Revenue Performance - Revenue for the six months ended September 30, 2020, was approximately HKD 433.7 million, a decrease of 48.3% compared to HKD 838.2 million in the same period of 2019[6]. - Revenue from Hong Kong decreased by 60.5% to HKD 211.99 million, while revenue from Mainland China decreased by 24.8% to HKD 219.83 million[6]. - The group's revenue for the review period was approximately HKD 433.7 million, a decrease of about 48.3% compared to the previous period's revenue of approximately HKD 838.2 million[27]. - The restaurant operation revenue was HKD 429,220,000, down 48.0% from HKD 826,062,000 in the previous period[107]. - The group’s revenue from external customers in Hong Kong was HKD 211,989,000, a decrease of 60.6% from HKD 536,565,000 in the previous period[103]. - The group’s revenue from external customers in mainland China was HKD 219,831,000, down 25.0% from HKD 292,433,000 in the previous period[103]. Financial Losses - The company recorded a loss attributable to shareholders of HKD 77.65 million, compared to a loss of HKD 44.50 million in the previous period, representing a 74.5% increase in losses[6]. - The group reported a loss of HKD 76,818,000 for the period, compared to a loss of HKD 45,403,000 in the same period of 2019, representing a 69% increase in losses[68]. - The group recorded a post-tax loss of approximately HKD 76.8 million for the review period, compared to HKD 45.4 million in the previous period, primarily due to a challenging business environment[43]. - The company incurred a net loss of HKD 27,730 thousand for the six months ended September 30, 2020, compared to a loss of HKD 21,452 thousand in the same period of 2019, representing a 29.5% increase in losses year-over-year[78]. Cost Management - The cost of goods sold during the review period was approximately HKD 136.4 million, down about 43.5% from approximately HKD 241.6 million in the previous period, representing 31.4% of total revenue[28]. - Employee costs for the review period were approximately HKD 139 million, a reduction of about 52.3% from approximately HKD 291.4 million in the previous period[30]. - The group has effectively controlled costs, optimizing its cost structure and benefiting from reduced rental expenses[59]. - Rental and related expenses for the review period amounted to approximately HKD 11.5 million, a significant decrease from HKD 55.6 million in the previous review period, representing 28.3% of the group's revenue, up from 20.1%[35]. - Other operating expenses increased by approximately 9.2% to about HKD 98.3 million, accounting for 22.7% of the group's revenue, due to adverse impacts from the pandemic on restaurant performance[36]. Operational Adjustments - The number of restaurants in Hong Kong decreased from 41 to 35, and in Mainland China from 38 to 33 during the review period[6]. - The company has adjusted its restaurant network in response to the pandemic, relocating stores to smaller but strategically better locations to enhance operational efficiency[10]. - The group closed 9 restaurants in Hong Kong and 3 in mainland China during the review period, operating a total of 73 restaurants across all markets as of September 30, 2020[23]. - The group is focusing on promoting takeaway services and has enhanced its delivery team, ensuring quick and safe food service for customers[23]. - The group is actively promoting delivery services and implementing marketing campaigns to attract more customers[60]. Government Support - The group received approximately HKD 35.7 million in government subsidies under the anti-epidemic fund and employment support scheme, which helped mitigate some of the financial pressure[23]. - The group recognized rental concessions amounting to HKD 13,762,000 due to the pandemic, which were accounted for as variable lease payments[92]. Future Plans - The group plans to open 2 new restaurants in Hong Kong and 4 new restaurants in mainland China by March 2021, primarily in the Greater Bay Area[24]. - The group plans to optimize its cost structure and take advantage of falling rental prices to expand its business[24]. - The group plans to further assess the implementation of unrealized plans for building a new central kitchen in Shanghai and southern China due to adverse factors from the pandemic[156]. Financial Position - The company maintains a strong financial position with sufficient cash on hand and unused bank financing to meet business needs[13]. - Cash and cash equivalents as of September 30, 2020, were approximately HKD 197 million, a decrease of about HKD 40.4 million from HKD 237.4 million on March 31, 2020[46]. - The group's current assets and current liabilities were approximately HKD 346.8 million and HKD 408.2 million, respectively, resulting in a current ratio of approximately 0.8 times[46]. - Non-current assets totaled HKD 1,220,896,000 as of September 30, 2020, compared to HKD 1,283,762,000 as of March 31, 2020[73]. - The group’s interest-bearing bank loans amounted to HKD 60,088,000 as of September 30, 2020, up from HKD 59,251,000 as of March 31, 2020[133]. Shareholder Information - The total issued shares as of September 30, 2020, were 1,411,226,450, which is the basis for calculating the ownership percentages[185]. - Major shareholders include Mr. Li, Mr. He, Mr. Zhang Ruibiao, Mr. Zhang Ruitao, and Mr. Zhang Weiqiang, who collectively control the company's shares and must make decisions unanimously[179]. - Mr. Li holds approximately 49.90% of shares in the controlling company, Tsui Wah Holdings Limited, while Mr. He and Mr. Zhang Ruibiao hold 36.12% and 13.98%, respectively[184]. Corporate Governance - The company maintains a governance structure that requires unanimous consent from its major shareholders for operational decisions[179]. - The company has adopted and complied with the corporate governance code as per the listing rules, and will continue to review and strengthen its corporate governance practices[190].

Financial Performance - The company reported a revenue of HKD 1,381,500,000 for the fiscal year ending March 31, 2020, a decrease of approximately 22.7% compared to HKD 1,786,800,000 in the previous year[7]. - The company recorded a total loss after tax of approximately HKD 319,700,000 for the year, with a loss of HKD 194,700,000 after excluding non-cash items[7]. - The group's revenue decreased by approximately 22.7% from about HKD 1,786,800,000 in 2019 to about HKD 1,381,500,000 in the current year due to weakened market conditions and a sharp decline in dining out during the pandemic[18]. - Gross profit fell by 24.1% to approximately HKD 979,100,000 compared to HKD 1,289,300,000 in 2019, primarily due to reduced revenue and increased cost of goods sold[20]. - The company's share of profits from joint ventures decreased by approximately HKD 10.9 million or 32%, from HKD 34.1 million in 2019 to about HKD 23.2 million in 2020, largely impacted by the pandemic[35]. - For the fiscal year ending March 31, 2020, the company reported a loss of approximately HKD 319.7 million, compared to a profit of about HKD 4.7 million in 2019, primarily due to reduced operating income and non-cash impairment losses[37]. - Total operating expenses increased to HKD 286.9 million in 2020 from HKD 201.9 million in 2019, with significant increases in impairment losses on property, plant, and equipment amounting to HKD 81.0 million[31]. - The company's cash and cash equivalents decreased by approximately HKD 187.1 million, from HKD 424.5 million in 2019 to about HKD 237.4 million in 2020[38]. - The current ratio as of March 31, 2020, was approximately 0.8 times, which would improve to about 1.6 times when excluding lease liabilities under the new accounting standard[38]. Cost Control Measures - The company implemented a 30% salary reduction for all board members and senior management starting February 1, 2020, as part of cost control measures[8]. - The company aims to negotiate more competitive rental agreements with landlords to further reduce operating costs[10]. - Employee costs decreased by about HKD 71,300,000 to approximately HKD 504,200,000, with the total number of employees at 3,029 as of March 31, 2020[20]. - Other operating expenses increased by approximately 42.1% to about HKD 287,000,000, accounting for about 20.8% of the group's revenue, largely due to impairment assessments on assets[29]. - Cost control measures are being taken to safeguard profit margins, including managing rental and labor costs[53]. Business Strategy and Adaptation - The company plans to increase efforts in promoting takeaway services and exploring new business models in response to market changes[10]. - The group actively promoted takeaway services and provided discounts, contributing positively to business during challenging times[16]. - The company adjusted its restaurant network and operating hours in response to actual market demand, with some restaurants temporarily closing[8]. - The group has seen a significant rebound in business in mainland China since the end of March 2020, with some restaurants gradually resuming operations[53]. - The group is actively promoting takeaway services and implementing various marketing campaigns to attract more customers[53]. - The group aims to diversify its business by developing new brands, which will serve as future growth and profit engines[53]. Corporate Governance - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange's listing rules throughout the fiscal year ending March 31, 2020[78]. - The board of directors held four meetings during the fiscal year, with all directors attending at least 75% of the meetings[82]. - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors, meeting the requirement of at least one-third being independent[86]. - The roles of the chairman and the CEO are separated, ensuring independent leadership and management oversight[85]. - The company has maintained appropriate and sufficient directors' and officers' liability insurance to protect against legal claims arising from their duties[90]. - The independent non-executive directors have confirmed their independence in accordance with the listing rules, with no known circumstances affecting their impartiality[88]. - The board is responsible for approving and monitoring all policy matters, overall strategy, and budget, as well as internal controls and risk management systems[80]. - The company has established various board committees, including a nomination committee and a remuneration committee, to enhance governance practices[86]. - The company ensures that all directors are adequately informed about significant matters and receive relevant information in a timely manner[80]. - The company has a policy for the appointment and rotation of directors, ensuring that all directors are eligible for re-election at least every three years[91]. Shareholder Communication and Dividends - The company maintains transparent communication with shareholders and investors through annual reports, interim reports, and timely announcements[142]. - The company did not declare an interim dividend for the six months ended September 30, 2019, compared to a dividend of HKD 0.01 per share totaling approximately HKD 14,112,000 in 2018[167]. - The board of directors does not recommend the payment of a final dividend for the year, similar to the previous year where a dividend of HKD 0.01 per share was also declared totaling approximately HKD 14,112,000[168]. - The company has adopted a dividend policy to distribute no less than 30% of its profit as dividends, subject to the board's discretion based on various factors[152]. - The company will continue to review its dividend policy and does not guarantee the declaration of dividends in any specific period[153]. Management Team Experience - The company has a strong management team with extensive experience in the restaurant industry, with Mr. Pang having over 30 years of experience in strategic development and management[74]. - Mr. Huang served as the Chief Financial Officer of Dongsheng Tourism Group Limited from October 2014 to October 2018, overseeing financial operations and strategic decisions[64]. - Mr. Yang has over 15 years of experience in auditing, financial management, and compliance, having held various financial roles in listed companies[68]. - Mr. Deng has over 20 years of experience in international investment and corporate banking, previously working with major banks like Merrill Lynch and UBS[70]. - Mr. Tang, the Chief Operating Officer, has over 20 years of management experience, focusing on business development in the Chinese market[75]. Risk Management and Compliance - The company confirmed its responsibility for the accuracy of the financial statements and acknowledged no significant uncertainties affecting its ability to continue as a going concern[126]. - The risk management framework is based on a "three lines of defense" model, clearly defining roles and responsibilities across the board, audit committee, senior management, and internal audit team[130]. - The audit committee conducts an annual review of the effectiveness of the group's risk management and internal control systems, finding them effective and adequate[134]. - The company is aware of its responsibilities under the Securities and Futures Ordinance and has developed an inside information disclosure policy in line with guidelines from the Securities and Futures Commission[136]. - The company has implemented a whistleblowing policy applicable to all stakeholders, allowing confidential reporting of any misconduct[121].

Financial Performance - Revenue for the six months ended September 30, 2019, was HKD 838,173,000, a decrease of 6.4% compared to HKD 895,772,000 in 2018[8] - Loss attributable to owners of the company was HKD 44,502,000, compared to a profit of HKD 14,410,000 in the previous year[8] - The group reported a net loss of approximately HKD 45.4 million for the period, compared to a profit of HKD 14.5 million in the same period last year[32] - The total comprehensive loss for the period was HKD 72,557,000, compared to a profit of HKD 14,410,000 in the previous period[67] - The group reported a basic loss per share of HKD 3.15 for the period, compared to earnings of HKD 1.02 per share in the previous year[51] Operational Changes - The number of restaurants increased to 41 in Hong Kong and 38 in Mainland China as of September 30, 2019, compared to 36 and 34 respectively in 2018[8] - The company plans to enhance its market presence by investing more in marketing to attract a diverse customer base[13] - The company aims to integrate overlapping restaurant locations in Hong Kong and Mainland China to improve operational efficiency[13] - New initiatives include a one-stop delivery service under the "Supreme Catering" brand to meet various customer needs[13] - The company will focus on technology development to enhance internal operating systems, including automated ordering and payment services[13] Financial Position - Cash and cash equivalents amounted to approximately HKD 335.9 million, a decrease of about 20.9% from HKD 424.5 million as of March 31, 2019[36] - The current ratio was approximately 1.1 times, down from 2.1 times as of March 31, 2019, indicating a decline in liquidity[36] - Total non-current assets amounted to HKD 1,528,438,000, an increase from HKD 842,080,000[62] - Current assets totaled HKD 539,056,000, down from HKD 591,763,000[62] - Current liabilities increased to HKD 469,821,000 from HKD 280,006,000[62] Employee Costs and Training - Employee costs increased to approximately HKD 291.4 million, representing 34.8% of revenue, up from 31.8% in the previous period, due to an increase in the number of restaurants from 74 to 84[27] - The group employed 3,785 staff as of September 30, 2019, and has implemented training programs to enhance service quality[45] - The company is committed to providing appropriate training for employees to improve service quality[13] Market Expansion and Strategy - The group plans to expand its business in Hong Kong and beyond, focusing on delivery platforms and new brand development[46] - The group is actively seeking opportunities for market expansion in Southeast Asia to strengthen its brand presence[46] - The overall strategy aims to improve financial performance and deliver better returns to shareholders[14] Cash Flow and Investments - Operating cash flow for the six months ended September 30, 2019, was HKD 72,018,000, an increase of 15.5% from HKD 62,392,000 in 2018[70] - Cash generated from operations was HKD 71,761,000, compared to HKD 68,411,000 in the previous year, reflecting a growth of 3.9%[70] - Net cash used in investing activities was HKD (22,706,000), an improvement from HKD (44,217,000) in the prior period, indicating a reduction of 48.7%[70] Lease Liabilities and Financial Obligations - The company incurred lease payments of HKD 93,579,000, which is a new financial obligation under the adoption of HKFRS 16[70] - The group’s lease liabilities as of September 30, 2019, were HKD 832,212,000, reflecting changes due to new leases and adjustments[98] - The total liabilities increased significantly, with non-current liabilities rising to HKD 638,718,000 from HKD 44,051,000[64] Shareholder Information - The company paid a final dividend of HKD 14,112,000 for the year[67] - The group did not declare an interim dividend for the six months ended September 30, 2019, compared to an interim dividend of HKD 0.01 per share totaling HKD 14,112,000 in the previous period[119] - As of September 30, 2019, Mr. Li holds 878,956,000 shares, representing approximately 62.28% of the company's equity[164] Regulatory and Compliance - The company has adopted a share incentive plan to reward and motivate eligible participants, effective until the 10th business day prior to the adoption date's anniversary[197] - The company has not made any arrangements for directors or senior management to purchase shares or debt securities during the review period[176] - No significant events occurred after the reporting period and up to the date of the interim report[200]

Business Operations and Expansion - The group operated a total of 83 restaurants as of March 31, 2019, with 44 located in Hong Kong, 35 in mainland China, three in Macau, and one in Singapore[17]. - The company plans to consolidate overlapping restaurant locations in Hong Kong and mainland China to enhance operational efficiency[21]. - The group has established a strategic partnership with Jumbo Group to open its first store in Singapore in June 2018[17]. - The company is actively expanding its "Supreme Catering" and "Fast Tsui Delivery" services to diversify its business[17]. - The company is actively capturing opportunities in the Greater Bay Area, having opened a store at the Hong Kong-Zhuhai-Macao Bridge[17]. - The group plans to open new restaurants in key traffic hubs in the Greater Bay Area and Singapore, with a second restaurant in Singapore under preparation[23][30]. - The group operates a total of 83 restaurants as of March 31, 2019, with plans for further expansion in high-traffic areas[30]. Financial Performance - The group's revenue decreased by approximately 2.9% from about HKD 1,839,800,000 in 2018 to about HKD 1,786,800,000 in the current year[34]. - The gross profit margin remained stable at 72.2%, compared to 72.1% in the previous year, despite a slight decrease in gross profit from about HKD 1,327,400,000 to about HKD 1,289,300,000[31][39]. - The net profit margin dropped significantly from approximately 4.4% in 2018 to about 0.3% in the current year, primarily due to increased operating costs[31]. - The cost of goods sold decreased by about HKD 14,900,000 or approximately 2.9% to about HKD 497,500,000, maintaining a stable proportion of about 27.8% of total revenue[35]. - Profit after tax decreased by approximately HKD 76.1 million or about 94.2% to approximately HKD 4.7 million, primarily due to increased costs and expenses to support business development in a challenging operating environment[48]. Cost Management and Efficiency - The group remains committed to cost control measures to maintain operational efficiency amid rising ingredient, rent, and labor costs[31]. - Property rental and related expenses decreased by approximately HKD 24.6 million or about 7.3% to approximately HKD 313.9 million due to the group's efforts to adjust its store portfolio[42]. - Other operating expenses increased by approximately HKD 35.2 million or about 21.1% to approximately HKD 201.9 million, accounting for about 11.3% of the group's revenue, primarily due to increased initial and operational costs of new restaurants and exchange losses from RMB depreciation[45]. - Employee costs increased by approximately HKD 43,300,000 to about HKD 575,500,000 due to the expansion of restaurant locations and the establishment of the central bakery[40]. Corporate Governance - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange's listing rules[91]. - The board of directors regularly reviews and adheres to the company's corporate governance policies[93]. - The company has established a nomination committee and a remuneration committee to oversee board appointments and compensation matters[102]. - The board has a policy for the re-election of directors, requiring all directors to retire at least every three years and be eligible for re-election[108]. - The company has maintained appropriate and sufficient directors' and officers' liability insurance to protect against legal claims arising from their duties[107]. Risk Management - The company has established a risk management framework based on a "three lines of defense" model to identify, assess, mitigate, and monitor risks[152]. - The company is committed to maintaining effective internal controls and risk management systems, with annual reviews conducted[152]. - The internal audit team provides independent assurance and consulting services for risk management and internal controls, reporting directly to the audit committee[154]. - The board conducted an annual review of the effectiveness of the group's risk management and internal control systems for the year ending March 31, 2019, finding no significant issues and deeming the systems effective[154]. Corporate Social Responsibility - The group has committed to corporate social responsibility by encouraging employee participation in charitable activities and promoting environmental sustainability[61]. - The group is actively exploring opportunities to reduce resource consumption and minimize its environmental impact[62]. Management and Leadership - The company appointed a new CEO, Mr. Li Zhi Jian, effective June 1, 2019, following the resignation of the previous CEO, Mr. Zhang Hong Hao[101]. - The management team is confident in the company's ability to implement its business strategies and enhance brand recognition for maximum shareholder returns[67]. Shareholder Communication and Transparency - The company is committed to high transparency, ensuring shareholders receive accurate and timely information through annual reports and other communications[163]. - The board emphasizes the importance of transparent and timely communication with shareholders and investors to build confidence and attract new investments[163]. - The company invites independent auditors to attend annual general meetings to address shareholder inquiries regarding audit work and financial reporting[186].