Core Viewpoint - The company expects to record a shareholder loss of no more than HKD 1 million for the six months ending June 30, 2025, a significant improvement compared to a loss of approximately HKD 26.5 million for the same period ending June 30, 2024 [1] Group 1: Financial Performance - The anticipated reduction in shareholder loss is attributed to an increase in revenue and gross profit, driven by the company's efforts to optimize its restaurant network and diversify its brand portfolio through the introduction of new concepts [1] - The company recorded a decrease in impairment provisions related to properties, plants, equipment, and right-of-use assets associated with underperforming stores during the review period, primarily due to improved revenue performance [1] Group 2: Strategic Initiatives - The company has actively optimized its store portfolio by decisively adjusting underperforming locations and innovating its menu to adapt to changing market dynamics, enhancing customer experience and competitiveness [1]

Core Viewpoint - The company anticipates a significant reduction in shareholder losses for the six months ending June 30, 2025, projecting a loss of no more than 1 million HKD compared to a loss of approximately 26.5 million HKD for the same period in 2024 [1] Group 1: Financial Performance - The expected decrease in shareholder losses is attributed to increased revenue and gross profit, driven by the optimization of the restaurant network and the introduction of new concepts and diversified brand development [1] - The reduction in impairment provisions related to properties, plants, equipment, and right-of-use assets for underperforming stores contributed positively to the financial outlook [1] Group 2: Strategic Initiatives - The company has actively adjusted its business strategies in response to market conditions, implementing various proactive measures to enhance brand diversification and reduce costs [1] - Strategies include introducing and developing suitable new brands for the market, negotiating rent reductions with landlords, improving supplier terms, and launching diverse promotional activities [1] - Effective management of working capital has been emphasized to ensure healthy cash flow [1]

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，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 LH GROUP LIMITED 叙福樓集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1978） 盈利預告 — 虧損減少 本公告由叙福樓集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例第 571章證券及期貨條例第XIVA部的內幕消息條文（定義見上市規則）而刊發。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根 據對本集團截至二零二五年六月三十日止六個月（「本回顧期間」）的未經審核綜合管 理賬目之初步審閱及董事會目前可獲得資料，本集團預期於本回顧期間將錄得股東 應佔虧損不多於1.0百萬港元，而截至二零二四年六月三十日止六個月股東應佔虧 損則約為26.5百萬港元。 根據董事會目前可獲取的資料，董事會認為本回顧期間股東應佔預期虧損減少的原 因主要歸因於以下因 ...

Group 1 - The company will hold a board meeting on August 28, 2025, to review and approve its interim results for the six months ending June 30, 2025, and to consider the proposal for an interim dividend, if any [1] - The company reported a 17.3% year-on-year decrease in revenue for 2024, amounting to HKD 1.056 billion [1]

董事會會議通告 叙福樓集團有限公司(「本公司」)董事(「董事」)會(「董事會」)謹此宣佈, 本公司將於二零二五年八月二十八日(星期四)舉行董事會會議, 藉以(其中包括) 考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期 業績及其發佈, 並考慮派發中期股息(如有)。 承董事會命 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，並明確表示，概不會就本公告全部或任何部分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任 。 LH GROUP LIMITED 叙福樓集團有限公司 （於開曼群島註冊成立的有限公司） (股份代號：1978) 主席 黃傑龍 教授，銅紫荊星章，太平紳士 香港，二零二五年八月十五日 於本公告日期，董事會由以下人士組成，執行董事為黃傑龍 教授，銅紫荊星章，太平紳士 及高秀芝女士；及獨立非執行董事為單日堅先生 銀紫荊星章，香港懲教事務卓越獎章，太平 紳士 、洪爲民 教授，太平紳士 及麥錦釗先生。 叙福樓集團有限公司 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 叙福樓集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01978 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.1 | HKD | | 400,000,000 | 本月底法定/註 ...

Core Viewpoint - The sudden closure of the Hong Kong chain restaurant giant Jing Le Group reflects a broader trend of restaurant closures in the region, with over 20 chain brands shutting down in the past six months, including long-established establishments [3][4]. Group 1: Closure Trend - A wave of restaurant closures is sweeping through Hong Kong, with notable brands like "Sea Emperor Congee" and "Golden Milk Pudding" announcing their shutdowns due to deteriorating operating conditions and financial crises [4][5][6]. - International brands are also exiting the market, such as the Thai dessert brand After You Dessert Café and the Japanese ramen brand "Kintan," which closed their last locations in Hong Kong [8][10]. - The survival challenges are particularly acute for small and medium-sized restaurants, with many reporting rapid closures due to poor business conditions [11][12]. Group 2: Causes of Closure - High rental costs are a significant challenge for restaurant operators in Hong Kong, with many citing rent increases as a primary reason for their closures [14][15]. - Changes in consumer behavior, including a trend of Hong Kong residents shopping and dining in mainland China, have negatively impacted local restaurant revenues. For instance, the number of Hong Kong residents traveling to mainland China surged by over 50% compared to 2023 [18][19]. - The average spending of visitors to Hong Kong has decreased, with overall tourist spending dropping by 20% from the previous year, further squeezing the local dining market [19][20]. Group 3: Market Dynamics - The Hong Kong restaurant market is experiencing an oversupply, with the number of restaurants remaining stable compared to 2023 but exceeding pre-pandemic levels by 11% [22][26]. - This oversupply, combined with declining demand due to consumer spending shifts, has led to intensified competition and a wave of closures [27][28]. - Experts predict that up to 2,000 more restaurants may need to close to realign with the market conditions that existed before the pandemic, indicating a necessary market correction process [28].

Group 1 - The core viewpoint is that the recent closure of the Jing Le Group reflects a broader trend of restaurant closures in Hong Kong, with over 20 chain brands shutting down in the past six months, including long-established ones [1][2][3] - The closure of well-known brands such as "Hai Huang Congee Shop" and "Kam Cheong Steamed Milk" highlights the deteriorating business environment and financial crises faced by the industry [4][5] - The trend is not limited to local brands; international brands like "After You Dessert Café" and "Kintan" have also exited the Hong Kong market, indicating a widespread issue [9][10] Group 2 - High rental costs are identified as a significant challenge for restaurant operators in Hong Kong, with many citing increased rent as a reason for closure [16][18] - Changes in consumer behavior, including a shift towards spending in mainland China and a decline in spending by visitors to Hong Kong, have negatively impacted local restaurant revenues [20][21][30] - The number of restaurants in Hong Kong has not decreased despite the drop in demand, leading to an oversupply situation that exacerbates competition and contributes to the closure trend [33][34][45] Group 3 - The current oversupply in the restaurant market is attributed to a mismatch between supply and demand, with many new establishments opening during a period of increased local consumption that has since declined [36][43] - It is projected that up to 2,000 more restaurants may need to close to align with the pre-pandemic market conditions, indicating a necessary market correction [46][47] - The ongoing closures are viewed as a natural market adjustment process, where weaker businesses are eliminated, allowing for a potential rebalancing of the industry [47]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 1,056.0 million, a decrease of 17.3% compared to HKD 1,276.8 million in 2023[7]. - The company reported a loss attributable to shareholders of HKD 32.1 million, compared to a profit of HKD 88.1 million in the previous year[7]. - Basic and diluted loss per share was HKD 4.01, down from earnings of HKD 11.01 per share in 2023[7]. - The group's revenue for the year ended December 31, 2024, decreased by approximately 17.3% or about HKD 220.8 million to approximately HKD 1,056.0 million compared to the previous year[20]. - Core net profit for the year ended December 31, 2024, was approximately HKD 4.8 million, with a core net profit of approximately HKD 12.2 million for the second half of 2024, indicating a healthy financial status during the transition period[20]. - Revenue from franchised brands decreased by approximately 16.1% or about HKD 149.9 million to approximately HKD 778.2 million, accounting for about 73.7% of total revenue[24]. - Revenue from self-owned brands decreased by approximately 20.5% or about HKD 70.1 million to approximately HKD 271.3 million, representing 25.7% of total revenue[25]. - The group recorded a loss of approximately HKD 32.1 million for the year ending December 31, 2024, compared to a profit of approximately HKD 88.1 million for the year ending December 31, 2023, primarily due to a decrease in revenue attributed to a weak local dining industry[30]. - The group's cash and cash equivalents amounted to approximately HKD 144.8 million as of December 31, 2024, compared to approximately HKD 147.7 million in the previous year[31]. - The current ratio decreased to approximately 0.7 times as of December 31, 2024, down from approximately 1.1 times in the previous year, indicating a decline in liquidity[31]. Operational Developments - The company opened ten new stores and renovated one store within a month, setting a new record for store openings[12]. - The company launched new brands such as "挽肉と米" and "牛角J," which have been well-received, with the first store of "挽肉と米" being fully booked since its opening[11]. - The company has successfully transformed a previously unsuccessful restaurant concept into "和平飯店（京川滬）," which has seen strong business since its opening[12]. - The number of self-owned brand restaurants increased from 16 to 17, while franchised brand restaurants rose from 41 to 46, reflecting a strategic expansion in restaurant operations[23]. - The group has implemented strategic measures to expand revenue sources and reduce expenses, including negotiating lower rents and achieving more favorable terms with suppliers[15]. - A new customer relationship management system and mobile app were launched in 2024 to enhance customer service and engagement through data analysis[14]. - The management team aims to improve operational efficiency and marketing strategies to adapt to the changing market environment and enhance brand development[16]. Future Outlook - The company remains optimistic despite weak consumer spending and plans to enhance customer dining experiences through brand revitalization[13]. - The group anticipates challenges in the Hong Kong dining industry in 2025, but expects potential improvements in local consumption due to economic recovery and government initiatives[44]. - The management team plans to streamline internal processes and develop effective operational and promotional strategies to enhance operational efficiency and market responsiveness[44]. - The company has set a target to expand its market presence in Southeast Asia, aiming for a 30% increase in market share by 2025[48]. - New product launches are expected to contribute an additional $100 million in revenue over the next fiscal year[49]. - The company is investing $50 million in research and development for new technologies aimed at enhancing operational efficiency[50]. - A strategic acquisition is planned, which is projected to increase the company's annual revenue by 20%[51]. - The company has revised its earnings guidance for the next quarter, now expecting a range of $520 million to $540 million[46]. Sustainability and Corporate Governance - The company is focusing on sustainability initiatives, with a goal to reduce carbon emissions by 40% by 2030[48]. - The board has approved a new strategy to enhance supply chain management, which is expected to reduce costs by 15%[49]. - The company is committed to sustainable development and has implemented measures to control environmental and social impacts[60]. - The company has adopted a corporate governance code and has complied with most of its best practices, except for the separation of roles between the chairman and CEO[108]. - The board has formed three committees: the nomination committee, remuneration committee, and audit committee, with specific written terms of reference[134]. - The company has established a board diversity policy to enhance performance quality and support strategic goals, considering factors such as gender, age, cultural background, and professional experience[122]. - The company has a remuneration policy for directors that includes fixed salaries and variable components based on market competitiveness and company performance[120]. - The company emphasizes the importance of effective communication with shareholders to enhance investor relations and transparency[157]. Employee and Stakeholder Engagement - The company faced challenges in employee recruitment and retention, which could impact operational performance[57]. - The company has established a mystery shopper program to evaluate restaurant cleanliness, service quality, and food quality[197]. - The group recognizes the importance of employee welfare, safety, and health as part of its sustainable development strategy[185]. - The company maintains a customer-oriented corporate culture and emphasizes the importance of good relationships with employees, suppliers, and customers to achieve its short-term and long-term goals[78]. - The company encourages reporting of any suspicious fraudulent activities or misconduct, ensuring confidentiality and protection for whistleblowers[131]. - The company has established a process for appointing new directors and re-electing retiring directors[140]. Risk Management - The board is responsible for overseeing the group's risk management related to sustainability, ensuring alignment with the group's sustainable development strategy[179]. - The company has adopted a three-tier risk management approach to identify, assess, mitigate, and respond to risks, ensuring effective operations[168]. - The audit committee reviews the effectiveness of the risk management and internal control systems at least annually, with the next review scheduled for the fiscal year ending December 31, 2024[166]. - The company has no internal audit function but has decided to have the board directly responsible for risk management and internal control[167]. - The company's financial performance is subject to risks including supply chain disruptions and fluctuations in ingredient costs[59].

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased to HKD 1,056.0 million from HKD 1,276.8 million in 2023, representing a decline of approximately 17.3%[3] - The company reported a loss attributable to shareholders of HKD 32.1 million for 2024, compared to a profit of HKD 88.1 million in 2023, indicating a significant downturn in profitability[5] - Basic and diluted loss per share for 2024 was HKD 4.01, a decrease from earnings of HKD 11.01 per share in 2023[5] - The group reported a pre-tax loss of HKD 38,450 for the year ended December 31, 2024, compared to a pre-tax profit of HKD 104,442 in 2023[20][21] - The group’s total segment profit for 2024 was HKD 29,708, compared to HKD 161,072 in 2023, a decrease of 81.6%[20][21] - The pre-tax loss for 2024 was HKD 32,062,000, compared to a profit of HKD 88,065,000 in 2023, indicating a significant downturn[32] Revenue Breakdown - Total revenue for the year ended December 31, 2024, was HKD 1,055,992, a decrease of 17.3% from HKD 1,276,771 in 2023[16] - Restaurant operations revenue decreased to HKD 1,049,503 in 2024 from HKD 1,269,483 in 2023, representing a decline of 17.3%[16] - The revenue from franchised brands decreased by approximately 16.1% or about HKD 149.9 million to approximately HKD 778.2 million, while the number of franchised restaurants increased from 41 to 46[49] - The revenue from owned brands decreased by approximately 20.5% or about HKD 70.1 million to approximately HKD 271.3 million[49] - The group’s external revenue from food sales and others was HKD 6,489 in 2024, down from HKD 7,288 in 2023, a decline of 10.9%[20] Assets and Liabilities - Total assets increased to HKD 786.0 million in 2024 from HKD 759.7 million in 2023, reflecting a growth of approximately 3.5%[6] - The company's current liabilities exceeded current assets by HKD 93.1 million as of December 31, 2024, highlighting liquidity challenges[10] - Non-current liabilities rose to HKD 233.9 million in 2024 from HKD 168.5 million in 2023, an increase of approximately 39%[7] - The total segment assets increased to HKD 581,911 in 2024 from HKD 470,022 in 2023, reflecting a growth of 23.7%[22] - Segment liabilities rose to HKD 473,828 in 2024 from HKD 375,555 in 2023, an increase of 26.2%[22] Cash Flow and Working Capital - Cash and cash equivalents stood at HKD 144.8 million in 2024, slightly down from HKD 147.7 million in 2023, with no external borrowings reported[10] - The company plans to enhance operational cash flow and maintain sufficient working capital to meet financial obligations over the next twelve months[10] - The current assets and current liabilities were approximately HKD 226.1 million and HKD 319.2 million, respectively, resulting in a current ratio of approximately 0.7 times as of December 31, 2024, down from 1.1 times in 2023[56] Operational Highlights - The company operates full-service restaurants primarily serving Asian cuisine, including Japanese and Cantonese dishes, in Hong Kong[8] - The group opened 10 new restaurants and renovated one restaurant within a month, setting a new record for the group[43] - The group operates 17 owned restaurants and 46 franchised restaurants as of December 31, 2024, compared to 16 owned and 41 franchised restaurants in the previous year[48] - The group has actively developed multiple brands, launching new self-operated brands and franchise brands to meet diverse customer needs[43] Cost Management - The food and beverage costs decreased by approximately 18.3% or about HKD 71.6 million to approximately HKD 319.7 million, with food and beverage costs accounting for about 30.3% of revenue[52] - Employee costs decreased by approximately 0.6% or about HKD 2.4 million to approximately HKD 377.9 million, with employee costs accounting for about 35.8% of revenue[53] Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of corporate governance to protect shareholder interests[74] - The board consists of two executive directors and three independent non-executive directors, ensuring a high level of independence[74] - The audit committee, consisting of three independent non-executive directors, reviewed the consolidated annual results for the year ending December 31, 2024, ensuring compliance with applicable accounting standards and regulations[77] Dividend Policy - The company has decided not to recommend a final dividend for the year ending December 31, 2024, compared to a final dividend of HKD 0.0406 per share in 2023[35] - The board has decided not to recommend a final dividend for the year ending December 31, 2024, compared to a dividend of HKD 0.0406 per share for 2023[71] Employee Information - The group had 1,619 employees as of December 31, 2024, down from 1,667 employees in 2023[65] Future Outlook - The group plans to streamline internal processes and develop new brands while launching innovative products to enhance operational efficiency and market responsiveness[69]