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].

Financial Performance - Revenue was approximately HKD 1,172.7 million, down about 36.7% from HKD 1,853.9 million in 2020[9] - Gross profit margin increased to 67.1%, up approximately 1.8 percentage points from 65.3% in 2020[9] - EBITDA was approximately HKD 184.9 million, compared to a loss of HKD 266.7 million in 2020[9] - Loss attributable to owners of the company was approximately HKD 168.3 million, down from HKD 637.5 million in 2020[9] - Basic loss per share was approximately HKD 0.1295, compared to HKD 0.4904 in 2020[10] - Customer count was approximately 11.6 million, down about 35.6% from 18.0 million in 2020[9] - The group's revenue decreased by approximately 36.7% to about HKD 1,172.7 million compared to HKD 1,853.9 million in the previous year[39] - The group's restaurant operations revenue for the "Fu Lin" brand series decreased by 50.6% to HKD 564.5 million in 2021 from HKD 1,143.2 million in 2020[40] - The group reported a net loss of HKD 168,305,000 for the year ended March 31, 2021, with current liabilities exceeding current assets by HKD 357,105,000[118] Operational Strategies - The company aims to enhance operational efficiency and market share through a diversified brand strategy[14] - The group has implemented various operational strategies during the pandemic, including enhanced sanitation measures and regular employee testing[34] - The group has introduced various takeaway options and online ordering services to maintain customer dining habits during the pandemic[36] - The group plans to close underperforming restaurants and implement various cost control measures to improve profitability[120] Future Outlook - The company is optimistic about the future of the Hong Kong and mainland dining market and plans to adjust its menu and brand structure[14] - The group is optimistic about the restaurant industry's prospects as social distancing measures are expected to be relaxed, allowing for increased seating capacity and extended operating hours[22] - The group believes that the dining industry in China will continue to grow, with an expected revenue growth rate of 8.0%-9.0% from 2020 to 2026[33] - The company provided a positive outlook for the next quarter, projecting a revenue growth of 20%[58] - New product launches are expected to contribute an additional 10% to overall revenue in the upcoming year[58] Corporate Governance - The company emphasizes the importance of good corporate governance for long-term success and sustainable development[80] - The board regularly reviews the corporate governance practices to ensure compliance with the Listing Rules[81] - As of May 13, 2021, the company has separated the roles of chairman and CEO to enhance corporate governance[81] - The board consists of nine members, including six executive directors and three independent non-executive directors, ensuring a balanced composition for independent viewpoints[85] - The company has maintained compliance with the corporate governance code throughout the fiscal year ending March 31, 2021, except for a specific deviation[81] Financial Position - Total assets increased to approximately HKD 1,206.1 million as of March 31, 2021, compared to HKD 1,011.4 million in 2020[43] - The total borrowings rose to approximately HKD 177.8 million in 2021 from HKD 94.6 million in 2020, primarily due to an increase in term loans[44] - The current ratio decreased to approximately 0.5 in 2021 from 0.7 in 2020, indicating a decline in liquidity[43] - The group has overdue lease liabilities of approximately HKD 80 million as of March 31, 2021[118] - The group is actively negotiating with lenders for waivers regarding financial covenants and is seeking to extend loan repayment periods[120] Shareholder Information - The company has a significant shareholder structure, with Mr. Yang Wei holding 69.88% of the shares[186] - The top five customers accounted for less than 30% of total sales for the year, indicating a diversified customer base[171] - The top five suppliers represented approximately 34.4% of total procurement, an increase from 29.4% in the previous year[171] Community and Environmental Commitment - The company has a commitment to community service and charitable activities, as demonstrated by Mr. Chan's involvement in various organizations[75] - The company is committed to environmental sustainability and compliance with relevant laws and regulations[181] - The company plans to publish an environmental, social, and governance report within three months after the annual report[183] Strategic Partnerships and Acquisitions - The company is exploring potential acquisitions to enhance its product offerings and market reach[58] - The company is exploring opportunities for acquisitions or strategic alliances, which has delayed the utilization of unutilized proceeds[154] Risk Management - The board has reviewed the effectiveness of the risk management and internal control systems for the year ended March 31, 2021, and found them to be effective and adequate[136] - The internal audit department provides independent assurance to the board regarding the adequacy and effectiveness of the risk management and internal control systems[134] - The group has adopted a "three lines of defense" risk management framework to ensure compliance with regulatory and legal requirements while achieving business objectives[134]

Financial Performance - Revenue for the period was approximately HKD 565.6 million, a decrease of about 47.8% compared to HKD 1,083.8 million in the same period of 2019[6] - Loss attributable to owners of the company was approximately HKD 95.9 million, compared to a loss of HKD 63.8 million in the same period of 2019[6] - Basic loss per share was HKD 0.0738, compared to HKD 0.0490 in the same period of 2019[6] - The total revenue of the group decreased by approximately 47.8% or about HKD 518.2 million to approximately HKD 565.6 million for the reporting period, primarily due to a weak market atmosphere in Hong Kong and the outbreak of COVID-19[21] - Restaurant operation revenue decreased by approximately 49.3% or about HKD 514.7 million to approximately HKD 529.1 million, with the "富臨" brand declining by 53.5%, "陶源" brand by 65.5%, and "富臨概念" series by 28.6%[22] - The company reported a loss before tax of HKD 95,338,000, compared to a loss of HKD 74,646,000 in the previous year, reflecting a deterioration in performance[88] - The net loss for the period was HKD 95,907,000, compared to a net loss of HKD 63,866,000 in the same period last year, indicating a significant increase in losses[88] - The company reported a total comprehensive loss of HKD 94,305,000 for the period, compared to a loss of HKD 63,866,000 in the previous period[104] Operational Changes - The company operated 80 restaurants in Hong Kong as of September 30, 2020, an increase from 78 restaurants in the previous year[18] - The "Fulum" series brand restaurants decreased from 28 to 24, while the "Fulum Concept" series increased from 41 to 48[18] - The company plans to close underperforming restaurants and implement cost control measures to improve operational efficiency[117] Government Support and Subsidies - Other income and net gains increased by approximately 499.3% or about HKD 67.8 million to approximately HKD 81.4 million, mainly due to government subsidies of HKD 68.6 million received during the reporting period[23] - The company received wage subsidies of HKD 35.4 million under the Hong Kong government's Employment Support Scheme during the reporting period[81] - The group received government subsidies of HKD 68,624,000 during the six months ended September 30, 2020, compared to none in 2019[133] Cost Management - Employee costs decreased to approximately HKD 184.1 million, accounting for about 32.6% of revenue, down from 34.5% in the previous period, due to effective cost control measures[29] - Property rental and related expenses decreased by approximately 72.2% or about HKD 81.3 million to approximately HKD 31.4 million, primarily due to accounting treatment under HKFRS 16 for certain renewed leases[30] - The company’s employee costs decreased to HKD 184,127,000 from HKD 373,829,000, reflecting a reduction in workforce expenses[88] Liquidity and Financial Position - As of September 30, 2020, the group had cash and cash equivalents of approximately HKD 171.5 million, an increase from HKD 116.4 million as of March 31, 2020[38] - The total liabilities exceeded current assets by HKD 361,012,000 as of September 30, 2020, raising concerns about liquidity[117] - The company is focusing on enhancing liquidity through various funding sources, including government subsidies and potential asset liquidation[117] Corporate Governance - The company has maintained compliance with the corporate governance code, with the exception of the separation of roles between the Chairman and CEO, which is currently held by Mr. Yang Wei[49] - The company emphasizes high levels of corporate governance to protect shareholder interests and enhance corporate value[49] - The Audit Committee was established on October 28, 2014, and is responsible for overseeing the audit process and risk management systems[51] Shareholder Information - As of September 30, 2020, Mr. Yang Wei holds 908,375,000 shares, representing approximately 69.88% of the company's equity[56] - Major shareholders, including Mr. Yang Wei and related parties, collectively hold 908,375,000 shares, equating to 69.88% of the total shares[65] - The total equity attributable to owners decreased to HKD 192,589,000 from HKD 286,894,000, a drop of approximately 33%[101] Asset and Liability Management - Total non-current assets increased to HKD 942,384,000 from HKD 671,626,000, representing a growth of approximately 40%[99] - Current assets rose to HKD 414,682,000, up from HKD 339,731,000, indicating an increase of about 22%[99] - Total current liabilities surged to HKD 775,694,000, compared to HKD 483,498,000, reflecting a significant increase of approximately 60%[99] - The company's net assets decreased to HKD 192,589,000 from HKD 286,894,000, a decline of approximately 33%[101] Cash Flow and Financing Activities - The company reported a cash flow from operating activities of HKD 147,735,000 for the six months ended September 30, 2020, compared to a cash outflow of HKD 22,320,000 in the same period of 2019[109] - The company experienced a net cash inflow from financing activities of HKD 50,530,000, compared to a net outflow of HKD 187,403,000 in the previous year[113] Trade and Receivables - Trade receivables amounted to HKD 16,803,000, an increase from HKD 8,928,000 as of March 31, 2020, representing an increase of 88.5%[154] - Trade payables as of September 30, 2020, totaled HKD 58,273,000, up from HKD 36,996,000 as of March 31, 2020, indicating a growth of 57.5%[157]

Financial Performance - Revenue was approximately HKD 1,853.9 million, down about 29.4% from HKD 2,627.2 million in 2019[9] - Gross profit margin was approximately 65.3%, a decrease of about 5.1 percentage points from 70.4% in 2019[9] - Loss before interest, tax, depreciation, and amortization was approximately HKD 266.7 million, compared to a profit of HKD 126.6 million in 2019[9] - Loss attributable to owners of the company was approximately HKD 637.5 million, compared to a profit of HKD 25.5 million in 2019[9] - Customer count was approximately 18.0 million, down about 25.6% from 24.2 million in 2019[9] - The group's revenue decreased by approximately 29.4% to about HKD 1,853.9 million in 2020, compared to HKD 2,627.2 million in 2019[38] - Revenue from the "富臨" series brand dropped by 34.7% to HKD 1,143.2 million, while "陶源" series revenue fell by 33.0% to HKD 234.9 million, and "富臨概念" series revenue decreased by 10.6% to HKD 412.6 million[39] - The profit attributable to shareholders decreased from approximately HKD 25.5 million in the year ended March 31, 2019, to a loss of approximately HKD 637.5 million for the year ended March 31, 2020, primarily due to social unrest in Hong Kong and the COVID-19 outbreak[40] Operational Strategies - The company plans to continue adjusting its menu and brand structure while actively seeking acquisition opportunities to improve operational efficiency[14] - The company is focusing on developing its "Fulum Concept" series to meet the changing dining preferences of local consumers[18] - The Korean BBQ brand is experiencing rapid growth, with new locations in various retail and residential areas[18] - The group opened 8 new "富臨概念" restaurants in Hong Kong during the fiscal year, bringing the total to 71 restaurants, including 22 "富臨" series, 8 "陶源" series, and 41 "富臨概念" series[35] - The group operates 4 "富臨皇宮" restaurants in mainland China, targeting densely populated residential areas to meet local demand for Chinese cuisine and banquet venues[37] - The group plans to continue exploring new locations and potential acquisitions to diversify its brand portfolio and expand its customer base[22] - The group has implemented various operational strategies during the COVID-19 pandemic, including enhancing takeaway options and increasing hygiene measures to ensure customer and employee safety[30] Financial Position - The company's capital debt ratio was approximately 33.0%, compared to 0.1% in 2019[9] - Total assets as of March 31, 2020, decreased to approximately HKD 1,011.4 million from HKD 1,202.4 million in 2019[43] - The group's cash and bank balances as of March 31, 2020, were approximately HKD 116.4 million, down from HKD 496.9 million in 2019[43] - The current ratio as of March 31, 2020, was approximately 0.7, compared to 3.4 in 2019[43] - The total borrowings as of March 31, 2020, were approximately HKD 94.6 million, significantly up from HKD 0.4 million in 2019[43] Corporate Governance - The company has adopted corporate governance practices that align with the principles outlined in the Listing Rules Appendix 14 Corporate Governance Code[75] - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced composition[80] - The company has maintained compliance with the corporate governance code, with no significant deviations reported for the fiscal year ending March 31, 2020[76] - The board believes that good corporate governance is crucial for long-term success and sustainable development[75] - The company has implemented a code of conduct for directors regarding securities trading, ensuring adherence to the standards set forth in the Listing Rules[77] - The company provides comprehensive onboarding training for new directors to ensure they understand their responsibilities and obligations[82] - The board includes professionals with expertise in food and beverage, as well as accounting and finance, facilitating informed decision-making[80] Shareholder Engagement - The company encourages investors to communicate their opinions to the board through its Hong Kong office or website[125] - 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[127] - The company will suspend share transfer registration from September 15 to September 18, 2020, to determine shareholder eligibility for the annual general meeting[138] Risk Management - The risk management framework includes identifying significant operational risks and assessing their impact on the business[120] - The board has reviewed the effectiveness of the risk management and internal control systems for the year ending March 31, 2020, and found them to be effective and adequate[122] - The internal audit department operates independently and adopts a risk-based audit approach, with annual plans covering major activities and procedures of the group's business units[121] - The risk management and internal control systems are continuously reviewed and evaluated by management, with further reviews conducted by the audit committee and board every six months[121] - The company has adopted a "three lines of defense" risk management framework to ensure compliance with regulatory and legal requirements while achieving business objectives[121] Strategic Acquisitions - The company is actively seeking acquisition opportunities in the restaurant industry, particularly targeting Asian brands[42] - Strategic acquisitions are being pursued, with discussions ongoing for potential targets that align with the company's growth strategy[61] Dividend Policy - The board does not recommend any dividend for the year ended March 31, 2020, compared to a final dividend of HKD 0.79 per share in 2019[9] - The company has a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various factors before declaring dividends[154] Charitable Contributions - The company made charitable donations totaling HKD 33,800 during the reporting year[156]

Financial Performance - Revenue was approximately HKD 1,083.8 million, a decrease of about 15.1% compared to HKD 1,276.0 million in the same period of 2018[7] - Gross profit margin was approximately 68.3%, down by 2.4 percentage points from 70.7% in the same period of 2018[7] - EBITDA was approximately HKD 87.4 million, an increase of about 56.4% compared to HKD 55.9 million in the same period of 2018[7] - Loss attributable to owners of the company was approximately HKD 63.8 million, compared to a profit of HKD 12.7 million in the same period of 2018[7] - Basic loss per share was HKD 0.049, compared to earnings of HKD 0.0098 per share in the same period of 2018[7] - Total revenue decreased by approximately 15.1% from HKD 1,276.0 million in the previous reporting period to HKD 1,083.8 million[19] - Restaurant operation revenue fell by about 15.8% from HKD 1,240.2 million to HKD 1,043.8 million, with the "Fu Lin" brand declining by 22.4%[20] - Gross profit decreased by approximately 18% from HKD 902.2 million to HKD 740.2 million, primarily due to reduced revenue and increased operational costs[24] - The gross profit margin declined from 70.7% to 68.3% due to increased operational costs[25] - The company reported a loss before tax of HKD 74,646,000 for the reporting period, compared to a profit of HKD 15,905,000 in the previous year[80] - The net loss attributable to the company for the period was HKD 63,866,000, compared to a profit of HKD 12,802,000 in the same period of 2018[80] - The company reported total comprehensive loss of HKD 69,497,000 for the period, compared to a total comprehensive income of HKD 6,928,000 in the same period of 2018[84] Operational Developments - The company opened 10 new "Fulum Concept" restaurants in Hong Kong during the reporting period, bringing the total to 78 restaurants[12] - The company plans to expand its restaurant operations in mainland China, currently operating 4 "Fulum Palace" restaurants in densely populated residential areas[14] - The loyalty program launched in June 2015 has over 50,000 members, with plans to introduce more benefits and promotions[14] - The company remains cautiously optimistic about the industry outlook despite economic instability and inflation pressures in Hong Kong[10] - The company plans to continue expanding its restaurant network in mainland China to increase market share and customer base[34] Shareholder Information - The company did not declare any interim dividend for the reporting period[7] - No interim dividend was declared for the reporting period, consistent with the same period in 2018[45] - The group had 42,120,000 unexercised share options under the pre-IPO share option scheme as of September 30, 2019[44] - Major shareholders hold significant stakes, with Lin Minqi, Rong Yuling, and Xu Lianna each owning approximately 71.28% of the company's shares, totaling 926,675,000 shares[57] - Yang Runquan holds 272,025,000 shares, while Yang Runji holds 184,275,000 shares, contributing to a total of 908,375,000 shares held by key executives[56] - The company has a stock option plan that allows for the issuance of shares up to 10% of the total issued share capital at the time of listing, subject to shareholder approval[66] Financial Position - As of September 30, 2019, the company had cash and cash equivalents of approximately HKD 306.1 million, down from HKD 496.9 million[35] - The capital debt ratio increased to approximately 73.7% due to the adoption of HKFRS 16, compared to 0.1% in the previous period[35] - The company's net asset value was HKD 871,529,000, down from HKD 938,355,000 as of March 31, 2019[89] - The total equity attributable to owners of the company was HKD 869,649,000 as of September 30, 2019[89] - The company experienced a decrease in reserves from HKD 936,371,000 to HKD 869,649,000 over the six-month period[89] - The company’s total liabilities and equity amounted to HKD 1,219,587,000, indicating a stable financial position despite losses[87] Accounting and Compliance - The company has adopted new accounting standards effective from April 1, 2019, which may impact financial reporting[107] - The adoption of Hong Kong Financial Reporting Standard 16 resulted in an increase of HKD 504,056 in right-of-use assets and a decrease of HKD 5,918 in prepaid and other receivables[116] - The impact of adopting HKFRS 16 on April 1, 2019, included an increase in right-of-use assets and lease liabilities, reflecting the new accounting treatment for leases[115] - The group regularly reviews its corporate governance practices to ensure compliance with the Hong Kong Stock Exchange's listing rules[47] - The unaudited condensed consolidated interim financial statements were reviewed by the audit committee and are believed to fairly present the group's financial position as of September 30, 2019[52] Market and Growth Strategy - The company is currently addressing 34 outstanding building orders related to its leased properties, with 14 orders no longer applicable and 3 orders resolved[72] - The company anticipates that the recent social unrest in Hong Kong will not significantly impact its daily operations despite some restaurant damages[74] - The company is exploring acquisition opportunities in the tech sector to bolster its product offerings and market presence[171] - Market expansion plans include entering three new countries by the end of the fiscal year, targeting a potential market of 5 million new users[171] - A new marketing strategy is set to increase brand awareness, with a budget allocation of $30 million for the upcoming campaign[171]

Financial Performance - Revenue for the year was approximately HKD 2,627.2 million, a decrease of about 11.3% compared to HKD 2,962.0 million in 2018[9] - Gross profit margin was approximately 70.4%, down by 0.1 percentage points from 70.5% in 2018[9] - Profit before interest, tax, depreciation, and amortization was approximately HKD 126.6 million, a decline of about 20.8% from HKD 159.8 million in 2018[9] - Net profit attributable to owners of the company was approximately HKD 25.5 million, down about 40.0% from HKD 42.5 million in 2018[9] - Basic earnings per share were approximately HKD 0.0196, a decrease of about 40.0% from HKD 0.0327 in 2018[9] - The group's revenue decreased by approximately 11.3% to about HKD 2,627.2 million compared to HKD 2,962.0 million in the previous year[40] - The operating revenue for the "Fu Lin" series brand was HKD 1,705.5 million, down 17.4% from HKD 2,065.4 million[41] - The "Tao Yuan" series brand generated HKD 350.7 million, a decrease of 11.6% from HKD 396.6 million[41] - The "Fu Lin Concept" series saw an increase in revenue to HKD 461.4 million, up 7.0% from HKD 431.0 million[41] Customer Metrics - Customer count was approximately 24.2 million, a decrease of about 12.0% from 27.5 million in 2018[9] - The group has over 48,000 members in its loyalty program, with plans to introduce more benefits to expand its customer base[39] - User data indicates a steady increase in customer visits, with a reported 20% rise in foot traffic across all restaurant locations[63] - User data indicates a steady increase in customer visits, with a reported 20% rise in foot traffic across all restaurant locations compared to the previous year[75] Strategic Initiatives - The company successfully launched new brands such as "Charcoal House" and "Taste of Eight" to enhance market share and expand revenue base[14] - The company plans to continue exploring acquisition opportunities and new operational models to improve efficiency and expand its brand portfolio[14] - The group plans to explore new operational models and has opened a new food court under the "Fu Lin Concept" in Yuen Long in July 2019[43] - The group aims to diversify its brand portfolio and is actively seeking potential acquisition opportunities in the restaurant industry, particularly in the Asian market[43] - The company is exploring market expansion opportunities in mainland China, aiming to open 10 new locations by the end of the next fiscal year[63] - A strategic acquisition of a local restaurant chain is in progress, expected to enhance market presence and operational efficiency[63] - The company is exploring market expansion opportunities in mainland China, aiming to open 5 new locations by the end of 2020[75] - A strategic acquisition of a local restaurant chain is in progress, which is projected to enhance market share by 8% in the next fiscal year[75] Financial Position - As of March 31, 2019, the total assets of the group decreased to approximately HKD 1,202.4 million, down from HKD 1,337.0 million in 2018[44] - The group's available cash and bank balances as of March 31, 2019, were approximately HKD 496.9 million, compared to HKD 623.2 million in 2018[44] - The total borrowings of the group as of March 31, 2019, were approximately HKD 1.1 million, significantly reduced from HKD 12.0 million in 2018[44] - The capital debt ratio decreased to approximately 0.1% as of March 31, 2019, from 1.2% in 2018[44] - The group had contingent liabilities related to bank guarantees of approximately HKD 46.6 million as of March 31, 2019, down from HKD 48.8 million in 2018[47] - The company has a total of HKD 686.6 million available for distribution as of March 31, 2019, with HKD 10.27 million proposed as the final dividend for the year[144] Corporate Governance - The management team emphasized the importance of maintaining high corporate governance standards, ensuring compliance with the listing rules and enhancing shareholder value[79] - The board consists of a balanced mix of executive and independent non-executive directors, ensuring diverse perspectives in strategic decision-making[84] - The company has adopted a code of conduct for securities trading, confirming compliance with the standards set forth in the listing rules[81] - The board of directors received monthly updates on the company's performance and status to fulfill their duties during the year ending March 31, 2019[88] - The board held a total of four meetings during the year, with all directors attending all meetings, achieving a 100% attendance rate[92] - The executive committee convened three times during the year, with all members present at each meeting, also achieving a 100% attendance rate[95] - The audit committee met three times during the year, with all independent non-executive directors present at each meeting, maintaining a 100% attendance rate[98] - The audit committee reviewed the external auditor's correspondence and management's responses, as well as the internal control and risk management effectiveness[98] Risk Management - The company has adopted a "three lines of defense" risk management framework to ensure compliance with regulatory and legal requirements while achieving business objectives[121] - The internal audit department provides independent assurance to the board regarding the adequacy and effectiveness of the risk management and internal control systems[121] - The company’s risk management framework includes identifying significant risks in the operating environment and assessing their impact on the business[120] - The board has reviewed the effectiveness of the risk management and internal control systems, deeming them sufficient and effective as of March 31, 2019[122] Shareholder Information - The board proposed a final dividend of HKD 0.79 per ordinary share for the year ended March 31, 2019, compared to a special final dividend of HKD 3.69 and a final dividend of HKD 1.31 per share in 2018[53] - The company has a dividend policy aimed at providing stable and sustainable returns to shareholders, with the board considering various factors before declaring dividends[145] - The company has not made any purchases, redemptions, or sales of its listed securities during the year[146] - The company has arranged suitable directors' liability insurance for its board members[153] Operational Developments - The company has invested HKD 50 million in upgrading kitchen technology to improve food quality and service speed[63] - The company has upgraded its IT systems and optimized its central kitchen and logistics center in Hong Kong, utilizing HKD 64.8 million for renovations and upgrades[138] - The company made charitable donations totaling HKD 202,000 during the review year[147] Related Party Transactions - The group entered into 31 leasing agreements with related owner entities for properties used as restaurant operations, offices, or logistics centers during the review year[181] - The total annual rent payable to related owner entities under the leasing framework agreement for the fiscal years ending March 31, 2017, 2018, 2019, and 2020 was approximately HKD 80.0 million, HKD 89.4 million, HKD 101.7 million, and HKD 106.9 million respectively[182] - The independent non-executive directors confirmed that the continuing connected transactions were conducted in the ordinary course of business and on normal commercial terms[189]