Economic Performance - In 2024, China's GDP reached RMB 134.9 trillion, growing by 5.0% compared to the previous year[7]. - The national restaurant revenue was RMB 5.57 trillion, exceeding the growth rate of total retail sales of consumer goods by 1.8 percentage points, accounting for 11.4% of total retail sales[13]. - The restaurant sector is evolving into a multi-format integration model, enhancing consumer experience and driving economic growth[8]. Company Strategy and Expansion - The company is actively expanding its food supply chain internationally, aiming to reach Southeast Asia and the Middle East through partnerships with well-known enterprises[10]. - The company focuses on three main business sectors: food supply, restaurant services, and environmental technology, aligning with national strategies for green development[14]. - The company aims to become a leading provider of quality living services in the Greater Bay Area, emphasizing green economic development[7]. - The company plans to expand its sky farm initiatives across the Greater Bay Area and overseas, enhancing its environmental technology revenue contribution[17]. Financial Performance - The group's revenue for the year was approximately HKD 788.6 million, with the food supply business contributing about HKD 750.4 million, accounting for approximately 95.2% of total revenue[22]. - Revenue from the Greater Bay Area market (excluding Hong Kong) was approximately HKD 610.5 million, representing about 81.4% of the food supply business segment's revenue[22]. - The restaurant service business generated revenue of approximately HKD 37.4 million, accounting for about 4.7% of total revenue, with a 207.5% increase compared to the previous period[23]. - The gross profit for the year was approximately HKD 51.9 million, with a gross margin of about 6.6%, a decrease from the previous period's gross margin of 14.9%[24]. - The net loss for the year was approximately HKD 42.0 million, compared to a loss of approximately HKD 45.6 million for the period ending December 31, 2023[34]. Investment and Financing - The company has received financial investment from a well-known family office in Hong Kong, indicating market recognition of its development strategy[10]. - The net proceeds from the rights issue amounted to approximately HKD 102.31 million, with 30% allocated for the establishment of a live cattle farm project, which has since been deemed not the best timing for expansion due to global economic uncertainties[35]. - The group’s bank borrowings as of December 31, 2024, were approximately HKD 7.2 million, down from approximately HKD 10.8 million as of December 31, 2023[43]. Operational Challenges - Rising procurement costs for ingredients may adversely affect business operations if the group cannot acquire necessary quantities at reasonable prices[65]. - The group plans to implement effective procurement and inventory management measures to mitigate risks associated with ingredient price fluctuations[65]. - The group recognized an expected credit loss provision of approximately HKD 7.2 million for trade receivables, up from HKD 2.1 million in the previous year, indicating increased credit risk management efforts[61]. Corporate Governance - The company has appointed independent non-executive directors to enhance governance and strategic oversight[78]. - The board consists of three executive directors and three independent non-executive directors, meeting the minimum requirements of the listing rules[183]. - The company is committed to maintaining high standards of corporate governance, which is essential for gaining and maintaining stakeholder trust[177]. - All independent non-executive directors have confirmed their independence according to the listing rules, and the company believes they are independent[165]. Environmental and Social Responsibility - The company is committed to sustainable development and contributing to ecological civilization, in line with national policies[13]. - The company has implemented various green initiatives, including energy-saving plans and waste management, to mitigate environmental impact[168]. - Charitable donations made by the group during the year amounted to approximately HKD 44,000, with prior nine-month donations totaling around HKD 302,000[92]. Future Outlook - The company aims to leverage the supportive fiscal policies to enhance domestic demand and promote consumption, presenting new opportunities for growth[18]. - The group is expected to face major risks and uncertainties, which are detailed in the management discussion and analysis section of the annual report[88].

董事會不建議派付期內的末期股息（二零二三年三月三十一日：無）。 2023年年報 中國萬天控股有限公司 16 管理層討論及分析（續） 主要風險及不明朗因素 信貸風險 本集團面臨的信貸風險主要來自現金及現金等價物、貿易應收款項、按金及應收關聯方款項。貿易應收款 項大部分來自與本集團具有良好收款往績記錄的本地餐飲服務經營商。就貿易應收款項而言，本集團採納 僅與具有合適信貸記錄的客戶進行交易的政策，以減低信貸風險。本集團面臨貿易應收款項的信貸集中風險， 原因為於二零二三年十二月三十一日五大債務人貿易應收款項佔貿易應收款項總額約為51.1%（二零二三年 三月三十一日：51.7%）。對於集體評估下的貿易應收款項，鑒於與該等客戶的業務往來記錄及其應收款項 的收回記錄良好，管理層與該等客戶就重大逾期結餘的預期償還條款進行溝通，並相信本集團應收該等客 戶的尚未收回的應收款項結餘本身並無重大信貸風險。就個別已證實減值的貿易應收款項而言，管理層已 就該等結餘作出足夠撥備。截至二零二三年十二月三十一日止九個月，本集團根據預期信貸虧損模式就貿 易應收款項計提虧損撥備約2,116,000港元（二零二三年三月三十一日：4,351,000港 ...

Financial Performance - The company reported a net loss of HKD 16,253,000 for the six months ended September 30, 2023, compared to a loss of HKD 16,157,000 for the same period in 2022[7]. - The company's revenue increased significantly by approximately 87.3%, from about HKD 68.7 million for the six months ended September 30, 2022, to approximately HKD 128.7 million for the same period in 2023[69]. - The loss for the reporting period increased to approximately HKD 16.3 million, compared to a loss of about HKD 8.1 million in the same period last year[106]. - The basic and diluted loss per share for the period was HKD 0.93, compared to HKD 0.53 in the previous year, indicating a worsening loss per share[167]. - The operating loss increased to HKD 15,322 thousand from HKD 7,206 thousand year-on-year, indicating a deterioration in operational efficiency[167]. Assets and Liabilities - Total assets as of September 30, 2023, amounted to HKD 223,253,000, a significant increase from HKD 111,687,000 as of March 31, 2023[6]. - Current liabilities increased to HKD 154,061,000 from HKD 82,524,000, indicating a rise in short-term financial obligations[6]. - The company's total equity reached HKD 223,253,000, reflecting a substantial growth from HKD 111,687,000[6]. - As of September 30, 2023, total assets increased by approximately 33.1% to about HKD 287.9 million, up from HKD 216.3 million as of March 31, 2023, mainly due to increased bank balances from the rights issue[112]. - Total liabilities decreased by approximately 38.1% to about HKD 64.7 million from HKD 104.6 million on March 31, 2023, primarily due to repayment of payables[132]. Cash Flow - Cash and cash equivalents at the end of the period stood at HKD 93,327 thousand, a significant increase from HKD 28,514 thousand at the end of the previous year[171]. - The company incurred a net cash outflow from operating activities of HKD 27,466 thousand, compared to HKD 9,508 thousand in the prior period, indicating increased cash burn[171]. - Financing activities generated a net cash inflow of HKD 91,924 thousand, primarily from the issuance of new shares[171]. Revenue Segments - The green ingredient supply business accounted for approximately 93.2% of total revenue, with revenue soaring approximately 76.5% to about HKD 119.9 million compared to approximately HKD 67.9 million in the same period of 2022[97]. - The gross profit from the green ingredient supply business increased by approximately 21.0% to about HKD 17.7 million, with approximately HKD 2.2 million coming from the Greater Bay Area market[85]. - The green catering services and environmental technology services contributed approximately HKD 8.8 million to total revenue, accounting for about 6.8% of the group's revenue during the reporting period[98]. Corporate Governance - The company is focused on maintaining high standards of corporate governance to enhance stakeholder trust and accountability[167]. - The company adheres to the corporate governance code throughout the reporting period[148]. - The board continues to manage the group's cash reserves prudently to ensure readiness for future growth opportunities[135]. Strategic Focus - The company operates primarily in Hong Kong and China, focusing on expanding its market presence in these regions[18]. - The company is focusing on high-quality ingredient supply and health food sectors, establishing strategic partnerships with industry leaders to ensure sustainable development[80]. - The company plans to invest more resources in specific health ingredient sectors in the coming six months, aiming for sustainable growth[81]. Shareholder Information - Major shareholders include Hooy Investment Limited and Yap Global Investment Limited, each holding 1,040,372,000 shares, representing 54.41% of the total shares[144]. - The beneficial ownership structure shows that 佳源 holds 1,040,372,000 shares, equivalent to 54.41% of the total shares, with significant control by related parties[152]. Expenses - Employee benefits expenses for the six months ended September 30, 2023, were HKD 19,267 thousand, up from HKD 15,968 thousand in 2022[47]. - Administrative expenses rose by approximately 40.4% to about HKD 31.6 million, compared to HKD 22.5 million in the same period last year, primarily due to the opening costs of new restaurants and other indirect costs[103]. - Sales expenses increased by approximately 176.8% to about HKD 1.2 million, up from HKD 0.4 million in the same period last year, mainly due to increased promotional and delivery service costs for the green catering business[102]. Risk Management - The company continues to face various financial risks, including credit risk, liquidity risk, and interest rate risk, with no changes in risk management policies since the year ended March 31, 2023[176]. - The effective tax rate for Hong Kong profits tax remains at 16.5%, with a lower rate of 8.25% applicable to the first HKD 2,000,000 of assessable profits for qualifying entities[184].

於 二 零 二 三 年 九 月 三 十 日，本 集 團 以 港 元 計 值 的 銀 行 借 貸 約 為11.6百 萬 港 元（二 零 二 三 年 三 月 三 十 一 日：約13.4百 萬 港 元）。本 集 團 的 銀 行 借 貸 主 要 按 浮 動 利 率 獲 得，並 用 於 經 營 的 營 運 資 金 需 求 融 資 及 購 買 現 有 物 業。 於 二 零 二 三 年 九 月 三 十 日，本 集 團 的 流 動 比 率（流 動 資 產 除 以 流 動 負 債）因 銀 行 結餘增加而增加至約2.7（二 零 二 三 年 三 月 三 十 一 日：約1.2）。 本集團資產抵押 除 本 公 告 所 披 露 者 外，於 二 零 二 三 年 九 月 三 十 日，本 集 團 並 無 價 值 佔 本 集 團 總 資 產5%或 以 上 的 重 大 投 資。於 二 零 二 三 年 九 月 三 十 日，概 無 有 關 重 大 投 資 或 購 入 資 本 資 產 的 其 他 計 劃。 董事將繼續遵循審慎政策管理本集團的現金結餘並維持強勁及穩健的流動資 金，以 確 保 本 集 團 作 好 準 備 把 握 未 來 增 長 機 遇。 於 ...

具 體 而 言，本 集 團 有 三 個 可 報 告 分 部，即(i)綠 色 食 材 供 應；(ii)綠 色 餐 飲 服 務；及(iii)環 保 科 技 服 務。 上 一 年 度 的 分 部 披 露 已 重 列 以 符 合 本 年 度 的 列 報。 – 9 – (a) 分部收益及業績 以下為本集團分別截至二零二三年及二零二二年三月三十一日止年度按可呈報分 部 劃 分 的 收 益 及 業 績 分 析： | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------|------------|-----------------------|------------|--------------|------------|--------------|------------|---------------------| | | | 綠色食材供應 | | 綠色餐飲服務 | | 環保科技服務 | 總 計 | | | | 二零二三年 | 二零二二年 | 二零二三年 | 二零二二年 | 二零二三年 | 二零二二年 | 二零二三年 | ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 68,747,000, a slight increase of 0.74% compared to HKD 68,242,000 in the same period of 2021[7]. - Gross profit for the same period was HKD 14,900,000, representing a gross margin of approximately 21.7%[7]. - The company reported a net loss of HKD 8,092,000 for the six months ended September 30, 2022, compared to a net loss of HKD 1,378,000 in the prior year, indicating a significant increase in losses[7]. - Total revenue from external customers for the six months ended September 30, 2022, was HKD 68,747,000, slightly down from HKD 68,242,000 in the same period of 2021[22]. - For the six months ended September 30, 2022, the company reported a loss attributable to equity holders of HKD 8,092,000, compared to a loss of HKD 1,375,000 for the same period in 2021[29]. - The company recorded a net loss of approximately HKD 8.1 million for the six months ended September 30, 2022, compared to a net loss of approximately HKD 1.4 million for the same period in 2021, representing an increase in loss of about 478.6%[58]. - Gross profit for the reporting period was approximately HKD 14.9 million, an increase of about 33.4% from approximately HKD 11.2 million for the same period in 2021, with a gross margin of approximately 21.7%[62]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to HKD 151,738,000, compared to HKD 155,450,000 as of March 31, 2022[8]. - Current liabilities decreased to HKD 21,590,000 from HKD 30,689,000 as of March 31, 2022, showing improved liquidity management[8]. - The company’s total liabilities were allocated to reportable segments, with no specific financial liabilities excluded from this allocation[20]. - Total liabilities decreased by 22.7% to approximately HKD 27.4 million, mainly due to the repayment of bank loans[70]. - The debt-to-equity ratio decreased to approximately 17.5% as of September 30, 2022, from 23.4% on March 31, 2022[71]. - As of September 30, 2022, the total lease liabilities amounted to HKD 6,679,000, an increase from HKD 4,487,000 as of March 31, 2022[32]. Cash Flow - The net cash used in operating activities for the six months ended September 30, 2022, was HKD (9,508,000), compared to HKD (3,680,000) for the same period in 2021, indicating a significant increase in cash outflow[10]. - The net cash used in investing activities was HKD (5,613,000) for the six months ended September 30, 2022, compared to HKD (1,302,000) in the same period of 2021, indicating increased investment outflows[10]. - The company’s financing activities resulted in a net cash outflow of HKD (1,683,000) for the period, contrasting with a net cash inflow of HKD 34,650,000 in the previous year[10]. - Cash and cash equivalents at the end of the period were HKD 28,514,000, down from HKD 67,099,000 at the end of the previous year, representing a decrease of approximately 57.5%[10]. Shareholder Equity - The company's equity attributable to owners increased to HKD 124,351,000 from HKD 120,024,000, reflecting a growth in shareholder value[8]. - As of September 30, 2022, total equity increased to HKD 129,604,000 from HKD 93,271,000 as of April 1, 2021, reflecting a growth of approximately 38.8%[9]. - The company issued new shares during the period, resulting in an increase in share capital to HKD 15,384,000 from HKD 12,600,000, reflecting a growth of approximately 22.1%[9]. - The group reported a share capital of HKD 15,384,000 as of September 30, 2022, with 1,538,360,000 shares issued[39]. Operational Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[7]. - The company is focusing on improving operational efficiency to mitigate losses and enhance profitability in the future[7]. - The company aims to become a leading service provider for a better life in China and a green leader in the Greater Bay Area, leveraging management's extensive business experience and networks in China[59]. - The company has expanded its supply business into related upstream and downstream operations in China, introducing two additional segments: (i) catering and (ii) environmental technology[60]. - The company has established operational points in Shenzhen and Zhongshan, and opened two restaurants in Zhongshan as part of its downstream business expansion[57]. Corporate Governance - The audit committee, established on September 26, 2016, consists of three independent non-executive directors, ensuring compliance with financial reporting and internal control procedures[94]. - The company has adopted sound corporate governance principles to maintain high levels of accountability and transparency, crucial for stakeholder trust[93]. - The company has complied with the corporate governance code throughout the reporting period, as confirmed by the board[93]. - The company appointed a new independent non-executive director and audit committee chair on September 22, 2022, ensuring compliance with listing rules[92]. - The company has maintained a commitment to high standards of corporate governance, which is essential for its ongoing success and shareholder value[93]. Employee and Share Options - Employee costs totaled approximately HKD 12.1 million during the reporting period, an increase from HKD 8.7 million in the previous year[79]. - The company granted share options during the reporting period, resulting in share-based payment expenses of approximately HKD 3.8 million[65]. - The company adopted a share option plan on September 26, 2016, to attract and retain qualified personnel, offering additional incentives to employees and partners[45]. - The maximum number of shares that can be issued upon the exercise of options granted under the plan is 128,000,000 shares, representing 10% of the total issued shares as of the listing date[46].

Financial Performance - For the fiscal year ending March 31, 2022, the total revenue of China Wantian Holdings Limited was approximately HKD 127.7 million, an increase of about 19.7% compared to HKD 106.7 million in the previous year[8]. - The gross profit rose significantly by approximately 41.7% to about HKD 18.7 million, up from HKD 13.2 million in the previous year[8]. - The company recorded a loss of approximately HKD 11.0 million for the fiscal year, with a basic loss per share of HKD 0.77[8]. - The company did not receive any government subsidies under the "Employment Support Scheme" for the fiscal year, compared to HKD 3.8 million received in the previous year[8]. - Other income decreased to approximately HKD 0.3 million from HKD 4.0 million the previous year, primarily due to the absence of non-recurring government subsidies received in the prior year[17]. - Financing costs decreased by approximately 45.5% to about HKD 0.6 million, down from HKD 1.1 million the previous year, due to repayment of bank borrowings[18]. - Sales and administrative expenses increased by approximately 31.5% to about HKD 23.8 million, compared to HKD 18.1 million the previous year, mainly due to legal and professional fees related to a comprehensive offer and increased operational expenses[19]. - The company reported a net loss of approximately HKD 11.0 million for the year, an increase of 34.1% from a loss of HKD 8.2 million the previous year[20]. Business Development and Strategy - The company plans to accelerate its business development in the Guangdong-Hong Kong-Macao Greater Bay Area, recognizing its strategic importance and growth potential[9]. - A new headquarters was established in Nanshan District, Shenzhen, in May 2022, marking the company's entry into the Greater Bay Area market[9]. - The company aims to leverage its strong business network and management experience to expand its existing operations in Hong Kong to the Greater Bay Area, which has a large potential customer base[9]. - The company anticipates stable development in its Hong Kong business as local dining conditions improve following the relaxation of gathering restrictions[9]. - The company expects the Chinese economy to recover rapidly in the post-pandemic era, presenting new market opportunities[9]. - The company plans to expand its fresh supply chain business into the Greater Bay Area, leveraging its existing supply chain advantages from Hong Kong[10]. - The retail and catering industry in China is projected to exceed RMB 6 trillion in revenue by 2024, with a compound annual growth rate of 8.8% over the next three years, providing a favorable market entry point for the company[11]. - The company aims to establish a green fresh food supply chain system in the Greater Bay Area, focusing on modern agricultural development and sustainable practices[12]. Financial Position and Assets - Total assets increased by 6.8% to approximately HKD 155.5 million as of March 31, 2022, compared to HKD 145.6 million a year earlier[28]. - Total liabilities decreased by 32.3% to approximately HKD 35.4 million as of March 31, 2022, down from HKD 52.3 million a year earlier[29]. - The current ratio improved to 2.4 as of March 31, 2022, compared to 1.3 a year earlier, due to new funds raised from the share subscription[29]. - The debt-to-equity ratio decreased to approximately 23.4% as of March 31, 2022, from 46.5% a year earlier[30]. - As of March 31, 2022, approximately HKD 22.1 million of the net proceeds from the share subscription remained unutilized[26]. Shareholder and Corporate Governance - The board does not recommend the payment of a final dividend for the year, consistent with the previous year[39]. - The company has adopted a share option plan to attract and retain top talent, allowing the board to grant options to various stakeholders, including employees and consultants[63]. - The company has established a robust corporate governance framework to maintain stakeholder trust and ensure accountability[106]. - The board consists of three executive directors and three independent non-executive directors, meeting the minimum requirement of the listing rules[113]. - The company has complied with disclosure requirements regarding related party transactions as per the listing rules[73]. - The company has established policies and procedures for the training and continuous professional development of directors and senior management[112]. - The company has established a dividend policy that considers the group's actual and expected financial performance, shareholder interests, and liquidity needs[155]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to fulfilling its social responsibilities while delivering economic returns to stakeholders[158]. - An ESG working group has been formed to manage and report on the company's ESG strategies and performance[159]. - The company aims to enhance its ESG performance by setting environmental goals related to emissions reduction, waste management, and resource conservation[159]. - The group reported a reduction in nitrogen oxides (NOx) emissions to 306.4 kg in 2022 from 361.7 kg in 2021, representing a decrease of approximately 15.2%[171]. - The group emphasizes the importance of sustainable economic growth and aims to provide ideal returns to shareholders annually[169]. - The company is committed to integrating sustainable development concepts into its business activities to minimize negative environmental impacts[170]. - The company has implemented various green initiatives, including energy-saving plans and waste management, to mitigate environmental impact, complying with local environmental laws[101]. Risk Management and Compliance - The group faces risks from rising procurement costs due to external factors such as extreme weather and supply-demand fluctuations[43]. - The group's sustainable growth relies on the profitability of its clients, which may be significantly affected by general economic conditions[44]. - The company has maintained effective internal control and risk management systems to protect shareholder investments and group assets[146]. - The board confirmed its responsibility for overseeing the company's internal control, financial monitoring, and risk management systems, with annual reviews conducted[146]. - The company has not established an internal audit function as per the corporate governance code, but the audit committee continues to assess the need for such a function annually[147].

展 程 控 股 有 限 公 司 GOAL FORWARD HOLDINGS LIMITED (於開曼群島註冊成立之有限公司) 股份代號：1854 2021 中期報告 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------| | | | | 公司資料 董事會 執行董事 許國偉先生 （主席） （於二零二一年八月十九日獲委任） | 公司秘書 劉友專先生 （於二零二一年十月 ...

E 展 程 控 股 有 限 公 司 GOAL FORWARD HOLDINGS LIMITED (於爾曼群島註冊成立之有限公司) 股份代號：1854 2021 年 報 目錄 | --- | --- | |--------------------------|-------| | | | | 公司資料 | 2 | | 主席報告 3 | | | 管理層討論及分析 5 | | | 環境、社會及管治報告 12 | | | 董事及高級管理層履歷詳情 | 42 | | 企業管治報告 45 | | | 董事會報告 57 | | | 財務資料概要 69 | | | 獨立核數師報告 70 | | | 綜合全面收益表 75 | | | 綜合財務狀況表 76 | | | 綜合權益變動表 78 | | | 綜合現金流量表 79 | | | 綜合財務報表附註 80 | | 1 展程控股有限公司 • 2021年年報 公司資料 董事會 執行董事 廖子情先生（主席） 胡淑君女士（行政總裁） 非執行董事 黃忠揚先生 獨立非執行董事 李安梨女士 吳褀敏先生 羅少傑先生 董事委員會 審核委員會 吳褀敏先生（主席） 李安梨女士 羅少傑先生 提名委員 ...

展程控股有限公司 GOAL FORWARD HOLDINGS LIMITED (於開曼群島註冊成立之有限公司) 股份代號：1854 2020 中期報告 公司資料 | --- | --- | |-------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------| | | | | 董事會 執行董事 廖子情先生 （主席） 胡淑君女士 （行政總裁） | 香港法律顧問 陳馮吳律師事務所（與世澤律師事務所聯營） 香港 灣仔 港灣道 30 號 | | 非執行董事 黃忠揚先生 | 新鴻基中心 41 樓 4101-04 室 | | 獨立非執行董事 李安梨女士 吳褀敏先生 羅少傑先生 | 開曼群島主要股份過戶登記處 Ocorian Trust (Cayman) Limited Clifton House 75 Fort Street PO ...