此 乃 要 件 請 即 處 理 閣下如對本通函之任何方面或應採取之行動有任何疑問，應諮詢 閣下的持牌證券交易商或註冊證券機 構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的快餐帝國控股有限公司的股份全部售出或轉讓，應立即將本通函連同隨附之代表委任表 格送交買主或承讓人，或經手買賣或轉讓之銀行、持牌證券交易商、註冊證券機構或其他代理商，以便轉 交買主或承讓人。 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通函之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並表明概不就因本通函之全部或任何部分內容而產生或因依賴該等內容而引致之任何損 失承擔任何責任。 Snack Empire Holdings Limited 快餐帝國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1843） 建議一般授權以發行股份及購回股份； 重選退任董事； 續聘獨立核數師； 採納第三份經修訂及重列公司細則； 及 股東週年大會通告 本通函封面較下部分及首頁所使用的詞彙與本通函「釋義」一節所界定者具相同涵義。 本公司謹訂於二零二五年九月二日（星期二）上午十一時正假座10 Anson Road, #28–1 ...

股份代號： （於開曼群島註冊成立的有限公司） 2024/2025 年 報 目錄 2 公司資料 3 致股東的話 5 管理層討論及分析 10 董事及高級管理層履歷 13 企業管治報告 26 環境、社會及管治報告 50 董事會報告 59 獨立核數師報告 62 綜合損益及其他全面收益表 63 綜合財務狀況表 65 綜合權益變動表 66 綜合現金流量表 68 綜合財務報表附註 113 財務摘要 114 釋義 2024 ╱2025年報 2 審核委員會 霍志權先生 （主席） 楊文豪先生 陳秋燕女士 薪酬委員會 陳秋燕女士 （主席） 楊文豪先生 霍志權先生 Daniel Tay先生 黃志達先生 提名委員會 楊文豪先生 （主席） 陳秋燕女士 霍志權先生 公司資料 董事會 執行董事 Daniel Tay先生 黃志達先生 （行政總裁） 獨立非執行董事 霍志權先生 （主席） 楊文豪先生 陳秋燕女士 公司秘書 董穎怡女士 授權代表 黃志達先生 董穎怡女士 註冊辦事處 Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands 總部 ...

Snack Empire Holdings Limited 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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃快餐帝國控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市 規則（「上市規則」）第13.51(1)條作出。 快餐帝國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1843） 建議採納第三份經修訂及重列公司細則 本公司董事（「董事」）會（「董事會」）建議修訂本公司現有第二份經修訂及重列公司細 則（「現有細則」）並採納本公司第三份經修訂及重列公司細則（「新細則」），以（其中 包括）使現有細則符合(i)有關擴大無紙化上市機制及上市發行人以電子方式發佈公 司通訊的最新監管規定以及於二零二三年十二月三十一日生效的上市規則相關修 訂；(ii)於二零二四年六月十一日生效的有關庫存股份的上市規則修訂；(iii)有關進 一步擴大無紙化上市機制的上市規則修訂，其中部分修訂於二零二五年二月十日起 生效，其餘修訂預期將於二零二五年底及之 ...

[Financial Overview](index=1&type=section&id=Financial%20Overview) [Financial Highlights](index=1&type=section&id=Annual%20Financial%20Highlights) The Group's revenue increased by 17.5% to SGD 29.57 million and gross profit by 19.7% to SGD 18.68 million this fiscal year; however, increased expansion costs led to a net loss of SGD 0.483 million, reversing last year's profit of SGD 0.18 million | Metric | Year Ended March 31, 2025 | Year Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | 29,568,000 SGD | 25,160,000 SGD | | Gross Profit | 18,684,000 SGD | 15,603,000 SGD | | (Loss)/Profit Attributable to Equity Holders of the Company | (483,000) SGD | 180,000 SGD | | Basic and Diluted (Loss)/Earnings Per Share | (0.06) SGC | 0.02 SGC | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show increased revenue and gross profit, but significantly higher selling, distribution, and administrative expenses led to a pre-tax loss, while non-current assets like property, plant, and equipment increased, and cash and cash equivalents decreased [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue grew 17.5% to SGD 29.57 million this year, but a 36.7% surge in selling and distribution expenses to SGD 9.21 million and a 9.9% rise in administrative expenses to SGD 10.08 million resulted in a pre-tax loss of SGD 0.124 million, reversing last year's pre-tax profit of SGD 0.226 million | Item (SGD thousands) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 29,568 | 25,160 | +17.5% | | Gross Profit | 18,684 | 15,603 | +19.7% | | Selling and Distribution Expenses | (9,214) | (6,740) | +36.7% | | Administrative Expenses | (10,084) | (9,170) | +9.9% | | (Loss)/Profit Before Income Tax | (124) | 226 | From Profit to Loss | | (Loss)/Profit for the Year | (483) | 180 | From Profit to Loss | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly increased to SGD 34.30 million at year-end, with non-current assets growing 34% to SGD 10.92 million due to property, plant, and equipment investments, while current assets decreased by SGD 4.11 million due to reduced cash and cash equivalents, and total liabilities slightly rose to SGD 10.17 million | Item (SGD thousands) | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current Assets | 10,916 | 8,149 | +2,767 | | Current Assets | 23,385 | 25,772 | -2,387 | | *Of which: Cash and Cash Equivalents* | 18,024 | 22,134 | -4,110 | | **Total Assets** | **34,301** | **33,921** | **+380** | | **Equity and Liabilities** | | | | | Equity Attributable to Equity Holders of the Company | 24,132 | 24,343 | -211 | | Total Liabilities | 10,169 | 9,578 | +591 | | **Total Equity and Liabilities** | **34,301** | **33,921** | **+380** | [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Segment Information and Revenue Analysis](index=8&type=section&id=Segment%20Information%20and%20Revenue%20Analysis) The Group operates as a single segment, with primary revenue from Singapore and Malaysia specialty store sales and franchising, totaling SGD 29.57 million this year, with specialty store sales being the largest contributor at SGD 20.57 million, up 23.7% year-on-year Revenue by Geographical Market (SGD thousands) | Geographical Market | 2025 | 2024 | | :--- | :--- | :--- | | Singapore | 12,769 | 10,757 | | Malaysia | 13,082 | 10,793 | | Indonesia | 2,980 | 2,954 | | United States | 711 | 518 | | Others | 26 | 138 | | **Total** | **29,568** | **25,160** | Revenue by Nature of Business (SGD thousands) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Specialty Store Sales | 20,571 | 16,626 | | Sales to Franchisees | 7,455 | 6,960 | | Royalty Fees | 922 | 841 | | Franchise Fees | 350 | 521 | | Advertising and Promotion Fees | 270 | 212 | | **Total** | **29,568** | **25,160** | - Annual revenue from a single external customer in Indonesia was approximately **SGD 2.98 million**, accounting for about **10% of total revenue**[21](index=21&type=chunk) [Analysis of Expenses and Statement of Financial Position Items](index=11&type=section&id=Analysis%20of%20Expenses%20and%20Statement%20of%20Financial%20Position%20Items) Significant expense increases this year, including employee benefits to SGD 8.40 million and depreciation to SGD 2.98 million, reflect cost pressures from business expansion, while property, plant, and equipment net book value substantially increased due to additions, and cash balances decreased with reduced bank borrowings - Key expense items all increased, with **employee benefits costs (+22.6%)**, **advertising and promotion expenses (+56.1%)**, and **depreciation (+33.5%)** showing particularly significant growth, reflecting increased investment during the expansion phase[28](index=28&type=chunk) - The net book value of property, plant, and equipment increased from **SGD 8.0 million to SGD 10.8 million**, primarily due to **SGD 5.79 million** in asset additions during the year[37](index=37&type=chunk) - The Group's cash and cash equivalents decreased by **SGD 4.11 million** from **SGD 22.13 million to SGD 18.02 million**[43](index=43&type=chunk) - Total bank borrowings decreased from **SGD 1.95 million to SGD 1.32 million**, with **SGD 0.13 million** due within one year[50](index=50&type=chunk)[52](index=52&type=chunk) [Chairman's Statement and Management Discussion](index=21&type=section&id=Chairman%27s%20Statement%20and%20Management%20Discussion) [Chairman's Statement](index=21&type=section&id=Message%20to%20Shareholders) The Chairman noted this year as one of continued expansion with increased self-operated specialty stores driving revenue growth, but the Group recorded a net loss due to central kitchen operational costs, higher labor expenses, and new Eat Pizza brand-related expenditures, with future plans including Philippine franchising, new menu items, and digitalization amidst challenging operating conditions - The Group is in a continuous expansion phase, with an increase in the number of Shihlin and Eat Pizza self-operated stores in Singapore and Malaysia, driving specialty store revenue growth of approximately **24%**[57](index=57&type=chunk) - Key reasons for the shift from profit to loss include: expenses incurred for the operationalization of the Singapore central kitchen, increased labor costs for offices and specialty stores, and expenses related to the new Eat Pizza brand[57](index=57&type=chunk)[59](index=59&type=chunk) - Future initiatives include: exploring new master franchise opportunities in the Philippines, and launching new menu items supported by the central kitchen to enhance revenue and profitability[58](index=58&type=chunk)[60](index=60&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) Management detailed this year's operations, noting an 18% revenue increase driven by Shihlin and Eat Pizza self-operated store expansion and franchise network growth, stable gross margins, but significantly higher selling and administrative expenses due to expansion, with plans for continued expansion using IPO proceeds, focusing on digitalization, network growth, and menu innovation [Business and Financial Review](index=23&type=section&id=Business%20and%20Financial%20Review) Total revenue grew 18% to SGD 29.60 million, primarily driven by increased revenue from Shihlin self-operated stores (+SGD 2.5 million) and Eat Pizza self-operated stores (+SGD 1.4 million), with gross margin stable between 61%-63%, but selling and distribution expenses surged 37% and administrative expenses rose 10% to support new store openings and personnel expansion - Revenue growth primarily stemmed from: (i) an increase of approximately **SGD 2.5 million** in Shihlin self-operated store revenue; (ii) an increase of approximately **SGD 1.4 million** in Eat Pizza self-operated store revenue; and (iii) increased revenue from the expansion of the franchise network[67](index=67&type=chunk) - Selling and distribution expenses increased by **37% (approximately SGD 2.5 million)**, mainly due to higher labor costs and depreciation from opening new specialty stores[72](index=72&type=chunk) - Administrative expenses increased by **10% (approximately SGD 0.9 million)**, primarily due to office expansion, staff salary increments, and legal professional fees related to the acquisition of a warehouse in Malaysia[73](index=73&type=chunk) [Liquidity, Capital, and Acquisitions](index=26&type=section&id=Liquidity%2C%20Capital%2C%20and%20Acquisitions) The Group's cash and cash equivalents decreased by SGD 4.1 million to SGD 18.0 million, maintaining a healthy current ratio of 4.0 times and a stable debt-to-equity ratio of 23%, while undertaking two significant property acquisitions in Malaysia (MYR 9.0 million) and Singapore (SGD 7.79 million) during the year, with SGD 1.674 million of IPO proceeds remaining unutilized - The Group's cash and cash equivalents are approximately **SGD 18.0 million**, a decrease of **SGD 4.1 million** from last year, with a current ratio of approximately **4.0 times**[75](index=75&type=chunk) - The debt-to-equity ratio (total interest-bearing bank borrowings and lease liabilities/equity) is approximately **23%**, consistent with last year[76](index=76&type=chunk) - Two significant acquisitions occurred during the year: the purchase of a property in Malaysia for **MYR 9.0 million** and the acquisition of a property in Singapore for **SGD 7.79 million**[77](index=77&type=chunk) Summary of Use of Proceeds from Share Offer (SGD thousands) | Purpose | Revised Net Proceeds Allocation | Amount Utilized During the Year | Balance as at March 31, 2025 | | :--- | :--- | :--- | :--- | | Establishment of New Self-Operated Specialty Stores in Singapore | 1,280 | (288) | — | | Establishment of New Self-Operated Specialty Stores in West Malaysia | 1,228 | (18) | 233 | | Expansion of Non-Self-Operated Network | 720 | (80) | 402 | | Renovation of Self-Operated Stores | 752 | (22) | 414 | | Upgrade of IT Infrastructure | 1,060 | (204) | 625 | | **Total** | **13,000** | **(802)** | **1,674** | [Outlook and Risks](index=29&type=section&id=Outlook%20and%20Risks) The Group faces foreign currency risk from cash, revenue, and expenses denominated in MYR, HKD, and USD, and plans to enhance efficiency through digitalization and automation, expand its specialty store network, improve menus, and explore additional revenue streams to create shareholder value - The Group faces foreign currency risk due to cash denominated in MYR and HKD, and monetary assets and liabilities denominated in USD and HKD, with no derivative instruments currently used for hedging[80](index=80&type=chunk) - Future outlook includes: (i) achieving digitalization and automation; (ii) expanding the specialty store network; (iii) improving the menu; and (iv) exploring additional revenue streams[87](index=87&type=chunk) [Corporate Governance and Other Information](index=30&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Dividends and Share Information](index=31&type=section&id=Dividends%20and%20Share%20Information) The Board resolved not to recommend any final dividend for the current year, compared to SGD 0.136 million paid last year, and the company and its subsidiaries did not purchase, redeem, or sell any listed securities during the year, maintaining sufficient public float - The Board resolved not to recommend any final dividend for the current year, whereas **SGD 0.136 million** was distributed for the 2023/2024 financial year[92](index=92&type=chunk) - Neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the year[93](index=93&type=chunk) - As of the date of this announcement, the Company has maintained a sufficient public float (not less than **25%**) as required by the Listing Rules[96](index=96&type=chunk) [Audit and Compliance](index=30&type=section&id=Audit%20and%20Compliance) The Audit Committee reviewed the full-year results announcement, and the Company confirmed compliance with all applicable provisions of the Corporate Governance Code throughout the reporting period, with all Directors also confirming adherence to the Model Code for securities transactions - This full-year results announcement has been reviewed by the Audit Committee[98](index=98&type=chunk) - Independent auditor Forvis Mazars LLP has concurred that the financial statement figures contained in this announcement are consistent with the draft financial statements[99](index=99&type=chunk) - During the year, the Company has complied with all mandatory disclosure requirements and provisions of the Corporate Governance Code[88](index=88&type=chunk)

Core Viewpoint - The article discusses the rapid expansion of "Wei Family Universe," a restaurant empire built on a strong supply chain and cross-industry ventures, originating from a small cold noodle stall in Xi'an [1][2]. Group 1: Company Overview - Wei Family, officially known as Xi'an Huarong Wei Family Catering Management Co., Ltd., was founded by Wei Wenjun, who started with a street-side cold noodle stall over 20 years ago [1][3]. - The company has developed a diverse portfolio, including cold noodles, hamburgers, Hunan cuisine, Japanese cuisine, and convenience stores, with nearly 400 outlets nationwide [1][16]. Group 2: Supply Chain and Expansion Strategy - Wei Family established a centralized kitchen in 2016 to ensure standardized ingredient supply across its outlets, significantly enhancing production capacity [6][21]. - The company has ventured into convenience stores, combining retail and dining, with 46 convenience store locations in Xi'an [8][12]. - Wei Family has successfully entered the Western fast food market with its first hamburger store, "Wei Si Li," which has expanded to 28 locations across several provinces [12][15]. Group 3: Brand and Market Position - The "Wei Family Universe" is characterized by its affordable pricing and generous portions, making it a popular choice among consumers, often referred to as the local "Sally's" [1][17]. - The brand has gained significant traction on social media, with discussions and user-generated content driving awareness and interest, resulting in nearly 80 million views on related posts [23][25]. Group 4: Business Model and Ecosystem - Wei Family operates a vertically integrated business model, encompassing food production, logistics, and even construction, with over 30 affiliated companies across various sectors [28][33]. - The company has established a "base + farmer" model for sourcing raw materials, ensuring quality and cost-effectiveness [23][21]. Group 5: Challenges and Future Outlook - Despite its success, the company faces challenges related to its rapid diversification into non-core areas like health and wellness, which may strain service quality and brand coherence [33]. - The reliance on a single founder for decision-making may pose risks as the company seeks to scale nationally, potentially exposing it to operational vulnerabilities [33].

Revenue and Profit - Total revenue increased from approximately 12,372 thousand SGD in the corresponding period to about 14,514 thousand SGD, representing a growth of approximately 17.3%[13] - The increase in revenue was primarily driven by the addition of the EatPizza brand, contributing approximately 826 thousand SGD, and a combined increase of about 1,333 thousand SGD in retail and delivery sales for the Shilin Taiwanese Street Snacks brand in Singapore and Malaysia[14] - Revenue for the six months ended September 30, 2024, was SGD 14,514 million, an increase of 17.3% compared to SGD 12,372 million in the same period of 2023[77] - Gross profit for the same period was SGD 9,213 million, reflecting a 21.2% increase from SGD 7,602 million year-over-year[79] - Net profit attributable to equity holders for the six months was SGD 207 million, down 53.6% from SGD 445 million in the previous year[87] - The company reported a total comprehensive income of SGD 659 million, compared to SGD 323 million in the same period last year, driven by foreign exchange gains[90] - Total net profit for the six months ended September 30, 2024, was SGD 8,962,000, compared to SGD 8,000,000 for the same period in 2023, reflecting a growth of 12.0%[139] Expenses and Costs - Sales and distribution expenses increased by approximately 1,264 thousand SGD or 39.7%, mainly due to increased marketing expenses and higher costs associated with the growing number of stores[17] - Administrative expenses rose by approximately 427 thousand SGD or 10.6%, primarily due to increased payroll costs associated with the expansion of the headquarters[17] - Employee benefits and director remuneration totalled SGD 4,861,000 in 2024, up from SGD 4,087,000 in 2023, an increase of 18.9%[147] - The cost of inventory included in cost of sales for the periods ended September 30, 2024, and 2023, was 5,301,000 SGD and 4,770,000 SGD, respectively, indicating an increase of 11%[153] Employee and Management - As of September 30, 2024, the group had 265 employees, with total employee costs amounting to approximately 5,058 thousand SGD, compared to 175 employees and 4,361 thousand SGD in the corresponding period[20] - The increase in employee costs is attributed to the growth in headquarters staff, the addition of new brands, and an increase in self-operated specialty store numbers[20] - The company provides customized training for employees to enhance their relevant skills and knowledge[20] - Major management remuneration for the six months ended September 30, 2024, was 1,150,000 SGD, compared to 1,263,000 SGD for the same period in 2023, reflecting a decrease of 9%[169] Assets and Liabilities - Total assets increased to SGD 34,489 million as of September 30, 2024, compared to SGD 33,921 million as of March 31, 2024[97] - Total liabilities decreased slightly to SGD 9,487 million from SGD 9,578 million as of March 31, 2024[101] - Cash and cash equivalents decreased to SGD 21,486 million from SGD 22,134 million at the end of the previous reporting period[116] - Total borrowings as of September 30, 2024, were 1,755,000 SGD, down from 1,820,000 SGD as of March 31, 2024[165] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results and found them compliant with applicable accounting standards[71] - The company maintains high standards of corporate governance, adhering to the corporate governance code as per the listing rules[67] - There have been no changes in the directors' information since the last annual report[66] - The company has confirmed compliance with the standard code during the review period[70] Future Plans and Expansion - The company plans to open new self-operated stores in Singapore and West Malaysia, with expected completion dates in March 2025 and March 2026, respectively[37] - The company has identified a new location for the EatPizza brand in Malaysia, with plans to open by the end of 2024[8] - The company plans to continue focusing on market expansion and product development to drive future growth[130] Stock Options and Equity - The stock option plan allows for a total of 80,000,000 shares to be granted, representing 10% of the total issued shares as of the mid-term report date[26] - No stock options have been granted, exercised, or canceled since the company's listing date on October 23, 2019[23] - The maximum rights for any eligible person under the stock option plan are limited to 1% of the total issued shares within a 12-month period unless approved by shareholders[28] - The exercise price for any specific stock option will be determined by the board and must be at least the higher of the closing price on the offer date or the average closing price over the preceding five trading days[34] - The stock option plan is valid for ten years from the adoption date unless terminated earlier by the company[35] - The company aims to incentivize and reward qualified individuals for their contributions through the stock option plan[24] Financial Ratios - The current ratio as of September 30, 2024, was approximately 4.8 times, unchanged from March 31, 2024[45] - The group’s net cash equity ratio was approximately 0.8 as of September 30, 2024, consistent with the previous period[45] - The group’s debt-to-equity ratio was approximately 23% as of September 30, 2024, compared to 22% as of March 31, 2024[48]

Revenue Growth - Total revenue increased from approximately 12,372 thousand SGD in the corresponding period to about 14,514 thousand SGD in the review period, representing a growth of approximately 17.3%[14] - The increase in revenue was primarily driven by the addition of the EatPizza brand, contributing approximately 826 thousand SGD, and a combined increase of about 1,333 thousand SGD in retail and delivery sales for the Shilin Taiwanese Street Snacks brand in Singapore and Malaysia[15] - Revenue for the six months ended September 30, 2024, was SGD 14,514 million, representing a 17.3% increase from SGD 12,372 million in the same period of 2023[78] - Revenue from Singapore increased to SGD 6,418 thousand in 2024 from SGD 5,079 thousand in 2023, reflecting a growth of about 26.4%[138] - Revenue from Malaysia decreased slightly to SGD 6,373 thousand in 2024 from SGD 5,506 thousand in 2023, a decline of approximately 2.4%[138] Store Expansion - The company opened 2 new self-operated stores for the Shilin brand in Singapore during the review period, with an additional store expected to open in the first quarter of 2025[9] - The company has also opened 3 self-operated stores for the EatPizza brand in Singapore and launched its first self-operated store in Malaysia during the review period[9] - The company plans to open an additional location for the EatPizza brand in Malaysia by the end of 2024[9] - The company plans to open new self-operated stores in Singapore and West Malaysia, with expected completion dates in March 2025 and March 2026, respectively[38] Financial Performance - Gross profit increased to SGD 9,213 million, up 21.2% from SGD 7,602 million year-over-year[80] - Net profit attributable to equity holders for the period was SGD 207 million, a decrease of 53.6% compared to SGD 445 million in the previous year[88] - The net profit for the six months ended September 30, 2024, was SGD 40 thousand, down from SGD 60 thousand in the same period of 2023, indicating a decrease of 33.3%[145] - Basic and diluted earnings per share for the six months ended September 30, 2024, were 0.08 SGD, up from 0.04 SGD in 2023, reflecting a 100% increase[152] Expenses and Costs - Total sales and distribution expenses increased by approximately 1,264 thousand SGD or 39.7% due to higher marketing expenses and an increase in the number of stores, leading to higher wages and rental costs[18] - Administrative expenses rose by approximately 427 thousand SGD or 10.6%, primarily due to increased office staff costs associated with headquarters expansion[18] - The total employee cost for the review period was approximately 5,058 thousand SGD, up from 4,361 thousand SGD in the corresponding period, attributed to an increase in the number of employees and new brand additions[21] - Total employee benefits and director remuneration costs increased to SGD 4,861 thousand in 2024 from SGD 4,087 thousand in 2023, an increase of approximately 18.9%[148] Financial Position - As of September 30, 2024, the company's total equity was approximately SGD 25.0 million, with current assets of SGD 25.4 million and current liabilities of SGD 5.3 million, resulting in a current ratio of 4.8[46] - The company's net cash equity ratio is approximately 0.8, indicating a stable financial position[46] - The company has no significant capital commitments or contingent liabilities as of September 30, 2024[42][55] - The company's debt-to-equity ratio is approximately 23% as of September 30, 2024, reflecting a manageable level of debt[49] - The company has maintained a prudent financial management approach to ensure good liquidity throughout the review period[48] Corporate Governance - The board of directors has resolved not to declare any interim dividend for the review period, consistent with the corresponding period[20] - The company has adopted the Corporate Governance Code and is committed to maintaining high standards of corporate governance[68] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the interim results and believes they comply with applicable accounting standards[72] Shareholder Information - As of September 30, 2024, the company has 800,000,000 issued shares, with Daniel Tay and Huang Zhi Da each holding 600,000,000 shares, representing 75% ownership[61] - Daniel Tay and Huang Zhi Da each have a beneficial interest of 50% in Qiao Mai Limited, which holds 600,000,000 shares, also representing 75% ownership[64] - The company did not purchase, redeem, or sell any of its listed securities during the review period[65] - There were no changes in the directors' information from the last annual report to the date of this interim report[67] Operational Developments - The central kitchen in Singapore has passed necessary inspections and is now operational, with plans to expand the menu offerings and streamline store processes in 2025[9] - A warehouse has been purchased in Malaysia to support future expansion, aiming to reduce rental and relocation costs after existing leases expire[10] - The company provides customized training for employees to enhance their relevant skills and knowledge[21] Other Financial Metrics - Cash and cash equivalents decreased to SGD 21,486 million from SGD 22,134 million at the end of the previous reporting period[117] - Operating cash flow for the period was SGD 998 million, down from SGD 1,863 million in the prior year[114] - The company reported a foreign exchange gain of SGD 452 million, compared to a loss of SGD 122 million in the previous year[90] - Total assets as of September 30, 2024, amounted to SGD 34,489 million, an increase from SGD 33,921 million as of March 31, 2024[98] - Total liabilities decreased slightly to SGD 9,487 million from SGD 9,578 million[102]

Corporate Governance - The board acknowledges the responsibility for publishing clear and accurate annual and interim reports as required by listing rules[1] - The independent auditor for the year is Forvis Mazars LLP, with fees paid or payable listed in thousands[3] - The nomination committee held one meeting during the year, with all members present[10] - The remuneration committee held three meetings during the year, with all members present[11] - The audit committee held four meetings during the year, with all members present[14] - All directors participated in continuous professional development to enhance their knowledge and skills[15] - The board diversity policy is regularly reviewed to ensure its ongoing effectiveness[7] - The company emphasizes the importance of good corporate governance elements in its management structure and internal controls[7] - The audit committee reviews the group's financial and accounting policies and practices[20] - The board has reviewed the company's corporate governance policies and practices and made relevant recommendations during the year[92] - The board is responsible for ensuring the company maintains and implements comprehensive corporate governance practices[92] - The board has adopted a diversity policy to ensure a range of perspectives in decision-making, considering factors such as knowledge, gender, age, and professional experience[132] - The board's diversity policy encompasses the composition of the board and the assessment of the independence of independent non-executive directors[198] - The company has confirmed the independence of all non-executive directors, ensuring no circumstances affect their independent judgment[173] - The company has adhered to all mandatory disclosure requirements and best practices outlined in the corporate governance code for the year[195] - The company has not yet established an internal audit function as per the corporate governance code, but is reviewing the need for it annually[176] Financial Performance - The group's total revenue decreased from approximately 26.4 million SGD in the previous year to about 25.2 million SGD, a decline of approximately 4.5%[75] - The group's gross profit for the year was approximately 15.6 million SGD, down about 3.1% from approximately 16.1 million SGD in the previous year, with a stable gross margin maintained at around 61-63%[78][77] - Employee costs increased from approximately 8.6 million SGD in the previous year to about 9.8 million SGD, an increase of approximately 14% due to salary adjustments and incentives to attract and retain talent[54] - Administrative expenses rose from approximately 7.6 million SGD to about 9.2 million SGD, representing an increase of approximately 21%[57] - The group recorded interest-bearing bank borrowings of about 2.0 million SGD as of March 31, 2024, with an interest rate increase from 3.4% to 4.8%[58] - The group's debt-to-equity ratio as of March 31, 2024, is approximately 22%, compared to 18% on March 31, 2023[95] - As of March 31, 2024, the group's cash and cash equivalents were approximately SGD 22.1 million, a decrease of about SGD 1.4 million from SGD 23.5 million on March 31, 2023[164] - The total current assets and current liabilities as of March 31, 2024, were approximately SGD 25.8 million and SGD 5.4 million, respectively, resulting in a current ratio of approximately 4.8 times, down from 5.7 times on March 31, 2023[164] Business Operations and Expansion - The company has closed 1 Shilin specialty store in Singapore and Malaysia, while opening 4 new stores in Singapore and 2 in Malaysia[24] - The company acquired a central kitchen in Singapore, expected to be operational by Q2 2024/2025, aimed at increasing product supply and improving operational efficiency[25] - The company has expanded its Eat Pizza brand, opening 2 new stores this year and planning to open 3 more in Singapore[40] - Revenue from Singapore's Shilin brand self-operated stores decreased by approximately SGD 0.6 million due to increased dining options post-pandemic and competition[51] - Franchise fees decreased by approximately SGD 0.1 million, mainly due to reduced fees from new store openings in Indonesia and the USA[52] - The company is actively seeking new locations for Shilin specialty stores and dining outlets in Singapore and Malaysia[47] - The company has strengthened its team at the Singapore headquarters to support digital development and business expansion[26] - The group opened 6 new specialty stores in Singapore and West Malaysia during the year and is actively seeking better locations for future expansions[98] - The group has signed a master franchise agreement for the Korean pizza brand Eat Pizza in Singapore and Malaysia, with two self-operated stores opened in Singapore, increasing to four by the report date[72] Marketing and Customer Engagement - The company continues to collaborate with influencers for marketing and has created official accounts on TikTok and Xiaohongshu to attract more consumers[41] - The company aims to expand its menu offerings in specialty stores and enhance brand visibility through social media marketing[43] - The company emphasizes high-quality customer service as a key factor in building customer loyalty[124] - The company has a vision to bring authentic street food to customers worldwide, actively participating in exhibitions to attract franchisees[123] - The group has extended the operating hours of two stores and introduced all-day dining services on weekends, along with group ordering and promotional menu offerings[66] Digital Transformation and Efficiency - The group is undergoing a digital transformation with the establishment of an ERP system aimed at streamlining processes and improving operational efficiency, expected to be completed by Q2 2024/2025[65] - Future outlook includes continuing digitalization and automation to improve operational efficiency, seeking suitable locations to expand the store network, enhancing the menu offered to consumers, and exploring additional revenue streams to create shareholder value[167] Employee Development and Training - The company encourages directors to attend training courses, with costs covered by the company[15] - The company has provided comprehensive training programs for employees, focusing on operational safety and customer service, to improve frontline service quality[190] - The company has a strong focus on maintaining service quality and consistency across its outlets through employee training[126] Compliance and Risk Management - The company is committed to maintaining compliance with anti-corruption and fraud regulations, providing regular training to employees[138] - The company has implemented a whistleblowing policy to maintain high standards of transparency and accountability, allowing employees to report misconduct anonymously[136] - The company will take necessary measures to ensure foreign currency risks are manageable as needed[100] - The company does not currently use derivative financial instruments to hedge foreign currency risks and will continue to monitor currency fluctuation risks closely[100] - The company has not identified any significant fraud or misconduct that would materially impact its financial statements for the year[184] Future Plans and Investments - The company has allocated 47.7% of its net proceeds, amounting to 6,200 thousand SGD, for general working capital[189] - The company plans to open new self-operated stores in Singapore and West Malaysia, with allocations of 1,280 thousand SGD (9.8%) and 1,228 thousand SGD (9.4%) respectively, expected to be completed by March 2025[189] - The company is enhancing its workforce with an allocation of 1,060 thousand SGD (8.2%), with a remaining balance of 46 thousand SGD expected to be utilized by March 2025[189] - The company is investing 1,060 thousand SGD (8.2%) in upgrading IT infrastructure and data management systems, with a remaining balance of 829 thousand SGD expected to be utilized by March 2027[189] - The group plans to undertake a brand revitalization initiative aimed at attracting a new generation of customers, expected to be completed by March 2026[165] - The group has no significant investment or capital asset plans aside from the use of proceeds from the share sale as of March 31, 2023, and March 31, 2024[105] - The group has no plans for significant investments or capital assets beyond the use of proceeds from the share sale[105]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) A concise overview of the company's key financial performance indicators [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the fiscal year ended March 31, 2024, Fast Food Empire Holdings experienced slight declines in revenue and gross profit, while profit attributable to equity holders plummeted by 90.2% to 0.18 million SGD, resulting in near-zero earnings per share Financial Performance Summary | Metric | FY2024 (Ended March 31) | FY2023 (Ended March 31) | | :--- | :--- | :--- | | Revenue | 25.16 million SGD | 26.405 million SGD | | Gross Profit | 15.603 million SGD | 16.116 million SGD | | Profit Attributable to Equity Holders | 0.18 million SGD | 1.843 million SGD | | Basic and Diluted Earnings Per Share | 0.0 SGD cents | 0.2 SGD cents | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) A comprehensive overview of the company's financial position, performance, and cash flows for the reporting period [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In FY2024, total revenue decreased by 4.7% to 25.16 million SGD, with administrative expenses surging by 24.3% to 9.51 million SGD, significantly impacting pre-tax profit which plummeted from 2.39 million SGD to 0.23 million SGD, leading to a substantial net profit reduction Consolidated Statement of Profit or Loss and Other Comprehensive Income | Item | 2024 (thousand SGD) | 2023 (thousand SGD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 25,160 | 26,405 | -4.7% | | Gross Profit | 15,603 | 16,116 | -3.2% | | Administrative Expenses | (9,506) | (7,646) | +24.3% | | Profit Before Income Tax | 226 | 2,388 | -90.5% | | Profit for the Year | 180 | 1,843 | -90.2% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, total assets slightly increased to 33.92 million SGD, driven by property, plant, and equipment, while total liabilities rose to 9.58 million SGD, leading to a marginal decrease in total equity and a 1.4 million SGD reduction in cash and cash equivalents to 22.13 million SGD Consolidated Statement of Financial Position | Item | March 31, 2024 (thousand SGD) | March 31, 2023 (thousand SGD) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Property, Plant and Equipment | 8,000 | 6,153 | +30.0% | | Cash and Cash Equivalents | 22,134 | 23,493 | -5.8% | | **Total Assets** | **33,921** | **32,904** | **+3.1%** | | **Liabilities** | | | | | Borrowings | 1,950 | 2,080 | -6.3% | | Lease Liabilities | 3,496 | 2,415 | +44.8% | | **Total Liabilities** | **9,578** | **8,410** | **+13.9%** | | **Equity** | **24,343** | **24,494** | **-0.6%** | [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Detailed explanations and breakdowns of the figures presented in the consolidated financial statements [Segment Information](index=9&type=section&id=3%20Segment%20Information) The Group manages all operations as a single segment, with Singapore and Malaysia as core markets contributing over 85% of revenue, both experiencing declines this fiscal year, while a single Indonesian customer accounts for 11.7% of total revenue, posing customer concentration risk Revenue by Geographical Market | Geographical Market | 2024 Revenue (thousand SGD) | 2023 Revenue (thousand SGD) | YoY Change | | :--- | :--- | :--- | :--- | | Singapore | 10,757 | 11,106 | -3.1% | | Malaysia | 10,793 | 11,587 | -6.9% | | Indonesia | 2,954 | 2,901 | +1.8% | | United States | 518 | 748 | -30.7% | | Others | 138 | 63 | +119.0% | | **Total** | **25,160** | **26,405** | **-4.7%** | - A single external customer from Indonesia contributed **2.954 million SGD** in revenue, representing **11.7%** of total revenue[28](index=28&type=chunk) [Revenue Analysis](index=10&type=section&id=4%20Revenue) Total revenue decreased by 4.7% this fiscal year, with all major income streams declining, most notably an 0.88 million SGD reduction in sales to franchisees/licensees, alongside slight decreases in retail outlet sales and high-margin franchise and royalty fees Revenue by Source | Revenue Source | 2024 (thousand SGD) | 2023 (thousand SGD) | YoY Change | | :--- | :--- | :--- | :--- | | Retail Outlet Sales | 16,626 | 16,718 | -0.5% | | Sales to Franchisees/Licensees | 6,960 | 7,837 | -11.2% | | Franchise Fees | 521 | 636 | -18.1% | | Royalty Fees | 841 | 937 | -10.2% | | Advertising and Promotion Fees | 212 | 277 | -23.5% | | **Total** | **25,160** | **26,405** | **-4.7%** | [Dividends](index=14&type=section&id=9%20Dividends) Unlike the previous fiscal year's special, interim, and final dividends, the Board decided not to declare any dividends for the fiscal year ended March 31, 2024, reflecting reduced profitability and a potential shift towards cash retention for business development - The Board did not declare any dividends for the fiscal year ended March 31, 2024[40](index=40&type=chunk) - In contrast, for FY2023, the company declared special, interim, and final dividends totaling approximately **6.181 million SGD**[40](index=40&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) Management's perspective on the company's financial performance, operational highlights, and future outlook [Business Review and Outlook](index=22&type=section&id=Business%20Review%20and%20Outlook) FY2024 marked the start of the Group's transformation, focusing on digitalization and expansion, including ERP system implementation, introducing 'Eat Pizza,' and acquiring a central kitchen; despite rising labor costs, inflation, and increased competition impacting Shilin brand revenue, management remains optimistic, planning continued store network expansion, brand rebranding, and new revenue stream exploration for long-term value growth - The Group initiated digital transformation by establishing an ERP system to streamline processes and enhance operational efficiency[67](index=67&type=chunk) - Secured master franchise rights for Korean pizza brand 'Eat Pizza' in Singapore and Malaysia, with successful store openings and positive market reception[68](index=68&type=chunk) - Acquired a central kitchen in Singapore to expand menu offerings, extend catering services, and optimize store operations[68](index=68&type=chunk) - Key challenges include rising store labor costs, manpower shortages, and increased food ingredient and rental costs due to inflation[70](index=70&type=chunk) - Future outlook includes continued digitalization, expansion of the retail outlet network, menu improvements, and exploration of additional revenue streams such as catering/events[68](index=68&type=chunk)[103](index=103&type=chunk) [Financial Review](index=25&type=section&id=Financial%20Review) Total revenue decreased by 4.5% to 25.2 million SGD this fiscal year, primarily due to reduced sales from Singapore Shilin brand outlets amid increased competition and lower sales/fee income from fewer Malaysian franchisees; while gross margin remained stable at 61-63%, administrative expenses surged 21% due to increased staffing and new brand setup costs, significantly eroding profits - Total revenue decreased by **4.5%**, primarily due to a **0.6 million SGD** decline in Singapore Shilin brand outlet sales and a **0.5 million SGD** reduction in sales to Malaysian franchisees[77](index=77&type=chunk)[78](index=78&type=chunk) - Gross margin remained stable at approximately **61–63%**, indicating relatively effective cost control at the sales level[82](index=82&type=chunk) - Staff costs increased by **1.2 million SGD**, and administrative expenses rose by **21%**, mainly due to increased headcount for new brand and central kitchen expansion, along with annual salary adjustments[84](index=84&type=chunk)[86](index=86&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=27&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group maintains a sound financial position despite tightening liquidity, with cash and cash equivalents decreasing by 1.4 million SGD to 22.1 million SGD; the current ratio declined from 5.7x to 4.8x, remaining healthy, while the debt-to-equity ratio (interest-bearing and lease liabilities/equity) increased from 18% to 22% due to higher lease liabilities Key Liquidity and Capital Metrics | Metric | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 22.1 million SGD | 23.5 million SGD | | Current Ratio | 4.8 times | 5.7 times | | Debt-to-Equity Ratio | 22% | 18% | [Use of Proceeds from Share Offer](index=28&type=section&id=Use%20of%20Proceeds%20from%20Share%20Offer) As of March 31, 2024, approximately 2.48 million SGD of the 13 million SGD net IPO proceeds remain unutilized; due to pandemic-induced expansion delays, the Board extended the fund utilization timeline, with remaining funds allocated for store expansion in Singapore and Malaysia, human resource enhancement, and IT infrastructure upgrades, phased between 2025 and 2027 - As of March 31, 2024, **2.476 million SGD** of the net proceeds from the share offer remain unutilized[91](index=91&type=chunk) - Due to delays in expansion plans, the Board decided to extend the expected timeline for utilizing the proceeds to align with future 2-3 year business strategies[91](index=91&type=chunk) [Corporate Governance and Other Information](index=30&type=section&id=Corporate%20Governance%20and%20Other%20Information) Information regarding the company's governance practices, dividend policy, and audit review processes [Dividend Policy](index=31&type=section&id=Dividend%20Policy) This fiscal year, the company adopted a conservative dividend policy, with the Board neither declaring nor recommending any final dividends, a stark contrast to the previous year's multiple dividend payouts, indicating a current preference for cash retention for reinvestment and operational challenges - The Board did not declare any dividends and does not recommend any final dividends for the current fiscal year[109](index=109&type=chunk) [Review of Annual Results](index=32&type=section&id=Review%20of%20Annual%20Results) This annual results announcement has been reviewed by the company's Audit Committee, and independent auditor Forvis Mazars LLP confirmed that the financial statement figures in the announcement align with the Group's draft consolidated financial statements, ensuring accuracy of disclosed information - This annual results announcement has been reviewed by the Audit Committee[116](index=116&type=chunk) - Independent auditor Forvis Mazars LLP has confirmed that the financial statement figures contained in this announcement are consistent with the amounts in the Group's draft consolidated financial statements for the current year[117](index=117&type=chunk)

Revenue Performance - Total revenue decreased from approximately 13,845 thousand SGD in the corresponding period to about 12,372 thousand SGD, representing a decline of approximately 10.6%[9] - Retail and delivery sales in Singapore decreased by approximately 788 thousand SGD or 13% during the review period, attributed to the normalization of conditions post-COVID-19[9] - Revenue for the six months ended September 30, 2023, was 12,372 thousand SGD, a decrease of 10.6% from 13,845 thousand SGD in the same period of 2022[105] Profitability - Gross profit for the same period was 7,602 thousand SGD, down 8.9% from 8,346 thousand SGD in 2022[75] - Profit attributable to equity holders for the period was 445 thousand SGD, a significant decline of 75.1% compared to 1,777 thousand SGD in the previous year[75] - Basic and diluted earnings per share for the period were 0.04 SGD, down from 0.21 SGD in the same period last year[75] - The total comprehensive income for the period was 323 thousand SGD, down from 1,666 thousand SGD in the previous year, indicating a decline of about 81%[83] - For the six months ended September 30, 2023, the company reported a profit of 445 thousand SGD, compared to 1,777 thousand SGD for the same period in 2022, representing a decrease of approximately 75%[83] Expenses and Costs - Administrative expenses increased by approximately 526 thousand SGD or 15.5%, mainly due to increased salary costs from headquarters expansion[14] - The company reported a decrease in sales and distribution expenses to 3,180 thousand SGD from 3,270 thousand SGD in the previous year[75] - Total employee benefits and director remuneration increased to 4,087 thousand SGD in 2023 from 3,609 thousand SGD in 2022, reflecting a rise in wage and salary expenses[110] Cash Flow and Financing - Cash generated from operating activities was 1,863 thousand SGD, a decrease from 2,279 thousand SGD year-on-year, reflecting a decline of approximately 18%[86] - The net cash used in financing activities was 1,149 thousand SGD, a substantial decrease from 5,978 thousand SGD in the previous year, showing improved cash management[87] - The company's cash and cash equivalents at the end of the reporting period were 23,796 thousand SGD, a slight decrease from 24,101 thousand SGD year-on-year[87] Capital and Investments - The company issued 200,000,000 shares at HKD 0.65 per share, resulting in net proceeds of approximately HKD 74.8 million after deducting underwriting fees and related listing expenses[37] - The company allocated 47.7% of the proceeds, approximately HKD 6.2 million, for general working capital, with HKD 2.361 million already utilized[37] - The company has no significant investments or capital asset plans other than those disclosed in the prospectus and this report as of September 30, 2023[40] Financial Position - As of September 30, 2023, the total equity of the group was approximately SGD 24.7 million, compared to SGD 24.5 million as of March 31, 2023[47] - The current assets of the group were approximately SGD 26.9 million, while current liabilities were about SGD 4.4 million, resulting in a current ratio of approximately 6.1 times[47] - The group's outstanding bank borrowings were approximately SGD 2.0 million as of September 30, 2023, down from SGD 2.1 million as of March 31, 2023[47] - The debt-to-equity ratio of the group was approximately 19% as of September 30, 2023, up from 18% as of March 31, 2023[50] Corporate Governance and Compliance - The company has maintained compliance with corporate governance codes throughout the review period[68] Future Plans - The group plans to launch a new cooking kiosk concept in early 2024 as an additional revenue source[5] - The company plans to open new self-operated stores in Singapore and West Malaysia, with expected completion by March 2024, utilizing 9.8% and 9.4% of the proceeds respectively[37] Miscellaneous - No interim dividend was declared for the review period, compared to 0.133 SGD per share in the corresponding period[18] - The company experienced a foreign exchange loss of 122 thousand SGD during the period, compared to a loss of 111 thousand SGD in the previous year[83] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the review period[42]