Financial Performance - Revenue for the year was approximately HKD 1,841.2 million, an increase of about 12.2% compared to HKD 1,641.5 million in 2023[7] - Gross profit margin was approximately 72.6%, up by about 2.5% from 70.1% in 2023[7] - Profit attributable to owners of the company was approximately HKD 50.6 million, significantly up from HKD 21.1 million in 2023[7] - Basic earnings per share were approximately HKD 0.0389, compared to HKD 0.0163 in 2023[7] - The group's revenue increased by approximately 12.2% to about HKD 1,841.2 million for the fiscal year 2024, compared to HKD 1,641.5 million in 2023[25] - The gross profit margin improved to 72.6% in 2024, up from 70.1% in 2023[26] - The total revenue from the "Fu Lin" series brand rose by 16.8% to HKD 755.4 million, while the "Tao Yuan" series increased by 6.2% to HKD 220.8 million, and the "Concept Line" series grew by 12.5% to HKD 763.2 million[26] - The group recorded a profit attributable to shareholders of approximately HKD 50.6 million for the fiscal year, significantly up from HKD 21.1 million in the previous year[26] Dividend and Shareholder Returns - The board proposed a final dividend of HKD 0.003 per ordinary share for the year ending March 31, 2024[7] - The board proposed a final dividend of HKD 0.003 per ordinary share for the year ended March 31, 2024, subject to shareholder approval[42] Market Expansion and Strategy - The company successfully expanded its brand strategy by increasing the number of "concept line" brands, enhancing its market coverage[10] - The company plans to capitalize on the rapid development opportunities in the domestic and Greater Bay Area markets by opening more branches[11] - The company aims to adjust its brand strategy and menu offerings to adapt to changing market conditions and consumer demands, ensuring sustainable business growth[27] - The group plans to continue expanding its food court presence in residential areas, with new openings in Kai Tak and other locations[22] - Future plans include expanding non-Chinese dining brands and introducing international franchise brands to enhance dining experiences[144] Industry Outlook - The outlook for the Hong Kong restaurant industry is optimistic, with expectations for growth in the next fiscal year due to increased tourism and local consumption[13] - The total estimated revenue for the restaurant sector in the first quarter was HKD 28.2 billion, with a seasonal adjustment showing a quarterly decline of 1.8% in value and 2.4% in quantity[19] - The number of visitors to Hong Kong in the first quarter increased by 150% year-on-year to 11.23 million, reflecting a 5% quarterly increase[19] - The restaurant industry in China saw a revenue increase of 20.4% year-on-year, reaching RMB 5.289 trillion, with Guangdong province's restaurant revenue growing by 26.5%[19] Corporate Governance - The board emphasized the importance of corporate governance, ensuring compliance with the latest regulations and maintaining transparency with shareholders[70] - The board of directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors[74] - The company held a total of 8 board meetings during the fiscal year ending March 31, 2024[87] - The executive committee convened 12 meetings within the same fiscal year[91] - All directors confirmed compliance with the established code of conduct and standards for securities trading as of the report date[72] - Independent non-executive directors represent at least one-third of the board, ensuring independent viewpoints in discussions[78] - The company provides ongoing professional development for directors, including training on corporate governance and responsibilities[82] - The board is responsible for setting overall strategy and monitoring management performance[74] Risk Management and Compliance - The company has established a robust risk management and internal control system to ensure long-term development and sustainability, which is regularly reviewed by the board and audit committee[156] - The company has identified environmental, social, and governance (ESG) risks, including compliance with Hong Kong's climate action blueprint aiming for carbon neutrality by 2050, and is implementing sustainable packaging in some restaurants[157] - The compliance management framework is designed to ensure business operations adhere to relevant laws and regulations, mitigating risks of fines, administrative penalties, and reputational damage[158] - No significant violations of environmental, social, and governance-related laws have been reported during the reporting period, indicating effective compliance management[161] Employee Engagement and Development - The company actively recruits and retains key personnel through competitive compensation and career development opportunities, fostering a supportive work environment[185] - A total of 1,721 employees were hired, and approximately 1,800 employees received a total of 7,264 hours of training during the reporting period[195] - The company implemented various employee benefits, including discounts at stores and financial support for medical and funeral expenses, to enhance employee satisfaction and loyalty[188] - The company conducted regular safety training and meetings to ensure employees understand and comply with health and safety regulations, preventing workplace injuries[200] - The company emphasizes the importance of a diverse, equitable, and inclusive corporate culture as a key factor in attracting and retaining talent[190] Sustainability Initiatives - The group emphasizes sustainable development as a key to long-term success, integrating it into business strategies and daily operations[145] - The group aims to reduce its carbon footprint and actively promotes environmental awareness among employees, customers, and partners[145] - The group plans to gradually improve and implement strategies related to sustainable development to meet stakeholder expectations[154] - The company has established a sustainability initiative, targeting a 25% reduction in operational costs through eco-friendly practices by 2025[59] Marketing and Customer Engagement - A new marketing strategy has been implemented, aiming to increase brand awareness by 30% over the next year[59] - User data showed a 20% increase in active customers, reaching 500,000 by the end of the fiscal year[59] - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on expanding the product line in the next quarter[59] Board Diversity and Composition - As of March 31, 2024, the gender ratio of employees, including executive directors and senior management, was 33.8% male and 66.2% female, achieving a reasonable gender diversity[100] - The company aims to achieve gender diversity on the board by 2024, inviting female members during the selection process[99] - The board composition policy requires at least one qualified accountant and one director with relevant experience in the restaurant industry[101] - The Nomination Committee will monitor the implementation of the board diversity policy annually to ensure its effectiveness[100]

Financial Performance - Revenue for the year was approximately HKD 1,841.2 million, an increase of about 12.2% compared to HKD 1,641.5 million in 2023[2] - Gross profit margin was approximately 72.6%, up by about 2.5% from 70.1% in 2023[2] - Profit attributable to the company's owners for the year was approximately HKD 50.6 million, significantly higher than HKD 21.1 million in 2023[2] - Basic earnings per share were approximately HKD 3.89, compared to HKD 1.63 in 2023[2] - The group's operating profit before interest, tax, depreciation, and amortization was approximately HKD 373.8 million, up from HKD 332.4 million in 2023[2] - The group reported a net profit of approximately HKD 50.6 million, compared to HKD 21.1 million in the previous year[4] - For the fiscal year ending March 31, 2024, the company reported a net profit attributable to shareholders of approximately HKD 50,584,000, compared to HKD 21,138,000 in 2023, representing an increase of 139%[127] - The basic earnings per share for the year were HKD 3.89, up from HKD 1.63 in 2023, indicating a significant improvement in profitability[130] Dividends - The board proposed a final dividend of HKD 0.3 per ordinary share for the year ending March 31, 2024[2] - The company proposed a final dividend of HKD 0.3 per share, totaling approximately HKD 3,900,000, subject to shareholder approval[126] - The company plans to pay a final dividend on October 21, 2024, to shareholders listed as of October 4, 2024[195] Assets and Liabilities - Total assets increased to approximately HKD 1,274.5 million as of March 31, 2024, up from HKD 991.2 million in 2023[52] - The total equity of the group rose to approximately HKD 193.4 million as of March 31, 2024, compared to HKD 145.3 million in 2023[52] - The company had a net current liability of approximately HKD 407,293,000, raising concerns about its ability to continue as a going concern[115] - The total liabilities increased to HKD 736,809,000 in 2024 from HKD 643,124,000 in 2023, reflecting a rise of 14.6%[137] - The net current liabilities amounted to HKD (407,293,000) in 2024, worsening from HKD (284,283,000) in 2023[137] - The company’s non-current liabilities included lease liabilities of HKD 335,577,000, up from HKD 192,356,000 in 2023, indicating increased financial obligations[112] Revenue Breakdown - Total revenue for the restaurant operations reached HKD 1,739,460,000 in 2024, up from HKD 1,532,981,000 in 2023, representing a growth of 13.5%[137] - The group's total revenue from Hong Kong was HKD 1,753,542,000 in 2024, compared to HKD 1,575,418,000 in 2023, indicating an increase of 11.3%[138] - The "Fu Lin" series generated revenue of HKD 755,440,000 in 2024, an increase of 16.8% from HKD 646,775,000 in 2023[181] - The "Tao Yuan" series reported revenue of HKD 220,836,000, reflecting a growth of 6.2% compared to HKD 207,897,000 in the previous year[181] - The "Concept Line" series achieved revenue of HKD 763,183,000, marking a 12.5% increase from HKD 678,309,000 in 2023[181] - Revenue from food sales and other operations decreased by 22.2%, totaling HKD 51,480,000 compared to HKD 66,196,000 in 2023[181] Operational Strategies - The group has implemented cost control measures to improve operating cash flow and financial condition[30] - The group continues to adopt a full-day dining brand strategy to diversify offerings and cater to changing consumer preferences post-pandemic[48] - The group will adjust its brand strategies and menu offerings to adapt to changing market conditions and consumer demands[82] - The group plans to continue expanding its restaurant brands in mainland China and other Asian regions, with new openings in Zhuhai and Macau[81] - The group continues to expand its food court presence, opening a new food court in Kai Tak with various restaurant brands, and plans to seek suitable locations in residential areas for more food courts[155] - The company has adjusted its operational strategy to develop an online shopping platform in response to changing consumer dining habits post-pandemic[180] Employee and Training - As of March 31, 2024, the group employed approximately 1,922 staff, emphasizing the importance of hiring, encouraging, and retaining qualified employees for operational success[161] - The group has established standardized training and promotion programs for all employees to ensure they acquire necessary skills for their positions[161] Financial Monitoring - The group is committed to strict monitoring of its outstanding receivables to minimize credit risk[171] - The impairment loss on trade receivables increased to HKD 13,764 million in 2024 from HKD 12,914 million in 2023, indicating a rise in credit risk[172] - The group reported a significant increase in trade receivables, with credit card receivables rising to HKD 3,520 million in 2024 from HKD 3,343 million in 2023[171] Capital Expenditures - Capital expenditures during the year were primarily related to the acquisition and renovation of the group's central kitchen and logistics center properties, as well as investments in new and existing restaurants[159]

Financial Performance - Revenue for the period was approximately HKD 893.8 million, an increase of about 16.9% compared to HKD 764.6 million in the same period last year[5]. - Gross profit margin was approximately 72.1%, up by about 2.5 percentage points from 69.6% in the same period last year[5]. - Profit attributable to owners of the company was approximately HKD 2.1 million, down from HKD 8.7 million in the same period last year[5]. - The average basic earnings per share was HKD 0.16, down from HKD 0.67 in the same period last year[5]. - The group reported a profit before tax of HKD 2,158,000, a decrease of 77% from HKD 9,366,000 in the previous year[68]. - The net profit for the period was HKD 2,101,000, down 75.7% from HKD 8,659,000 in the same period last year[68]. - Basic earnings per share decreased to HKD 0.16 from HKD 0.67, reflecting a decline of 76.1%[71]. - The total comprehensive income for the period was HKD 1,891,000, down 72.9% from HKD 6,978,000 in the previous year[71]. Revenue Breakdown - Restaurant operations revenue rose by approximately 18.8% or about HKD 133.0 million to approximately HKD 838.9 million[13]. - The revenue from the "Fu Lin" brand series increased by 22.5% to HKD 355.8 million, while the "Tao Yuan" series grew by 19.3% to HKD 100.1 million[14]. - Revenue from external customers in Hong Kong was HKD 854,771,000, a rise of 17.3% from HKD 729,080,000 in 2022[93]. - The group recognized customer contract revenue of HKD 877,293,000, an increase of 16.8% from HKD 750,950,000 in the previous year[91]. - Other income and net gains increased by approximately 13.6% or about HKD 1.2 million to approximately HKD 10.0 million[15]. - The group reported other income of HKD 10,060,000 for the six months ended September 30, 2023, compared to HKD 8,744,000 in the same period last year, marking an increase of 15.1%[96]. Operational Highlights - The company operated a total of 104 restaurants in Hong Kong as of September 30, 2023, including 15 "Fulum" brand restaurants and 82 "Concept Line" restaurants[9]. - The company has introduced various international cuisines in its "Concept Line" series to cater to diverse consumer preferences[10]. - The company continues to enhance its online ordering platform to meet changing consumer dining habits post-pandemic[10]. - The group plans to continue expanding its food court presence in residential areas by seeking suitable locations for more supermarkets and food courts[11]. - As of September 30, 2023, the group employed approximately 1,997 staff members, emphasizing the importance of hiring, encouraging, and retaining qualified employees for restaurant operations[32]. Cost and Expenses - Employee costs rose to approximately HKD 304.0 million, accounting for about 34.0% of revenue, due to hiring more frontline staff[20]. - The cost of goods sold increased by approximately 7.2% or about HKD 16.8 million to approximately HKD 249.4 million[16]. - Employee benefits expenses, including salaries and bonuses, increased to HKD 303,987,000 from HKD 258,281,000, reflecting a rise of 17.7%[8]. - The group reported a net financial cost of HKD 15,316,000 for the six months ended September 30, 2023, compared to HKD 9,173,000 in the same period last year, reflecting an increase of 67.1%[97]. Cash Flow and Liquidity - The group had cash and cash equivalents of approximately HKD 134.9 million as of September 30, 2023, down from HKD 169.8 million[27]. - Operating cash flow for the six months ended September 30, 2023, was HKD 166,891,000, up from HKD 147,993,000 in the same period last year, representing an increase of approximately 12.8%[82]. - The net current liabilities increased to HKD 406,226,000 from HKD 284,283,000, indicating a worsening liquidity position[73]. - The group is actively implementing cost control measures to improve operational cash flow and financial condition, with expectations of significant performance improvement in the coming year[86]. Shareholder Information - The board has decided not to declare any interim dividends for the period, consistent with the previous year[38]. - As of September 30, 2023, directors and key executives hold significant shares, with Mr. Yang Wei and Mr. Yang Runji each holding approximately 70.41% of the company[44]. - The largest individual shareholder, Ms. Lin Minqi, holds 915,375,000 shares, equating to 70.41% of the total shares[48]. - The group approved a special dividend of HKD 0.003 per share, totaling approximately HKD 3,900,000, to replace the proposed final dividend for the year ended March 31, 2023[8]. Stock Options and Incentives - The company has a stock option plan in place, effective for 10 years from November 13, 2014, to incentivize eligible participants[53]. - No stock options were granted or exercised during the six months ending September 30, 2023, with a total of 9,912,500 stock options available for grant as of both April 1 and September 30, 2023[56]. - The stock option plan aims to attract and retain participants who contribute to the group's performance and growth[53]. - The total number of stock options granted in 2022 was 105,220,000, with 7,275,000 options expiring[118]. - The company continues to utilize stock options as a key component of its employee compensation strategy[118]. Economic Environment - The overall economic environment remains challenging, with inflation pressures and geopolitical tensions affecting operational costs[6]. - The group anticipates slow economic recovery due to high interest rates and geopolitical tensions, and plans to optimize operations and adjust menu offerings to adapt to market changes[37]. Corporate Governance - The board is committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[40]. - The audit committee has reviewed the unaudited condensed interim financial statements, confirming they are prepared in accordance with applicable accounting standards[42].

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，並表明概不就因本公佈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。 （股份代號：1443） 截至2023年9月30日止六個月 未經審核中期業績公佈 摘要 • 收益約為893.8百萬港元（2022年同期：約764.6百萬港元），增加約16.9% • 毛利率1約為72.1%（2022年同期：約69.6%)，增加約2.5個百分點 • 本公司擁有人應佔溢利約為2.1百萬港元（2022年同期：約8.7百萬港元） • 期內溢利（未計政府補貼2）約為2.1百萬港元（2022年同期：期內虧損（未計政府補 貼2）約44.8百萬港元） • 每股基本盈利3為0.16港仙（2022年同期：0.67港仙） • 董事會議決不宣派任何中期股息 ...

Financial Performance - Revenue for the year was approximately HKD 1,641.5 million, an increase of about 10.4% compared to HKD 1,486.5 million in 2022[7] - Gross profit margin was approximately 70.1%, up by about 4.7 percentage points from 65.4% in 2022[7] - EBITDA was approximately HKD 332.4 million, compared to HKD 263.5 million in 2022[7] - Profit attributable to owners of the company was approximately HKD 21.1 million, a turnaround from a loss of HKD 49.2 million in 2022[7] - Basic earnings per share were HKD 0.0163, compared to a loss per share of HKD 0.0378 in 2022[7] - The board proposed a final dividend of HKD 0.003 per ordinary share for the year ended March 31, 2023, compared to no dividend in 2022[7] Market Strategy and Outlook - The company plans to expand its brand strategy by increasing the variety of dining options to meet changing consumer preferences[9] - The company is optimistic about the recovery of the local dining market, driven by government initiatives and increased consumer spending[9] - The group anticipates that the relaxation of entry restrictions will further boost the local dining market recovery[28] - The group plans to continue expanding its supermarket and food court operations in residential areas to meet customer needs[24] Operational Highlights - The number of restaurants operated by the group in Hong Kong reached 102, including 80 "Concept Line" restaurants[22] - Total restaurant revenue for the first quarter of 2023 was estimated at HKD 27.6 billion, representing an annual increase of 81.7%[19] - The "Concept Line" series restaurants saw a revenue increase of 22.0%, from HKD 556.1 million in 2022 to HKD 678.3 million in 2023[27] - The "Tao Yuan" series brand revenue increased by 15.6% to HKD 207.9 million, compared to HKD 179.9 million in the previous year[27] Financial Position - As of March 31, 2023, the total assets of the group decreased to approximately HKD 991.2 million, compared to HKD 995.9 million in 2022[31] - The total equity increased to approximately HKD 145.3 million as of March 31, 2023, up from HKD 121.7 million in 2022, primarily due to a profit attributable to owners of approximately HKD 21.1 million for the year[31] - The available cash and bank balances were approximately HKD 169.8 million as of March 31, 2023, compared to HKD 128.6 million in 2022[31] - The total borrowings amounted to approximately HKD 308.9 million as of March 31, 2023, an increase from HKD 240.0 million in 2022[31] - The debt-to-equity ratio was approximately 31.2% as of March 31, 2023, compared to 24.1% in 2022[32] Corporate Governance - The company has maintained high corporate governance standards, ensuring compliance with the listing rules and corporate governance code throughout the fiscal year ending March 31, 2023[68] - The board has committed to transparency, independence, accountability, and fairness, which are essential for long-term performance and value creation for shareholders and stakeholders[69] - The board consists of nine members, including six executive directors and three independent non-executive directors, ensuring a balanced composition for independent viewpoints[72] - The audit committee, composed of independent non-executive directors, held 2 meetings during the fiscal year and reviewed significant financial reports and internal controls[90] Sustainability and ESG Initiatives - The company emphasizes sustainable development and plans to integrate sustainability into its business operations and governance framework[145] - A climate change policy is being established to assess significant climate risks and opportunities, aligning with national carbon neutrality goals[146] - The company’s ESG report includes quantitative performance data and independent assessments of carbon emissions and other key metrics[134] - The group has adopted sustainable packaging materials in some restaurants to minimize plastic waste and comply with upcoming regulations[157] Employee and Community Engagement - The company is committed to corporate social responsibility through community investment activities such as sponsorships and donations[200] - A community investment policy has been established based on six principles to guide planning and participation in community activities[200] - The company provided employment opportunities for over 700 individuals aged 50 and above during the reporting period[191] - The company emphasizes a diverse and inclusive corporate culture to attract and retain talent, focusing on equal opportunities regardless of race, gender, age, or other factors[187] Risk Management - The company has established a risk management framework that includes identifying significant operational risks and assessing their impact on the business[115] - The audit committee reviewed the effectiveness of the risk management and internal control systems, concluding that they are effective and adequate[117] - The company has implemented strict internal controls to prevent corruption, including regular fraud risk assessments and enhanced internal control measures in high-risk areas[175]

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，並表明概不就因本公佈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。 （股份代號：1443） 截至2023年3月31日止年度 全年業績公佈 摘要 • 收益約為1,641.5百萬港元（2022年：約1,486.5百萬港元（經重列）），增加約10.4% • 毛利率1約為70.1%（2022年：約65.4%（經重列）），上升約4.7個百分點 • 除利息開支、稅項、折舊及攤銷前盈利約為332.4百萬港元（2022年：約263.5百萬 港元） • 本公司擁有人應佔年內溢利約為21.1百萬港元（2022年：本公司擁有人應佔虧損約 49.2百萬港元） • 每股基本盈利2約為1.63港仙（2022年：每股基本虧損約3.78港仙） • 董事會建議派付截至2023年3月31日止年度的末期股息每股普通股0.3港仙（2022 年：無） ...

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，並表明概不就因本公佈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。 （股份代號：1443） 截至2023年3月31日止年度 全年業績公佈 摘要 • 收益約為1,641.5百萬港元（2022年：約1,486.5百萬港元（經重列）），增加約10.4% • 毛利率1約為70.1%（2022年：約65.4%（經重列）），上升約4.7個百分點 • 除利息開支、稅項、折舊及攤銷前盈利約為332.4百萬港元（2022年：約263.5百萬 港元） • 本公司擁有人應佔年內溢利約為21.1百萬港元（2022年：本公司擁有人應佔虧損約 49.2百萬港元） • 每股基本盈利2約為1.63港仙（2022年：每股基本虧損約3.78港仙） • 董事會建議派付截至2023年3月31日止年度的末期股息每股普通股0.3港仙（2022 年：無） ...

Revenue and Profitability - Revenue for the period was approximately HKD 764.6 million, a decrease of about 2.9% compared to HKD 787.1 million in the same period last year[8]. - Profit attributable to owners of the company was approximately HKD 8.7 million, compared to a loss of HKD 2.3 million in the same period last year[8]. - Basic earnings per share were HKD 0.67, compared to a loss per share of HKD 0.17 in the previous year[8]. - Total revenue decreased by approximately 2.9% or about HKD 22.5 million to approximately HKD 764.6 million compared to the previous reporting period[19]. - Restaurant operation revenue decreased by approximately 4.4% or about HKD 32.5 million to approximately HKD 705.9 million[19]. - Revenue from the "Asian Dining Line" series increased by 9.5% to approximately HKD 331.5 million[20]. - Other income and net gains increased by approximately 220.6% or about HKD 42.8 million to approximately HKD 62.2 million, mainly due to government subsidies[23]. - Gross profit margin increased to approximately 69.6%, up by 3.6 percentage points from 66.0% in the previous year[8]. - Gross profit increased by approximately 2.4% or about HKD 12.4 million to approximately HKD 531.9 million[25]. - The company reported a profit before tax of HKD 9,366,000, compared to a loss of HKD (2,198,000) in the previous year[81]. - Net profit for the period was HKD 8,659,000, a turnaround from a loss of HKD (2,258,000) in the same period last year[81]. - Total comprehensive income for the period was HKD 6,978,000, compared to a loss of HKD (2,035,000) in the previous year[83]. Operational Performance - The company operated a total of 96 restaurants in Hong Kong as of September 30, 2022, including 16 "Fulum" brand restaurants and 73 "Asian Dining Line" restaurants[14]. - The total estimated revenue for the restaurant sector in the second quarter was HKD 22 billion, a year-on-year decline of 5.5%[12]. - The company has been adjusting its menu offerings and optimizing operations to respond to changing market conditions[12]. - The group expects continued and stable growth driven by its brand strategy and menu adjustments in response to market conditions[44]. - The group aims to expand its "Asian Dining Line" brand series and enhance digital marketing to meet changing consumer demands[44]. Financial Position - As of September 30, 2022, the group had cash and cash equivalents of approximately HKD 217.9 million, an increase from approximately HKD 128.6 million as of March 31, 2022[34]. - The group's total assets were approximately HKD 1,042.0 million as of September 30, 2022, compared to approximately HKD 996.0 million as of March 31, 2022[34]. - The current liabilities increased to approximately HKD 739.8 million as of September 30, 2022, from approximately HKD 683.6 million as of March 31, 2022, primarily due to additional bank borrowings[34]. - The capital debt ratio was approximately 33.9% as of September 30, 2022, up from approximately 24.1% as of March 31, 2022, mainly due to increased interest-bearing bank borrowings[34]. - The group had contingent liabilities of approximately HKD 17.2 million related to bank guarantees as of September 30, 2022, slightly down from approximately HKD 17.8 million as of March 31, 2022[37]. - The group does not have any clear plans for significant investments or acquisitions of capital assets as of the mid-report date[43]. - The group has sufficient operating funds to meet its financial obligations for at least the next twelve months, supported by various funding sources[100]. Shareholder Information - As of September 30, 2022, the major shareholders, including Mr. Yang Wei and Mr. Yang Runji, collectively hold 915,375,000 shares, representing approximately 70.41% of the company's equity[51]. - Mr. Liang Zhaoxin holds 73,625,000 shares, which accounts for about 5.66% of the company's equity[51]. - The shares held by Mr. Yang Wei are beneficially owned through a company registered in the British Virgin Islands, which holds 452,075,000 shares[54]. - The company has granted stock options amounting to 7,000,000 shares to Mr. Yang Runji under the stock option plan[54]. - The major shareholders include Mr. Yang Wei, Mr. Yang Runji, and Mr. Yang Runquan, who are considered concert parties under the listing rules[52]. - The beneficial ownership structure indicates significant concentration of ownership among a few individuals, which may impact corporate governance[54]. Employee and Compensation - Employee costs increased to approximately HKD 258.3 million, accounting for about 33.8% of revenue[27]. - The group’s employee benefits expenses increased to HKD 258,281,000 from HKD 248,604,000, reflecting a rise of 4% year-over-year[122]. - Total short-term employee benefits for key management personnel amounted to HKD 3,930,000 for the six months ended September 30, 2022, compared to HKD 3,748,000 for the same period in 2021[158]. - Share-based payments for key management personnel increased to HKD 568,000 for the six months ended September 30, 2022, from HKD 104,000 in the same period of 2021[158]. - Total employee benefits for key management personnel reached HKD 4,557,000 for the six months ended September 30, 2022, compared to HKD 3,905,000 for the same period in 2021[158]. Dividends and Share Options - The company decided not to declare any interim dividend for the period[8]. - The board has resolved not to declare any interim dividends for the reporting period, consistent with the previous year[45]. - The company has a stock option plan in place, which is designed to incentivize key executives and align their interests with shareholders[54]. - The maximum number of shares that can be issued under the stock option plan is capped at 10% of the company's issued share capital as of the listing date, subject to shareholder approval[68]. - As of September 30, 2022, a total of 63,920,000 options were unexercised, with 13,105,000 options having lapsed during the reporting period[68]. - The exercise price for options granted on August 18, 2021, is HKD 0.2056, with a total of 7,000,000 options unexercised for each of the key individuals listed[68]. Miscellaneous - The board expresses gratitude to management, employees, shareholders, business partners, and auditors for their support during the reporting period[76]. - The electronic version of the interim report will be published on the Hong Kong Stock Exchange and the company's website[75]. - The board approved and authorized the publication of the interim financial statements on November 29, 2022[160]. - Certain comparative figures have been reclassified to align with the current year's presentation, enhancing the clarity of the financial statements[159].

Financial Performance - Revenue for the year was approximately HKD 1,450.1 million, an increase of about 23.7% compared to HKD 1,172.7 million in 2021[7] - Gross profit margin was approximately 64.5%, down by about 2.6 percentage points from 67.1% in 2021[7] - EBITDA was approximately HKD 263.5 million, compared to HKD 231.1 million in 2021 (restated)[7] - Loss attributable to owners of the company for the year was approximately HKD 49.2 million, improved from a loss of HKD 122.2 million in 2021 (restated)[7] - Basic loss per share was approximately HKD 0.0378, compared to HKD 0.0940 in 2021 (restated)[8] - The total revenue of the restaurant sector in Hong Kong for the first quarter of 2022 was estimated at HKD 15.2 billion, representing a year-on-year decline of approximately 23.1%[29] - The group operates a total of 91 restaurants in Hong Kong as of March 31, 2022, including 16 "Fu Lin" brand restaurants, 8 "Tao Yuan" brand restaurants, and 67 "Asian Dining Line" restaurants[33] - The "Fulin" brand restaurant operations generated revenue of HKD 625.8 million, a 10.9% increase from HKD 564.5 million in the previous year[39] - The "Taoyuan" brand saw a significant revenue increase of 59.6%, reaching HKD 179.9 million, up from HKD 112.7 million[39] - The "Asian Dining Line" series generated revenue of HKD 556.1 million, reflecting a 31.5% increase from HKD 422.8 million[39] - The total assets of the group decreased to approximately HKD 995.9 million as of March 31, 2022, down from HKD 1,206.1 million in 2021[42] - The total equity of the group was approximately HKD 121.7 million, a decrease from HKD 168.1 million in the previous year[42] - The capital debt ratio increased to approximately 24.1% from 14.7% in the previous year[43] Business Strategy and Market Outlook - The company adjusted its business strategies in response to the COVID-19 pandemic, including launching package deals and expanding online shopping platforms[12] - The company aims to diversify its brand offerings to meet changing consumer preferences and expand its market share[12] - The company continues to develop its "Fulum" and "Tao Yuan" series brands, offering a variety of cuisines to cater to diverse consumer demands[17] - The company plans to expand its food court outlets in residential areas to enhance customer accessibility[17] - The group remains optimistic about the restaurant industry's prospects and plans to expand its market share in response to the government's new round of consumption vouchers[18] - The group has implemented a full-day dining brand strategy to adapt to the challenging business environment caused by the pandemic[33] - The group is cautiously optimistic about the recovery of the Hong Kong dining market as local COVID-19 restrictions ease[41] - The company has set a future outlook with a revenue target of HKD 1.5 billion for the next fiscal year, indicating a projected growth of 25%[62] - The company is actively pursuing market expansion strategies, targeting a 25% increase in market share in the Greater China region over the next two years[73] Operational Management and Employee Development - As of March 31, 2022, the company had approximately 1,868 employees, emphasizing the importance of hiring, encouraging, and retaining qualified staff for restaurant operations[48] - The company has established standardized training and promotion programs for all employees to ensure they acquire necessary skills for their positions[48] - The internal promotion program provides clear advancement guidelines, enhancing employee satisfaction[48] - The company offers competitive compensation packages, including base salary, allowances, insurance, and commissions[48] Corporate Governance and Compliance - The board of directors is focused on enhancing corporate governance, with plans to implement new compliance measures by Q3 of the next fiscal year[62] - The board has committed to maintaining high corporate governance standards, ensuring compliance with the latest regulations[79] - The company has established a communication policy to ensure effective communication between the board and shareholders, with annual general meetings serving as a primary platform for interaction[126] - The company has a structured approach to corporate governance, with clear roles and responsibilities defined for each committee[91] - The board has achieved measurable goals, including at least one independent non-executive director and one director with financial experience[101] Shareholder Information and Equity Structure - The company reported a net amount of approximately HKD 431.8 million from its initial public offering (IPO) as of March 31, 2022, with only HKD 3.2 million utilized to date[139] - As of March 31, 2022, there remains an unutilized net amount of approximately HKD 18.4 million intended for acquiring other brands or restaurants or forming strategic alliances[140] - The company has a significant beneficial ownership structure, with Zhongxian International Limited holding 452,075,000 shares, representing 34.78% of the total equity[179] - The ownership structure indicates a high concentration of shares among a few individuals, which may impact governance and decision-making[175] - The company maintains a transparent record of shareholdings in accordance with regulatory requirements[179] Sustainability and Social Responsibility - The company has committed to environmental sustainability and compliance with relevant laws and regulations regarding resource usage and emissions[168] - The company has established a new committee to oversee sustainability initiatives, with a goal of reducing carbon emissions by 15% by 2025[79] - Charitable donations made by the group during the review year totaled HKD 70,000[156] Lease Agreements and Related Transactions - The company entered into related leasing agreements in July 2021, agreeing to lease properties from August 1, 2021, to March 31, 2023, for a total of 20 months[194] - The total value of the right-of-use assets recognized under the 2021 related lease agreements is approximately HKD 8,084,067, which represents the present value of total lease payments to be made under the agreements[198] - The landlords of the 2021 related lease agreements are indirectly controlled by Ju Guo Holdings Limited, which is owned by Mr. Yang and Mr. Yang Runquan[200] - The establishment of the 2021 related lease agreements is considered a related party transaction under the Listing Rules[200]

Financial Performance - Revenue for the period was approximately HKD 772.6 million, an increase of about 36.6% compared to HKD 565.6 million in the same period of 2020[10]. - The company reported a loss attributable to owners of approximately HKD 2.3 million, significantly improved from a loss of approximately HKD 95.9 million in the same period of 2020[10]. - The total comprehensive loss attributable to the company for the period was HKD 2,035,000, significantly reduced from HKD 94,305,000 in the prior period[105]. - The company reported a net loss attributable to shareholders of HKD 2,258,000 for the period, compared to a net loss of HKD 95,907,000 in the previous period[102]. - The company reported a pre-tax loss of HKD 2,198,000 for the current period, an improvement from a pre-tax loss of HKD 95,338,000 in the previous period[102]. - The total revenue for the six months ended September 30, 2021, was HKD 772,560,000, an increase from HKD 565,643,000 for the same period in 2020, representing a growth of approximately 36.6%[142]. Customer and Market Insights - The number of customers reached approximately 7.4 million, an increase of about 27.6% from 5.8 million in the same period of 2020[10]. - The group remains cautiously optimistic about the industry outlook despite challenges from global supply chain disruptions[14]. - The Hong Kong economy showed signs of recovery with a 5.4% year-on-year increase in GDP in Q3 2021, benefiting the restaurant industry[14]. - The group believes in the strong recovery momentum and significant consumer capacity in the mainland China market, with plans to explore new business opportunities[22]. - The group did not have any single customer contributing more than 10% of total revenue during the period, indicating a diversified customer base[147]. Operational Developments - The group operated a total of 83 restaurants in Hong Kong as of September 30, 2021, including 18 "Fulum" brand restaurants and 57 "Asian Dining Line" restaurants[16]. - The group plans to continue expanding its "Asian Dining Line" series to attract younger customers and enhance customer experience[21]. - The group has launched an online shopping platform to cater to market demands and enhance customer engagement[16]. - The group plans to continue expanding its supermarket operations in residential areas and optimize its product mix to meet customer needs[22]. - The group is actively seeking to provide new dining experiences to customers through the development of various small dining options tailored to the local market[50]. Financial Position and Cash Flow - The group's cash and cash equivalents were approximately HKD 144.0 million as of September 30, 2021[43]. - The company's total cash and cash equivalents at the end of the reporting period were HKD 144,041,000, down from HKD 171,457,000 at the end of the previous period[123]. - The net cash generated from operating activities for the six months ended September 30, 2021, was HKD 152,946,000, an increase of 3.0% compared to HKD 147,735,000 for the same period in 2020[123]. - The net cash used in investing activities for the six months ended September 30, 2021, was HKD 25,594,000, a decrease from HKD 50,812,000 in the previous year[123]. - The net cash generated from financing activities was HKD 25,488,000, compared to HKD 108,596,000 in the prior period, indicating a significant reduction in financing inflows[123]. Shareholder and Governance Information - The board decided not to declare any interim dividend for the period[10]. - The company has adopted a code of conduct for directors' securities trading, ensuring compliance with the standards set by the listing rules[56]. - The company has appointed Mr. Wu Jin'an as CEO since May 13, 2021, separating the roles of Chairman and CEO to enhance corporate governance[55]. - The group remains committed to maintaining high corporate governance standards to protect shareholder interests and enhance corporate value[55]. - As of September 30, 2021, the major shareholders, including Mr. Yang Wei, hold 915,375,000 shares, representing 70.41% of the company[62]. Employee and Cost Management - Employee costs increased to approximately HKD 248.6 million, accounting for about 32.2% of revenue[35]. - The company incurred a total of HKD 240,392,000 in employee benefits expenses, including salaries and retirement contributions, an increase from HKD 177,268,000 in the previous year[163]. - Financial costs for the six months ended September 30, 2021, amounted to HKD 10,536,000, down from HKD 17,220,000 in 2020, showing a decrease of about 38.9%[152]. Share Option Scheme - The company has a share option scheme in place, which was adopted on October 28, 2014, and is valid for 10 years, allowing for the issuance of options up to 10% of the total issued share capital at the time of listing[79]. - A total of 63,920,000 shares were granted under the share option scheme as of September 30, 2021, with an exercise price of HKD 0.2056 per share[82]. - The company aims to attract and retain qualified participants through its share option scheme, which is designed to incentivize contributions to the group's performance and growth[79]. - The exercise price of the stock options is HKD 0.2056, with the share price at the grant date being HKD 0.205[189]. - The weighted average remaining contractual life of the unexercised stock options is approximately 5 years[188]. Changes in Assets and Liabilities - The company's non-current assets totaled HKD 768,100,000 as of September 30, 2021, down from HKD 826,591,000 as of March 31, 2021[110]. - Current liabilities amounted to HKD 726,008,000, slightly decreased from HKD 736,601,000 in the previous reporting period[110]. - As of September 30, 2021, the company's non-current liabilities totaled HKD 240,429,000, a decrease of 30.8% from HKD 347,507,000 as of March 31, 2021[114]. - The company's inventory as of September 30, 2021, was HKD 80,070,000, a decrease from HKD 93,382,000 as of March 31, 2021[166]. - Trade receivables as of September 30, 2021, amounted to HKD 21,602,000, significantly higher than HKD 9,708,000 as of March 31, 2021[169].