ISP Global (08487) reported interim results for the six months ended 31 December 2025.

Financial highlights • Revenue fell 60.6% year-on-year to RMB 56.02 million, primarily reflecting the termination of a major e-commerce distributorship in Mainland China. • Gross profit declined 50.0% to RMB 19.54 million, yet gross margin improved to 34.9% (2024: 27.5%) on product-mix optimisation and lower materials costs. • Loss attributable to shareholders narrowed 58.1% to RMB 3.32 million; total comprehensive loss attributable to owners was RMB 6.13 million. • Basic and diluted loss per share shrank to RMB 0.32 cents (2024: RMB 0.76 cents). • No interim dividend was declared.

Segment performance • Networking, sound & communication (NSC) – Singapore: revenue RMB 33.33 million, segment profit RMB 5.79 million. • NSC – PRC: revenue RMB 9.14 million, segment loss RMB 2.72 million. • E-commerce (EC): revenue RMB 13.55 million, segment loss RMB 4.87 million. The NSC business contributed 75.8% of group turnover and remained profitable in Singapore, while the EC segment turned smaller but continued to incur losses.

Cost and expenses • Cost of sales/services decreased 64.6% to RMB 36.48 million in line with lower EC volume. • Selling & administrative expenses fell 72.1% to RMB 8.68 million after brand rationalisation in the EC segment. • Finance costs dropped 78.5% to RMB 0.50 million as borrowings were reduced.

Balance-sheet and cash flow • Cash and bank balances stood at RMB 44.97 million (30 June 2025: RMB 55.98 million). • Total borrowings declined to RMB 32.62 million from RMB 41.35 million; gearing ratio improved to 60.2% (30 June 2025: 66.3%). • Net cash generated from operations was RMB 0.92 million (2024: RMB 14.66 million). • Current ratio remained healthy at 1.8x (30 June 2025: 1.9x). • Net assets amounted to RMB 54.22 million.

Outlook (management discussion excerpts) Management will: 1. Continue an asset-light strategy for the EC segment, focusing on brand-operation services and expanding into Malaysia with the GOODNET platform. 2. Target healthcare, education and public-housing projects for NSC solutions in Singapore and develop opportunities in Malaysia’s growing hospital market. 3. Deepen participation in China’s railway digital-infrastructure projects, leveraging recent contract wins across domestic and overseas lines.

No material acquisitions, disposals or contingent liabilities were recorded during the period. The company confirms compliance with the Hong Kong GEM Listing Rules and maintains sufficient public float.