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]