Group 1 - The core viewpoint is that the recent closure of the Jing Le Group reflects a broader trend of restaurant closures in Hong Kong, with over 20 chain brands shutting down in the past six months, including long-established ones [1][2][3] - The closure of well-known brands such as "Hai Huang Congee Shop" and "Kam Cheong Steamed Milk" highlights the deteriorating business environment and financial crises faced by the industry [4][5] - The trend is not limited to local brands; international brands like "After You Dessert Café" and "Kintan" have also exited the Hong Kong market, indicating a widespread issue [9][10] Group 2 - High rental costs are identified as a significant challenge for restaurant operators in Hong Kong, with many citing increased rent as a reason for closure [16][18] - Changes in consumer behavior, including a shift towards spending in mainland China and a decline in spending by visitors to Hong Kong, have negatively impacted local restaurant revenues [20][21][30] - The number of restaurants in Hong Kong has not decreased despite the drop in demand, leading to an oversupply situation that exacerbates competition and contributes to the closure trend [33][34][45] Group 3 - The current oversupply in the restaurant market is attributed to a mismatch between supply and demand, with many new establishments opening during a period of increased local consumption that has since declined [36][43] - It is projected that up to 2,000 more restaurants may need to close to align with the pre-pandemic market conditions, indicating a necessary market correction [46][47] - The ongoing closures are viewed as a natural market adjustment process, where weaker businesses are eliminated, allowing for a potential rebalancing of the industry [47]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 FAIRWOOD HOLDINGS LIMITED 大 快 活 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：52） 註銷購股權 及授出購股權 本公 告 乃根 據 香港 聯合 交 易所 有 限公 司 (「聯交所 」)證 券 上市 規 則 (「上市規 則 」)第17.06A、17.06B及 17.06C條 而 作 出。 茲提述大 快 活 集 團 有 限 公 司 (「 本公司 」 ， 連 同 其 附 屬 公 司 統 稱 「 本集團 」 ) 日期為二零二三年七月五日的公告，內容關於 (其中包括 )根據本公司二零 二 一年九月九日採納的購股權計劃 (「 購 股 權 計 劃 」 )的條款向 本公司兩名執行 董 事 (「 執 行 董 事 」 )及 本集團 若 干 僱 員 以 行 使 價 每 股 股 份 (定義見下文 )港 幣 11.456元 授出 3,750,000份 購 股權 (「現 有 購 ...

FAIRWOOD HOLDINGS LIMITED 大快活 集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：52） 提名委員會職權範圍書 組織 1. 大快活集團有限公司(「本公司」) 提名委員會(「委員會」)經本公司董 事(「董事」)會(「董事會」)於二零一二年一月十一日議決成立。 成員 秘書 4. 委員會秘書須由公司秘書出任。委員會可不時委任具備適當資格及經驗 的任何人士擔任委員會秘書。 會議 1 5. 委員會每年須最少舉行一次會議，委員會可按需要，要求召開額外委員會 會議(「會議」)。 6. 會議可採用以親身出席、透過電話或視像會議之形式進行。委員會成員可 透過會議電話或容許全部與會人士聆聽對方聲音之類似通訊器材，參與 會議。 7. 任何會議的法定人數須為任何兩名成員，其中一名成員須為獨立非執行 董事。 8. 經全體成員書面簽署的決議方案可包含數份由一名或以上成員簽署的類 似形式的文件，其效力及作用與委員會正式召開及舉行的會議上獲通過 之決議一樣。 9. 委員會秘書須備存完整的會議記錄。會議記錄的草擬本及最終版本應於 會議後一段合理的時間內，向全體成員傳閱，以分別供彼等表達意見及作 紀錄。 FA ...

FAIRWOOD HOLDINGS LIMITED 大 快 活 集 團 有 限 公 司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） (股份代號： 52) 董 事 名 單 與 其 角 色 和 職 能 大快活集團有限公司(「本公司」)董事會(「董事會」)成員載列如下： 非執行董事 陳棨年 劉國權 尹錦滔 葉焯德 本公司董事會設立三個委員會。下表提供董事會成員於該委員會中所擔任的職位。 | 董 事 | 委員會 審 核 | 薪 酬 | 提 名 | | --- | --- | --- | --- | | 董 事 | 委員會 | 委員會 | 委員會 | | 非 執 行 董 事 | | | | | 羅開揚 | | | C | | 執行董事 | | | | | 羅輝承 | | | | | 李碧琦 | | | M | | 獨 立 非 執 行 董 事 | | | | | 陳棨年 | M | C | M | | 劉國權 | M | M | | | 尹錦滔 | C | | M | | 葉焯德 | | M | M | 羅開揚 (主席) 執行董事 羅輝承 (副主席) 李碧琦 (行政總裁) 獨立非執行董事 C - 有關董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 FAIRWOOD HOLDINGS LIMITED 大 快 活 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） 1. 本公司執行董事兼行政總裁李碧琦小姐已獲委任為提名委員會成員﹔及 2. 本公司獨立非執行董事陳棨年先生已獲委任為提名委員會成員。 承董事會命 大快活集團有限公司 主席 羅開揚 香港，二零二五年六月三十日 於本公布日期，本公司董事如下： 非執行董事：羅開揚先生（主席） 執行董事：羅輝承先生（副主席）及李碧琦小姐（行政總裁）；及 獨立非執行董事：陳棨年先生 、 劉國權博士 、 尹錦滔博士及葉焯德先生。 網址 : www.fairwoodholdings.com.hk （股份代號：52） 提 名 委 員 會 成 員 的 委 任 大快活集團有限公司(「本公司」) 之董事會(「董事會」)謹此公布以下本公司提 名委員會(「提名委員會」)成員之委任，自二零二五年七月一日起生效﹕ ...

免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 大快活集團有限公司 | | 股份代號 | 00052 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年三月三十一日止年度之末期股息 | | | 公告日期 | 2025年6月30日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年3月31日 | | 宣派股息的報告期末 | 2025年3月31日 | | 宣派股息 | 每 股 0.17 HKD | | 股東批准日期 | 2025年9月5日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.17 HKD | | 匯率 | 1 HKD : 1 HKD | ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) Fairwood Holdings Limited's financial performance for the year ended March 31, 2025, shows a decrease in profit attributable to equity holders and revenue, yet the Group maintains a sound financial position and proposes a final dividend of 17.0 HK cents per share, with a full-year payout ratio of approximately 80.2% Key Financial Indicators Comparison for FY2025 (HKD) | Indicator | FY2025 | FY2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Profit attributable to equity holders | 35.50 million | 50.70 million | -15.20 million | -29.98% | | Profit after government grants | 35.10 million | 49.30 million | -14.20 million | -28.80% | | Revenue | 3.1001 billion | 3.1369 billion | -0.0368 billion | -1.20% | | Bank deposits and cash equivalents | 545.7 million | 641.0 million | -95.3 million | -14.87% | | Basic earnings per share | 27.43 HK cents | 39.10 HK cents | -11.67 HK cents | -29.85% | | Proposed final dividend | 17.0 HK cents/share | 30.0 HK cents/share | -13.0 HK cents/share | -43.33% | | Full-year dividend | 22.0 HK cents/share | 41.0 HK cents/share | -19.0 HK cents/share | -46.34% | | Payout ratio | Approx. 80.2% | - | - | - | [Annual Financial Performance](index=2&type=section&id=Annual%20Financial%20Performance) This section details the Group's consolidated statement of profit or loss, consolidated statement of profit or loss and other comprehensive income, and consolidated statement of financial position for the year ended March 31, 2025, providing comparative financial data reflecting changes in revenue, profit, and asset-liability structure [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group experienced a slight revenue decrease, significant reductions in gross profit and operating profit in FY2025, leading to a year-on-year decline of approximately 29.98% in profit attributable to equity holders of the Company Key Data from Consolidated Statement of Profit or Loss (HKD Thousand) | Indicator | FY2025 | FY2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 3,100,070 | 3,136,947 | -36,877 | -1.2% | | Cost of sales | (2,862,864) | (2,866,353) | 3,489 | -0.12% | | Gross profit | 237,206 | 270,594 | -33,388 | -12.34% | | Operating profit | 72,326 | 98,491 | -26,165 | -26.57% | | Profit before tax | 38,649 | 65,125 | -26,476 | -40.65% | | Profit for the year attributable to equity holders of the Company | 35,540 | 50,657 | -15,117 | -29.84% | | Basic earnings per share | 27.43 HK cents | 39.10 HK cents | -11.67 HK cents | -29.85% | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive income attributable to equity holders of the Company for the year was HKD 35,312 thousand, a decrease from last year, primarily due to reduced profit for the year and exchange differences Total Comprehensive Income Attributable to Equity Holders of the Company (HKD Thousand) | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Profit for the year attributable to equity holders of the Company | 35,540 | 50,657 | | Exchange differences on translation of financial statements of Mainland China subsidiaries | (228) | (578) | | Total comprehensive income for the year attributable to equity holders of the Company | 35,312 | 50,079 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets and net assets slightly decreased, with both non-current and current assets declining, while net current liabilities increased, reflecting a slight tightening of the financial position Key Data from Consolidated Statement of Financial Position (HKD Thousand) | Indicator | March 31, 2025 | March 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Non-current assets | 1,336,169 | 1,390,408 | -54,239 | -3.90% | | Current assets | 703,181 | 796,398 | -93,217 | -11.70% | | Current liabilities | 812,659 | 858,343 | -45,684 | -5.32% | | Net current liabilities | (109,478) | (61,945) | -47,533 | -76.74% | | Net assets | 652,035 | 660,405 | -8,370 | -1.27% | | Total equity | 652,035 | 660,405 | -8,370 | -1.27% | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes to the financial statements, covering the basis of preparation, accounting policy amendments, revenue and segment reporting, expense breakdowns, dividend policy, and specific analysis of balance sheet items, offering deeper insights into the Group's financial position and operating performance [1 Basis of Preparation](index=6&type=section&id=1%20Basis%20of%20Preparation) As of March 31, 2025, the Group recorded net current liabilities of HKD 109,478,000, primarily due to lease liabilities, but management believes the Group can continue as a going concern given sufficient cash and available credit facilities - The Group recorded **net current liabilities of HKD 109,478,000** (2024: HKD 61,945,000), primarily due to the recognition of current lease liabilities of **HKD 372,430,000**[9](index=9&type=chunk) - Despite net current liabilities, the Group holds **bank deposits and cash of HKD 545,653,000** and **unused bank credit facilities of HKD 206,140,000**, leading management to conclude a sound financial position and prepare financial statements on a going concern basis[10](index=10&type=chunk) [2 Amendments to Accounting Policies](index=7&type=section&id=2%20Amendments%20to%20Accounting%20Policies) The Group adopted several amended Hong Kong Financial Reporting Standards for the first time this year, with no significant impact on current or prior period financial position or performance, while new and amended standards issued but not yet effective, particularly HKFRS 18, are expected to affect future financial statement presentation and disclosure - The amended Hong Kong Financial Reporting Standards adopted for the first time this year had **no significant impact** on the Group's financial position and performance[12](index=12&type=chunk) - HKFRS 18 (Presentation and Disclosure in Financial Statements) is expected to impact the presentation and disclosure of future consolidated statements of profit or loss and other comprehensive income, with the Group currently assessing its specific effects[13](index=13&type=chunk)[14](index=14&type=chunk) [3 Revenue and Segment Reporting](index=8&type=section&id=3%20Revenue%20and%20Segment%20Reporting) The Group's primary businesses are fast food restaurants and property investment, with revenue from food and beverage sales and rental income, managed across Hong Kong and Mainland China restaurant segments, showing decreased revenue and profit for Hong Kong restaurants and increased losses for Mainland China restaurants [3(a) Revenue Analysis](index=8&type=section&id=3(a)%20Revenue%20Analysis) The Group's revenue primarily derives from food and beverage sales, with property rental income contributing a smaller but growing portion Revenue Composition (HKD Thousand) | Revenue Source | FY2025 | FY2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Food and beverage sales at a point in time | 3,093,665 | 3,135,401 | -41,736 | -1.33% | | Property rental income | 6,405 | 1,546 | 4,859 | 314.30% | | Total revenue | 3,100,070 | 3,136,947 | -36,877 | -1.18% | [3(b) Segment Performance](index=8&type=section&id=3(b)%20Segment%20Performance) The Hong Kong restaurant segment experienced decreased revenue and profit, the Mainland China restaurant segment saw reduced revenue and expanded losses, while other segments, primarily investment property leasing, reported increased profit Reportable Segment Performance (HKD Thousand) | Segment | FY2025 Revenue | FY2024 Revenue | Revenue Change Rate | FY2025 Profit/(Loss) | FY2024 Profit/(Loss) | Profit/(Loss) Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong Restaurants | 2,932,682 | 2,951,897 | -0.65% | 81,188 | 98,784 | -17.81% | | Mainland China Restaurants | 160,983 | 183,504 | -12.27% | (14,621) | (6,554) | 123.09% | | Other Segments | 6,753 | 1,894 | 256.55% | 9,614 | 6,549 | 46.80% | | Total | 3,100,418 | 3,137,295 | -1.18% | 76,181 | 98,779 | -22.88% | [3(b)(iii) Geographical Information](index=11&type=section&id=3(b)(iii)%20Geographical%20Information) The majority of the Group's revenue and designated non-current assets are located in Hong Kong, with Mainland China contributing a smaller and decreasing share of both revenue and assets Revenue and Assets by Geographical Location (HKD Thousand) | Geographical Location | FY2025 Revenue from External Customers | FY2024 Revenue from External Customers | FY2025 Designated Non-current Assets | FY2024 Designated Non-current Assets | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 2,935,405 | 2,953,910 | 1,238,761 | 1,270,333 | | Mainland China | 164,665 | 183,037 | 97,408 | 120,075 | | Total | 3,100,070 | 3,136,947 | 1,336,169 | 1,390,408 | - In both years, the Group had **no single customer** contributing more than 10% of total revenue[25](index=25&type=chunk) [4 Other Income and Net Other Gains](index=12&type=section&id=4%20Other%20Income%20and%20Net%20Other%20Gains) The Group's other income and net other gains significantly increased, primarily driven by a substantial rise in lease modification gains Other Income and Net Other Gains (HKD Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Interest income | 24,257 | 28,113 | | Government grants | 430 | 1,416 | | Net loss on disposal of other property, plant and equipment | (6,231) | (7,704) | | Net exchange loss | (352) | (1,021) | | Lease modification gains | 24,546 | 10,290 | | Total | 58,200 | 42,405 | - Lease modification gains increased from **HKD 10,290 thousand to HKD 24,546 thousand**, serving as the primary driver for the growth in net other gains[26](index=26&type=chunk) [5 Profit Before Tax](index=13&type=section&id=5%20Profit%20Before%20Tax) Profit before tax is primarily influenced by finance costs and various operating expenses, with a slight increase in finance costs this year, and inventory costs, depreciation expenses, and staff costs being the main expenditure items Finance Costs (HKD Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Interest expense on lease liabilities | 33,421 | 33,312 | | Interest expense on bank borrowings | 256 | 54 | | Total finance costs | 33,677 | 33,366 | Breakdown of Key Expenses (HKD Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Cost of inventories | 750,144 | 772,510 | | Depreciation expense (other property, plant and equipment) | 103,429 | 93,733 | | Depreciation expense (right-of-use assets) | 419,537 | 406,720 | | Salaries, wages and other benefits | 1,043,995 | 1,047,731 | | Electricity, water and gas charges | 187,540 | 180,770 | [6 Income Tax in Consolidated Statement of Profit or Loss](index=14&type=section&id=6%20Income%20Tax%20in%20Consolidated%20Statement%20of%20Profit%20or%20Loss) Income tax expense significantly decreased this year, primarily due to reduced current tax provision and the origination and reversal of deferred tax, with no corporate income tax provision for Mainland China operations due to absence of assessable profits Income Tax Expense (HKD Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Current tax provision for the year | 7,914 | 11,104 | | Over-provision in prior years | (903) | (44) | | Deferred tax (origination and reversal of temporary differences) | (3,902) | 3,408 | | Total income tax | 3,109 | 14,468 | - Mainland China operations had **no assessable profits** in both 2025 and 2024, thus no corporate income tax provision was made[29](index=29&type=chunk) [7 Dividends](index=14&type=section&id=7%20Dividends) The Group proposed a final dividend of 17.0 HK cents per share for the current year, totaling 22.0 HK cents per share for the full year, a decrease compared to last year Dividends Payable for the Year (HKD Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Interim dividend declared and paid (per share) | 5.0 HK cents (6,478) | 11.0 HK cents (14,251) | | Proposed final dividend (per share) | 17.0 HK cents (22,024) | 30.0 HK cents (38,866) | | Total | 28,502 | 53,117 | Dividends Approved and Paid in Prior Financial Year (HKD Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Final dividend (per share) | 30.0 HK cents (38,866) | 40.0 HK cents (51,821) | | Special final dividend (per share) | 0 HK cents (–) | 5.0 HK cents (6,477) | | Total | 38,866 | 58,298 | [8 Earnings Per Share](index=15&type=section&id=8%20Earnings%20Per%20Share) Basic earnings per share for the year were 27.43 HK cents, a 29.85% decrease from last year, with diluted earnings per share being identical to basic earnings due to option exercise prices exceeding the average market price Earnings Per Share (HK cents) | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Basic earnings per share | 27.43 | 39.10 | | Diluted earnings per share | 27.43 | 39.10 | - Diluted earnings per share are the same as basic earnings per share because the exercise price of unexercised share options was **higher than the average market price** of the Company's shares[33](index=33&type=chunk) [9 Trade and Other Receivables](index=16&type=section&id=9%20Trade%20and%20Other%20Receivables) As of the reporting period end, total trade receivables decreased, with most receivables aged within 30 days, indicating efficient collection Ageing Analysis of Trade Receivables (HKD Thousand) | Ageing | FY2025 | FY2024 | | :--- | :--- | :--- | | 1 to 30 days | 8,588 | 20,130 | | 31 to 90 days | 220 | 302 | | 91 to 180 days | 190 | 25 | | 181 to 365 days | 27 | 3 | | Total | 9,025 | 20,460 | - The Group's sales transactions with customers are primarily settled by **cash and electronic payments**, with some catering business customers enjoying credit terms of **30 to 75 days**[34](index=34&type=chunk) [10 Trade and Other Payables](index=16&type=section&id=10%20Trade%20and%20Other%20Payables) As of the reporting period end, total trade payables slightly decreased, with most payables aged within 30 days Ageing Analysis of Trade Payables (HKD Thousand) | Ageing | FY2025 | FY2024 | | :--- | :--- | :--- | | 1 to 30 days | 114,774 | 128,020 | | 31 to 90 days | 4,048 | 421 | | 91 to 180 days | 2,480 | 154 | | 181 to 365 days | 68 | 32 | | Over 1 year | 289 | 190 | | Total | 121,659 | 128,817 | [11 Provisions](index=16&type=section&id=11%20Provisions) The Group primarily recognizes provisions for restoration costs of leased premises, with the total amount slightly decreasing, and most classified as non-current liabilities Provisions (HKD Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Provision for restoration costs of leased premises | 71,346 | 73,237 | | Amount classified as "Current liabilities" | (31,122) | (26,601) | | Amount included in "Non-current liabilities" | 40,224 | 46,636 | [12 Long Service Payment Obligations](index=17&type=section&id=12%20Long%20Service%20Payment%20Obligations) The Group's total long service payment obligations increased, with the majority classified as non-current liabilities Long Service Payment Obligations (HKD Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Total long service payment obligations | 33,827 | 28,850 | | Amount classified as "Current liabilities" | (920) | (608) | | Amount included in "Non-current liabilities" | 32,907 | 28,242 | [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the Group's operating environment, business performance, strategies, and future outlook for FY2025, addressing macroeconomic challenges and changing consumer habits through product innovation, digitalization, community engagement, and cost control, while planning continued store network expansion in Hong Kong and Mainland China, alongside quality and operational efficiency enhancements [Overall Performance](index=18&type=section&id=Overall%20Performance) The Group's FY2025 revenue decreased by 1.2% year-on-year to HKD 3.1001 billion, profit attributable to equity holders (after deducting government grants) fell by 28.8% to HKD 35.1 million, gross profit margin dropped to 7.7%, and basic earnings per share were 27.43 HK cents Overall Financial Performance (HKD) | Indicator | FY2025 | FY2024 | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 3.1001 billion | 3.1369 billion | -1.2% | | Profit attributable to equity holders | 35.50 million | 50.70 million | -29.98% | | Profit after government grants | 35.10 million | 49.30 million | -28.8% | | Operating profit | 72.30 million | 98.50 million | -26.59% | | Gross profit margin | 7.7% | 8.6% | -0.9 percentage points | | Basic earnings per share | 27.43 HK cents | 39.10 HK cents | -29.85% | [Operating Environment and Business Review](index=18&type=section&id=Operating%20Environment%20and%20Business%20Review) Over the past year, the Group was impacted by macro factors including Hong Kong residents' 'outbound consumption' trend, weak Hong Kong and Mainland China economies, low consumer confidence, and intensified price competition in the catering industry, responding with innovative products, expanded takeaway options, optimized mobile app engagement, and cost control measures - Macroeconomic factors include a prevalent 'outbound consumption' trend among Hong Kong residents, with **outbound travel increasing by 25%** year-on-year; weak Hong Kong and Mainland China economies, cautious stock markets, uncertain employment prospects, and a sluggish property market, all contributing to weak consumer confidence[38](index=38&type=chunk) - Intensified competition in the catering industry led restaurants to offer **high-value-for-money products and increased discounts** to maintain competitiveness, resulting in pressure on profit margins[38](index=38&type=chunk) - Response strategies included launching **innovative products and new dishes**, regularly introducing special offers and limited-time products, expanding takeaway options, and selling new retail products in-store to stimulate consumption[39](index=39&type=chunk) - Customer engagement and loyalty efforts involved optimizing and upgrading the Fairwood App, launching promotional activities for specific customer groups (e.g., 'soft meal' program for the elderly and those with swallowing difficulties), and introducing appealing marketing campaigns to attract younger generations[40](index=40&type=chunk)[41](index=41&type=chunk) - Cost control measures included capitalizing on low commercial rental opportunities in Hong Kong, implementing strategies to **reduce food costs**, alleviate staff cost pressure, and improve process efficiency[41](index=41&type=chunk) [Product Innovation and Marketing](index=19&type=section&id=Product%20Innovation%20and%20Marketing) The Group enhances customer loyalty and interest through continuous product innovation and diversified marketing strategies, including popular limited-time specialty products, new dinner items, promotional set meals, expanding takeaway services and in-store retail food, while leveraging creative marketing to reshape brand image - Product innovation included launching **limited-time specialty products** such as Japanese, Vietnamese, and Malaysian cuisines, and introducing new dinner items like claypot rice and stewed soups[42](index=42&type=chunk) - Promotional strategies featured **value breakfast, two-dish lunch bowl sets, super-value afternoon tea, and 'super-deal for two' dinner sets** to attract budget-conscious customers[42](index=42&type=chunk) - Takeaway business expanded with new options like **roasted spring chicken and Portuguese tarts**, and enhanced seasonal takeaway products such as Mid-Autumn Festival and Lunar New Year Poon Choi[42](index=42&type=chunk) - Add-on and retail strategies involved strengthening add-on options and beginning to sell **retail food items** like white lotus seed paste mooncakes in-store to generate additional revenue[43](index=43&type=chunk) - Creative marketing, such as the 'Ah Wok Claypot God' theme for Hong Kong-style claypot rice, successfully **rejuvenated the brand's image** by blending local culture with popular humor, generating media coverage valued at approximately **HKD 1.5 million**[43](index=43&type=chunk) [Digital Strategy](index=20&type=section&id=Digital%20Strategy) The Fairwood App plays a crucial role in customer acquisition and loyalty, with membership continuously growing by over 25%, effectively enhancing customer stickiness through regular pushes of offers and discount coupons - App membership growth: Registered members of the Fairwood App continued to rise, reaching approximately **1.02 million** by year-end, a **year-on-year increase of over 25%** (last year: 0.79 million)[44](index=44&type=chunk) - Member offers: The App regularly pushes special offers and discount coupons to members, such as 'Fairwood Super Value Rewards,' 'Olympic Celebration Promotion,' and 'Lunar New Year Lucky Red Packet Promotion,' with popular ones including **welcome offers for fitness enthusiasts, month-end deals, and weekend flash sales**[44](index=44&type=chunk) [Corporate Social Responsibility](index=20&type=section&id=Corporate%20Social%20Responsibility) The Group actively fulfills its social responsibilities by launching the 'Fairwood Soft Meal' program, becoming Hong Kong's first chain fast-food restaurant to offer soft meals, and continuously advancing elder care initiatives like the 'Fairwood Elder Care Card' and 'Fairwood Love Delivery,' benefiting seniors in the community - The 'Fairwood Soft Meal' program launched nutritionally balanced soft meals specifically developed for elderly individuals with eating and swallowing difficulties, making it the **first chain fast-food restaurant in Hong Kong** to introduce soft meals in the community[45](index=45&type=chunk) - Elderly care initiatives included establishing 'swallowing assessment stations' offering soft meal tastings and dietary advice, and participating in the 'Fairwood X Link REIT Walk with Love Launch Ceremony,' donating **2,000 soft meals to 16 beneficiary organizations**[46](index=46&type=chunk) - The 'Fairwood Elder Care Card' membership **exceeds 550,000**, continuously providing special promotions and discounts for seniors; the 'Fairwood Love Delivery' program held multiple events; and participation in the 'Love Restaurant Rewards You with Food' program offered dining coupons to approximately **50,000 elderly individuals**[47](index=47&type=chunk) [Operational Challenges and Cost Control](index=21&type=section&id=Operational%20Challenges%20and%20Cost%20Control) The Group prioritizes food cost control by introducing new suppliers and increasing direct sourcing to reduce raw material prices, while leveraging declining Hong Kong rents to seek reasonably priced premises and exploring digital ordering and internal process automation to manage rising labor costs effectively - Food cost control involved introducing new raw material suppliers, increasing direct sourcing, and reducing raw material prices, leading to an **overall decrease in food costs** during the year[48](index=48&type=chunk) - Rental costs: The Group is capitalizing on the **continuously declining rental market in Hong Kong** to actively seek reasonably priced locations with development potential, aligning with future store opening plans[48](index=48&type=chunk) - Manpower cost management included encouraging customers to use **'mobile ordering and payment'** and in-store digital ordering devices to reduce frontline staff demand, and implementing internal process automation (e.g., product replenishment) to save management time[49](index=49&type=chunk) - Operational efficiency improvements included enhancing store maintenance and upkeep, and optimizing logistics arrangements across the entire value chain to **offset the impact of rising operating costs**[49](index=49&type=chunk) [Environmental Sustainability](index=21&type=section&id=Environmental%20Sustainability) The Group is committed to enhancing environmental performance through improved in-store energy efficiency, reduced emissions, and waste reduction initiatives, including installing eco-friendly high-efficiency kitchen equipment, smart kitchen systems, and actively promoting coffee grounds and lemon peel reuse programs and sugar packet recycling, reducing food waste by 280 tonnes during the year - Energy efficiency: New installations include **eco-friendly high-efficiency heat recovery steamers, silent woks with automatic ignition, and ultrasonic defrosting machines**; smart kitchen systems monitor electricity, water, and gas consumption[50](index=50&type=chunk) - Waste reduction measures: The **coffee grounds and lemon peel reuse program** was implemented in **130 stores**, reducing food waste by **280 tonnes** in FY2024/25; sugar packet recycling activities now cover all branches[50](index=50&type=chunk) [Store Network and Expansion](index=22&type=section&id=Store%20Network%20and%20Expansion) As of March 31, 2025, the Group operated 176 stores, with 157 in Hong Kong and 19 in Mainland China; Hong Kong Fairwood chain fast-food stores saw a net decrease of 2, with same-store sales growth down 3.0%, while specialty restaurants increased with same-store sales growth up 5.8%; Mainland China fast-food stores had a net decrease of 5, with same-store sales growth down 11.1%, reflecting weak consumption and intensified competition in the Greater Bay Area Store Network Overview | Region | Store Count as of March 31, 2025 | Store Count as of March 31, 2024 | Same-Store Sales Growth | | :--- | :--- | :--- | :--- | | Hong Kong Fairwood Chain Fast-Food Stores | 147 | 149 | -3.0% | | Hong Kong Specialty Restaurants | 10 | 9 | +5.8% | | Mainland China Fast-Food Stores | 19 | 24 | -11.1% | | Total | 176 | 182 | - | - Hong Kong specialty restaurants added the Italian restaurant Ombra, showing **good same-store sales growth**[51](index=51&type=chunk) - Mainland China's same-store sales growth **decreased by 11.1%**, primarily due to weak consumer spending and intensified competition in the Greater Bay Area[51](index=51&type=chunk) [Future Outlook](index=22&type=section&id=Future%20Outlook) Facing the 'outbound consumption' new normal and Hong Kong-Mainland integration, the Group will implement four strategies: leveraging declining rents to expand Hong Kong store coverage with projected net growth, adopting targeted micro-strategies to enhance individual store performance and market segmentation, strengthening quality inspection and control systems, and continuing Mainland China store expansion focusing on rent-to-sales ratios and Greater Bay Area opportunities - Macro trends: The outbound consumption trend will become Hong Kong's 'new normal,' requiring Hong Kong enterprises to adapt to the **increasing integration between Hong Kong and the Greater Bay Area**[52](index=52&type=chunk) - Hong Kong market strategy: Capitalize on declining market rents to **open more restaurants**, expand business coverage, while closing underperforming stores, with a projected **net increase in store count** in the coming year[52](index=52&type=chunk) - Consumer behavior adaptation: Implement more targeted micro-strategies to **enhance individual store performance**, optimize promotions for specific market segments, and strengthen market segmentation; continuously innovate products and restructure menus, expand upgrade and add-on options to drive per capita spending growth; and reward loyal customers through the App[53](index=53&type=chunk) - Quality enhancement: Strengthen quality inspection and control systems, planning to implement **stricter store audit and feedback mechanisms, digital quality verification systems, and more frequent supplier audits**[54](index=54&type=chunk) - Mainland China strategy: Despite economic instability, plans include continued store expansion, focusing on ensuring **low rent-to-sales ratios for new stores** and exploring development opportunities in more Greater Bay Area cities[55](index=55&type=chunk) [Financial Performance Review](index=23&type=section&id=Financial%20Performance%20Review) This section provides a detailed review of the Group's financial indicators, including revenue, gross profit margin, administrative expenses, key costs, other income, income tax, profit attributable to equity holders, segment performance, earnings per share, liquidity, depreciation, finance costs, profitability, capital expenditure, financial risk management, pledged assets, commitments, and contingent liabilities, comprehensively analyzing changes and their causes [Revenue and Gross Profit Margin](index=23&type=section&id=Revenue%20and%20Gross%20Profit%20Margin) The Group's revenue decreased by 1.2% due to external factors, and gross profit margin fell to 7.7%, primarily attributable to lower sales, increased depreciation, higher utility costs, and rising labor expenses Revenue Composition (HKD Million) | Revenue Source | FY2025 | FY2024 | | :--- | :--- | :--- | | Food and beverage sales at a point in time | 3,093.7 | 3,135.4 | | Property rental income | 6.4 | 1.5 | | Total revenue | 3,100.1 | 3,136.9 | - Gross profit margin decreased to **7.7%** (2024: 8.6%), primarily due to **lower sales, increased depreciation, higher utility costs, and rising labor costs**[58](index=58&type=chunk) [Key Costs and Expenses](index=23&type=section&id=Key%20Costs%20and%20Expenses) Administrative expenses decreased by 2.3% due to effective cost control, with food and packaging costs, staff costs, and rental costs being the Group's primary expenditures, and staff costs representing the largest proportion Key Costs as a Percentage of Revenue | Item | FY2025 (HKD Million) | FY2025 (as % of Revenue) | FY2024 (HKD Million) | FY2024 (as % of Revenue) | | :--- | :--- | :--- | :--- | :--- | | Food and packaging costs | 750.1 | 24.2% | 772.5 | 24.6% | | Staff costs | 1,096.2 | 35.4% | 1,100.4 | 35.1% | | Rental costs | 456.2 | 14.7% | 454.4 | 14.5% | - Administrative expenses decreased by **2.3% to HKD 141.9 million** (2024: HKD 145.3 million), primarily due to effective cost control leading to a reduction in staff costs[59](index=59&type=chunk) - Other income and net other gains increased by **HKD 15.8 million**, mainly due to higher lease modification gains[61](index=61&type=chunk) - Income tax expense decreased by **78.6% to HKD 3.1 million** (2024: HKD 14.5 million)[62](index=62&type=chunk) - Profit attributable to equity holders after deducting government grants decreased by **28.8% to HKD 35.1 million**, primarily due to lower sales, partially offset by targeted cost control initiatives[63](index=63&type=chunk) - Hong Kong restaurant segment profit decreased by **17.8% to HKD 81.2 million**; Mainland China restaurant segment loss increased by **121.2% to HKD 14.6 million**; other segments' profit increased by **47.7% to HKD 9.6 million**[64](index=64&type=chunk) - Basic earnings per share decreased by **29.8% to 27.43 HK cents**[65](index=65&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's total assets and total equity both decreased, net current liabilities increased, and the current ratio remained at 0.9; bank deposits and cash equivalents decreased by 14.9% due to property purchases and store renovations, and the Group incurred bank borrowings for Mainland China expansion, resulting in a gearing ratio of 0.8% Liquidity and Financial Resources Overview (HKD) | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total assets | 2.1053 billion | 2.2478 billion | | Net current liabilities | 109.5 million | 61.9 million | | Current ratio | 0.9 | 0.9 | | Total equity | 652.0 million | 660.4 million | | Bank deposits and cash equivalents | 545.7 million | 641.0 million | | Unused bank credit facilities | 206.1 million | 231.3 million | | Short-term borrowings | 5.4 million | 0 | | Gearing ratio | 0.8% | 0% | - Bank deposits and cash equivalents decreased by **14.9%** due to property purchases and store renovations[67](index=67&type=chunk) [Profitability and Capital Expenditure](index=25&type=section&id=Profitability%20and%20Capital%20Expenditure) The Group's depreciation expenses and finance costs both increased, with the average return on shareholders' equity decreasing to 5.4%; capital expenditure significantly rose, primarily for new property acquisitions and renovation projects for existing stores - Depreciation expense for other property, plant and equipment increased by **HKD 9.7 million to HKD 103.4 million**, and depreciation expense for right-of-use assets rose by **HKD 12.8 million to HKD 419.5 million**, primarily due to store renovation projects, new property acquisitions, and lease modifications[68](index=68&type=chunk) Finance Costs (HKD Thousand) | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Finance costs | 33,700 | 33,400 | - Average return on shareholders' equity decreased to **5.4%** (2024: 7.6%)[70](index=70&type=chunk) Capital Expenditure (HKD Thousand) | Indicator | FY2025 | FY2024 | | :--- | :--- | :--- | | Capital expenditure | 157,700 | 131,500 | - The increase in capital expenditure was mainly due to **new property acquisitions and increased renovation projects** for existing stores[71](index=71&type=chunk) [Financial Risk Management and Commitments](index=26&type=section&id=Financial%20Risk%20Management%20and%20Commitments) The Group primarily faces foreign currency risk, but with the HKD pegged to the USD, significant exchange rate fluctuations are not anticipated; the Group's pledged assets have a low net book value, capital commitments increased, and bank credit facilities are guaranteed for subsidiaries - Foreign currency risk primarily arises from bank deposits and other financial assets denominated in HKD, USD, and RMB, but with the HKD pegged to the USD, **no significant exchange rate fluctuations** are expected[72](index=72&type=chunk) Pledged Assets and Commitments (HKD Thousand) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net book value of pledged properties | 600 | 700 | | Outstanding capital commitments | 53,400 | 24,300 | | Maximum debt guaranteed for subsidiaries' drawn credit facilities | 115,900 | 87,700 | - The Company provides guarantees for bank credit facilities obtained by certain wholly-owned subsidiaries, and the directors believe the **likelihood of claims is low**[75](index=75&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section provides employee information, dividend distribution details, share transfer registration arrangements, dealings in listed securities, corporate governance statement, audit committee and auditor's scope of work, as well as the Executive Chairman's acknowledgements and management changes, anticipating the Group will actively address challenges, deepen Greater Bay Area ties, and generate shareholder returns [Employee Information](index=27&type=section&id=Employee%20Information) As of March 31, 2025, the Group had approximately 5,500 employees, with staff costs around HKD 1.0962 billion; the Group offers competitive remuneration, share options, and bonuses, and continuously invests in employee training and development Employee Information | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total number of employees | Approx. 5,500 | Approx. 5,700 | | Staff costs | Approx. HKD 1.0962 billion | Approx. HKD 1.1004 billion | - The Group determines remuneration based on job nature, qualifications, and experience, reviewed annually, offering **competitive compensation, share options, and bonuses**, and is committed to training and development programs to enhance staff quality, capabilities, and skills[77](index=77&type=chunk) [Dividend Policy and Distribution](index=27&type=section&id=Dividend%20Policy%20and%20Distribution) The Board recommended a final dividend of 17.0 HK cents per share, totaling 22.0 HK cents per share for the full year, representing approximately 80.2% of the annual profit Dividend Distribution (HK cents/share) | Dividend Type | FY2025 | FY2024 | | :--- | :--- | :--- | | Proposed final dividend | 17.0 | 30.0 | | Interim dividend paid | 5.0 | 11.0 | | Total full-year dividend | 22.0 | 41.0 | | Payout ratio | Approx. 80.2% | - | - The proposed final dividend will be paid on or before **October 2, 2025**, to shareholders whose names appear on the register of members on **September 16, 2025**[78](index=78&type=chunk) [Suspension of Share Transfer Registration](index=27&type=section&id=Suspension%20of%20Share%20Transfer%20Registration) The Company will suspend share transfer registration twice: first, to determine shareholders' eligibility to attend the Annual General Meeting, and second, for final dividend entitlement - For attending and voting at the Annual General Meeting, share transfer registration will be suspended from **September 2 to September 5, 2025**, with the record date being **September 5, 2025**[79](index=79&type=chunk) - To qualify for the final dividend, share transfer registration will be suspended from **September 12 to September 16, 2025**, with the record date being **September 16, 2025**[80](index=80&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the year ended March 31, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the year, neither the Company nor its subsidiaries engaged in any **purchase, sale, or redemption of listed securities**[81](index=81&type=chunk) [Corporate Governance](index=28&type=section&id=Corporate%20Governance) Except for the Chairman and Managing Director not being subject to retirement by rotation, the Company complied with applicable code provisions of the Corporate Governance Code in FY2025 and adopted the Model Code for Securities Transactions by Directors of Listed Issuers - The Company has complied with the applicable code provisions of the Corporate Governance Code, except that the **Chairman and Managing Director are not subject to retirement by rotation**[82](index=82&type=chunk) - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers**, and all Directors confirmed compliance with this code[85](index=85&type=chunk) [Audit Committee and Auditor](index=28&type=section&id=Audit%20Committee%20and%20Auditor) The Audit Committee reviewed the full-year results and discussed internal control and risk management systems with management and external auditors; the Group's financial figures have been agreed upon by the auditor, Deloitte Touche Tohmatsu - The Audit Committee, comprising three independent non-executive directors, has **reviewed the full-year results** and discussed internal control and risk management systems[83](index=83&type=chunk) - The figures in the Group's consolidated financial statements have been **agreed upon by the auditor, Deloitte Touche Tohmatsu**, whose work does not constitute an assurance engagement and no opinion or assurance conclusion is expressed on the preliminary announcement[84](index=84&type=chunk) [Acknowledgements and Management Changes](index=29&type=section&id=Acknowledgements%20and%20Management%20Changes) Executive Chairman Mr. Lo Hoi-cheung will transition to Non-Executive Director while remaining Board Chairman; Mr. Lo Fai-shing is appointed Vice Chairman, and Ms. Li Pik-kei assumes the role of Chief Executive Officer, with these changes aiming to enhance business professionalism, as the Group actively addresses Hong Kong's economic structural shifts, deepens Greater Bay Area ties, and generates shareholder returns - Management changes: Mr. Lo Hoi-cheung transitions to **Non-Executive Director and Chairman of the Board**; Mr. Lo Fai-shing is appointed **Vice Chairman of the Board**; and Ms. Li Pik-kei assumes the role of **Chief Executive Officer**[87](index=87&type=chunk) - Future outlook: The Group will actively address Hong Kong's structural economic changes, **deepen its connections and development within the Greater Bay Area**, solidify its position in Hong Kong's catering industry, and strive to create stable and substantial returns for shareholders[89](index=89&type=chunk)

大快活集團有限公司(「本公司 」)之董事會(「董事會」)謹此公布，本公司 將於 二 零 二 五年六月 三 十 日(星 期一 )在香 港 北角 丹拿 道 十八 號 愛群 商業 中 心二 樓 舉行 董事 會 會議 ， 藉以 (其中 包括 )考 慮及 批准 本公 司 及其 附屬 公 司 截至二零 二五 年三月三十一日止年度之全年業績及其發布，以及考慮派發 末期股息之建議(如有)。 承董事會命 大快活集團有限公司 公司秘書 陳鏡東 香港，二零二五年六月十八日 於本公布日期，本公司董事如下： 非執行董事：羅開揚先生（主席） 執行董事：羅輝承先生（副主席）及李碧琦小姐（行政總裁）；及 獨立非執行董事：陳棨年先生 、 劉國權博士 、 尹錦滔博士及葉焯德先生。 網址 : www.fairwoodholdings.com.hk 香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 FAIRWOOD HOLDINGS LIMITED 大 快 活 集 團 有 限 公 司 （於百 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公布的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 FAIRWOOD HOLDINGS LIMITED 大快活 集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：52） 盈 利 警 告 本公布乃大快活集團有限公司(「本公司」，連同其附屬公司統稱「本集 團」)根據香港聯合交易所有限公司證券上市規則(「上市規則」)第 13.09 條及證券及期貨條例(香港法例第 571 章)第 XIVA 部之內幕消息條文(定 義見上市規則)而作出。 承董事會命 本集團已實施全面策略來應對目前的市場挑戰並恢復盈利增長。收入優 化措施包括針對性的促銷活動、特定時段的價格優惠，以及開發創新產 品。 同時，本集團正透過以年輕顧客為目標的市場推廣活動重塑品牌定位。 此策略亦由整合式數碼互動方案所強化，旨在深化顧客忠誠度。 為了改善營運效率，我們正透過提升供應鏈和生產力等措施以嚴格控制 - 1 - 成本，同時策略性地調整我們的店鋪網絡以實現最大回報。數碼轉型仍 是首要任務，自助點 ...

清明节三天假期即将来临，旅游市场又迎来一波小热潮。当前，家门口的露营经济颇受现代年轻人青 睐，露营经济板块概念股走热。据同花顺数据，4月2日，露营经济板块上涨，多只概念股活跃。截至收 盘，广州岭南集团控股股份有限公司（简称：岭南控股，000524）涨停、浙江星华新材料集团股份有限 公司涨超15%、探路者控股集团股份有限公司（以下简称"探路者"）涨超10%。 人们健康意识的不断增强，露营作为一种新兴的休闲、度假形式，逐渐受到广大消费者的欢迎，市场规 模不断扩大。据《2022—2023年中国露营行业研究及标杆企业分析报告》，预计2025年中国露营经济核 心市场规模将升至2483.2亿元，带动市场规模将达到14402.8亿元。 本报记者 许林艳 近日，行业上市企业也在积极回应市场关切。4月1日，深圳市北鼎晶辉科技股份有限公司在互动平台表 示，公司关注户外生活方式趋势，已推出多款适配户外场景的产品。现有产品线中，迷你卡式炉、不粘 烤肉锅、便携养生壶、随行杯等产品凭借"好带好洗好出片"等特点，满足消费者对精致露营的需求。 （编辑 才山丹） 同日，探路者也回复投资者称，公司相关创新型户外智能装备正处于系统化研发阶段，后续 ...