Short Selling Ratios - AIA Group Limited (81299) and JD Health (86618) have the highest short selling ratios at 100.00% each, followed closely by JD Group (89618) at 99.04% [1] - Other notable companies with high short selling ratios include BYD Company Limited (81211) at 89.57% and Tencent Holdings Limited (00700) at 84.79% [1] Short Selling Amounts - Alibaba Group (09988) leads in short selling amount with HKD 3.29 billion, followed by Tencent Holdings (00700) at HKD 1.01 billion and Xiaomi Corporation (01810) at HKD 978 million [1] - Other significant short selling amounts include Meituan (03690) at HKD 969 million and BYD Company (01211) at HKD 921 million [1] Deviation Values - JD Group (89618) has the highest deviation value at 45.15%, indicating a significant difference from its average short selling ratio over the past 30 days [1] - Other companies with high deviation values include Xiehe New Energy (00182) at 41.14% and Tencent Holdings (80700) at 38.67% [1]

截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Café de Coral Holdings Limited 大家樂集團有限公司 (中文名稱僅供識別) 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00341 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | FF301 股份發行人及根據《上市規則》第十九 ...

本組織章程大綱及細則以英文撰寫，並無官方中文版本，故中文翻譯僅供參考。如英文版本與中文譯 文存在任何歧義或不一致，概以英文版本為準。 CAFÉ DE CORAL HOLDINGS LIMITED 大家樂集團有限公司* 之 組織章程大綱 及 細則 於一九九零年十月一日註冊成立 * 僅供識別 表格號碼6 公司註冊證書 本人謹此根據一九八一年公司法第14條的條文規定，簽發本註冊證書並證明於一九九零年十月一日， CAFÉ DE CORAL HOLDINGS LIMITED 由本人依據上述條款登記在由本人備存的登記冊上，及上述公司的地位為獲豁免公司。 於一九九零年十月一日經本人簽發 （印章） （簽署） 公司註冊署署長 代行 RC11 編號F-4935 海外公司登記證明書 本人謹此證明 CAFÉ DE CORAL HOLDINGS LIMITED 在百慕達註冊成立， 並根據公司條例第XI部在香港登記。 於一九九一年三月十八日經本人簽發。 （簽署） 香港公司註冊處處長 代行 （公司註冊處） R.G. 338 No. 編號 F4935 COMPANIES ORDINANCE (CHAPTER 32) 香港法例第32 章 公司 ...

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分內容而產生或因依賴該等內容而引致的任何損失承 擔任何責任。 大 家 樂 集 團 有 限 公 司* ( ) 於百慕達註冊成立之有限公司 網址: www.cafedecoral.com （股份代號：341） 二零二五年八月十九日舉行之股東周年大會 投票表決結果 大家樂集團有限公司(「本公司」)於二零二五年八月十九日舉行股東周年大會（「股東 周年大會」）。列載於二零二五年七月八日股東周年大會通告內的所有決議案均獲本公 司股東（「股東」）以投票方式通過。 本公司於股東周年大會舉行當日之已發行普通股股份（「股份」）總數為580,004,033股， 其持有人有權出席股東周年大會並於會上表決。概無任何股份賦予持有人權利出席股東 周年大會但須根據香港聯合交易所有限公司證劵上市規則（「上市規則」）第13.40 條於 股東周年大會上放棄表決贊成決議案。香港中央證券信託有限公司（為本公司採納之股 份獎勵計劃（「股份獎勵計劃」）之受託人「受託人」）於本公告日期持有股份獎勵計 劃下未歸屬 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Café de Coral Holdings Limited 大家樂集團有限公司 (中文名稱僅供識別) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00341 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 ...

Core Points - The company, 大家乐集团 (Dai Jia Le Group), announced the granting of options to several employees, with an exercise price of HKD 7.496 per share [1] - A total of 646,000 ordinary shares of the company's capital stock will be involved in this option grant [1] Summary by Category Company Actions - The company has granted options to employees, indicating a strategy to incentivize and retain talent [1] - The exercise price set at HKD 7.496 per share reflects the company's valuation and potential future growth [1] Financial Implications - The total number of shares involved in the option grant is 646,000, which may impact the company's share structure and future earnings per share calculations [1]

智通财经APP讯，大家乐集团(00341)公布，于2025年7月31日，该公司向若干僱员授予期权，行使价每 股港币7.496元认购公司股本中的普通股合共64.6万股。 ...

格隆汇7月31日丨大家乐集团(00341.HK)公布，于2025年7月31日，公司根据于2022年9月8日采纳的股份 期权计划向若干雇员授予期权，以行使价每股港币7.496元认购公司股本中的普通股合共64.6万股。 ...

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分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CAFÉ DE CORAL HOLDINGS LIMITED 大 家 樂 集 團 有 限 公 司* ( 於百慕達註冊成立之有限公司 ) 網址: www.cafedecoral.com （股份代號：341） 期權股份數目 ： 646,000 * 僅供識別 授出股份期權 本公告乃根據香港聯合交易所有限公司（「香港聯交所」）證券上市規則（「上市 規則」）第17.06A條及17.06C條而作出。 大家樂集團有限公司（「本公司」或「公司」）董事局（「董事局」）公佈，於二 零二五年七月三十一日（「授出日期」），本公司根據於二零二二年九月八日採納 的股份期權計劃向若干僱員（「承授人」）授予期權（「期權」），以行使價每股 港幣7.496元認購本公司股本中的普通股（「股份」）合共646,000股。期權須待承授 人接納方可作實。 授出期權的詳情載列如下： 授出日期 ： 二零二五年七月三十一日 1 期權之行使價 ： 每股港幣 ...

Corporate Information [Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides fundamental corporate information for Cafe de Coral Holdings Limited, including board members, committee structures, and key administrative details - The Board of Directors comprises executive, non-executive, and independent non-executive directors, with established Nomination, Remuneration, and Audit Committees[3](index=3&type=chunk)[4](index=4&type=chunk) - The company's auditor is **PricewaterhouseCoopers**[6](index=6&type=chunk)[8](index=8&type=chunk) Financial Highlights and Calendar [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This fiscal year, the Group's total revenue was HKD 8.568 billion, a 1.4% decrease, with profit attributable to equity holders at HKD 233 million, down 29.6%, and basic earnings per share falling from HKD 0.57 to HKD 0.41 FY2024/25 Financial Highlights | Metric | 2025财年 | 2024财年 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (Thousand HKD) | 8,568,317 | 8,691,449 | (1.4) | | Profit Attributable to Equity Holders (Thousand HKD) | 232,744 | 330,454 | (29.6) | | Adjusted EBITDA* (Thousand HKD) | 687,657 | 798,315 | (13.9) | | Basic Earnings Per Share (HKD) | 0.41 | 0.57 | (28.1) | | Interim & Final Dividend Per Share (HK cents) | 40 | 57 | (29.8) | [Financial Calendar](index=5&type=section&id=Financial%20Calendar) This section outlines the company's key financial event dates, including interim and annual results announcements, dividend distributions, and the Annual General Meeting schedule - The company paid an interim dividend of **HKD 0.15 per share** on December 24, 2024, and proposed a final dividend of **HKD 0.25 per share** to be paid on September 4, 2025[10](index=10&type=chunk) - Annual results were announced on June 16, 2025, with the Annual General Meeting (AGM) scheduled for August 19, 2025[10](index=10&type=chunk) [Chairman's Message](index=6&type=section&id=Chairman's%20Message) Chairman Mr. Lo Hoi Kwong notes the Group achieved HKD 8.568 billion in revenue and HKD 233 million in profit attributable to shareholders despite economic volatility, emphasizing ongoing transformation through restaurant optimization, talent acquisition, and technology, while leveraging brand strength in Hong Kong and the Greater Bay Area - Despite economic volatility and shifts in local consumption patterns, the Group achieved **HKD 8.568 billion** in revenue and **HKD 233 million** in profit attributable to shareholders in FY2024/25[13](index=13&type=chunk)[17](index=17&type=chunk) - The Group is actively transforming to adapt to the new economic environment, implementing measures such as updating restaurant portfolios, recruiting new talent, adopting new technologies, and leveraging its brand strength for continued expansion in Hong Kong and the Greater Bay Area[16](index=16&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - The Group's Mainland China operations continue to grow, and institutional catering business contributes stable revenue, demonstrating the advantages of business diversification[14](index=14&type=chunk) - The Group actively gives back to the community through initiatives like the 'Cafe de Coral Food Assistance Programme' and the 'Lo Tang Shiang Education Fund', which has cumulatively disbursed over **HKD 40 million** in scholarships to date[26](index=26&type=chunk)[29](index=29&type=chunk)[33](index=33&type=chunk) [Business Highlights](index=10&type=section&id=Business%20Highlights) This fiscal year, the Group's total revenue decreased by 1.4% to HKD 8.568 billion, with profit attributable to shareholders down 29.6% to HKD 233 million, driven by Hong Kong QSR as the main revenue source, while Mainland China operations showed resilience amid market pressures Revenue Distribution (As of March 31, 2025) | Business Segment | Revenue Share (%) | | :--- | :--- | | Hong Kong Quick Service Restaurants | 59.8% | | Hong Kong Institutional Catering | 17.5% | | Mainland China | 11.7% | | Hong Kong Casual Dining | 9.6% | | Others | 1.4% | - As of March 31, 2025, the Group had **566 operating units**, with **45 new stores** opened since April 1, 2024[38](index=38&type=chunk)[40](index=40&type=chunk) - Facing challenges from Hong Kong residents' outbound spending and intense price competition in Mainland China, the Group adopted strategies including offering high-value products, adjusting menus, promoting signature items, and deepening member loyalty to stimulate demand[42](index=42&type=chunk) - The Group proposed a final dividend of **HKD 0.25 per share**, bringing the total annual payout ratio to **99.7%** including the interim dividend[44](index=44&type=chunk) Management Discussion and Analysis [Introduction and Highlights](index=13&type=section&id=INTRODUCTION%20AND%20HIGHLIGHTS) This fiscal year, Group revenue declined 1.4% to HKD 8.568 billion and profit attributable to shareholders fell 29.6% to HKD 233 million, impacted by weak economies and consumer behavior, with the Group responding through value offerings, digitalization, and cost control FY2024/25 Performance Overview | Metric | Amount (Million HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | | Revenue | 8,568.3 | -1.4% | | Profit Attributable to Equity Holders | 232.7 | -29.6% | | Profit Attributable to Equity Holders (Excluding Fair Value Loss on Investment Properties) | 270.9 | -25.2% | - Key reasons for the performance decline include weak economies in Hong Kong and Mainland China, low consumer sentiment, outbound spending by Hong Kong residents, and fierce price competition in the Mainland market[46](index=46&type=chunk) - The Group's core response strategies include offering high-value products, adjusting menu mixes, promoting core products, deepening member loyalty programs, and advancing digitalization and automation to enhance efficiency and control costs[47](index=47&type=chunk) - During the year, the Group launched 'Joyful Dining', a brand of easy-to-swallow meals designed for individuals with chewing and swallowing difficulties, demonstrating its commitment to community needs[54](index=54&type=chunk) [Results Overview](index=15&type=section&id=RESULTS%20OVERVIEW) This fiscal year, total Group revenue decreased by 1.4% to HKD 8.568 billion, with gross profit margin declining to 10.4%, and profit attributable to shareholders falling 29.6% to HKD 233 million, leading to a proposed final dividend of HKD 0.25 per share Revenue by Business Segment (Million HKD) | Business Segment | 2024/25财年 | 2023/24财年 | Change (%) | | :--- | :--- | :--- | :--- | | **Hong Kong** | | | | | Quick Service Restaurants | 5,121.3 | 5,138.1 | (0.3) | | Casual Dining | 823.2 | 879.2 | (6.4) | | Institutional Catering | 999.6 | 1,019.6 | (2.0) | | Others | 129.0 | 139.2 | (7.4) | | **Hong Kong Subtotal** | **7,073.1** | **7,176.1** | **(1.4)** | | **Mainland China** | **1,495.2** | **1,515.3** | **(1.3)** | | **Group Total** | **8,568.3** | **8,691.4** | **(1.4)** | - Gross profit margin decreased from **11.4%** in the previous fiscal year to **10.4%** this fiscal year, primarily due to declining sales in a weak economic environment[60](index=60&type=chunk)[62](index=62&type=chunk) Key Costs as Percentage of Revenue | Key Cost | 2024/25财年 (%) | 2023/24财年 (%) | | :--- | :--- | :--- | | Raw Materials & Packaging Costs | 27.2 | 27.4 | | Staff Costs | 34.4 | 33.5 | | Rental Costs* | 11.5 | 11.0 | - The Board proposed a final dividend of **HKD 0.25 per share**, bringing the total annual payout ratio to **99.7%** including the interim dividend[75](index=75&type=chunk)[78](index=78&type=chunk) [Business Review](index=18&type=section&id=BUSINESS%20REVIEW) This section reviews the Group's operational performance across segments, noting significant impacts on Hong Kong QSR and Casual Dining from economic slowdowns, while Institutional Catering remained stable and Mainland China operations expanded resiliently with healthy margins - As of March 31, 2025, the Group operated **381 stores** in Hong Kong and **185 stores** in Mainland China[79](index=79&type=chunk)[86](index=86&type=chunk) [Hong Kong Quick Service Restaurants (QSR)](index=18&type=section&id=Quick%20Service%20Restaurants%20(QSR)) QSR revenue slightly decreased by 0.3% to HKD 5.121 billion, with same-store sales declines for Cafe de Coral and Super Super, prompting value-driven campaigns, targeted member promotions, and continued digitalization to counter market challenges Hong Kong QSR Business Performance | Metric | 2024/25财年 | 2023/24财年 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (Million HKD) | 5,121.3 | 5,138.1 | (0.3) | | Cafe de Coral Same-Store Sales | -3% | - | - | | Super Super Same-Store Sales | -2% | - | - | - To address market challenges, Cafe de Coral Fast Food launched value-oriented marketing campaigns like 'Daily Super Saver Picks' and high-value dinner takeaway offers to stimulate demand[82](index=82&type=chunk)[87](index=87&type=chunk) - Leveraging its **2 million** 'Club 100' members, the Group introduced targeted coupons and a senior member section to increase customer visit frequency and spending[92](index=92&type=chunk)[95](index=95&type=chunk) [Hong Kong Casual Dining](index=21&type=section&id=Casual%20Dining) Casual Dining revenue significantly declined by 6.4% to HKD 823 million due to weak economy and outbound tourism, leading to a focus on brand building, value enhancement, menu adjustments, and strategic consolidation of underperforming brands Hong Kong Casual Dining Business Revenue | Metric | 2024/25财年 (Million HKD) | 2023/24财年 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 823.2 | 879.2 | (6.4) | - Oliver's Super Sandwiches collaborated with nutrition consultants to launch a healthy low-carb menu, successfully enhancing brand image and attracting new customers[109](index=109&type=chunk)[112](index=112&type=chunk) - As of the fiscal year-end, the Casual Dining segment operated **57 stores**, a reduction from **62 last year**, reflecting a strategy of consolidating underperforming brands[111](index=111&type=chunk)[113](index=113&type=chunk) [Hong Kong Institutional Catering](index=23&type=section&id=Institutional%20Catering) Institutional Catering operations stabilized with revenue at HKD 999.6 million, a slight 2.0% decrease, as subsidiaries successfully renewed key contracts and expanded into education and healthcare sectors, while exploring new customer segments Hong Kong Institutional Catering Business Revenue | Metric | 2024/25财年 (Million HKD) | 2023/24财年 (Million HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 999.6 | 1,019.6 | (2.0) | - Pang’s Catering successfully renewed major contracts, strategically adjusted underperforming outlets, and expanded its business into schools and hospitals[119](index=119&type=chunk) [Mainland China Operations](index=23&type=section&id=Mainland%20China%20Operations) Mainland China revenue slightly decreased by 1.3% to HKD 1.495 billion, yet the South China QSR business grew 0.4% in RMB terms, maintaining healthy margins through strong brand positioning and value strategies amid intense competition, with significant membership growth Mainland China Business Performance | Metric | 2024/25财年 | 2023/24财年 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (Million HKD) | 1,495.2 | 1,515.3 | (1.3) | | South China QSR Revenue (Million RMB) | 1,357.9 | - | +0.4% | | Same-Store Sales | -8% | - | - | - The Group adopted a cautious expansion strategy in Mainland China, opening **21 new stores** during the year, focusing on undeveloped trade areas and adjusting store models to enhance market penetration, reaching a total of **185 stores** by fiscal year-end[125](index=125&type=chunk) - Digital transformation has been highly effective, with Mainland China's membership program, launched in 2022, accumulating over **6.6 million** registered members and a total fan base exceeding **9.8 million** across all channels, providing strong support for precision marketing[128](index=128&type=chunk)[130](index=130&type=chunk) [Financial Review](index=26&type=section&id=FINANCIAL%20REVIEW) The Group maintained a healthy financial position this fiscal year, holding approximately HKD 1.054 billion in cash with zero gearing ratio, and capital expenditure of HKD 294 million, while continuously monitoring foreign exchange risks Financial Position (As of March 31, 2025) | Metric | Amount (Million HKD) | 2024年同期 (Million HKD) | | :--- | :--- | :--- | | Cash | 1,054 | 1,261 | | Available Bank Facilities | 813 | 1,081 | | Borrowings | 305 | 385 | | Gearing Ratio | 零 | 零 | | Capital Expenditure (During the year) | 294 | 318 | - As of March 31, 2025, the company provided guarantees of approximately **HKD 1.281 billion** for bank facilities granted to its subsidiaries[139](index=139&type=chunk)[144](index=144&type=chunk) [Human Resources](index=26&type=section&id=HUMAN%20RESOURCES) As of March 31, 2025, the Group had 18,970 employees, emphasizing a people-centric approach with extensive communication, talent development, and recruitment initiatives to address labor challenges, earning multiple HR industry awards - As of March 31, 2025, the Group's total workforce was **18,970 employees**, a decrease from **19,569 last year**[141](index=141&type=chunk)[146](index=146&type=chunk) - To ensure a smooth transition and communication for the new CEO leadership, the Group organized **12 interactive events**, including town halls and breakfast meetings, reaching **800 management staff** in Hong Kong and Mainland China[147](index=147&type=chunk)[151](index=151&type=chunk) - The 'Lo Tang Shiang Education Fund' continues to support employee children's education, providing over **HKD 40 million** in scholarships to nearly **1,000 children** over **26 years**[154](index=154&type=chunk)[158](index=158&type=chunk) - The Group received multiple accolades for its efforts in fostering a positive, safe, and diverse workplace, including the 'Happy Workplace' label, 'Best HR Award 2024' Gold Award, and 'Excellent Employer Award 2024'[157](index=157&type=chunk)[159](index=159&type=chunk) [Sustainability](index=29&type=section&id=SUSTAINABILITY) The Group integrates ESG as a core strategy, maintaining its 'AA' rating in the Hang Seng Corporate Sustainability Index for ten consecutive years, expanding food assistance programs, enhancing climate risk management to include Scope 3 emissions, and providing sustainability training - The Group has been a constituent of the Hang Seng Corporate Sustainability Benchmark Index for **ten consecutive years** with an 'AA' rating, and received multiple ESG-related awards[160](index=160&type=chunk) - The 'Cafe de Coral Food Assistance Programme' partnered with the new 'Joyful Dining' brand to provide international standard easy-to-swallow meals for individuals with chewing and swallowing difficulties[161](index=161&type=chunk)[164](index=164&type=chunk) - The Group made progress in climate risk management, commencing collection of **Scope 3** greenhouse gas emissions data to better advance decarbonization efforts[166](index=166&type=chunk)[168](index=168&type=chunk) [Outlook](index=30&type=section&id=OUTLOOK) Looking ahead, the Group anticipates continued economic volatility and a new market normal, focusing on flexible business models to drive consumer demand, optimize store networks, and strengthen its multi-brand portfolio, while leveraging Hong Kong and Mainland China synergies for growth - Facing structural changes and demand volatility from Hong Kong's integration into the Greater Bay Area economy, the Group is reshaping its operating model to manage business more flexibly[171](index=171&type=chunk)[173](index=173&type=chunk) - Future strategic priorities include driving consumer demand, optimizing the store network (including size and location), and strengthening multi-brand portfolio synergies[171](index=171&type=chunk)[173](index=173&type=chunk) - The Group will continue to prioritize customer experience by promoting signature products, enhancing digital interfaces, and offering high-value products to attract consumers across all segments[174](index=174&type=chunk)[178](index=178&type=chunk) - The Group is confident in its successful Mainland China business strategy and expects further growth in the Greater Bay Area through synergies in food processing and strategic procurement between Hong Kong and Mainland operations[176](index=176&type=chunk)[178](index=178&type=chunk) [Directors and Senior Management](index=32&type=section&id=Directors%20and%20Senior%20Management) This section details the backgrounds of the company's Board of Directors and senior management, including non-executive, independent non-executive, and executive directors, as well as the CEO, providing comprehensive information on their professional qualifications and experience - Mr. Lo Hoi Kwong, Sunny serves as the company's Chairman and a Non-executive Director[180](index=180&type=chunk) - Ms. Leung Ho Ting, Piony joined the Group in 2019 and is currently the Chief Executive Officer, responsible for the Group's overall business and strategic direction in Hong Kong and Mainland China[212](index=212&type=chunk)[215](index=215&type=chunk) - Mr. Lo Tak Shing, Peter ceased to be Chief Executive Officer from April 2024 and now serves as an Executive Director, supporting the Board in corporate activities to enhance shareholder value[205](index=205&type=chunk) - Mr. Yang Bin, James serves as Chief Executive Officer (Mainland China), responsible for strategic planning, operations, and market development of Mainland China and Macau businesses[213](index=213&type=chunk)[216](index=216&type=chunk) Corporate Governance Report [Corporate Governance Framework and Compliance](index=39&type=section&id=Corporate%20Governance%20Framework) The company is committed to high corporate governance standards, ensuring compliance with the HKEX Corporate Governance Code to protect shareholder interests and foster long-term sustainability, underpinned by five core values: excellence, people-centricity, integrity, progress, and sustainable value creation - For the year ended March 31, 2025, the company complied with all code provisions of the Corporate Governance Code and adopted relevant recommended best practices[221](index=221&type=chunk)[222](index=222&type=chunk) - The company's five core values are 'Pursuit of Excellence', 'People-Centricity', 'Integrity', 'Progressive', and 'Creating Sustainable Value', forming the foundation of its corporate culture and business model[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk) [Board of Directors](index=41&type=section&id=Board%20of%20Directors) The Board comprises ten members, including four non-executive, four independent non-executive, and two executive directors, ensuring a balanced structure with clear separation of Chairman and CEO roles, supported by a board diversity policy and continuous professional development for directors - The Board of Directors comprises **10 members**, including **4 non-executive directors**, **4 independent non-executive directors**, and **2 executive directors**, ensuring board independence[231](index=231&type=chunk) - The roles of Chairman (Mr. Lo Hoi Kwong) and Chief Executive Officer (Ms. Leung Ho Ting) are separate with clear responsibilities, ensuring checks and balances[239](index=239&type=chunk)[242](index=242&type=chunk) - The company adopted a Board Diversity Policy, reviewed annually by the Nomination Committee, with **two female members** currently on the Board[249](index=249&type=chunk)[250](index=250&type=chunk)[252](index=252&type=chunk) - All directors are required to participate in continuous professional development, covering areas such as corporate governance, ESG, legal and regulatory compliance, finance, information technology, and the business environment[262](index=262&type=chunk)[264](index=264&type=chunk)[265](index=265&type=chunk) [Board Committees](index=51&type=section&id=Board%20Committees) The Board is supported by Nomination, Remuneration, and Audit Committees, each with clear written terms of reference and majority independent non-executive directors, which convened meetings during the reporting period to review key matters including board composition, remuneration, financial reporting, and risk management - The Nomination Committee reviews the Board's structure, size, and composition, and provides recommendations on director nominations, holding **two meetings** during the year[275](index=275&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk) - The Remuneration Committee advises the Board on remuneration policies and specific remuneration packages for directors and senior management, holding **two meetings** during the year[279](index=279&type=chunk)[281](index=281&type=chunk)[284](index=284&type=chunk) - The Audit Committee reviews financial information, oversees financial reporting, risk management, and internal control systems, holding **four meetings** during the year, including two without management present, with external auditors and internal audit consultants[282](index=282&type=chunk)[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) [Risk Management and Internal Control](index=58&type=section&id=Risk%20Management%20and%20Internal%20Control) The Group maintains a robust risk management and internal control system based on a 'three lines of defense' model, reviewed annually by the Audit Committee, ensuring compliance and high ethical standards through policies on inside information disclosure and anti-corruption - The Group's risk governance framework is based on a 'three lines of defense' model: daily management by departmental and operational heads, risk and compliance oversight by the management committee led by the CEO, and independent assurance from internal audit[306](index=306&type=chunk)[309](index=309&type=chunk) - The Board, through the Audit Committee, conducted an annual review of the risk management and internal control systems for the year ended March 31, 2025, deeming them effective and adequate[315](index=315&type=chunk) - Key risks identified, managed, and monitored during the year include food safety, human resources, maintenance, procurement, and sales management, with climate change recognized as an emerging risk[314](index=314&type=chunk) - The Group has established misconduct reporting and investigation procedures, allowing employees and business partners to report misconduct to the Head of Internal Audit or directly to the Audit Committee Chairman[324](index=324&type=chunk)[329](index=329&type=chunk) [Communication with Shareholders and Shareholder Rights](index=63&type=section&id=Communication%20with%20Shareholders) The company maintains effective shareholder communication through its dividend policy, shareholder communication policy, and general meetings, ensuring balanced and timely information disclosure, while upholding shareholder rights to convene special meetings and nominate directors - The company adopted a dividend policy aiming to provide regular and stable dividend returns, with payout amounts and frequency referencing historical payout ratios and the Group's profitability[332](index=332&type=chunk) - Shareholders have the right to convene extraordinary general meetings, propose resolutions at general meetings, and nominate directors, with relevant procedures available on the company's website[338](index=338&type=chunk)[342](index=342&type=chunk) - Based on public information, as of the report date, the company maintained the **25%** public float required by listing rules[350](index=350&type=chunk) Directors' Report [Business and Financial Review](index=67&type=section&id=Business%20and%20Financial%20Review) This section outlines the Group's core operations in Hong Kong and Mainland China, encompassing QSR, casual dining, institutional catering, and food processing, reviewing the challenging operating environment and reiterating strategic responses, with a proposed final dividend of HKD 0.25 per share - The Group's principal businesses include operating quick service restaurants, casual dining, institutional catering, and food processing and distribution in Hong Kong and Mainland China[354](index=354&type=chunk)[359](index=359&type=chunk) - The Board proposed a final dividend of **HKD 0.25 per share**, subject to approval at the Annual General Meeting on August 19, 2025[370](index=370&type=chunk)[376](index=376&type=chunk) - As of March 31, 2025, the company's distributable reserves were approximately **HKD 969 million**[371](index=371&type=chunk)[377](index=377&type=chunk) [Share Capital and Securities](index=70&type=section&id=Share%20Capital%20and%20Securities) This fiscal year, the company repurchased 5.7 million shares for approximately HKD 45.9 million, all of which were cancelled, while the 2023 Share Award Scheme trustee acquired 3.81 million shares for awards, with no other outstanding share-linked agreements Share Repurchase Details (For the year ended March 31, 2025) | Repurchase Month | Shares Repurchased | Price Per Share (HKD) | Total Amount Paid (HKD) | | :--- | :--- | :--- | :--- | | | | **Highest** | **Lowest** | (Excluding Fees) | | 2024年6月 | 1,100,000 | 8.09 | 7.95 | 8,829,780 | | 2024年7月 | 4,600,000 | 8.22 | 7.99 | 37,100,220 | | **Total** | **5,700,000** | | | **45,930,000** | - The trustee of the 2023 Share Award Scheme purchased **3,812,959 company shares** in the market for approximately **HKD 32.2 million** to satisfy awards for selected participants[393](index=393&type=chunk)[394](index=394&type=chunk) [Share Schemes](index=74&type=section&id=Share%20Schemes) This section details the company's share option and award schemes, including the 2022 Share Option Scheme with 58.57 million ordinary shares available for issuance, and the 2013 and 2023 Share Award Schemes, with new grants and forfeitures during the year - Under the 2022 Share Option Scheme, as of the reporting date, a total of **58,570,403 ordinary shares** were available for issuance, representing **10.1%** of issued shares[410](index=410&type=chunk) Share Option Movements (For the year ended March 31, 2025) | Category | Outstanding at Beginning of Year | Granted During Year | Exercised During Year | Forfeited During Year | Outstanding at End of Year | | :--- | :--- | :--- | :--- | :--- | :--- | | Number of Share Options | 22,870,000 | 1,469,000 | 0 | (1,900,000) | 22,439,000 | Awarded Share Movements (For the year ended March 31, 2025) | Category | Beginning of Year | Granted During Year | Vested During Year | Forfeited During Year | End of Year | | :--- | :--- | :--- | :--- | :--- | :--- | | Number of Awarded Shares | 3,744,722 | 3,792,933 | (1,615,724) | (328,926) | 5,593,005 | [Directors' and Chief Executive's Interests in Shares, Underlying Shares, and Debentures](index=82&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests) This section discloses the interests of the company's directors and chief executive in shares, underlying shares, and debentures of the company and its associated corporations as of March 31, 2025, all being long positions, with detailed breakdowns for each director and major shareholder Major Directors' and Chief Executive's Shareholdings (Long Positions) | Name | Total Interests | % of Total Issued Shares* | | :--- | :--- | :--- | | Mr Lo Hoi Kwong, Sunny | 64,433,894 | 11.109% | | Mr Lo Tak Shing, Peter | 95,275,609 | 16.427% | | Ms Leung Ho Ting, Piony | 2,907,098 | 0.501% | Major Shareholders' Shareholdings (Long Positions) | Shareholder Name/Entity | Total Interests | % of Total Issued Shares* | | :--- | :--- | :--- | | Ms Ng Yuen Han, spouse of Mr Lo Tak Shing, Peter | 95,275,609 | 16.427% | | Butterfield Trust (Guernsey) Limited | 94,330,213 | 16.264% | | Ms Cho Po Ping, spouse of Mr Lo Hoi Kwong, Sunny | 64,433,894 | 11.109% | | Mr Lo Hoi Chun | 68,012,834 | 11.726% | [Continuing Connected Transactions](index=86&type=section&id=Continuing%20Connected%20Transactions) This section discloses continuing connected transactions with Fengyuan Decoration Design Engineering Co. Ltd. for store renovation services in Hong Kong, Macau, and Guangdong, with total transactions of approximately HKD 493,000 for the year, well within the HKD 10 million annual cap, confirmed by independent non-executive directors and auditors - The Group entered into a framework agreement with connected party Fengyuan Group for store renovation works, valid until March 31, 2026, with an annual transaction cap of **HKD 10 million**[456](index=456&type=chunk)[458](index=458&type=chunk) - For the year ended March 31, 2025, actual transactions with Fengyuan Group amounted to approximately **HKD 493,000**, significantly below the annual cap[457](index=457&type=chunk)[459](index=459&type=chunk) - Independent Non-executive Directors reviewed these transactions, confirming they were conducted on normal commercial terms in the Group's ordinary course of business, fair and reasonable, and in the overall interest of shareholders[460](index=460&type=chunk)[462](index=462&type=chunk) Independent Auditor's Report [Auditor's Opinion and Key Audit Matters](index=90&type=section&id=Auditor's%20Opinion%20and%20Key%20Audit%20Matters) PricewaterhouseCoopers issued an unqualified opinion on the Group's consolidated financial statements, affirming their fair presentation in accordance with Hong Kong Financial Reporting Standards, highlighting revenue recognition and impairment of property, plant, and equipment as key audit matters due to their complexity and judgmental nature - The auditor believes the consolidated financial statements fairly and truly reflect the Group's financial position and performance in accordance with Hong Kong Financial Reporting Standards, issuing an unqualified opinion[480](index=480&type=chunk)[485](index=485&type=chunk) - Key Audit Matter One: Revenue Recognition. Due to high transaction volume and complex systems, auditors focused on testing internal controls over revenue recognition and sampling sales transactions, finding transactions supported by evidence[492](index=492&type=chunk)[493](index=493&type=chunk) - Key Audit Matter Two: Impairment of Property, Plant, and Equipment (PPE) and Right-of-Use (ROU) Assets. Given the subjective nature of recoverable amount estimations (especially future sales and discount rates), auditors assessed management's impairment methodology and key assumptions, finding the assessment supported by evidence[493](index=493&type=chunk)[495](index=495&type=chunk)[497](index=497&type=chunk) Financial Statements [Consolidated Statement of Financial Position](index=100&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets decreased to HKD 5.980 billion from HKD 6.514 billion, with total liabilities at HKD 3.235 billion and total equity at HKD 2.745 billion, resulting in a net current liability of HKD 304 million primarily due to IFRS 16 reclassifications Consolidated Statement of Financial Position Summary (As of March 31) | Item (Million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 4,479.6 | 4,806.7 | | Current Assets | 1,500.6 | 1,707.3 | | **Total Assets** | **5,980.2** | **6,513.9** | | **Equity** | | | | **Total Equity** | **2,744.7** | **2,910.5** | | **Liabilities** | | | | Non-current Liabilities | 1,431.0 | 1,695.3 | | Current Liabilities | 1,804.5 | 1,908.1 | | **Total Liabilities** | **3,235.5** | **3,603.4** | | **Total Equity and Liabilities** | **5,980.2** | **6,513.9** | [Consolidated Income Statement](index=102&type=section&id=Consolidated%20Income%20Statement) For the year ended March 31, 2025, Group revenue decreased by 1.4% to HKD 8.568 billion, gross profit declined 9.8% to HKD 893 million, and operating profit fell to HKD 325 million, with profit attributable to equity holders decreasing 29.6% to HKD 233 million Consolidated Income Statement Summary (For the year ended March 31) | Item (Million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 8,568.3 | 8,691.4 | | Cost of Sales | (7,675.7) | (7,702.2) | | **Gross Profit** | **892.7** | **989.3** | | Other (Losses)/Gains, Net | (73.3) | (33.3) | | Administrative Expenses | (494.5) | (503.2) | | **Operating Profit** | **324.9** | **452.8** | | Profit Before Tax | 267.4 | 389.5 | | **Profit for the Year** | **235.1** | **333.2** | | Profit Attributable to Equity Holders of the Company | 232.7 | 330.5 | [Consolidated Statement of Comprehensive Income](index=103&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the year ended March 31, 2025, the Group's annual profit was HKD 235 million, with total comprehensive income of HKD 203 million, primarily impacted by foreign exchange differences and fair value losses on financial assets recognized in other comprehensive income Consolidated Statement of Comprehensive Income Summary (For the year ended March 31) | Item (Million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Year | 235.1 | 333.2 | | **Other Comprehensive Loss** | | | | Items That May Be Reclassified to Profit or Loss | (5.7) | (22.2) | | Items That Will Not Be Reclassified to Profit or Loss | (26.8) | 21.2 | | **Total Comprehensive Income for the Year** | **202.6** | **332.2** | [Consolidated Statement of Changes in Equity](index=104&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of March 31, 2025, total equity decreased from HKD 2.911 billion to HKD 2.745 billion, primarily due to HKD 327 million in dividends paid, HKD 46.05 million in share repurchases and cancellations, and other comprehensive losses, partially offset by annual profit - Total equity decreased from **HKD 2.911 billion** to **HKD 2.745 billion**, primarily impacted by dividends, share repurchases, and comprehensive losses[539](index=539&type=chunk) - During the year, the Group paid total dividends of **HKD 327 million** and reduced equity by **HKD 46.05 million** due to share repurchases and cancellations[539](index=539&type=chunk) [Consolidated Statement of Cash Flows](index=106&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, net cash from operating activities was HKD 1.511 billion, while net cash used in investing activities was HKD 254 million and in financing activities was HKD 1.460 billion, resulting in a net decrease in cash and cash equivalents of HKD 203 million Consolidated Statement of Cash Flows Summary (For the year ended March 31) | Item (Million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 1,511.0 | 1,663.2 | | Net Cash Used in Investing Activities | (254.1) | (263.0) | | Net Cash Used in Financing Activities | (1,460.2) | (1,802.5) | | **Net Decrease in Cash and Cash Equivalents** | **(203.3)** | **(402.3)** | | Cash and Cash Equivalents at Beginning of Year | 1,260.9 | 1,672.0 | | **Cash and Cash Equivalents at End of Year** | **1,053.6** | **1,260.9** | [Notes to the Consolidated Financial Statements](index=107&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations and supplementary information to the consolidated financial statements, covering company background, significant accounting policies, critical accounting estimates, detailed analyses of financial statement items, commitments, related party transactions, and financial risk management - Financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, using the historical cost convention, with revaluation at fair value for investment properties and certain financial assets[547](index=547&type=chunk)[551](index=551&type=chunk) - Key accounting estimates and judgments involve impairment assessments of property, plant, and equipment, estimated useful lives of assets, income tax calculations, fair value of investment properties, share-based payment estimations, and lease term determinations[828](index=828&type=chunk)[829](index=829&type=chunk)[830](index=830&type=chunk) - The Group's revenue primarily derives from food and beverage sales recognized at a point in time[859](index=859&type=chunk)[1047](index=1047&type=chunk) - As of March 31, 2025, the Group had approximately **HKD 1.115 billion** in tax losses not recognized as deferred tax assets[1017](index=1017&type=chunk) Principal Properties [Principal Investment Properties](index=235&type=section&id=Principal%20Investment%20Properties) This section lists the Group's principal investment properties, including commercial shops in Hong Kong's Mei Foo Sun Chuen, Tsuen Wan, Mong Kok, Admiralty, and Tsim Sha Tsui, detailing their descriptions, lot numbers, approximate internal floor areas, types, and lease terms - The Group holds **7 principal investment properties**, all commercial shops located in Hong Kong's prime business districts, with a total internal floor area of **16,663 sq ft**[1175](index=1175&type=chunk)[1176](index=1176&type=chunk) [Principal Self-Used Properties](index=237&type=section&id=Principal%20Self-Used%20Properties) This section details the Group's principal self-used properties in Hong Kong, Mainland China, and Macau, including shops, offices, plants, and warehouses, providing descriptions, lot numbers, approximate floor areas, types, and lease terms - The Group's principal self-used properties include shops across various districts in Hong Kong, Cafe de Coral Centre (office and plant) in Fo Tan, and offices and plants in Tai Po Industrial Estate[1177](index=1177&type=chunk)[1178](index=1178&type=chunk)[1179](index=1179&type=chunk)[1180](index=1180&type=chunk) - In Mainland China, principal self-used properties include shops and plants located in Shenzhen, Zhuhai, Guangzhou, and Dongguan[1181](index=1181&type=chunk) [Five-Year Financial Summary](index=242&type=section&id=Five-Year%20Financial%20Summary) This section provides a five-year financial summary (2021-2025), showing the Group's revenue recovery post-pandemic with a slight dip in FY2025, a significant decline in profit attributable to shareholders, and a downward trend in total assets and equity over the past two years Five-Year Consolidated Income Statement Summary (Million HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 8,568.3 | 8,691.4 | 8,024.0 | 7,508.8 | 6,714.3 | | Profit Attributable to Equity Holders | 232.7 | 330.5 | 110.4 | 21.2 | 359.1 | | Basic Earnings Per Share (HKD) | 0.41 | 0.57 | 0.19 | 0.04 | 0.62 | Five-Year Consolidated Statement of Financial Position Summary (Million HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 5,980.2 | 6,513.9 | 7,175.3 | 6,871.8 | 7,154.7 | | Total Equity | 2,744.7 | 2,910.5 | 2,792.1 | 2,826.4 | 3,034.8 | | Total Liabilities | 3,235.5 | 3,603.4 | 4,383.3 | 4,045.5 | 4,119.8 |