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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分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。 由2024年12月31日起，有關本公司之股份過戶及登記手續將由卓佳證券登記有限 公司辦理。於2024年12月30日下午四時三十分後仍未領取之股票，可於2024年12月 31日起從卓佳證券登記有限公司領取。 承董事會命 香港食品投資控股有限公司 公司秘書 吳靜薇 HONG KONG FOOD INVESTMENT HOLDINGS LIMITED 香港食品投資控股有限公司 （於香港註冊成立之有限公司） （股份代號：60） 更改股份過戶登記處 香港食品投資控股有限公司（「本公司」）董事會宣佈自2024年12月31日起，本公司 之股份過戶登記處將更改為：– 卓佳證券登記有限公司 香港夏愨道16號 遠東金融中心17樓 電話： (852) 2980 1333 傳真： (852) 2810 8185 香港， 2024年11月29日 於本公告日期，本公司之執行董事為戴進傑先生、謝少雲先生及黃婷鈺女士； 本公司之非執行董 ...

香港食品投資控股有限公司（「本公司」，及其附屬公司統稱為「本集團」）之董事會 （「董事會」）茲通告謹定於二零二四年十一月二十九日（星期五）下午二時三十分舉 行董事會會議，以考慮及通過本集團截至二零二四年九月三十日止六個月之中期 業績，及考慮派發中期股息（如有），以及處理其他事項。 承董事會命 香港食品投資控股有限公司 公司秘書 吳靜薇 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，概不對因本公告全部或任 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。 HONG KONG FOOD INVESTMENT HOLDINGS LIMITED 香港食品投資控股有限公司 （於香港註冊成立之有限公司） （股份代號：60） 董事會召開日期 香港，二零二四年十一月十八日 於本公告日期，本公司之執行董事為戴進傑先生、謝少雲先生及黃婷鈺女士； 本公司之非執行董事為戴德豐先生；以及本公司之獨立非執行董事為藍義方先生、 張榮才先生及黃仲賢先生。 ...

Financial Performance - For the financial year ended March 31, 2024, the Group's consolidated revenue was approximately HK$211,845,000, a decrease of 8.5% from HK$231,557,000 in 2023[11]. - The loss attributable to equity holders of the Company was approximately HK$19,352,000, compared to a profit of approximately HK$1,050,000 in 2023, resulting in a loss per share of HK7.45 cents[11]. - Revenue for the catering business decreased by 16.0% to approximately HK$50,431,000 for the current year[67]. - Revenue from the frozen meats trading business was approximately HK$157,525,000, accounting for 74.4% of the Group's total revenue, down from HK$167,635,000 in 2023[90][95]. - The segment loss for the catering business was approximately HK$10,036,000, compared to a loss of approximately HK$2,800,000 in the previous financial year[68]. - The overall gross profit margin slightly decreased from 21.9% in the previous fiscal year to 21.4%[46]. - The gross profit margin slightly decreased to 21.4% from 21.9% in the previous year[77]. Market Challenges - The catering business faced challenges including rising energy prices and fierce market competition, leading to a significant impact on overall performance[27]. - The local market experienced a significant decline in consumption due to increased outbound travel and changes in visitor consumption patterns post-pandemic[21]. - The overall economic recovery in Hong Kong remained slow, impacting consumer confidence and trade dynamics[12]. - The restaurant business faced challenges due to rising energy prices, intense market competition, and changing consumer patterns, impacting overall performance[30]. Strategic Initiatives - The Group introduced the "Hokkaido Snow Dream Pork" brand to the local market and became an exclusive selling agent in Hong Kong and Macau, aiming to increase sales and market penetration[24]. - The Group is focusing on cost control, supply chain optimization, and developing new products to cater to evolving consumer preferences[25]. - The Group aims to strengthen its market competitiveness and adapt to the changing business environment through strategic planning[15]. - The Group plans to explore overseas opportunities and widen its product offerings to adapt to market demands[80]. - The Group plans to expand its sales network by seeking overseas opportunities and broadening its product offerings to meet diverse customer needs[84]. - The Group will implement strict cost control measures to mitigate the impact of rising operating costs due to inflation[89]. - The Group aims to accelerate new product development to achieve higher profit margins amidst challenging market conditions[89]. Investment and Partnerships - The group holds a 29.99% equity interest in Four Seas Mercantile Holdings Limited (FSMHL), which is a strategic investment in the food business[35]. - FSMHL's share of profit for the financial year ended March 31, 2024, was HK$10,393,000, down from HK$12,214,000 in 2023[39]. - The acquisition of Miyata Co., Ltd. has enabled FSMHL to introduce foods produced in the Chinese Mainland into the Japanese market, enhancing synergies and market connections[38]. - FSMHL continues to hold a 29.99% equity interest in FSMHL as a strategic investment in the food business[51]. - The acquisition of Miyata has expanded FSMHL's food agency business by introducing foods produced in the Chinese Mainland into the Japanese market[51]. Product Development - The Group's frozen meats trading segment expanded its product portfolio to include a wider range of high-quality frozen meat products[24]. - The frozen meat trading division has expanded its product range to include high-quality frozen meat products, responding to increasing market demand for Japanese Hokkaido pork[28]. - The introduction of diverse Japanese food products, including ice cream, eggs, milk, tofu, and rice, has generated stable income sources for FSMHL[37]. Financial Ratios and Metrics - The ratio of operating expenses to sales increased to 24.4%, primarily due to a decrease in sales from both trading and catering businesses driven by the economic downturn[51]. - Operating expenses to sales ratio increased to 24.4% from 21.8% in 2023[77]. - The Group's gearing ratio increased to 6% as of March 31, 2024, up from 4% in 2023[59]. - The Group's inventory turnover days were 90 days, with closing inventory amounting to approximately HK$43,182,000, reflecting a decrease in demand for high-quality frozen meats due to changing consumer behavior[51]. Corporate Governance - The Group's financial statements are prepared in accordance with the applicable HKFRSs, ensuring compliance with accounting standards[118]. - The Group's accounting policies have been updated to reflect changes in HKFRSs, with no significant impact expected on the financial statements[129]. - The Group emphasizes food quality and hygiene, achieving numerous accreditations that reflect its commitment to high standards[53]. - The Group has applied amendments on temporary differences related to leases, which did not have a significant impact on the overall deferred tax balance[123].

Financial Performance - Revenue for the year ended March 31, 2024, was HKD 211,845,000, a decrease of 8.5% from HKD 231,557,000 in the previous year[3] - Gross profit for the same period was HKD 45,316,000, down 10.3% from HKD 50,648,000[3] - The company reported a net loss of HKD 19,084,000 for the year, compared to a profit of HKD 2,341,000 in the previous year[5] - Basic and diluted earnings per share for the year were HKD (7.45), compared to HKD 0.40 in the previous year[3] - Total comprehensive loss for the year was HKD 38,521,000, compared to a loss of HKD 20,801,000 in the previous year[5] - The company reported a pre-tax profit of HKD 2,382,000 for the year ended March 31, 2024, compared to a pre-tax profit of HKD 5,934,000 in the previous year, reflecting a decline of 59.9%[33] - The company recorded other income of HKD 3,258,000 for the year ended March 31, 2024, compared to HKD 3,771,000 in the previous year, a decline of 13.6%[33] Assets and Liabilities - Non-current assets decreased to HKD 460,893,000 from HKD 503,021,000 year-on-year[7] - Current assets remained stable at HKD 150,547,000, slightly up from HKD 150,540,000[7] - The company's total assets as of March 31, 2024, were HKD 611,440,000, down from HKD 653,561,000 in the previous year, representing a decrease of 6.5%[25][27] - The total liabilities of the company as of March 31, 2024, were HKD 66,873,000, a decrease from HKD 69,393,000 in the previous year, indicating a reduction of 3.6%[25][27] - Total equity attributable to the company's owners decreased to HKD 537,837,000 from HKD 576,626,000[8] Segment Performance - Total revenue for the trading segment was HKD 167,203,000, with external sales of HKD 157,525,000[22] - The restaurant segment generated revenue of HKD 50,431,000, while the "other" segment contributed HKD 3,889,000, leading to a total revenue of HKD 221,588,000[23] - The overall loss before tax for the company was HKD 17,310,000, with segment losses of HKD 5,108,000 for trading, HKD 10,036,000 for restaurants, and a profit of HKD 1,821,000 from the "other" segment[23] - Sales from the trading segment amounted to HKD 157,525,000, down 6.0% from HKD 167,635,000 in the previous year[31] - Restaurant operations generated revenue of HKD 50,431,000, a decrease of 16.0% from HKD 60,028,000 in the previous year[31] Cost and Expenses - The company incurred financing costs of HKD 2,231,000, an increase from HKD 1,409,000 in the previous year[3] - The company reported a significant increase in administrative expenses to HKD 28,175,000 from HKD 23,821,000[3] - Capital expenditures for the year were HKD 65,000, a significant decrease from HKD 7,044,000 in the previous year, indicating a reduction of 99.2%[25][27] - The company reported a tax expense of HKD 1,774,000 for the year, a significant increase from HKD 41,000 in 2023[41] Customer and Market Insights - The company had a major customer, Customer A, whose sales accounted for over 10% of total revenue, generating HKD 49,199,000 in the current year compared to HKD 30,502,000 in the previous year, an increase of 61.5%[30] - The company experienced a significant 32% increase in sales from chain fast food outlets during the reporting period, contributing to higher gross margins[54] - The company has expanded its product range in the frozen meat trade division, including the introduction of the "Snow Dream Pig" brand from Hokkaido, Japan, to meet increasing market demand[54] Strategic Focus and Governance - The company aims to focus on cost control, supply chain optimization, and the development of new products to adapt to changing consumer preferences[55] - The group plans to expand its sales network overseas and broaden its product offerings to meet diverse customer needs in response to changing market demands[61] - The group aims to maintain flexibility in procurement and adjust sales strategies to mitigate the impact of rising operating costs due to ongoing inflation[61] - The group will focus on marketing and digital media business development to attract new clients while maintaining existing customer relationships[58] - The group has introduced promotional activities on social media and invested in advertising in mainland China to enhance brand reputation and customer base[56] - The group emphasizes good corporate governance principles, ensuring transparency and accountability to all shareholders[67] - The audit committee consists of three independent non-executive directors, including Mr. Zhang Rongcai as the chairman[69] Employee and Operational Insights - The total number of employees as of March 31, 2024, is 67, with salaries reviewed annually based on performance and market conditions[65] - The group has implemented strict cost control measures and streamlined kitchen operations to improve operational efficiency amid challenging market conditions[56] Reporting and Communication - The company has adopted new and revised Hong Kong Financial Reporting Standards for the current financial year, impacting accounting policies and disclosures[15] - The annual report for the fiscal year ending March 31, 2024, will be distributed to shareholders and published on the company's website[72] - The chairman expressed gratitude to shareholders and business partners for their support and trust in the management team[73]

Financial Performance - Revenue for the six months ended September 30, 2023, was HK$110,582,000, a decrease of 2.5% from HK$113,536,000 in the same period of 2022[4] - Gross profit for the period was HK$22,931,000, slightly up from HK$22,839,000, indicating a stable gross margin[4] - The loss before tax was HK$7,418,000 compared to a profit of HK$10,544,000 in the previous year, reflecting a significant decline in profitability[4] - The profit attributable to equity holders of the Company was a loss of HK$7,160,000, down from a profit of HK$9,415,000 in the prior year[4] - Earnings per share for the period was a loss of HK$2.76, compared to earnings of HK$3.63 per share in the same period last year[4] - Total comprehensive loss for the period was HK$28,758,000, compared to a loss of HK$27,048,000 in the previous year[6] - The Company reported a loss for the period of HK$7,160,000, compared to a profit of HK$9,415,000 in the previous period[18] - Total comprehensive loss for the period amounted to HK$28,894,000, which includes losses from associates and exchange differences[18] - The retained profits decreased to HK$452,846,000 from HK$460,006,000 as of April 1, 2023[18] - The share of other comprehensive loss of associates, net of tax, was HK$18,249,000 for the period[18] - The exchange differences on translation of foreign operations resulted in a loss of HK$4,039,000[18] Assets and Liabilities - Non-current assets decreased to HK$472,578,000 as of September 30, 2023, from HK$503,021,000 as of March 31, 2023[9] - Current assets decreased to HK$142,888,000 from HK$150,540,000 during the same period[9] - Total liabilities decreased to HK$9,265,000 for non-current liabilities, down from HK$14,613,000[12] - The net assets of the Company were HK$555,410,000 as of September 30, 2023, compared to HK$584,168,000 as of March 31, 2023[12] - As of September 30, 2023, the total equity attributable to equity holders of the Company is HK$547,732,000, a decrease from HK$576,626,000 as of April 1, 2023[18] - The consolidated reserves as of September 30, 2023, are HK$430,637,000, down from HK$459,531,000 as of March 31, 2023[19] - Total cash generated from operations was a net outflow of HK$5,698,000, a significant decrease from the inflow of HK$17,112,000 in the prior year[22] - Cash and cash equivalents at the end of the period totaled HK$79,827,000, down from HK$84,674,000 at the end of the previous period[22] - Cash and bank balances decreased to HK$39,167,000 from HK$56,980,000, reflecting a decline of 31.3%[22] - Time deposits with original maturity of less than three months increased to HK$40,660,000, up from HK$27,694,000, representing a growth of 46.7%[22] Segment Performance - For the six months ended September 30, 2023, total segment revenue was HK$110,582,000, with trading segment contributing HK$81,726,000, catering segment HK$27,310,000, and others segment HK$1,546,000[41] - The trading segment reported a loss of HK$3,652,000, while the catering segment incurred a loss of HK$3,159,000, resulting in a total segment loss of HK$5,910,000[41] - The catering segment's revenue decreased by 5.2% compared to the previous year, from HK$29,851,000 to HK$27,310,000[44] - Revenue from the frozen meats trading business was HK$81,726,000, representing a decrease of HK$217,000 or 0.3% compared to the previous year[112] - The catering business generated revenue of HK$27,310,000, a decrease of HK$2,541,000 or 8.5% compared to the corresponding period last year[126] Cash Flow and Financing - Net cash flows from investing activities showed an inflow of HK$8,181,000, contrasting with an outflow of HK$9,827,000 in the previous period[22] - New bank and trust receipt loans amounted to HK$63,312,000, an increase of 56.0% compared to HK$40,587,000 in the same period last year[22] - The net decrease in cash and cash equivalents was HK$1,474,000, an improvement from a decrease of HK$7,323,000 in the prior year[22] - The group had banking facilities of HK$200,753,000, with 12% utilized, and a gearing ratio of 5%[135] Corporate Governance - The Company has complied with the Corporate Governance Code during the six months ended September 30, 2023[165] - All directors confirmed compliance with the Model Code for Securities Transactions throughout the review period[166] - The Company emphasizes transparency, accountability, and independence in its corporate governance practices[165] - The Company established a Code for Securities Transactions by Relevant Employees, with no incidents of non-compliance noted during the review period[167] - The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited condensed consolidated interim financial statements for the six months ended September 30, 2023[173] Future Outlook - The Company continues to monitor market conditions for potential strategic adjustments and future growth opportunities[21] - The company plans to continue focusing on its trading and catering segments while exploring opportunities in communication and advertising design[38] - The Group is actively monitoring financial risks, including currency fluctuations and commodity price volatility, to ensure proper business operations[131] - The Company is committed to delivering high-quality products and services while navigating the evolving market landscape[131]

Financial Performance - For the financial year ended March 31, 2023, the Group's consolidated revenue was approximately HK$231,557,000, an increase of 26.4% from HK$183,133,000 in 2022[8]. - The profit attributable to equity holders of the Company was approximately HK$1,050,000, a turnaround from a loss of approximately HK$17,337,000 in 2022, resulting in earnings per share of HK$0.40 compared to a loss per share of HK$6.68[8]. - For the financial year ended March 31, 2023, the company's share of profit from associates, primarily from Four Seas Mercantile Holdings Limited, was HK$12,214,000, a substantial increase from HK$3,789,000 in 2022[38]. - The Group reported a profit of HK$2,341,000 for the year, a significant recovery from a loss of HK$15,760,000 in 2022[106]. - The total assets of the Group decreased to HK$653,561,000 as of March 31, 2023, compared to HK$685,246,000 in 2022[106]. - The Group's cash and cash equivalents were HK$81,505,000, down from HK$92,452,000 in 2022[94]. - The gearing ratio improved to 4% as of March 31, 2023, compared to 6% in 2022, indicating a reduction in financial leverage[94]. - The total number of employees increased to 75 as of March 31, 2023, from 65 in 2022, reflecting growth in operations[95]. - The Group's reserves available for distribution amounted to HK$163,025,000 as of March 31, 2023[111]. Business Segments - Revenue from the frozen meats trading business was approximately HK$167,635,000, representing 72.4% of the Group's total revenue, with a 13.2% increase compared to HK$148,092,000 in the previous year[48]. - The catering business revenue increased by 100.2% to approximately HK$60,028,000, driven by the full-year contribution from one "Gyumai" restaurant and nine months from another[54]. - The overall segment result of the frozen meats trading business showed a loss of approximately HK$4,117,000, an improvement of 42.2% from a loss of HK$7,118,000 in the previous year[50]. - The revenue from the marketing of meat products and communication and advertising design businesses was approximately HK$3,894,000, down 22.9% from HK$5,053,000 in the previous year[56]. Market Environment and Strategy - The overall market environment remains uncertain due to factors such as inflation and geopolitical tensions, impacting consumer confidence and spending[9]. - The Group is committed to exploring and developing suitable market strategies to cope with the changing environment[23]. - The company strategically diversified its product supply, introducing high-quality and specialty products, including plant-based meat products, to adapt to global market trends and customer preferences[27]. - The company plans to strengthen relationships with overseas suppliers and expand its trading product range to cope with rising operational costs due to inflation and other macroeconomic factors[35]. - The company aims to capture market demand for high-quality, cost-effective products by exploring unique offerings from overseas suppliers[35]. - The company is focused on expanding its restaurant network in prime locations to enhance economies of scale and strengthen its brand presence[28]. - The outlook for the coming year indicates challenges due to inflation, monetary tightening, and regional conflicts, which will impact both global and local economies[34]. - The Group anticipates a rebound in the catering business with the relaxation of social distancing and travel restrictions, planning to open more restaurants in prime locations[55]. Operational Efficiency - Cost control measures and new sales strategies were implemented to improve operational efficiency during adverse market conditions[26]. - The gross profit margin improved from 13.9% to 21.9%, primarily due to the trading segment's margin increase from 2.3% to 6.7%[65]. - The group's gross profit margin increased from 13.9% in the previous fiscal year to 21.9%, driven by a focus on high-quality products and an increase in revenue from the catering segment, which has a gross profit margin of 60.6%[67]. - The operating expenses to sales ratio increased to 21.8% from 19.6% in the previous year[63]. - Trade receivables turnover days increased to 26 days from 24 days in 2022, attributed to a higher proportion of sales from customer groups with longer credit payment terms[69]. - Inventory turnover days improved to 93 days from 98 days in 2022, with closing inventory amounting to approximately HK$39,265,000, down from HK$52,894,000 in 2022 due to tighter inventory control[70]. Corporate Governance - The Company does not recommend the payment of any dividend for the year ended March 31, 2023[99]. - The directors' remuneration is determined based on their involvement, experience, and market levels, with details provided in note 8 of the financial statements[122]. - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[119]. - The independent non-executive directors confirmed that the continuing connected transactions were conducted in the ordinary course of business and on normal commercial terms[185]. - Ernst & Young issued an unqualified letter regarding the Group's continuing connected transactions for the year ended 31 March 2023, confirming compliance with the Listing Rules[186]. - The audit committee, comprising independent non-executive directors, was established to oversee the Group's financial reporting system and internal control procedures[195]. - There has been no change of auditor in the past three years, with Ernst & Young proposed for reappointment at the upcoming annual general meeting[196]. Shareholding Structure - As of March 31, 2023, Stephen Tai holds 90,739,177 shares, representing approximately 34.95% of the company's total issued shares[135]. - 30,914,000 shares, approximately 11.91% of the company's total issued shares, are held by Careful Guide Limited, which is wholly owned by Stephen Tai[136]. - 52,907,250 shares, approximately 20.38% of the company's total issued shares, are held by Special Access Limited, also wholly owned by Stephen Tai and his spouse[136]. - The company has no management contracts other than employment contracts for the year ended March 31, 2023[130]. - No director had a material interest in any significant transactions or contracts during the year, except as disclosed in note 30 of the financial statements[124]. - A permitted indemnity provision was in force for indemnities against liabilities incurred by the directors to a third party during the year[123]. - The company has received annual confirmations of independence from all independent non-executive directors[119]. - As of March 31, 2023, Stephen Tai Tak Fung holds 259,478,000 shares, representing approximately 67.53% of the total issued shares of FSMHL[138]. - The shares held by CGL amount to 70,000,000, which is about 18.22% of the total issued shares of FSMHL[138]. - SAL holds 74,250,000 shares, accounting for approximately 19.32% of the total issued shares of FSMHL[138]. - Capital Season Investments Limited holds 115,228,000 shares, representing around 29.99% of the total issued shares of FSMHL[138]. - The company’s directors have significant interests in the shares, indicating potential influence over corporate decisions[154]. Transactions and Agreements - A new master supply agreement for premium beef and beef products was established on 25 March 2021, effective for three financial years ending 31 March 2024[177]. - The annual cap for the master supply agreement was revised on 7 December 2021 to accommodate increased sales volume[177]. - For the year ended 31 March 2023, the Group paid approximately HK$28,221,000 to the Supplier for the purchase of premium beef and beef products, which did not exceed the annual cap of HK$45,000,000 for 2023[179]. - The Group has entered into a new Master Supply Agreement with the Supplier for a term of three financial years ending on 31 March 2024, following the expiration of the previous agreement[183].

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，概不對因本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。 HONG KONG FOOD INVESTMENT HOLDINGS LIMITED 香 港 食 品 投 資 控 股 有 限 公 司 (於香港註冊成立之有限公司) (股份代號：60) 截至二零二三年三月三十一日止年度業績公告 業績 香港食品投資控股有限公司（「本公司」）董事會（「董事會」）宣佈，本公司及其附屬公司 （以下統稱「本集團」）截至二零二三年三月三十一日止年度之初步綜合業績連同去年度 之比較數字如下： ...

Financial Performance - Revenue for the six months ended 30 September 2022 was HK$113,536,000, an increase of 21.5% compared to HK$93,461,000 for the same period in 2021[5] - Gross profit for the period was HK$22,839,000, representing a gross margin of 20.1%, up from HK$17,110,000 in the previous year[5] - Profit before tax was HK$10,544,000, compared to a loss of HK$768,000 in the same period last year, indicating a significant turnaround[5] - Net profit for the period was HK$10,455,000, compared to a loss of HK$1,112,000 in the previous year, marking a substantial improvement[8] - Earnings per share attributable to ordinary equity holders was HK$3.63, compared to a loss per share of HK$0.75 in the prior year[5] - The company reported a profit for the period of HK$9,415,000 for the six months ending 30 September 2022, compared to a loss of HK$1,948,000 in the previous period[19] Assets and Liabilities - Total non-current assets as of 30 September 2022 were HK$492,137,000, a decrease from HK$508,938,000 as of 31 March 2022[11] - Current assets totaled HK$156,889,000, down from HK$176,308,000 as of 31 March 2022, primarily due to a decrease in inventories[11] - Cash and cash equivalents were HK$84,674,000, a decrease from HK$92,452,000 as of 31 March 2022[11] - As of 30 September 2022, total non-current liabilities decreased to HK$13,520,000 from HK$18,938,000 as of 31 March 2022, representing a reduction of approximately 28.5%[13] - Net assets as of 30 September 2022 were HK$577,921,000, down from HK$604,969,000 as of 31 March 2022, indicating a decline of about 4.5%[13] - Total equity attributable to equity holders decreased to HK$570,630,000 as of 30 September 2022 from HK$598,718,000 as of 31 March 2022, a decrease of approximately 4.7%[19] Cash Flow and Financing - Net cash flows from operating activities were HK$16,937,000, a recovery from a cash outflow of HK$18,243,000 in the previous year[23] - Cash and cash equivalents at the end of the period were HK$84,674,000, down from HK$136,937,000 in the previous year, indicating a decrease of approximately 38%[23] - New bank and trust receipt loans amounted to HK$40,587,000, while repayments totaled HK$50,424,000, reflecting a net cash outflow from financing activities of HK$14,433,000[23] - The Group's investing activities resulted in a net cash outflow of HK$9,827,000, compared to a much smaller outflow of HK$315,000 in the prior year[23] Segment Performance - The Group operates in three segments: trading of frozen meats, seafood, and vegetables; restaurant operations; and marketing of meat products[44] - Segment revenue for external customers reached HK$113,536,000, with trading contributing HK$81,943,000, catering HK$29,851,000, and others HK$1,742,000[49] - The segment results showed a loss before tax of HK$2,026,000, with trading and catering segments reporting losses of HK$2,317,000 and HK$451,000 respectively[49] Shareholder Information - Director Tai Tak Fung holds 90,739,177 shares, representing approximately 34.95% of the company's total issued shares[162] - Careful Guide Limited holds 30,914,000 shares, approximately 11.91% of the company's total issued shares[162] - Special Access Limited holds 52,907,250 shares, approximately 20.38% of the company's total issued shares[162] - The total interests of Tai Tak Fung in the associated corporation FSMHL include 70,000,000 shares (18.22%), 74,250,000 shares (19.32%), and 115,228,000 shares (29.98%)[164] Corporate Governance - The Company is committed to good corporate governance, emphasizing transparency, accountability, and independence, and has complied with the Corporate Governance Code during the review period[192] - The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited condensed consolidated interim financial statements for the six months ended 30 September 2022[200] - All directors confirmed compliance with the Model Code for Securities Transactions throughout the six months ended 30 September 2022[193] Strategic Initiatives - The company aims to enhance its market position through strategic initiatives, including potential market expansion and new product development[18] - The Group is adopting a prudent purchase strategy on traditional frozen meats while optimizing its product mix to achieve higher gross profit margins[131] - The Group aims to explore new potential customers, particularly in the supermarket and restaurant categories, to achieve sales growth and higher gross profit margins[132]

Financial Performance - For the financial year ended March 31, 2022, the Group's consolidated revenue was approximately HK$183,133,000, an increase of 39.8% from HK$131,120,000 in 2021[9]. - The loss attributable to equity holders of the Company was approximately HK$17,337,000, compared to a loss of HK$4,162,000 in 2021, resulting in a loss per share of HK6.68 cents, up from HK1.6 cents[9]. - The Group's consolidated revenue for the year ended March 31, 2022, was approximately HK$183,133,000, representing a 39.7% increase from HK$131,120,000 in the previous financial year[47]. - The catering business revenue increased by 180.9% to approximately HK$29,988,000, primarily due to the full-year contribution from the first "Gyumai" restaurant[55]. - The Group reported a revenue of HK$183,133,000 for the year ended March 31, 2022, an increase of 39.8% compared to HK$131,120,000 in 2021[106]. - The loss from continuing operations for the year was HK$15,760,000, compared to a loss of HK$3,739,000 in the previous year, indicating a significant decline in profitability[106]. Economic Environment - The economic environment in 2021-22 was impacted by the pandemic, the Russian-Ukraine conflict, and rising inflation, leading to weakened domestic consumption in Hong Kong[10]. - The catering industry in Hong Kong is anticipated to rebound steadily with the easing of social-distancing rules and lifting of travel restrictions[36]. Business Strategy and Operations - Despite challenges, the frozen meats trading business improved revenue by adopting a prudent purchase strategy and optimizing the product mix towards high-quality frozen meat products[16]. - The Group's strategy includes diversifying products towards the high-quality food segment to meet customer needs amid economic uncertainties[11]. - The Group plans to adapt its expansion strategy for opening new restaurants to align with future economic developments in Hong Kong[36]. - The Group opened its first restaurant brand "Gyumai" in Yuen Long, which performed well due to high-quality beef sourced from major regions[21]. - The Group's long-standing reputation and solid customer network helped achieve revenue growth despite the unstable economic environment[11]. Product and Market Development - The Group's exclusive distribution of Japanese wagyu beef brand "Satsuma" and Korean Lotte's Australian wagyu beef brand "L'Grow" met the growing demand for premium food[16]. - New products introduced by FSMHL, such as Japanese ice cream, eggs, milk, tofu, and rice, have gained popularity in the market[33]. - The Group recognizes the importance of brand building and marketing strategies, successfully establishing brands like "Satsuma" and "L'Grow" in the meat trading sector[26]. Financial Position and Investments - The Group's share of profit from Four Seas Mercantile Holdings Limited (FSMHL) for the financial year ended 31 March 2022 was HK$3,789,000, a decrease from HK$9,035,000 in 2021[34]. - FSMHL completed its full acquisition of Miyata Holdings Co., Ltd., which is expected to bring synergy to FSMHL and the Group due to its strong retail and distribution network[33]. - The Group continues to hold approximately 29.98% equity interest in FSMHL as a strategic investment in the food business[32]. - The Group's total banking facilities amounted to approximately HK$200,753,000, with 18% utilized as of March 31, 2022[95]. - Total assets as of March 31, 2022, amounted to HK$685,246,000, an increase from HK$684,036,000 in 2021[108]. - Total liabilities as of March 31, 2022, were HK$80,277,000, compared to HK$59,164,000 in 2021[108]. Operational Challenges - The catering business faced significant challenges due to Covid-19, with a substantial drop in customer numbers and transaction amounts compared to the previous fiscal year[22]. - The overall segment result of the frozen meats trading business recorded a loss of approximately HK$7,118,000, an increase of 290.2% compared to a loss of approximately HK$1,824,000 in the previous year[50]. - The catering segment's loss increased by 23.9% to approximately HK$1,409,000, compared to a loss of approximately HK$1,137,000 in the previous year[55]. Operational Metrics - The gross profit margin improved to 13.9% from 12.2% in the previous year[63]. - Trade receivables turnover days decreased to 24 days from 28 days in the previous year[63]. - Inventory turnover days increased to 106 days from 103 days in the previous year[63]. - Operating expenses to sales ratio increased to 18.4% from 16.0% in the previous year[63]. Future Outlook - The Group plans to open a third "Gyumai" restaurant in the second half of 2022, anticipating a rebound in business as social distancing measures are relaxed[56]. - The company provided a positive outlook for the upcoming year, projecting a revenue growth of 10% to 12% for fiscal year 2023[180]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on expanding the product line in the health food sector[180]. - The board of directors emphasized the importance of sustainability in operations, aiming to reduce carbon emissions by 15% over the next three years[180].

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$93,461,000, representing an increase of 46.2% compared to HK$63,983,000 for the same period in 2020[5]. - Gross profit for the period was HK$17,110,000, up 121.5% from HK$7,704,000 in the previous year[5]. - The company reported a loss for the period of HK$1,112,000, compared to a profit of HK$5,600,000 in the same period last year[5]. - Total comprehensive income for the period was HK$3,055,000, down from HK$16,298,000 in the previous year[8]. - Earnings per share for the period were reported at HK$-0.75, down from HK$2.10 in the same period last year[5]. - The company recorded a profit before tax of HK$768,000 for the six months ended September 30, 2021, compared to a profit of HK$5,600,000 for the same period in 2020[19]. - The Group recorded a loss attributable to equity holders of approximately HK$1,948,000, compared to a profit of approximately HK$5,459,000 in the previous year, primarily due to the absence of COVID-19 related government subsidies[123]. Assets and Liabilities - Non-current assets as of September 30, 2021, totaled HK$496,880,000, an increase from HK$488,496,000 as of March 31, 2021[11]. - Current assets increased to HK$207,542,000 from HK$195,540,000 as of March 31, 2021[11]. - Total liabilities as of September 30, 2021, were HK$76,495,000, with segment liabilities in trading at HK$54,553,000 and catering at HK$13,540,000[43]. - As of September 30, 2021, total non-current liabilities decreased to HK$10,466,000 from HK$13,589,000 as of March 31, 2021, representing a reduction of approximately 22.8%[13]. - Net assets increased to HK$627,927,000 as of September 30, 2021, compared to HK$624,872,000 as of March 31, 2021, reflecting a growth of 0.4%[13]. Cash Flow - The company reported a net cash outflow from operating activities of HK$18,243,000 for the six months ended September 30, 2021, compared to a net outflow of HK$2,619,000 for the same period in 2020[19]. - Cash and cash equivalents at the end of the period were HK$136,937,000, down from HK$159,888,000 as of September 30, 2020, showing a decrease of 14.3%[19]. - The company reported a net cash inflow from financing activities of HK$10,417,000 for the six months ended September 30, 2021, compared to HK$1,229,000 for the same period in 2020[19]. Segment Information - The Group's operating segments include trading of frozen meats, seafood, and vegetables, catering operations, and marketing of meat products[30][32]. - Sales to external customers in the trading segment amounted to HK$73,198,000, while catering segment sales were HK$17,743,000, and other sales were HK$2,520,000[50]. - Segment assets as of September 30, 2021, totaled HK$221,994,000, with trading segment assets at HK$186,981,000 and catering segment assets at HK$25,842,000[43]. Operational Highlights - The frozen meats trading business revenue increased by 29.4% compared to the same period last year, driven by an enhanced product portfolio[124]. - Customer traffic for the Group's restaurants rebounded significantly as consumers are willing to pay more for healthy and tasty food, leading to increased dine-in numbers and extended business hours[135]. - The newly opened restaurant "Gyumai" in Yuen Long performed outstandingly in revenue and profit, offering a variety of premium beef options, further enhancing the Group's presence in high-end catering[139]. Financial Management - The Group has banking facilities of HK$220,753,000 as of September 30, 2021, with 16% utilized[154]. - The Group's gearing ratio is 6%, indicating a low level of debt relative to equity[154]. - The Group's financial team is responsible for determining the policies and procedures for fair value measurement of financial instruments, reporting directly to the executive directors and audit committee[97]. Shareholder Information - The directors and chief executive hold a total of 90,739,177 shares, representing approximately 34.95% of the Company's total issued shares[166]. - As of September 30, 2021, Mr. Tai Tak Fung, Stephen holds 259,478,000 shares, representing approximately 67.52% of the total issued shares of FSMHL[30]. - No directors or chief executives had any interests or short positions in the shares of the company or its associated corporations as of September 30, 2021[173]. Market Conditions - Global supply of frozen meats was unstable, with delays in container shipments and increased freight costs due to COVID-19 screening procedures[126]. - The overseas customer traffic for restaurants and catering was significantly impacted by travel restrictions, leading to decreased food and beverage consumption by tourists[125].