Annual Report FY2025

ANNUAL REPORT 2025

HC SURGICAL SPECIALISTS LIMITED

TABLE OF

CONTENTS

This annual report has been reviewed by the Company's sponsor, Novus Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this annual report, including the correctness of any of the statements or opinions made or reports contained in this annual report.

The contact person for the Sponsor is Mr. Pong Chen Yih, Chief Operating Officer, at 7 Temasek Boulevard, #04-02 Suntec

Tower 1, Singapore 038987, telephone (65)

6950 2188.

01 Corporate Profile

02 Chairman's Message

04 CEO's Statement

08 FY2025 Year In Review

10 Performance Review

12 Board of Directors

16 Key Management

17 Group Structure

18 Our Services

28 Our Specialists

34 Our General Practitioners

36 Our Team

38 Locations of Clinics

1. Our Endoscopy Centres

2. Financial Contents Corporate Information

   
   
   

   CORPORATE

   PROFILE

   HC Surgical Specialists Limited operates a wide network of clinics and endoscopy centres throughout Singapore, providing specialist healthcare at your doorstep in both residential areas and central areas, making it conveniently accessible, with less waiting time and lower costs. As members of the same group, the clinics are dedicated to provide endoscopic procedures including gastroscopies and colonoscopies. Most of our clinics are equipped with the facilities to perform general surgery services with a focus on colorectal surgery procedures on site. Our endoscopy centres aim to provide maximum comfort, efficiency and safety to all our patients. Most of our clinics are also Medisave and Medishield Life accredited, enabling us to further enhance our services to our patients.

ANNUAL REPORT 2025 01

MR. CHONG WENG HOE

Non-Executive Chairman and Independent Director

DEAR SHAREHOLDERS,

On behalf of the Directors and Management of HC Surgical Specialists Limited ("HCSS" or "Company", and together with its subsidiaries, collectively, the "Group"), I am pleased to present the Annual Report for HCSS for the financial year ended 31 May ("FY") 2025.

In FY2024, the Group announced expansion into a new segment under its associated company - orthopaedics, with a total of 3 orthopaedic surgeons and 3 orthopaedic centres, to provide a holistic care for our patients. We are very delighted that this new segment had performed very well in FY2025 within a short span of time, a testament to our investment foresights.

In FY2025, the Group had consolidated internally with the: (a) acquisition of remaining 49% equity interest in GMH Endoscopy & Surgery Pte. Ltd.; (b) acquisition of remaining 20% equity interest in HC (Ming) Pte. Ltd.; and (c) acquisition of additional equity interest in Medistar Services Pte. Ltd., the Group's former associate. In addition, the Group also restructured its premises at Camden Centre for improved efficiency of space for the existing endoscopy centre while

retaining the GP clinic. These measures are carried out with the aim of enhancing the long-term returns to shareholders.

FY2025 concluded with the final repayment of the Temporary Bridging Loan drawn down in FY2020. This paved the way for the Group to build up its cash reserves, which will be more effectively utilised for better returns.

MOVING FORWARD

Moving forward, the Group will stay committed in its core competencies - continuous improvement in its medical service delivery to all its patients and driving operational efficiencies amidst the economic uncertainty both locally and globally.

APPRECIATION

Last but not least, I would like to take this opportunity to thank our valued Shareholders, patients and business partners for their unwavering support to HCSS, my fellow Directors for their valuable insights throughout the past years, especially Mr. Ooi Seng Soon and Mr. Gjan Lim who will be retiring at the upcoming Annual General Meeting, and the staff and Management for their dedication and commitment.

DR. HEAH SIEU MIN

Executive Director and Chief Executive Officer

DEAR SHAREHOLDERS, PARTNERS AND PATIENTS,

As we navigate the dynamic landscape of healthcare in Singapore and beyond, I am pleased to provide this update on recent developments impacting HC Surgical Specialists Limited ("HCSS"), and the broader environment in which we operate. This past year has presented both global challenges and local milestones, reinforcing the importance of resilience, innovation, and service to our community.

GLOBAL TRADE TENSIONS AND TARIFF IMPACT ON HEALTHCARE

Recent geopolitical shifts, particularly the renewed Trump-era tariffs, have had wide-ranging effects across the healthcare industry worldwide. These tariffs, particularly on medical devices and pharmaceuticals, have created upstream cost pressures that reverberate across supply chains-including in Singapore.

At HCSS, we have taken proactive measures to mitigate these effects. Our team has worked closely with our vendors to diversify supply sources, and implemented tighter cost controls to ensure we continue to provide high-quality services while managing expenses prudently. We remain committed to protecting patient care standards amidst global economic headwinds.

ORTHOPAEDICS

HCSS acquired the services of 3 orthopaedic surgeons:

Dr. Hamid Razak was appointed as Member of Parliament in May 2025.

We are honoured to highlight the continued public service of our esteemed colleague, Dr. Hamid Razak. Dr. Hamid Razak's commitment to both medicine and public service is a testament to his dedication and the values we hold as a Group-not only in clinical care but also in leadership, civic responsibility, and national contribution.

The 3 Orthopaedic Surgeons work out of 3 clinics:

1. Total Orthopaedic Care & Surgery

   10 Sinaran Drive, #09-24, Novena Medical Center Singapore 307506

2. HC Orthopaedics & Surgical Centre (Tampines)

   Blk 801 Tampines Avenue 4, #01-273

   Singapore 520801

3. Total Orthopaedic Care & Surgery (Orchard)

350 Orchard Road, #10-01, Shaw House

Singapore 238868

INSURANCE PANELS: ENHANCING ACCESS AND AFFORDABILITY

The Group's inclusion on major insurance panels allows more patients to receive care with increased financial flexibility and ease when seeking consultations and procedures across our network.

Our partnerships with insurers are built on transparency, integrity, and shared values-ensuring that the interests of patients remain central in all aspects of their care.

COMMITMENT TO MINISTRY OF HEALTH ("MOH") BENCHMARK FEES

We remain fully supportive of the MOH's efforts to promote cost transparency and fair billing practices. HCSS continues to align its pricing with MOH benchmark fees, reinforcing our commitment to ethical medical practice and helping patients make informed decisions about their care.

LOOKING BACK TO FY2025

"HC Surgical Specialists' FY2025 earnings up by 119.4% y-o-y to $8.4 mil"

A final dividend of 1.18 cents has been proposed, bringing the group's full-year dividend to 1.98 cents per share.

The Edge Singapore, Tuesday 29 July 2025

LOOKING AHEAD

HCSS remains focused on sustainable growth, operational excellence, and delivering high-quality surgical care across our network of clinics. As a day surgery group with a strong presence in heartland communities, we are committed to staying true to our mission: offering private healthcare at your doorstep.

As healthcare needs continue to evolve, we will continue adapting our services to meet these changing demands, always placing the well-being of our patients at the heart of everything we do.

On behalf of the Board and management team, I would like to thank our shareholders, partners, staff, and patients for their continued trust and support.

Sincerely,

Dr. Heah Sieu Min

Chief Executive Officer

IN REVIEW

June 2024

Opening of Total Orthopaedic Care & Surgery (Orchard) at Shaw House

September 2024

Acquired remaining 49% equity interest in GMH Endoscopy & Surgery Pte. Ltd.

September 2024

Acquired additional 45% equity interest in Medistar Services Pte. Ltd.

October 2024

Acquired additional 15% equity interest in Medistar Services Pte. Ltd.

October 2024

Acquired remaining 20% equity interest in HC (Ming) Pte. Ltd.

December 2024

Dr. Julian Ong resumed his medical practice

December 2024

Revamped clinics in Camden Centre allocated more space for endoscopy business

08 HC SURGICAL SPECIALISTS LIMITED

IN REVIEW

SALES

(S$ MILLION)

OPERATING INCOME*

(S$ MILLION)

* Profit before tax adjusted for non-recurring items, share of results of an associate and a joint venture, other income and finance costs

ADJUSTED PROFIT AFTER TAX TO OWNERS*

(S$ MILLION)

EARNINGS PER SHARE

(S$ CENTS)

2015

2016

3.0

3.3

2016

2017

1.03

2.77

2017

2018

2019

2020

(restated)

2021

2022

2023

2.6

3.9

4.2

4.1

5.2

4.9

6.8

2018

2019

2020

(restated)

2021

2022

2023

2024

1.96

2.99

2.66

2.53

4.83

5.33

4.28

2024

2025

4.3

4.2

2025 5.49

* Adjusted for non-recurring items, share of results of an associate and a joint venture, other income and finance costs

ANNUAL REPORT 2025 09

REVIEW

FINANCIAL PERFORMANCE

Revenue increased by approximately S$0.30 million for FY2025 as compared to FY2024 mainly due to increased revenue contribution from a new subsidiary acquired during the current financial year.

Fair value gain on DFI of approximately S$1.46 million in FY2025 arose mainly due to re-measurement of fair value for forward purchase contract of an associate; which was partially offset by derecognition of forward purchase contract for Medistar Services Pte. Ltd. ("MDS") upon exercise by the Company to acquire additional 45% equity interest, as compared to fair value loss on DFI of approximately S$0.62 million in FY2024 which arose mainly due to the re-measurement of fair value for (i) put option of a subsidiary; and (ii) forward purchase contract of associates.

In FY2025, the fair value gain on financial assets at FVTPL of approximately S$0.70 million was due to (i) the increase in share price of Medinex Limited ("Medinex") in which the Company holds a direct interest of 22.66% and a deemed interest of 9.39%; and (ii) the fair value gain on HSN Healthcare Pte. Ltd. ("HSN"); and was partially offset by (i) the decrease in share price of Singapore Paincare Holdings Limited ("SPCH") in which the Company holds a direct interest of 2.28%; and (ii) the decrease in share price of Aoxin Q & M Dental Group Limited ("Aoxin") in which the Company holds a direct interest of 0.34%. In FY2024, the fair value gain on financial assets at FVTPL of approximately S$0.17 million arose primarily due to the increase in share price of Medinex and HSN, and was partially offset by the decrease in share prices of SPCH and Aoxin.

Inventories, consumables and surgery expenses increased by approximately S$0.28 million arising from a new subsidiary acquired during the current financial year, in line with the increase in revenue.

Employee benefits expense increased by approximately S$0.33 million in FY2025 as compared to FY2024 due to increased headcount, regular increment and higher locum doctors' fees relating to MDS for the current financial year.

The increase in depreciation and amortisation expenses of approximately S$0.15 million in FY2025 as compared to FY2024 was due to recognition of additional right-of-use ("ROU") assets for renewed tenancy agreements entered in the current financial year for clinic premises.

Loss arising from deemed disposal of an associate of approximately S$0.21 million was related to the re-measurement of previously held equity interest in MDS upon the acquisition of additional 45% equity interest in September 2024, thus resulting in MDS becoming a subsidiary of the Company.

The decrease in loss allowance for receivables from trade and other receivables of approximately S$0.24 million from FY2024 to FY2025 arose from outstanding amount due from an associate and a joint venture in FY2024, which was no longer applicable for FY2025.

10

Other expenses decreased by approximately S$0.43 million in FY2025 as compared to FY2024 mainly due to

(i) reversal of allowance for impairment loss on plant and equipment of S$0.15 million; (ii) a decrease in professional fees of S$46,000 incurred for the current financial year, and (iii) absence of allowance for impairment loss on investment in an associate of

$0.24 million which was incurred in FY2024; which was partially offset by an increase in allowance for impairment loss on ROU of S$0.13 million.

Finance costs decreased by approximately S$0.24 million in FY2025 as compared to FY2024 due to lower deemed interest expense on the deferred consideration payable for the acquisition of Jason Lim Endoscopy and Surgery Pte. Ltd. ("JLES") and Total Orthopaedics Pte. Ltd. ("TOPL") for FY2025 as compared to FY2024, as the deferred consideration had been settled in FY2025.

Share of results of associates, net of tax of approximately S$0.43 million arose from the Company's share of profits of TOPL and MDS for the current financial year. In FY2024, share of results of an associate, net of tax of approximately negative S$88,000 arose from the Company's share of losses of TOPL.

Share of results of a joint venture, net of tax of approximately S$0.35 million arose from the Company's share of profits of Healthcare Essentials Pte. Ltd. ("HEPL") for the previous and current financial year, as the Company adopted equity accounting for HEPL.

Income tax expense decreased by approximately S$1.10 million mainly due to over provision of income tax in prior financial years, resulting from the tax rebate announced by the government in FY2025.

As a result of the above mentioned, profit after income tax increased by approximately S$4.84 million or 122.9% in FY2025 as compared to FY2024.

FINANCIAL POSITION

Plant and equipment increased from approximately S$1.02 million as at 31 May 2024 to S$1.22 million as at 31 May 2025 due to reversal of allowance for impairment loss of S$152,000 and additions of plant and equipment for existing clinics; and was partially offset by depreciation and the write off of plant and equipment.

Intangible assets comprise goodwill and computer software. The increase in intangible assets from approximately S$3.36 million as at 31 May 2024 to S$3.39 million as at 31 May 2025 was primarily due to increase in goodwill of S$36,000 from the acquisition of the additional 45% equity interest in MDS which was completed in September 2024.

ROU assets decreased by approximately S$0.43 million mainly due to allowance for impairment loss and depreciation of ROU assets; and was partially offset by additional ROU assets for (i) existing clinic premises upon lease renewal, and (ii) arising from the acquisition of a subsidiary.

HC SURGICAL SPECIALISTS LIMITED

REVIEW

Investment in associates decreased by approximately S$23,000 due to deemed disposal of investment in MDS, and was partially offset by the Company's share of profits of TOPL and MDS. Investment in joint venture increased by approximately S$0.28 million due to the Company's share of profits of HEPL, net of dividends.

Non-current financial assets at FVTPL increased by approximately S$0.65 million mainly due to fair value gain of S$0.73 million which was partially offset by capital reduction of S$80,000.

DFI (non-current and current assets) increased by approximately S$0.88 million due to the fair value gain for the re-measurement of fair value for forward purchase contract of an associate; and was partially offset by the derecognition of the forward purchase contract for MDS upon its exercise by the Company to acquire an additional 45% of equity interest in MDS.

Non-current other receivables of S$37,000 relate to the amount receivable from Dr. Julian Ong ("Dr. Ong") as compensation for the damage that the Company suffered as a result of Dr. Ong's Singapore Medical Council complaint.

Current financial assets at FVTPL decreased by approximately S$63,000 mainly due to the disposal of investment in SPCH of S$33,000 and a fair value loss of S$30,000.

Capital reserve decreased by approximately S$0.78 million mainly due to (i) the acquisition of the remaining 49% equity interest in GMH in September 2024; (ii) the acquisition of the remaining 20% equity interest in HC Ming Pte. Ltd. ("HCMC") in October 2024; and

(iii) JLES's acquisition of 15% equity interest in MDS in October 2024.

Other reserve increased by approximately S$1.04 million and other financial liabilities decreased by approximately S$1.04 million due to the derecognition of other financial liabilities for the forward purchase contract of GMH Endoscopy & Surgery Pte. Ltd. ("GMH").

DFI (non-current liabilities) decreased by approximately S$0.58 million due to the fair value gain for the re-measurement of fair value for forward purchase contract of an associate.

Trade and other payables decreased by approximately S$3.18 million mainly due to payments of balance purchase consideration for (i) the acquisition of the remaining 49% equity interest in JLES of S$2.59 million and (ii) the acquisition of 35% equity interest in TOPL of S$0.73 million.

Current and non-current lease liabilities decreased by approximately S$0.27 million due to repayments made in FY2025; which were partially offset by renewal of leases entered for existing clinic premises and leases arising from the acquisition of a subsidiary.

Bank borrowing decreased by approximately S$1.29 million due to repayments made in FY2025. The bank borrowing was fully repaid as at 31 May 2025.

CASH FLOW

The Group recorded net cash from operating activities of approximately S$7.23 million in FY2025 as compared to net cash from operating activities of approximately S$6.30 million in FY2024. This increase of approximately S$0.93 million was mainly due to higher operating receipts and lower taxes paid.

Net cash used in investing activities in FY2025 of approximately S$0.44 million was primarily due to payment of deferred consideration for TOPL of approximately S$0.73 million, and purchase of plant and equipment of approximately S$0.49 million; which was partially offset by (i) the dividends and interest received of approximately S$0.60 million; (ii) proceeds from capital reduction in financial assets at FVTPL of approximately S$80,000; (iii) proceeds from disposal of investment in financial assets at FVTPL of approximately S$35,000; and (iv) acquisition of a subsidiary, net of cash acquired of approximately S$55,000.

Net cash used in financing activities in FY2025 of approximately S$9.06 million was mainly related to

(i) the acquisition of non-controlling interests in GMH, HCMC and MDS of approximately S$0.70 million;

(ii) payment of deferred consideration for JLES of approximately S$2.59 million; (iii) payment of FY2024 final dividend of approximately S$1.08 million and FY2025 interim dividend of approximately S$1.23 million to shareholders; (iv) dividends paid to non-controlling interests of approximately S$0.44 million; (v) repayment of bank borrowing of approximately S$1.29 million;

(vi) repayments of obligations (including the interest portion) under leases of approximately S$1.60 million;

(vii) share buy-backs of approximately S$0.12 million; and (viii) interest paid of approximately S$13,000.

As a result, the Group recorded a net decrease in cash and cash equivalents of approximately S$2.27 million in FY2025, resulting in cash and cash equivalents of approximately S$5.09 million as at 31 May 2025.

ANNUAL REPORT 2025 11

MR. CHONG WENG HOE

Non-Executive Chairman and Independent Director

Mr. Chong Weng Hoe was appointed as our Non-Executive Chairman and Independent Director on 28 September 2016 and was most recently re-elected on 26 September 2024. Since 2016, he has been the Executive Vice President of TÜV SÜD Asia Pacific Pte. Ltd. where he supervised a global network of wireless laboratories. He has held numerous positions within TÜV SÜD PSB Pte. Ltd. since April 1991 where he joined as an engineer and was subsequently promoted to vice president, senior vice president, chief executive officer and a director of the board. Mr. Chong is an independent director of the following companies: (i) ISEC Healthcare Ltd, (ii) Hong Fok Corporation Ltd, (iii) Baker Technology Limited and

(iv) Bund Center Investment Ltd. His previous directorships included

(i) Keong Hong Holdings Ltd (from 22 November 2011 to 29 February 2024); and (ii) Singapore Paincare Holdings Limited (from 17 June 2020 to 27 October 2022).

Mr. Chong graduated from National University of Singapore with a Bachelor of Engineering (Electrical) in June 1989 and obtained a Master of Business Administration (Accountancy) from the Nanyang Technological University in March 1997. Mr. Chong was also awarded the Standard Council Merit Award by SPRING Singapore (currently known as Enterprise Singapore) in 2004 for his contribution to the national standardisation programme in his industry.

12 HC SURGICAL SPECIALISTS LIMITED

DR. HEAH SIEU MIN

Executive Director and Chief Executive Officer

Dr. Heah Sieu Min was appointed as our Executive Director and Chief Executive Officer on 1 September 2015 and was most recently re-elected on 26 September 2024. Dr. Heah is responsible for the overall management, strategic planning and business development of our Group. Dr. Heah started his career as a houseman in Ireland, before returning to Singapore where he served as a Medical Officer in Tan Tock Seng Hospital from 1992 to 1994. After moving to Singapore General Hospital in 1994, he held various positions including Registrar of the Department of Colorectal Surgery, Associate Consultant of the Department of Colorectal Surgery and Consultant of the Department of Colorectal Surgery until 2004. He then spent approximately 3 years as a Consultant for colorectal surgery at Pacific Colorectal Centre, before starting his own private practice in 2007, the Heah Colorectal Endoscopy & Piles Centre. He has since opened various other clinics including Heah Endoscopy & Piles Centre (Bukit Batok).

Dr. Heah graduated from the National University of Ireland with a Bachelor of Medicine, Bachelor of Surgery in 1990. He is an accredited specialist in general surgery with the Singapore Ministry of Health, a registered specialist in general surgery with the Singapore Medical Council, and a fellow of the Royal College of Surgeons of Edinburgh as well as the Academy of Medicine Singapore. Dr. Heah has also been the recipient of several awards over the years including the Singapore General Hospital Service Quality Award, which he received consecutively for 3 years from 2000 to 2002, and SME Prestige award in 2013. In reservist, Dr. Heah attained the rank of Lieutenant Colonel and was Commanding Officer of the first Combat Support Hospital (1CSH) from 2008 to 2013. In 2012, he was awarded The Commendation Medal (National Day awards). In 2017, he became a Spirit of Enterprise honouree.

ANNUAL REPORT 2025 13

DR. CHIA KOK HOONG

Executive Director and Medical Director

Dr. Chia Kok Hoong was appointed as our Executive Director on 1 September 2015 and was last re-elected on 26 September 2023. He was appointed as our Medical Director on 6 July 2017. Dr. Chia has spent most of his career in the public healthcare sector, first serving as a Registrar at Alexandra Hospital before being appointed as a Consultant at Singapore General Hospital. He then moved to Tan Tock Seng Hospital where he was appointed as a Senior Consultant before being appointed as Deputy Head of the General Surgery Department. Dr. Chia spent over 20 years in the public healthcare sector before establishing his private practice at Mount Elizabeth Medical Centre in July 2009.

Dr. Chia graduated from National University of Singapore with a Bachelor of Medicine, Bachelor of Surgery in 1986. He is an accredited specialist in general surgery and an accredited renal transplant surgeon with the Singapore Ministry of Health, as well as a fellow of the Royal College of Surgeons of Edinburgh and the Academy of Medicine Singapore. Dr. Chia has also participated in numerous educational activities, having served as an Associate Professor at the Yong Loo Lin School of Medicine, NUS, in addition to being regularly invited to give lectures at seminars and panel discussions. Further, Dr. Chia was also a member of several professional committees such as Ministry of Health Specialist Training Committee for General Surgery and was an elected member of the Singapore Medical Council from October 2016 to October 2019. Dr. Chia has been the recipient of numerous awards over the years, including the Singapore General Hospital Service Quality Award (Service with a Heart) in 2002, the Courage Fund Tan Tock Seng for SARS cases Award in 2003, the Tan Tock Seng Hospital Excellent Service Award (Gold) in 2005 and 2006, and the Tan Tock Seng Hospital Service Champion Award in 2006. He was also awarded the Minister's Award for Public Spiritedness in 2010.

MR. LIM CHYE LAI, GJAN

Non-Independent

Non-Executive Director

Mr. Lim Chye Lai, Gjan was appointed as our Non-Independent Non-Executive Director on 28 September 2016 and was most recently re-elected on 27 September 2022. Mr. Lim has worked in the medical equipment industry for over 20 years. He started his career at Schmidt BioMedTech Pte. Ltd. in 2000 as a Sale Engineer before moving on to Olympus Medical Ltd. in 2001, where he served as their Regional Product Executive until 2005. In 2005, he joined Minimally Invasive Therapies Group, Medtronic, which is involved in the supply of minimally invasive therapies, and was the Business Unit Director of Singapore and Malaysia until August 2019. Mr. Lim now runs a local company, Healthcare Essentials Pte. Ltd., specialising in the retail sales of pharmaceutical and medical goods and the provision of management consultancy services. Mr. Lim has also been serving as the Chairman of the Business Sub-Committee since 2012, and Vice-Chairman of the Membership Development Sub-Committee since 2024 in the Medical Technology Industry Group, a group formed by various companies operating in the medical technology industry.

Mr. Lim graduated from Temasek Polytechnic with a Diploma in Electronics in 1998.

MR. OOI SENG SOON

Independent

Non-Executive Director

Mr. Ooi Seng Soon was appointed as an Independent Non-Executive Director on 28 September 2016 and was last re-elected on 26 September 2023. With more than 24 years of experience in banking and finance, Mr. Ooi had worked in various positions in ABN AMRO Bank from 1974 to 1996, before joining Oversea-Chinese Banking Corporation Ltd., where he headed the Enterprise Banking division of the Bank of Singapore from 1997 to 1998 before his retirement. Mr. Ooi had previously served as independent director of NH Ceramics Limited (now known as Blackgold Natural Resources Limited), a company listed on the Catalist Board of the SGX-ST, and was an independent director of BRC Asia Limited from 2009 to 2018, which is listed on the Main Board of the SGX-ST. He was actively involved in board matters, having acted as Chairman of various board committees such as the audit committee and remuneration committee.

Mr. Ooi graduated from the University of Singapore with a Bachelor of Arts in 1971.

MR. CHAN PENGEE, ADRIAN

Independent

Non-Executive Director (Appointed on 1 September 2025)

Mr. Chan Pengee, Adrian was appointed as our Independent Non-Executive Director on 1 September 2025. He is the head of corporate and a senior partner at Lee & Lee. He is the vice-chairman of the Singapore Institute of Directors. He is a member of the Legal Service Commission and Singapore Management University's Enterprise Board and serves on the Executive Council of the Association of Small and Medium Enterprises as its honorary secretary. He is an independent director of First REIT Management Limited (the manager of First REIT), Food Empire Holdings Limited, Keppel Infrastructure Fund Management Pte. Ltd. (manager of Keppel Infrastructure Trust) and TeleChoice International Limited. He is also the non-executive non-independent chairman of Hong Fok Corporation Limited.

Mr. Chan holds a Bachelor of Laws from the National University of Singapore and is a member of the Singapore Academy of Law. He has more than 35 years of experience in the legal profession.

MR. LIM JUN XIONG STEVEN

Independent

Non-Executive Director (Appointed on 1 September 2025)

Mr. Lim Jun Xiong Steven was appointed as an Independent Non-Executive Director on 1 September 2025. Mr. Lim brings with him close to 40 years of experience in the financial, trust and wealth management industry. He has held leading roles in financial organisations during his career, including CEO of SG Trust (Asia) Ltd, a subsidiary of Societe Generale Private Banking. Before that, he was the CEO and Managing Director of HSBC Private Bank Global Wealth Solutions. He started his career at PriceWaterhouse in 1980. Mr. Lim currently serves as an independent director for Baker Technology Limited, Riverstone Holdings Ltd, and CosmoSteel Holdings Limited.

Mr. Lim holds a Bachelor of Commerce in Accounting and Finance from the University of Newcastle, Australia, and is a fellow member of CPA Australia and the Institute of Chartered Accountants of Singapore, as well as a member of the Society of Trust and Estate Practitioners.

ANNUAL REPORT 2025 15

MANAGEMENT

Ms. Sophia Ong joined our Group on 15 February 2016 as our Chief Financial Officer. She is responsible for managing the Group's financial, taxation and regulatory compliance functions. She also assists the CEO on merger and acquisition activities. Ms. Ong started her career as an Audit Assistant at a local certified public accounting firm, Ng Vun & Co in 2001. She left to join Ernst & Young in 2004 before moving to Sincere Watch Limited, a company previously listed on the Main Board of the SGX-ST, in 2005 where she held various positions including Assistant Finance Manager and Assistant Vice-President of Finance. In 2012, she joined Emperor Watch & Jewellery

(S) Pte. Ltd. as their Deputy Head of Finance, before joining our Group in 2016.

MS. SOPHIA ONG

Chief Financial Officer

Ms. Ong is a chartered accountant with the Institute of Singapore Chartered Accountants with over 24 years of experience in accounting, audit and tax matters. She graduated from Nanyang Technological University with a Bachelor of Accountancy in June 2001.

MS. MELISSA SUSANTIO

Chief Operating Officer

Ms. Melissa Susantio joined our Group in 2017 and was previously our Operations, Marketing & IT Manager. She was appointed as our Chief Operating Officer on 1 May 2022. She is responsible for the overall operation of our Group's clinics including ensuring that every clinic within our Group conforms to a common operating procedure and process, obtains and maintains the necessary regulatory licences, and adheres to stringent standard of procedures, clinical guidelines and safety procedures. She is also responsible for the execution of the Group's business and marketing plans, in addition to the development and implementation of the Group's IT policies and procedures to ensure data security and integrity of patients' information. Ms. Susantio started her career as an auditor in Ernst & Young in 2014. She moved to United Overseas Bank as a personal banker in 2016, before joining our Group in 2017.

Ms. Susantio graduated from University of London with a Bachelor of Science in Accounting and Finance in August 2013.

Ms. Lee Hui Theng has been with our Group since 2009 and was previously our Nurse Manager and Human Resource Manager. She was appointed as our Chief Nursing Officer on 1 May 2023. She is responsible for upholding the Group's nursing standard in accordance with the guidelines under the Ministry of Health. She has 23 years of nursing experience of which about 16 years is with the company, where she has accumulated in-depth experience and knowledge of our Group's operations. Ms. Lee previously worked at Singapore General Hospital in the Neuro Surgical ward and Endoscopy Centre before joining Heah Colorectal Endoscopy & Piles Centre as a Clinic Nurse in 2009.

MS. LEE HUI THENG

Chief Nursing Officer

Ms. Lee graduated from the Institute of Technical Education in January 2003 with a Certificate in Nursing and was the recipient of the Singapore General Hospital Service Quality Award in August 2006.

STRUCTURE

HC SURGICAL SPECIALISTS LIMITED

100%

Heah Sieu Min (Mt E) Pte. Ltd.

100%

CKH

(Farrer Park) Pte. Ltd.

100% Jason Lim

Endoscopy and Surgery Pte. Ltd.

35%

Total Orthopaedics Pte. Ltd.

100%

Heah Sieu Min (Bukit Batok) Pte. Ltd.

100%

HC (TPY)

Pte. Ltd.

100% GMH

Endoscopy & Surgery Pte. Ltd.

50%

HC Orthopaedics & Surgical Centre Pte. Ltd.

100%

Hannah Medical Pte. Ltd.

100%

HC (AMK)

Pte. Ltd.

70%

KPO Endoscopy & Surgery Pte. Ltd. (formerly known as Julian Ong Endoscopy & Surgery Pte. Ltd.)

100%

HC (GM)

Pte. Ltd.

100%

HC (Ming) Pte. Ltd.

51%

LAI BEC

Pte. Ltd.

100%

HC (Hillford) Pte. Ltd.

30%

HC (Siglap) Pte. Ltd.

100% Medical L & C

Services Pte. Ltd.

100%

Medical Services @ Tampines

Pte. Ltd.

70%

Medistar Services Pte. Ltd.

51%

Malcolm Lim Pte. Ltd.

ANNUAL REPORT 2025 17

SERVICES

Our Group is a medical services group primarily engaged in the provision of endoscopic procedures, including gastroscopies and colonoscopies, and general surgery services with a focus on colorectal procedures across a network of clinics located throughout Singapore.

18 HC SURGICAL SPECIALISTS LIMITED

Endoscopic procedures are either diagnostic or therapeutic, and can

be used to identify and determine how best to treat conditions of the

digestive system. During the procedure, a variety of instruments can be

passed through the

endoscope to diagnose and treat, among others, constipation, loose

stools, irritable bowel syndrome, abdominal bloating, or discomfort and bleeding during

motion.

1. HAEMORRHOIDS

2. ANAL FISSURE

3. ANAL ABSCESS

4. ANAL FISTULA

5. LIPOMAS AND CYSTS

6. HERNIA

7. CHOLECYSTITIS

8. APPENDICITIS

9. COLORECTAL CANCER

10 GASTRIC CANCER

ANNUAL REPORT 2025 19

Information on some of the typical endoscopic procedures we perform, the conditions we treat and related treatments commonly carried out by us are set out as follows:

ENDOSCOPIC PROCEDURES

Endoscopy is a non-surgical procedure used to examine the digestive tract. An endoscope or colonoscope is a thin, flexible tube with light and camera attached at one end and is used to view the stomach/colon through a TV monitor. Polypectomies may also be performed during endoscopy to remove polyps (growths) found in the stomach/colon. These are commonly done to evaluate:

Abdominal pain, bloating or discomfort

Reflux symptoms, gastritis

Bleeding in the digestive tract, bleeding

per rectum, blood in stools

Constipation, loose stools, change in bowel habit, irritable bowel syndrome (IBS)

Nausea, vomiting

Loss of weight, loss of appetite

Anaemia

Family history of stomach/ colon cancer

01 02 03

04 05

06 07 08

Transverse colon

Duodenum

Endoscope

Esophagus

Stomach

Ascending colon

Cecum

Light

Descending colon

Sigmoid colon

Researched area

Rectum Colonoscope

Anus

GASTROSCOPY

Gastroscopy is sometimes referred to as an upper gastrointestinal endoscopy. It allows specialists to view the inside of a patient's oesophagus, stomach and duodenum through the TV monitor.

It is often used to:

• Investigate problems such as difficulty in swallowing or persistent abdominal pain.

• Diagnose conditions such as gastritis, stomach ulcers or gastro-oesophageal reflux diseases and stomach cancer.

• Treat conditions like bleeding ulcers, blockage in the oesophagus, polyps or small benign tumours.

COLONOSCOPY

Colonoscopy is a procedure which enables the specialists to view the inside of the colon (large intestine). It is best known as a screening tool for early detection of colon cancer and is often used to investigate other diseases of the colon, resulting in abdominal discomfort, anaemia, blood in stool, diarrhoea, change in bowel habits, and unexplained weight loss. It can also be used in the treatment of bleeding diverticulitis, and polyps removal (which are the precursors of cancers).

HAEMORRHOIDS

Haemorrhoids, commonly known as piles, are swelling or enlarged blood vessels found inside or around the rectum or anus. Symptoms typically include bleeding when passing motion and/or anal lump. Haemorrhoidectomy using Ligasure, Haemorrhoid Energy Therapy, and Ligation of Piles are some of the treatments done in our centres.

Haemorrhoids can be classified into four stages:

FIRST DEGREE

Internal piles that bleed, but do not prolapse past the anus (or 'pop out').

THIRD DEGREE

Piles that are prolapsed and must be manually reduced.

SECOND DEGREE

Piles that prolapse past the anus during bowel movement but reduce spontaneously.

FOURTH DEGREE

Piles that are permanently prolapsed and cannot be reduced, or piles with painful blood clots.

Anal Fissures

ANAL FISSURE

An anal fissure is a small tear in the mucosa lining of the anus. Anal fissures can be acute or chronic.

This usually occurs after passing out hard stools. Pain is often severe and common symptoms include:

• Sharp anal pain on defecation, especially after hard stools

• Throbbing pain that persists after passing motion

• Blood on passing motion

• Loose skin felt at area of pain (sentinel skin tag)

Anal Abscess

ANAL ABSCESS

Anal abscess is the build-up of pus in the rectum and anus.

Symptoms include anal pain and fever. If this is not fully treated, it can lead to anal fistula. Treatment usually involves draining the infected fluid and dressing of the wound after the operation.

Anal Fistula

ANAL FISTULA

Anal fistula is a small channel that can develop between the end of the bowel and the skin near the anus, usually the result of an infection near the anus causing a collection of pus in the nearby tissues. When the pus drains away, it leaves behind a small tunnel. Common symptoms can include skin irritation, anal discomfort, smelly anal discharge, swelling and fever.

Fistulectomy is often done as a treatment for anal fistula whereby the surgeon uses a probe to find the fistula's internal opening. Following that, the tract is cut open, scraped and the contents are flushed out. The wound is then dressed till the wound heals.

Sebaceous gland

Small intestine

Abdominal wall

Intestinal protrusion

Hole in abdominal wall

Hepatic ducts

Swelling

Sebum

Epidermis Dermis

Capsule

Hypodermis Muscle layer

Common bile duct

LIPOMAS AND CYSTS

Lipomas are soft, fatty lumps that grow underneath the skin. They are usually harmless and can be left alone. They are benign and are caused by an overgrowth of fat cells. They can grow anywhere in the body, but are commonly seen at the shoulders, neck, chest, arms, back, buttock and thigh.

Cysts are sacs under the skin that contains fluids and can be mistaken as a lipoma. Surgical treatments are carried out when they cause pain.

Lipomas and cysts can be removed in our centres under local anaesthesia, by cutting the skin over the lump, removing the lipoma/cyst and stitching it up.

HERNIA

A hernia is a gap or space in the strong tissue that holds muscle in place. It occurs when the inside layers of the abdominal muscle weaken, resulting in a bulge tear. The inner lining of the abdomen pushes through the weakened area of the abdominal wall to form a small sac. Hernia can cause discomfort, severe pain or other potentially serious problems that could require emergency surgery.

CHOLECYSTITIS

Cholecystitis is the inflammation of the gallbladder, commonly caused by an obstruction of the cystic duct by gallstones arising from the gallbladder (cholelithiasis).

Gall bladder

stones Wall thickening of the gallbladder

Pancreatic duct

The common symptoms are nausea, vomiting, right upper abdominal pain, and occasionally fever. Cholecystitis can be diagnosed through ultrasound. The treatment for cholecystitis is Laparoscopic Cholecystectomy (making small incisions in the abdomen to remove the gallbladder).

Calcified fecal deposits

Inflammation

Mucus

Appendix enlargement

Pressure

APPENDICITIS

Appendicitis is the inflammation of the appendix, a finger-shaped pouch that projects from your colon on the lower right side of your abdomen. The appendix does not seem to have a specific purpose. Appendicitis causes pain in your lower right abdomen.

However, in most people, pain begins around the navel and then moves. As inflammation worsens, appendicitis pain typically increases and eventually becomes severe. Although anyone can develop appendicitis, most often it occurs in people between the ages of 10 and 30. Standard treatment is surgical removal of the appendix.

Cancer Spread

Colon polyp

Stage 1

Stage 2

Stage 3

Stage 4

Cancer Spread to Lymph Nodes

(Stage 3)

COLORECTAL CANCER

Colorectal cancer is the cancer of the colon and rectum. It develops from polyps that grow on the inner wall of the colon/rectum. Polyps are usually benign lumps. However, certain polyps may develop into cancer overtime. Polyps may be small and usually do not cause any symptom. For this reason, doctors recommend regular screening tests (colonoscopy) as a prevention by removing the polyps before they develop into colon cancer.

The common symptoms of colorectal cancer are:

• rectal bleeding

• change in bowel habits (e.g. constipation and diarrhoea)

• abdominal pain, bloating, symptoms of anaemia (fatigue, breathlessness, dizziness etc.)

• weight loss

Mucosa Submucosa

Muscle layer

Stage 0

Tumor Stomach

Stage 1 Stage 2

Stage 3

Stage 4

GASTRIC CANCER

Stomach cancer, also known as gastric cancer, is cancer developing from the lining of the stomach. Early symptoms may include heartburn, upper abdominal pain, nausea and loss of appetite. The most common cause is infection by the bacterium Helicobacter Pylori, which accounts for more than 60% of cases. Certain types of Helicobacter Pylori have greater risks than others. However, these can be treated medically if detected early.

Serosa Tumor

Gastroscopy is used to diagnose the condition, after which gastrectomy may be done for the treatment (removal of part or whole of the stomach).

ORTHOPAEDIC SERVICES

WE ALSO PROVIDE ORTHOPAEDIC SERVICES AS FOLLOWS:

• Joint Pain

• Sports injuries - Shoulder instability, Superior labral tears, Meniscus tears, Knee ligaments injuries, Ankle instability

• Elbow Plica syndrome

• Osteoarthritis

• Rotator Cuff tears

• Trigger Finger

• De Quervain Tenosynovitis

• Carpal Tunnel Syndrome

• Wounds

• Lumps/Bumps

• Joint Replacement (Shoulder/Elbow/Knee)

• Arthroscopic Surgery

• Knee osteotomy/Realignment surgery

• Endoscopic Spine Surgery

• Disc replacements

• Spinal Decompression and stabilisation

• Fractures

• Orthobiologic Injections

TYPES OF OTHER CONDITIONS

Tendon sheath

Tendon

Nodule

CONDITION 1:

Trigger Finger - Trigger finger is a condition that occurs when the tendons in the fingers or thumb become inflamed or irritated, causing the finger or thumb to become stuck in a bent position or click on movement. Management varies, depending on the severity of the condition. In its early stages, it is managed conservatively with anti-inflammatories and a splint to immobilise it. As the condition progresses, alternative management options include a hydrocortisone and lignocaine injection or a surgical release of the A1 pulley.

Normal

Rotator cuff problems

Inflamed/torn tendons

CONDITION 2:

Shoulder Rotator cuff tears - The rotator cuff is a group of muscles around the shoulder joint that hold it in place and work together to control shoulder movements. Symptoms like pain, weakness and limitations in shoulder movement occur when it gets injured or torn due to overuse or acutely after an injury, typically a high energy fall. Management varies depending on various factors like patient age, functional limitations and size of tear. Surgical management options commonly involve a shoulder arthroscopy and repair if conservative management fails.

SERVICES

TYPES OF OTHER CONDITIONS

Femur Anterior Cruciate

Ligament

Lateral Collateral Ligament

Normal ACL

Posterior Cruciate Ligament

Medial Collateral Ligament

Torn ACL

Anterior Cruciate Ligament (ACL) Tear

CONDITION 3:

Knee Anterior Cruciate ligament (ACL) tears - The ACL is a ligament that is involved in knee stabilisation, in particular anterior movement of the tibia (shinbone) in relation to the femur (thigh bone). Injuries tend to occur in high demand athletes who sustain a rotational force when they change their direction during

Fibula Tibia

sports or from a direct impact when they get tackled during a game. Typical symptoms include knee swelling, pain, instability and difficulty walking. Diagnosis is usually confirmed with a detailed history, physical examination and a MRI scan. In young patients, surgical reconstruction of the ACL is usually recommended with a dedicated rehabilitation programme post-surgery.

Typical anatomy

Herniated disk

Compressed Spinal nerve

Herniated disk

Compressed Spinal nerve

Herniated disk

CONDITION 4:

Prolapsed Intervertebral Discs (Spine)

- An intervertebral disc sits between the vertebrae (bone) in the spine. It allows some mobility between individual segments of the spine, links each level of the spine together and also acts as a shock absorber. It is contained by anterior and posterior longitudinal ligaments. With injury, it can prolapse through a weakness in the posterior ligament and potentially compress the nerves of the spine. When this occurs, patients typically experience pain, numbness and weakness. In some instances, where the prolapsed disc is large and compresses many nerves, it can lead to incontinence and this constitutes a surgical emergency. In a simple prolapsed disc, typical first line management involves NSAIDS and physiotherapy. If this fails, surgical decompression and removal of the prolapsed disc is needed.

TYPES OF OTHER CONDITIONS

Types of Bone Fractures

Transverse

Linear Oblique, Oblique, nondisplaced displaced

Spiral Greenstick Comminuted

CONDITION 5:

Fractures - A fracture is a complete (or partial) break in a bone. This tends to occur when a large force hits the bone

e.g. fall, car accidents etc. A fracture can be closed (skin intact) or open (break in skin with exposed bone). If an open fracture occurs, urgent surgery is needed to clean the wound and fix the fracture. In closed fractures, where appropriate, some can be managed by immobilisation with a cast or alternatively, by surgical fixation with plates and screws or with nails/rods.

OTHER SERVICES

HOME CARE SERVICES

Home care is providing supportive care in the home, thereby allowing a person with special needs to receive the care they need within the comfort of their home. It is usually meant for people who are getting older, chronically ill, recovering from surgery, or disabled. The home care services provided by HCSS are:

• Home Medical Services

• Home Nursing Services

• Home Physiotherapy Sessions

• Home Speech Therapy Services

• Home Occupational Therapy Visits

• Private Ambulance Services

  
  
  

  PHPC / SASH / CHAS / COVID-19 SWAB TEST SERVICES

  Our general practitioner clinic, ACMS Medical Clinic, is located in central Orchard area and provides a range of services, including:

  • health screening

  • management of acute and chronic conditions

  • pre-employment check-up

    In addition, it is also enrolled in the following:

  • Public Health Preparedness Clinic (PHPC) scheme

    
    
    

  • Swab and Send Home (SASH) Programme

  • Community Health Assist Scheme (CHAS)

  • Pre-departure COVID-19 Swab Test

  • COVID-19 PCR Swab Test

OTHER ANCILLARY SERVICES

We also provide general consultation and diagnostic services for patients to aid in our diagnosis. This includes a range of diagnostic tests including blood tests, X-Rays, Ultrasound, CT Scans and MRIs.

SPECIALISTS

- GENERAL SURGERY

Dr. Heah graduated from the National University of Ireland in 1990 with a Bachelor's degree in Medicine and Surgery. After completing his housemanship in Ireland, he returned to Singapore where he worked in various hospitals, including Tan Tock Seng Hospital, Singapore General Hospital and KK Women's and Children's Hospital. He obtained his FRCSEd in general surgery in 1994, and was accredited as a specialist in general surgery by the Ministry of Health and the Singapore Medical Council in 1999. Dr. Heah obtained his FAMS in general surgery in 2000. Dr. Heah established his private practice in 2007.

DR. HEAH SIEU MIN

MBBCh,

FRCSEd (General Surgery), FAMS General Surgeon

Dr. Chia graduated from the National University of Singapore in 1986 with a Bachelor's degree in Medicine and Surgery. He obtained his FRCSEd in 1991, and in 1998, he was accredited as a specialist in General Surgery by the Ministry of Health. Dr. Chia had subspecialty training in vascular surgery and renal transplant surgery. He obtained his FAMS in 2000. After spending 23 years in the public healthcare sector, Dr. Chia established his private practice in 2009.

Dr. Chia had served as a member of professional committees such as the Ministry of Health Specialist Training Committee for General Surgery and was an elected member of the Singapore Medical Council from October 2016 to October 2019.

DR. CHIA KOK HOONG

MBBS (Singapore), FRCSEd (General Surgery), FAMS General Surgeon