554		428
Finished goods		562		552		427
Total inventory, net		9,202		6,155		4,756

5.\nFINANCIAL INSTRUMENTS

The\nfinancial instruments comprise three key management insurance policies. The fair value of the key management insurance policies is\ndetermined by reference to the cash surrender value of the insurance policies at the end of each of the reporting period, which is\nprimarily based on the performance of the underlying investment portfolio together with the guaranteed minimum returns of 1.5%\nto 2.0%\nper annum. The fair value measurement of the key management insurance contract has been categorized as a Level 3 fair value based on\nthe inputs to the valuation technique used and is positively correlated to the cash surrender value that is valued by the\npolicy underwriter at the end of each reporting period. There is no change in both valuation approach and valuation technique. The\nfinancial instruments are pledged with a bank to secure bank loans (see Note 8).

F-14

The\nfollowing table shows a reconciliation from the opening balances to the ending balances for Level 3 fair value:

SCHEDULE OF FINANCIAL INSTRUMENT

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025			June 30, 2026		June 30, 2026
	SGD’000			SGD’000		USD’000
Balance at beginning of the year/period		506			764		590
Additions		274			-		-
Change in fair value recognized in profit or loss		(16	)		-		-
Balance at end of the year/period		764			764		590

6.\nPROPERTY, PLANT AND EQUIPMENT, NET

Property,\nplant and equipment, net, consists of the following:

SCHEDULE OF PROPERTY, PLANT AND EQUIPMENT

\n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025			June 30, 2026		June 30, 2026
	December 31,
	December 31, 2025			June 30, 2026		June 30, 2026
	SGD’000			SGD’000		USD’000
Leasehold building		2,948			2,948		2,278
Leasehold improvements		1,008			1,017		786
Plant and machinery		2,127			2,386		1,844
Equipment, furniture and fittings		2,311			2,482		1,918
Motor vehicles		161			456		352
Subtotal		8,555			9,289		7,178
Less: accumulated depreciation		(4,820	)		(5,130	)	(3,964	)
Property, plant and equipment, net		3,735			4,159		3,214

Depreciation\nof property, plant and equipment expense was approximately SGD337 thousand and SGD323 thousand (US$250 thousand) for the six-month periods\nended June 30, 2025 and 2026, respectively.

Leasehold\nbuilding is pledged with a bank to secure bank loans (see Note 8).

F-15

7.\nRIGHT-OF-USE (“ROU”) ASSETS AND LEASE PAYABLE

The\nright-of-use assets relate to leases of industrial lands in Singapore, certain plant and machinery, furniture and fittings and motor\nvehicles under a number of leases.

The\nCompany recognized operating lease ROU assets and lease liabilities as follows:

SCHEDULE\nOF RIGHT OF USE ASSETS AND LIABILITIES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025			June 30, 2026		June 30, 2026
	SGD’000			SGD’000		USD’000
Right-of-use assets		1,772			1,772		1,369
Less: accumulated amortization		(789	)		(855	)	(660	)
Operating lease ROU asset, net		983			917		709

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025		June 30, 2026		June 30, 2026
	SGD’000		SGD’000		USD’000
Finance lease liabilities		336		79		61
Operating lease liabilities		72		72		56
Total		408		151		117

Finance\nlease liabilities

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025		June 30, 2026		June 30, 2026
	SGD’000		SGD’000		USD’000
Finance lease liabilities
Current portion		154		61		47
Non-current portion		182		18		14
Total		336		79		61

The\nCompany’s finance lease liabilities are secured by the underlying leased assets, corporate guarantees provided by the Company and\nits subsidiaries and personal guarantees provided by a director of the Company.

As\nof June 30, 2026, future minimum lease payments under the finance leases are as follows:

SCHEDULE\nOF FUTURE MINIMUM LEASE PAYMENTS UNDER FINANCE LEASES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Future payment	SGD’000		US$’000
2027		61		47
2028		18		14
Total		79		61

The\nfollowing summarizes other supplemental information about the Company’s finance lease as of June 30, 2026:

SCHEDULE\nOF OTHER SUPPLEMENTAL INFORMATION ABOUT THE COMPANY’S FINANCE LEASE

\n \n \n \n \n \n \n

Weighted average discount rate			3.01	%
Weighted average remaining lease term (years)			1.2

Operating\nlease liabilities

\n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	December 31, 2025		June 30, 2026		June 30, 2026
	SGD’000		SGD’000		US$’000
Operating lease liabilities
Current portion		37		37		29
Non-current portion		35		35		27
Total		72		72		56

F-16

As\nof June 30, 2026, future minimum lease payments under the non-cancelable operating leases are as follows:

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS\nUNDER NON-CANCELABLE OPERATING LEASES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Future payment	SGD’000		US$’000
2027		37		29
2028		35		27
Total		72		56

The\nfollowing summarizes other supplemental information about the Company’s operating lease as of June 30, 2026:

SCHEDULE OF OTHER SUPPLEMENTAL INFORMATION\nABOUT THE COMPANY’S OPERATING LEASE

\n \n \n \n \n \n \n

Weighted average discount rate			4.15	%
Weighted average remaining lease term (years)			1.4

8.\nBANK LOANS

The\nbank loans as of December 31, 2025 and June 30, 2026 are set out below:

SCHEDULE OF BANK LOANS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Bank loans	Currency	Period	Interest rate	Carrying amount
				SGD’000
Secured floating rate bank loans	SGD	2024 - 2029	SIBOR+1.25% to +1.5%		3,927
	US$	2023 - 2029	London Inter Bank Offer Rate +1.25%		95
Balance as of December 31, 2025					4,022

Secured floating rate bank loans, representing balance as of June 30, 2026	SGD	2024 - 2029	SIBOR+1.25% to +1.5%		3,362
Balance as of June 30, 2026 (US$)					2,598

The\nbank loans are secured by corporate guarantees provided by the Company and its subsidiaries, financial instruments (see Note 5), and\nleasehold building (see Note 6).

SCHEDULE\nOF MATURITIES OF BANK LOANS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Bank loans	Carrying amount		Within 1 year		2027	2028	2029		2030		Thereafter
	SGD’000
Secured floating rate bank loans		3,927		1,127		1,138		1,142		520		-	-
		95		25		25		23		22		-	-
Balance as of December 31, 2025		4,022		1,152		1,163		1,165		542		-	-

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Carrying amount		Within 1 year		2028	2029	2030		2031		Thereafter
	SGD’000
Secured floating rate bank loans, representing balance as of June 30, 2026		3,362		1,130		1,139		1,062		31		-	-
Balance as of June 30, 2026 (US$)		2,598		873		880		821		24		-	-

F-17

9.\nACCOUNTS PAYABLE, ACCRUALS, AND OTHER CURRENT LIABILITIES

Account\npayable, accrued expenses, and other liabilities consists of the following:

SCHEDULE OF ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025		June 30, 2026		June 30, 2026
	SGD’000		SGD’000		USD’000
Accounts payable		1,862		2,663		2,058
Payroll payable		668		938		724
Payable to other services		30		665		514
Deposits		6		6		5
Others		107		27		21
Total		2,673		4,299		3,322

10.\nWARRANTY LIABILITIES

SCHEDULE OF WARRANTY LIABILITIES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025			June 30, 2026		June 30, 2026
	SGD’000			SGD’000		USD’000
Balance at beginning of the year/period		22			22		17
Additional accrual		21			-		-
Utilized		(21	)		-		-
Balance at end of the year/period		22			22		17

The\nwarranty for machines sold typically covers a 12-month period from the date on which the machines are delivered and accepted by the customers.\nThe warrant liability is based on estimates made from historical warranty data associated with similar products and services. The Company\nexpects to make use of the accrued liability over the next operating period.

11.\nCONTRACT LIABILITIES

Contract\nliabilities primarily relate to advance consideration received from customers.

Movement\nin contract liabilities:

SCHEDULE OF MOVEMENT IN CONTRACT LIABILITIES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025			June 30, 2026		June 30, 2026
	SGD’000			SGD’000		USD’000
Balance at beginning of the year/period		6,660			5,815		4,493
Decrease in contract liabilities as a result of recognizing revenue during the year/period that was included in the contract liabilities at the beginning of the year/period		(6,621	)		(1,895	)	(1,464	)
Increase in contract liabilities as a result of receiving forward sales deposits and instalments during the year/period in respect of machines still under production		5,776			6,812		5,264

Balance at end of the year/period		5,815			10,732		8,293

F-18

12.\nDEFERRED TAX ASSETS/ LIABILITIES

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025			June\n30, 2026		June\n30, 2026
	SGD’000			SGD’000		USD’000
Deferred tax assets		74			74		57
Deferred tax liabilities		(67	)		(67	)	(52	)
		7			7		5

Following\nare the major deferred tax assets and liabilities recognized by the Company:

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES RECOGNIZED BY THE COMPANY

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Property, plant, and equipment			Provisions		Total
	SGD’000			SGD’000		SGD’000
As of January 1, 2025		(31	)		5		(26	)
Recognized in statements of income		33			-		33
As of December 31, 2025		2			5		7

As of January 1, 2026		2			5		7
Recognized in statements of income		-			-		-
As of June 30, 2026		2			5		7

13.\nEQUITY

Ordinary\nshares

On\nDecember 2, 2025, the shares of the Company were re-designated and re-classified, resulting in 1,806,666 Class A ordinary shares and\n3,500,000 Class B ordinary shares outstanding. The re-designation and re-classification did not result in any change in the total number\nof issued and outstanding shares or total shareholders’ equity of the Company. The Company has two classes of ordinary shares that\nare accounted for as permanent equity.

Voting\nRights

Holders\nof Class A Ordinary Shares and Class B Ordinary Shares shall, at all times, vote together as one class on all matters submitted to a\nvote by the shareholders at any general meeting of the Company. Each Class A Ordinary Share is entitled to one vote and each Class B\nOrdinary Share is entitled to 20 votes on all matters subject to the vote of shareholders at general meetings of the Company.

Conversion\nRights

Class\nB Ordinary Shares may be converted into the same number of Class A Ordinary Shares at the option of the holders thereof at any time,\nwhile Class A Ordinary Shares cannot be converted into Class B Ordinary Shares under any circumstances.

Dividend\nRights

Class\nA Ordinary Shares and Class B Ordinary Shares rank pari passu in all respects with respect to dividend rights and distributions on a\nper share basis. Holders of Class A Ordinary Shares and Class B Ordinary Shares are entitled to receive dividends when, as and if declared\nby the Board of Directors.

Treasury\nshares

During\nthe financial year/period ended December 31, 2025 and June 30, 2026, the Company acquired 7,540 and 10,501 of its own shares at the total\npurchase consideration of SGD9 thousand and SGD16 thousand (US$12 thousand), respectively.

F-19

14.\nREVENUES BY PRODUCT AND GEOGRAPHY AND SEGMENTS

SCHEDULE OF PRINCIPAL TRANSACTIONS REVENUE

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2025		2026		2026
	For the six-month period ended June 30,
	2025		2026		2026
	SGD’000		SGD’000		USD’000
Sales of cleaning systems and other equipment		2,814		16,651		12,867
Provision of centralized dishware washing and general cleaning services		3,433		3,912		3,023
Leasing of dishware washing equipment		247		251		194
Revenue		6,494		20,814		16,084

In\nthe following table, revenue is disaggregated by the timing of revenue recognition.

SCHEDULE\nOF DISAGGREGATION OF REVENUE BY TIMING OF REVENUE RECOGNITION

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	SGD’000		SGD’000		SGD’000	US$’000
	For the six-month period ended June 30, 2026
	Cleaning Systems		Dishware Washing Services		Total	Total
	SGD’000		SGD’000		SGD’000	US$’000
Timing of revenue recognition:
Point in time		16,651		-		16,651	12,867
Over time		-		4,163		4,163	3,217
Revenue		16,651		4,163		20,814	16,084

\n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

SGD’000

For the six-month period ended June 30, 2025

Cleaning Systems

Dishware\n Washing Services

Total

SGD’000

Timing of revenue recognition:

Point in time

2,814

Over time

3,680

Revenue

2,814

3,680

6,494

During\nthe periods presented in these unaudited interim condensed consolidated financial statements, the Company reports two operating segments:\n1) Sales of cleaning systems and other equipment, and 2) Provision of centralized dishware washing and general cleaning services.

The\nCODM allocates resources to and assess the performance of each operating segment using information about the operating segment’s\nrevenue and income (loss) from operations. The CODM regularly reviews the Company’s revenue, cost and gross profit/loss derived\nfrom each revenue stream and is also provided with information of segment expenses. The CODM does not evaluate operating segments using\nasset or liability information.

The\nfollowing tables present summaries of the Company’s breakdown of net revenues by segments and operating segment results for the periods\nended June 30, 2025 and 2026, respectively. There was no significant transaction between reportable segments and non-significant non-cash\nitems (other than depreciation and amortization) for the years the periods ended June 30, 2025 and 2026.

SCHEDULE\nOF BREAKDOWN OF NET REVENUES BY SEGMENTS

\n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2025			2026		2026
	For the six-month period ended June 30,
	2025			2026		2026
	SGD’000			SGD’000		USD’000
Net revenues:
Sales of cleaning systems and other equipment		2,814			16,651		12,867
Provision of centralized dishware washing and general cleaning services		3,680			4,163		3,217
Net\n revenues		6,494			20,814		16,084

Cost of revenues:
Sales of cleaning systems and other equipment		(1,749	)		(9,656	)	(7,462	)
Provision of centralized dishware washing and general cleaning services		(3,117	)		(3,620	)	(2,797	)
Cost\n of revenues		(4,866	)		(13,276	)	(10,259	)

Gross profit:
Sales of cleaning systems and other equipment		1,065			6,995		5,405
Provision of centralized dishware washing and general cleaning services		563			543		420
Gross\n profit		1,628			7,538		5,825

Significant expenses:
Sales of cleaning systems and other equipment
Payroll expense		(837	)		(1,381	)	(1,067	)
Other segment items (Note (i))		(466	)		(1,632	)	(1,261	)
Significant\n expenses		(1,303	)		(3,013	)	(2,328	)

Provision of centralized dishware washing and general cleaning services
Payroll expense		(166	)		(243	)	(188	)
Other segment items (Note (i))		(48	)		(71	)	(56	)
Provision of centralized dishware washing and general\n cleaning services		(214	)		(314	)	(244	)

Reversal of expected credit loss		-			23		18
Interest income		75			65		50
Interest expense		(238	)		(114	)	(88	)
Other unallocated (expense)/income (Note (ii))		(780	)		(2,485	)	(1,920	)
Other\n (loss) income		(943	)		(2,511	)	(1,940	)

Net (loss) income		(832	)		1,700		1,313

\n \n \n \n

Notes:-

\n \n \n \n \n \n \n \n \n

	(i)	Other\n segment items include sales commission, selling and marketing expenses and general and administrative expenses other than payroll\n expenses.
	(ii)	Other\n unallocated expenses include legal and professional fees, income tax expense, and change in fair value in financial instruments and\n exchange difference.

F-20

In\nthe following table, revenue is disaggregated by the geographic locations of customers and by the timing of revenue recognition.

SCHEDULE OF DISAGGREGATION OF REVENUE BY GEOGRAPHICAL CUSTOMER LOCATIONS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	SGD’000		SGD’000		SGD’000	US$’000
	For the six-month period ended June 30, 2026
	Cleaning Systems		Dishware Washing Services		Total	Total
	SGD’000		SGD’000		SGD’000	US$’000
Geographic location:
Singapore		620		4,163		4,783	3,696
Malaysia		12,795		-		12,795	9,887
Other countries		3,236		-		3,236	2,501
Revenue		16,651		4,163		20,814	16,084

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	SGD’000		SGD’000		SGD’000
	For the six-month period ended June 30, 2025
	Cleaning Systems		Dishware Washing Services		Total
	SGD’000		SGD’000		SGD’000
Geographical location:
Singapore		693		3,680		4,373
Malaysia		630		-		630
Other countries		1,491		-		1,491
Revenue		2,814		3,680		6,494

15.\nINCOME TAX EXPENSES

Caymans\nand BVIs

The\nCompany and its subsidiary, JE Cleantech International Ltd., are domiciled in the Cayman Islands and the British Virgin Islands, respectively.\nBoth localities currently enjoy permanent income tax holidays; accordingly, the Company and JE Cleantech International Ltd. do not accrue\nfor income taxes.

Singapore

The\nCompany’s subsidiaries, JCS-Echigo Pte. Ltd. and Hygieia Warewashing Pte. Ltd, are considered Singapore tax resident enterprises\nunder Singapore tax laws; accordingly, they are subject to enterprise income tax on their taxable income as determined under Singapore\ntax laws and accounting standards at a statutory tax rate for the period ended June 30, 2026 of 17% (2025: 17%).

The\nincome tax provision consists of the following components:

SCHEDULE OF COMPONENTS OF INCOME TAX EXPENSE BENEFIT

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2025			2026		2026
	For the six-month period ended June 30,
	2025			2026		2026
	SGD’000			SGD’000		USD’000
Current income tax expense:
Singapore		20			811		627
Foreign jurisdictions		-			-		-
Total current income tax expense		20			811		627
Deferred income tax expense/(benefit):
Current year		-			-		-
Foreign jurisdictions		-			-		-
Total\n deferred income tax expense/(benefit)		-			-		-
Income Tax Expense		20			811		627

Effective tax rate		(2.5	)%		32.3	%	32.3	%

The\nincome tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of 17% (2025: 17%)\nto profit before income tax as a result of the following differences:

SCHEDULE\nOF EFFECTIVE INCOME TAX RATE RECONCILIATION

	2025					2026		2026
	For\n the six-month period ended June 30,
	2025					2026		2026
	SGD’000			%		SGD’000	%	US$’000		%
Income\n before tax expenses:		(812	)				2,511				1,940

Tax\n at Singapore statutory income tax rate of 17%		(138	)		17.0		427		17.0		330	17.0
Reconciling\n item:

Tax\n effect of non-deductible expenses		158			(19.5	)	384		15.3		297	15.3


Income\n tax expense and effective tax rate		20			(2.5	)	811		32.3		627	32.3

Income\ntaxes paid, net of refunds received, consisted of the following:

SCHEDULE\nOF INCOME TAXES PAID, NET OF REFUNDS RECEIVED

\n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	2025		2026		2026
	For\n the six-month period ended June 30,
	2025		2026		2026
	SGD’000		SGD’000		US$’000
Singapore		70		284		219
Foreign\n jurisdictions		-		-		-
Total		70		284		219

F-21

16.\nRELATED PARTY BALANCES AND TRANSACTIONS

Nature\nof relationships with related parties:

SCHEDULE OF RELATED PARTY TRANSACTIONS

\n \n \n \n \n \n \n \n \n \n \n \n \n

Related\n Party Name		Relationship\n to the Company

Ms.\n Hong Bee Yin		Controlling\n shareholder

\n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

		SGD’000		SGD’000		US$’000
		For the six-month period ended\n June 30,
Transaction nature	Name	2025		2026		2026
		SGD’000		SGD’000		US$’000
Purchase of motor vehicle	Ms. Hong Bee Yin		-		285		220
Dividend paid to controlling shareholder	Ms. Hong Bee Yin		-		1,979		1,540

Other\nthan as disclosed above, there were no related party transactions conducted during the periods ended June 30, 2025 and 2026.

As\nof December 31, 2025 and June 30, 2026, there were no outstanding related party balances.

17.\nCONCENTRATIONS AND RISKS

Concentrations

Financial\ninstruments that potentially expose the Company to concentrations of credit risk consist primarily of accounts receivable. The Company\nconducts credit evaluations of its customers, and generally does not require collateral or other security from them. The Company evaluates\nits collection experience and long-outstanding balances to determine the need for an allowance for expected credit losses accounts. The\nCompany conducts periodic reviews of the financial condition and payment practices of its customers to minimize collection risk on accounts\nreceivable.

The\nfollowing table sets forth a summary of single customers who represent 10% or more of the Company’s total revenue:

SCHEDULE OF CONCENTRATION RISK BY RISK FACTOR

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	For the six-month period ended June 30,
	2025		2026		2026
	SGD’000		SGD’000		USD’000
Amount of the Company’s revenue
Customer A		1,010		12,780		9,876
Customer B		1,077		-	*	-	*
Customer C		811		-	*	-	*
Customer D		-		2,188		1,691

\n \n \n \n

*	Revenue\n from relevant customer was less than 10% of the Group’s total revenue for the respective period.

F-22

The\nfollowing table sets forth a summary of single customers who represent 10% or more of the Company’s total accounts receivable:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	As of December 31, 2025		As of June 30, 2026		As of June 30, 2026
	SGD’000		SGD’000		USD’000
Amount of the Company’s accounts receivable
Customer A		4,995		5,971		4,614
Customer D		-		2,210		1,708

\n \n \n \n

**	Account\n receivable from relevant customer was less than 10% of the Group’s total accounts receivable for the respective period.

The\nfollowing table sets forth a summary of suppliers who represent 10% or more of the Company’s total purchases:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	For the six-month period ended June 30,
	2025		2026		2026
	SGD’000		SGD’000		USD’000
Amount of the Company’s purchase
Supplier A		828		1,480		1,144
Supplier B		629		-#		-#

\n \n \n \n

#	Purchase from relevant supplier was less than 10% of the Group’s total purchase for the respective period.

The\nfollowing table sets forth a summary of single suppliers who represent 10% or more of the Company’s total accounts payable:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

As of
December 31, 2025

As of

June 30, 2026

As of

June 30, 2026

SGD’000

USD’000

Amount of the Company’s accounts payable

Supplier A

165

Supplier B

226

Supplier C

266

206

\n \n \n \n

##	Accounts\n payable from relevant supplier was less than 10% of the Group’s total accounts payable for the respective period.

Credit\nRisk

Credit\nrisk is the potential financial loss to the Company resulting from the failure of a customer or a counterparty to settle its financial\nand contractual obligations to the Company, as and when they fall due. As the Company does not hold any collateral, the maximum exposure\nto credit risk is the carrying amounts of trade and other receivables (excluding prepayments), financial instruments, and cash and bank\ndeposits presented on the unaudited interim condensed consolidated statement of financial position. The Company has no other financial\nassets that carry significant exposure to credit risk.

Liquidity\nRisk

Liquidity\nrisk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that\nare settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as\npossible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,\nwithout incurring unacceptable losses or risking damage to the Company’s reputation.

Typically,\nthe Company ensures that it has sufficient cash on demand to meet expected operational expenses for a period of 60 days, including the\nservicing of financial obligations; this excludes the potential impact of extreme circumstances that cannot reasonably be predicted,\nsuch as natural disasters.

Interest\nRate Risk

Interest\nrate risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of\nchanges in market interest rates. The Company’s exposure to interest rate risk arises primarily from bank loans. The Company does\nnot expect any significant effect on the Company’s profit or loss arising from the effects of reasonably possible changes to interest\nrates on interest bearing financial instruments at the end of the financial year.

As\nat the reporting date, if the interest rates had been 50 basis points higher/lower with all other variables held constant, the Company’s\nprofit before tax would have been approximately SGD17,000 (US$13,000) lower/higher arising mainly as a result of higher/lower interest\nexpense on bank loans.

F-23

Derivative\nfinancial instruments

The\nfollowing table sets out the derivative financial instruments as at the end of the reporting period:

SCHEDULE\nOF DERIVATIVE FINANCIAL INSTRUMENTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025		June 30, 2026
	SGD’000		SGD’000

Interest rate swap		3,417		2,917

The\nCompany uses derivative financial instruments such as interest rate swaps (including overnight indexed swaps) to hedge its risks associated\nwith interest rate exposures. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative\ncontract is entered into, and are subsequently re-measured at fair value. Any gains or losses arising from changes in fair value on derivatives\nthat do not qualify for hedge accounting are taken directly to the profit or loss.

As\nof the year end, the Company has re-measured the derivative financial instruments at fair value which is categorized as Level 2 in the\nfair value hierarchy, as the valuations are determined by reference to the mark-to-market (“MTM”) valuations provided by\nthe bank counterparties using observable market inputs. The fair value of these instruments was approximately SGD45 thousand and SGD15\nthousand (US$12 thousand) for the year/period ended December 31, 2025 and June 30, 2026, respectively. The fair value of these instruments\nwas not material to the financial statements.

Foreign\ncurrency risk

The\nCompany’s foreign exchange risk results mainly from cash flows from transactions denominated in foreign currencies. At present,\nthe Company manages this exposure through ongoing monitoring and, where considered appropriate, the use of foreign exchange derivative\ninstruments, including foreign exchange option contracts.

Derivative\nfinancial instruments

The\nfollowing table sets out the derivative financial instruments as at the end of the reporting period:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	December 31, 2025		June 30, 2026
	US$’000		US$’000

Foreign exchange option		200		500

The\nCompany uses derivative financial instruments such as foreign exchange time option contracts to hedge its risks associated with foreign\ncurrency fluctuations. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative\ncontract is entered into, and are subsequently re-measured at fair value. Any gains or losses arising from changes in fair value on derivatives\nthat do not qualify for hedge accounting are taken directly to the profit or loss.

As\nof the year end, the Company has re-measured the derivative financial instruments at fair value which is categorized as Level 2 in the\nfair value hierarchy, as the valuations are determined by reference to the mark-to-market (“MTM”) valuations provided by\nthe bank counterparties using observable market inputs. The fair value of these instruments was approximately SGD1 thousand and SGD1\nthousand (US$1 thousand) for the year/period ended December 31, 2025 and June 30, 2026, respectively. The fair value of these instruments\nwas not material to the financial statements.

Taking\ninto account factors impacting the foreign currency being 10% higher or lower than expected, this would result a potential outcome in\nan increase or decrease of the foreign currency exchange difference amounting to approximately US$50,000 (2025: US$20,000) in profit\nor loss.

The\nCompany is exposed to foreign currency risk on transactions that are denominated in currencies other than the functional currencies of\nthe operating entities. Exposure in foreign currency is monitored on an ongoing basis and the Company endeavors to keep the net exposure\nat an acceptable level.

18.\nCOMMITMENTS AND CONTINGENCIES

Contingencies

In\nthe ordinary course of business, the Company may be subject to legal proceedings regarding contractual and employment relationships and\na variety of other matters. The Company records contingent liabilities resulting from such claims when a loss is assessed to be probable\nand the amount of the loss is reasonably estimable. In the opinion of management, there were no pending or threatened claims and litigation\nas of June 30, 2026 and through the issuance date of these unaudited interim condensed consolidated financial statements.

19.\nSUBSEQUENT EVENTS

On\nSeptember 11, 2026, the Company issued 300,000\nnew Class A Ordinary Shares and transferred 71,836 Class A Ordinary Shares held as treasury shares,\nin satisfaction of a special share award of 371,836 Class A Ordinary Shares in aggregate approved by the Board of Directors on September\n7, 2026 under its employee equity incentive plan. This represents a non-adjusting subsequent event and\naccordingly no share-based compensation expense has been recognised in the financial statements as at June 30, 2026.

At the Annual General Meeting of the Company held\non October 16, 2026, shareholders approved all resolutions, including the re-election of all directors and the ratification of the appointment\nof the Company’s independent registered public accounting firm, WWC P.C., for the fiscal year ending December 31, 2026.

The\nCompany has assessed all events from June 30, 2026 through the date that these unaudited interim condensed consolidated financial\nstatements are available to be issued, and other than the events disclosed above there are no material subsequent events that\nrequire disclosure in these unaudited interim condensed consolidated financial statements.

F-24

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