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 | | | 致：香港交易及結算所有限公司 公司名稱: 翠華控股有限公司 呈交日期: 2026年3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) | 01314 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,0 ...

Core Viewpoint - The Hong Kong stock market's restaurant sector is experiencing an upward trend ahead of the Spring Festival, with several key stocks showing significant gains [1]. Group 1: Stock Performance - Yum China (09987) increased by 7.14%, reaching a latest price of 420.400 with a total market value of 148.957 billion and a year-to-date increase of 14.05% [2]. - Tsui Wah Holdings (01314) rose by 4.29%, with a latest price of 0.170 and a total market value of 2.4 billion, reflecting a year-to-date increase of 6.25% [2]. - Jiumaojiu (09922) saw a 3.74% increase, with a latest price of 2.220 and a total market value of 30.9 billion, marking a year-to-date increase of 24.02% [2]. - Haidilao (06862) increased by 3.72%, with a latest price of 16.990 and a total market value of 947.02 billion, showing a year-to-date increase of 19.23% [2]. - Shanghai Xiaonan Guo (03666) rose by 2.86%, with a latest price of 0.036 and a total market value of 9.5629 million, but has a year-to-date decrease of 5.26% [2].

Group 1 - The Hong Kong stock market's restaurant sector is experiencing an upward trend ahead of the Spring Festival holiday, with notable increases in stock prices [1] - Yum China has seen a rise of over 7%, while Tsui Wah Holdings has increased by more than 4% [1] - Other companies such as Jiumaojiu and Haidilao have also reported gains of nearly 4%, and Shanghai Xiaonan Guo has risen by nearly 3% [1]

致：香港交易及結算所有限公司 公司名稱: 翠華控股有限公司 呈交日期: 2026年2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) | 01314 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 第 1 頁 共 10 頁 v 1.2.0 股份發行人及根據《上市規則》第十九B ...

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12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: 翠華控股有限公司 呈交日期: 2026年1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) | 01314 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,0 ...

Core Viewpoint - Mannings, a drugstore chain, announced the closure of all its offline stores and online mall in mainland China, with the last operating day for physical stores set for January 15, 2026, and the online store ceasing operations on December 28, 2025 [1][3]. Group 1: Company Performance - Mannings entered the mainland China market in 2004 and has over 120 stores in the region, but has struggled to replicate its successful business model from Hong Kong due to regulatory constraints and market differences [3][12]. - The company’s brand image in mainland China is unclear, lacking the professional authority of a pharmacy and the trendy appeal of a modern retail store [3][12]. - Other Hong Kong brands, such as Sa Sa International, have also exited the mainland market, while Watsons continues to explore options despite a 3% revenue decline and a 53% drop in profit in the first half of the year [3][5]. Group 2: Market Environment - The retail landscape in mainland China has shifted dramatically, with local brands rising and e-commerce platforms like Alibaba and JD.com changing consumer shopping habits [12]. - Traditional Hong Kong retail brands, including Mannings, have struggled to adapt to the competitive environment, often relying on outdated operational models that do not resonate with local consumers [12]. - High operational costs, including rent and labor, have further pressured profit margins for these brands, as they often choose locations in prime areas with high rental costs [12]. Group 3: Industry Trends - The trend of closing physical stores is not isolated to Mannings; other brands like AEON and Taste are also reducing their presence in mainland China due to declining performance [6][12]. - The overall market for Hong Kong retail brands is challenging, with many facing significant revenue declines and increased competition from local and online retailers [10][12]. - Experts suggest that for Hong Kong retail brands to succeed in mainland China, they need to adopt strategies such as developing O2O models, optimizing product offerings, and focusing on core urban areas [12].

Financial Performance - Revenue for the six months ended September 30, 2025, was approximately HKD 456.7 million, an increase of 1.9% compared to HKD 448.3 million for the same period in 2024[5] - Profit attributable to the company's owners for the same period was approximately HKD 4.9 million, a decrease of 23.7% from HKD 6.4 million in 2024[5] - EBITDA for the six months ended September 30, 2025, was approximately HKD 73.7 million, reflecting a 5.8% increase from HKD 69.7 million in 2024[5] - Revenue from Hong Kong operations increased by 13.3% to HKD 274.1 million, while revenue from mainland China decreased by 12.6% to HKD 171.2 million[5] - The group's revenue for the review period was approximately HKD 456.7 million, an increase of about 1.9% compared to the previous period's HKD 448.3 million[28] - Gross profit for the review period was approximately HKD 340.6 million, up 2.4% from HKD 332.7 million in the previous period, driven by revenue growth and effective cost control[30] - The profit attributable to the company's owners for the review period was approximately HKD 4,900,000, a decrease from HKD 6,400,000 in the previous review period, primarily due to increased sales and distribution expenses related to online food delivery platform order growth[38] - Total comprehensive income for the period was HKD 3,019,000, a decrease of 50.6% from HKD 6,106,000 in the same period last year[60] Operational Changes - The number of restaurants operated by the company as of September 30, 2025, was 70, a decrease from 72 in March 2025 and an increase from 69 in September 2024[6] - The group closed 3 restaurants in Hong Kong and 2 in mainland China during the review period, while opening 2 in mainland China and 1 in Macau[20] - The company plans to open two new restaurants at Guangzhou Airport in mainland China to enhance brand visibility among global customers[14] - The Tsim Sha Tsui restaurant in Hong Kong is set to reopen in October 2025 after renovations, showcasing a contemporary brand image and selected menu[14] - The company is strategically expanding its restaurant portfolio to capture opportunities in emerging markets, particularly targeting younger consumers[13] Cost Management - The cost of goods sold was approximately HKD 116.1 million, representing 25.4% of the group's revenue, a decrease from 25.8% in the previous period[29] - Employee costs remained stable at approximately HKD 152.7 million, nearly unchanged from HKD 152.6 million in the previous period[31] - Other operating expenses decreased by approximately 10.3% to about HKD 56.2 million, accounting for 12.3% of the group's revenue[34] - The cost of goods sold for the six months ended September 30, 2025, was HKD 116,095,000, slightly up from HKD 115,602,000 in 2024, reflecting a marginal increase of 0.4%[80] Cash Flow and Assets - Operating cash flow for the six months ended September 30, 2025, was HKD 76,132,000, a significant increase from HKD 31,532,000 in 2024, representing a growth of 141.5%[67] - The total cash and cash equivalents were approximately HKD 148,000,000, an increase of approximately HKD 1,400,000 from HKD 146,600,000 as of March 31, 2025[46] - Non-current assets totaled HKD 637,323,000 as of September 30, 2025, an increase from HKD 606,662,000 as of March 31, 2025[62] - Current assets decreased to HKD 217,394,000 from HKD 221,251,000 as of March 31, 2025[62] - Current liabilities increased to HKD 214,952,000 from HKD 211,079,000 as of March 31, 2025[62] Shareholder Information - A total of 79,048,000 shares are held by the trustee for the benefit of eligible participants in the share incentive plan[102] - The total issued shares as of September 30, 2025, is 1,411,226,450[108] - Mr. Li holds 770,092,000 shares, representing approximately 54.57% of the issued shares[106] - The shareholding of major shareholders includes 878,956,000 shares held jointly by several individuals, representing approximately 62.28%[111] - The company has not granted any options under the share option scheme since its adoption on November 5, 2012, which expired on November 25, 2022[105] Awards and Recognition - The company has received multiple awards, including the 2025 Global Brand Award for leading traditional Chinese cuisine brand[17] - The group continues to enhance brand recognition, having received multiple accolades from platforms like Douyin and Meituan during the review period[21] Challenges and Outlook - The company is facing operational pressures due to rising food and labor costs, alongside challenges in consumer confidence and competition in the mainland China market[12] - The company is optimistic about the positive impact of government measures in mainland China, Hong Kong, Macau, and Singapore aimed at stimulating local consumption and attracting more tourists[50] - The company has no significant acquisitions or investments planned as of September 30, 2025[41][42] Tax and Financing - For the six months ended September 30, 2025, the company's total tax expense was HKD 1,498,000, compared to HKD 791,000 for the same period in 2024, representing an increase of approximately 89.3%[84] - Financing costs during the review period amounted to approximately HKD 5,800,000, an increase of HKD 1,000,000 compared to the previous review period[36] - The total financing cash outflow for the six months ended September 30, 2025, was HKD 61,601,000, a decrease from HKD 95,010,000 in 2024, indicating a reduction of 35.2%[67]

Core Viewpoint - Tsui Wah Holdings (01314.HK) reported a slight increase in revenue for the first half of the fiscal year 2026, but the profit attributable to shareholders declined by approximately 25%, continuing the trend of significant net profit decline from the previous fiscal year [2][4]. Financial Summary - For the six months ending September 30, 2025, Tsui Wah Holdings achieved revenue of HKD 456.7 million, a year-on-year increase of 1.9% [3]. - Revenue breakdown: - Hong Kong: HKD 274.1 million, up 13.3% - Mainland China: HKD 171.2 million, down 12.6% - Others: HKD 11.5 million, up 8.3% [3]. - EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was HKD 73.7 million, reflecting a 5.8% increase [3]. - Profit attributable to shareholders was HKD 4.9 million, a decrease of 23.7% compared to the previous year [3]. - Basic earnings per share were HKD 0.37, down 21.3% year-on-year [3]. Profit Decline Factors - The decline in profit is attributed to increased sales and distribution expenses due to a rise in orders from online food delivery platforms, higher financing costs from renewed lease agreements, and increased depreciation of right-of-use assets [3][4]. - Additionally, rising property rents and related expenses have also pressured profits [3]. Strategic Response - Tsui Wah Holdings is pursuing a multi-brand strategy to navigate operational pressures, with six sub-brands contributing 34% of total revenue as of March 2025 [4]. - The company plans to continue developing niche market brands and enhance market coverage through differentiated positioning and accelerated technology adoption, including the promotion of self-service ordering systems and AI data analysis [4]. - The company announced the closure of its store at Hong Kong International Airport, which significantly contributed to revenue, but the board believes this will not have a major impact on overall operations [4]. Company Background - Tsui Wah Holdings was founded in 1967 in Mong Kok, Hong Kong, and entered the mainland market in 2009 [5]. - The company was listed on the Hong Kong Stock Exchange in 2012, becoming the first publicly traded "Cha Chaan Teng" [5].

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11月30日 | | --- | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 翠華控股有限公司 呈交日期: 2025年12月3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) | 01314 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | ...

Core Viewpoint - Tsui Wah Holdings (01314) reported a revenue of HKD 457 million for the six months ending September 30, 2025, representing a year-on-year increase of 1.9%. However, the profit attributable to shareholders decreased by 23.7% to HKD 4.903 million, with basic earnings per share at HKD 0.37 [1] Financial Performance - Revenue for the period was HKD 457 million, showing a growth of 1.9% compared to the previous year [1] - Profit attributable to shareholders was HKD 4.903 million, a decline of 23.7% year-on-year [1] - Basic earnings per share stood at HKD 0.37 [1] Cost Factors - The decrease in profit was primarily attributed to increased sales and distribution expenses related to the growth in orders from online food delivery platforms [1] - Financing costs and depreciation of right-of-use assets increased following the renewal of several lease agreements [1] - Property rental and related expenses rose, partly due to more leases being classified as right-of-use assets [1]