Financial Performance - The Group's revenue has gradually rebounded to pre-pandemic levels, with profit before tax approaching 2019 levels, indicating a steady performance [10]. - The proposed total dividend for FY2023 will amount to HK10.40 cents per share, an increase from HK5.00 cents per share in 2022 [22]. - The Group's profit margin has been maintained at above 70% due to effective cost reduction strategies, including centralized procurement [10]. - The Group's other income and gains decreased to HK$18.6 million in FY2023, down from HK$67.0 million in FY2022, primarily due to reduced government grants related to COVID-19 [23]. - Staff costs for FY2023 were HK$1,133.6 million, an increase from HK$949.3 million in FY2022, but the staff cost to revenue ratio improved from 37.7% to 35.3% [27]. Revenue Growth - Revenue from the flagship brand "Tai Hing" increased by 14.5% year-on-year to HK$1,206.3 million, accounting for 37.6% of total revenue [45]. - Revenue from the "Men Wah Bing Teng" brand rose by 21.0% year-on-year to HK$893.0 million, representing 27.8% of total revenue [49]. - "Cha Mu" brand revenue grew by 26.7% year-on-year to HK$345.7 million, accounting for 10.8% of total revenue [51]. - Revenue from "Asam Chicken Rice" increased by 27.5% year-on-year to HK$247.0 million, contributing to the Group's growth [52]. - The Group's other brands also performed well, with "Jin Li" revenue reaching HK$116.2 million, a 35.0% increase, and "Kao De Zhu" revenue at HK$147.3 million, up 28.8% [54]. - Revenue from "TeaWood" rose by 26.7% year-on-year to HK$345.7 million, accounting for 10.8% of the Group's total revenue [65]. - "Men Wah Bing Teng" generated revenue of HK$893.0 million, a 21.0% increase from HK$738.3 million, representing 27.8% of total revenue [66]. - "Phở Lê" saw a revenue increase of 35.0% year-on-year to HK$116.2 million, while "Trusty Congee King" grew by 28.8% to HK$147.3 million [69]. - "Asam Chicken Rice" achieved revenue of HK$247.0 million, up 27.5% from HK$193.7 million, driven by new seafood dishes and regional promotions [70]. Operational Efficiency and Strategy - The Group launched its first integrated mobile app "Tai Hing Little Partner" in July 2023, which has over 180,000 members, aimed at enhancing customer engagement and understanding user behavior [13]. - The Group has implemented automation systems such as smart kitchens and self-service ordering to improve operational efficiency and reduce reliance on manpower [13]. - The Group aims to enhance its operational efficiency and consolidate its market position through continuous optimization of its operating model and restaurant network [56]. - The Group plans to enhance its multi-brand strategy, launching seasonal themed products and healthy food options to attract more customers [73]. - The Group's focus on digital transformation and automation aims to reduce costs and improve operational efficiency [59]. - The Group aims to optimize operational procedures through the introduction of trending technology to improve productivity and precision [97]. Market Expansion and Sustainability - The Group plans to focus on the Greater Bay Area market and leverage e-platforms for branding and product promotion to attract younger consumers [15]. - The Group plans to open new stores at airports, borders, and tourist spots to capitalize on the recovery of the tourism industry [56]. - The Group has ceased using styrofoam boxes and is phasing out non-degradable plastic bags, focusing on sustainability initiatives [36]. - The Group received multiple ESG awards, including the "Sustainable Vision Award" and "Renewable Energy Contribution Award," recognizing its sustainability efforts [56]. - The Group is actively expanding its "Tai Hing" branches in Macau, indicating a strategy for market expansion [192]. Financial Position and Assets - As of December 31, 2023, the Group maintained a healthy financial position with cash and cash equivalents of HK$328.1 million, an increase from HK$282.6 million in the previous year [42]. - The Group's total current assets and current liabilities were approximately HK$566.2 million and HK$800.3 million, respectively, resulting in a current ratio of approximately 0.7 times [87]. - The adjusted current net asset value as of December 31, 2023, was approximately HK$212.4 million, with an adjusted current ratio of about 1.6 times [87]. - The Group did not have any interest-bearing bank borrowings as of December 31, 2023, maintaining a debt-free status [88]. - The Group's cash and cash equivalents as of December 31, 2023, were approximately HK$328.1 million, reflecting a 16.1% increase from HK$282.6 million in 2022, primarily used for opening new restaurants and expanding food factories in Hong Kong and Mainland China [109]. - The Group's capital expenditure for the review year was HK$142.8 million, down from HK$152.3 million in FY2022, with outstanding capital commitments of HK$10.4 million as of December 31, 2023 [113]. - The Group's gearing ratio as of December 31, 2023, was 55.9%, a slight decrease from 56.8% in 2022, indicating a stable capital structure [140]. Management and Governance - The Group's management team has extensive experience in various industries, including finance, compliance, and strategic planning, ensuring robust governance [186]. - The Group's leadership includes individuals with significant experience in the financial services and catering industries, providing a strong foundation for strategic decision-making [181]. - Mr. Ho is responsible for operations and overall development of the Group's Chinese cuisine brands, enhancing operations management and implementing a comprehensive automation system for food production [192]. - Mr. Yiu has over 40 years of experience in the catering industry, responsible for overall management and development of food factories, including product development and food safety management [199]. - The Group has been focusing on enhancing food safety and occupational safety standards across its operations [192]. - The Group has implemented stringent quality control systems to monitor food safety and quality, enhancing customer trust [199]. - The management team is committed to continuous improvement in operational strategies to drive growth and efficiency [192].

Financial Performance - The group's revenue increased by approximately 20.1% to HKD 3,212.0 million for the year ended December 31, 2023, compared to HKD 2,675.2 million in 2022[2]. - The group achieved a profit attributable to shareholders of HKD 93.8 million for the year, a turnaround from a loss of HKD 43.2 million in 2022[2]. - The basic earnings per share for the year was HKD 0.093, compared to a loss per share of HKD 0.043 in 2022[9]. - Gross profit for the year was HKD 2,369,356 thousand, up from HKD 1,942,349 thousand, reflecting a gross margin improvement[93]. - The total comprehensive income for the year ended December 31, 2023, was HKD 88,705,000, compared to a loss of HKD 66,815,000 in 2022, indicating a significant recovery[104]. - The company reported a pre-tax profit of HKD 115,958 for the year ended December 31, 2023, compared to a loss of HKD 43,460 in 2022[139]. Cash and Financial Position - As of December 31, 2023, the group had cash and cash equivalents of HKD 328.1 million and no bank borrowings[2]. - The group has no bank borrowings as of December 31, 2023, indicating a stable financial position[23]. - The group’s asset-liability ratio was 55.9% as of December 31, 2023, compared to 56.8% in the previous year[25]. - The total current assets and current liabilities were approximately HKD 566.2 million and HKD 800.3 million, respectively, resulting in a current ratio of about 0.7 times, consistent with the previous year[70]. - The adjusted net current assets as of December 31, 2023, were approximately HKD 212.4 million, with an adjusted current ratio of about 1.6 times, unchanged from 2022[70]. - The company’s total liabilities increased by approximately 2.5% from the previous year, reflecting ongoing investments and operational costs[139]. Dividends - The board proposed a final dividend of HKD 0.035 per share, up from HKD 0.025 per share in 2022, and a special dividend of HKD 0.035 per share, bringing the total proposed dividend to HKD 0.104 per share for the year[2]. - The company proposed an interim dividend of HKD 0.034 per share and a final dividend of HKD 0.035 per share for fiscal year 2023, compared to HKD 0.025 per share for both interim and final dividends in fiscal year 2022[160]. Operational Efficiency and Strategy - The group continues to optimize its restaurant network and enhance operational efficiency through digital technology[2]. - The group plans to enhance its digital transformation and automation efforts to reduce cost pressures and improve operational efficiency[65]. - The group aims to maintain its market position by optimizing its operational model and restaurant network in response to changing consumer habits[63]. - The group has implemented various employee training programs to enhance professional skills and service levels, contributing to improved overall work efficiency[37]. - The group aims to optimize its restaurant network in the Greater Bay Area, focusing on operational efficiency and capturing diverse market opportunities[40]. Revenue Sources and Growth - Revenue from restaurant operations reached HKD 3,148,252, up from HKD 2,598,962 in the previous year, indicating a growth of about 21%[141]. - Revenue from the Southeast Asian food brand "Hainan Chicken Rice" reached HKD 247.0 million, a year-on-year increase of 27.5% from HKD 193.7 million in fiscal year 2022[45]. - The flagship brand "Tai Hing" generated revenue of HKD 1,206.3 million, representing a year-on-year growth of 14.5% and accounting for 37.6% of total revenue[51]. - "Min Wah Ice Room" achieved revenue of HKD 893.0 million, a 21.0% increase year-on-year, contributing 27.8% to total revenue[52]. - "Cha Mu" reported revenue of HKD 345.7 million, marking a 26.7% year-on-year growth and representing 10.8% of total revenue[53]. Employee and Operational Costs - The total expenses for the year amounted to HKD 1,133.6 million, compared to HKD 949.3 million in 2022, reflecting a significant increase in employee benefits expenses[6]. - Employee costs rose to HKD 1,133,596 thousand from HKD 949,299 thousand, reflecting increased workforce expenses[93]. - The group's lease-related expenses for the fiscal year 2023 were HKD 487.3 million, compared to HKD 435.9 million in fiscal year 2022, with the lease-related expenses to revenue ratio decreasing from 16.9% to 15.2%[38]. Market and Customer Engagement - The group collaborated with the Hong Kong Tourism Board to stimulate customer spending through various dining vouchers and promotional offers[48]. - The group aims to launch multiple promotional themes and electronic coupons for its integrated mobile application "Tai Hing Little Helper" to increase customer engagement and reduce reliance on third-party delivery platforms[65]. - The group intends to strengthen its marketing efforts on popular social media platforms in mainland China to target consumer spending groups[66]. Sustainability and Awards - The group has received multiple ESG awards, including the "Sustainable Vision Award" and "Renewable Energy Contribution Award," recognizing its efforts in sustainable development[46]. Accounting and Reporting Standards - The group has applied the revised Hong Kong Financial Reporting Standards, which include significant changes to accounting policies and disclosures[124]. - The group has recognized deferred tax assets related to all deductible temporary differences arising from lease liabilities, provided sufficient taxable profits are available[121]. - The group has adopted a consistent accounting policy for the preparation of financial statements across its subsidiaries[122].

Financial Performance - For the six months ended June 30, 2023, total revenue reached HKD 1,608,011,000, a 29.5% increase from HKD 1,244,000,000 in the same period of 2022[10] - The group's profit before tax for the six months ended June 30, 2023, was HKD 60,374,000, compared to a loss of HKD 60,447,000 in the same period of 2022[10] - The company reported a profit attributable to shareholders of HKD 45.3 million for the first half of 2023, a turnaround from a loss of HKD 52.5 million in the same period of 2022[38] - Basic earnings per share for the first half of 2023 were HKD 4.51, compared to a loss per share of HKD 5.23 in the previous year[38] - The total comprehensive income for the period, after tax, was HKD 31.9 million, a significant recovery from a loss of HKD 66.4 million in the previous year[89] - The group reported a profit of HKD 45.3 million for the six months ended June 30, 2023, compared to a loss of HKD 53.4 million in the same period of 2022[89] Revenue Breakdown - Revenue from external customers in Hong Kong, Macau, and Taiwan was HKD 1,312,725,000, up from HKD 968,521,000 in the previous year, representing a 35.5% increase[10] - Revenue from the flagship brand "Tai Hing" reached 1,317 million HKD, contributing 37.1% to total revenue[47] - "Min Wah Ice Room" generated revenue of 417.1 million HKD, a year-on-year increase of 28.4%, accounting for 26.6% of total revenue[61] - Revenue for the six months ended June 30, 2023, was HKD 1,568,193,000, an increase of 28.7% compared to HKD 1,217,561,000 in the same period of 2022[119] - Revenue from the "Cha Mu" brand reached HKD 167,200,000, a year-on-year increase of 43.4% from HKD 116,600,000, contributing 10.7% to the total revenue[116] Cost and Expenses - The cost of materials was HKD 415.2 million, compared to HKD 337.8 million in the first half of 2022, with the cost-to-revenue ratio decreasing to 26.5% from 27.7%[72] - Employee costs for the first half of 2023 were HKD 544.8 million, a decrease in the cost-to-revenue ratio to 34.7% from 39.8% in the previous year[73] - The group’s operating costs for the period amounted to 236.5 million HKD, a decrease of 1.5% compared to 240.2 million HKD in the previous year[57] - Other income and gains decreased to 11.4 million HKD from 55.2 million HKD in the same period last year, primarily due to a significant reduction in government subsidies related to the COVID-19 pandemic[54] Assets and Liabilities - The total assets of the company as of the latest report were HKD 2,499.0 million, while total liabilities stood at HKD 1,537.1 million[29] - As of June 30, 2023, the total current assets and current liabilities of the group were approximately HKD 570.6 million and HKD 775.3 million, respectively, resulting in a current ratio of approximately 0.7 times[80] - The group's debt-to-equity ratio was 55.6% as of June 30, 2023, down from 56.8% as of December 31, 2022[81] - The net current assets, after excluding lease liabilities and contract liabilities, were approximately HKD 205.2 million as of June 30, 2023, compared to HKD 199.2 million as of December 31, 2022[80] Operational Highlights - The number of restaurants remained stable at 207, with 158 in Hong Kong and 48 in mainland China[29] - The group has expanded its restaurant network to 1,207 locations as of June 30, 2023, with a focus on optimizing internal processes and brand strategies[46] - The group is preparing for post-pandemic recovery by strengthening its brand strategy and optimizing its restaurant network[58] - The company plans to continue optimizing operational strategies and cost control measures to enhance business resilience[38] Market and Strategic Initiatives - The company plans to continue expanding its market presence in the Greater Bay Area, leveraging its integrated store network to capture post-pandemic opportunities[131] - The company continues to explore new themes and concepts for its stores, aiming to attract a younger customer base[116] - The group aims to enhance brand visibility in both Hong Kong and mainland China through strategic marketing initiatives, including collaborations with new generation artists[61] - The group is actively pursuing digital technology initiatives, launching a comprehensive mobile app "Little Partner" to enhance customer service and reduce reliance on third-party delivery platforms[66] Employee and Community Engagement - The group employed approximately 6,400 employees as of June 30, 2023, an increase from approximately 6,000 employees as of December 31, 2022[98] - The group has collaborated with eight social welfare organizations to support underprivileged communities during the review period[64]

Financial Performance - The group's revenue increased by approximately 28.8% to HKD 1,568.2 million for the first half of 2023, compared to HKD 1,217.6 million in the same period of 2022[7]. - The group achieved a profit attributable to shareholders of HKD 45.3 million, successfully turning around from a loss of HKD 52.5 million in the first half of 2022[7]. - The group reported a gross profit of HKD 1,152.999 million, up from HKD 879.793 million in the previous year[8]. - The group’s net loss before tax was HKD 15.038 million, significantly improved from a loss of HKD 60.447 million in the same period last year[8]. - For the six months ended June 30, 2023, the group reported a profit of HKD 45,336,000 compared to a loss of HKD 53,391,000 in the previous period[37]. - The group’s pre-tax profit for the first half of 2023 was HKD 60,374,000, a recovery from a loss of HKD 60,447,000 in the same period of 2022[48]. - Same-store sales growth was recorded at 24.2%, reflecting a recovery in dine-in business[134]. Revenue Sources - Revenue from restaurant operations and food sales amounted to HKD 1,529,336,000 and HKD 38,857,000 respectively, compared to HKD 1,178,281,000 and HKD 39,280,000 in the previous year[51]. - Revenue from the group's second-largest income source, "Min Wah Ice Room," reached HKD 417.1 million, representing a year-on-year growth of 28.4%[106]. - The flagship brand "Tai Hing" generated revenue of HKD 581.9 million, accounting for 37.1% of total revenue, with a year-on-year growth of 13.4%[137]. - "Cha Mu" achieved revenue of HKD 167.2 million, a 43.4% increase compared to HKD 116.6 million in the previous year, representing 10.7% of total revenue[138]. - The Southeast Asian cuisine brand "Hainan Chicken Rice" reported revenue of HKD 123.4 million, up 55.8% from HKD 79.2 million in the same period last year[139]. Costs and Expenses - The group’s cost of materials was HKD 415.194 million, compared to HKD 337.768 million in the same period last year[8]. - The group’s operating expenses related to the use of right-of-use assets and leases amounted to HKD 242.368 million, an increase from HKD 204.303 million in the previous year[8]. - Employee benefits expenses, including salaries and bonuses, amounted to HKD 510,101,000, with no comparative figure provided for the previous year[82]. - Employee costs for the first half of 2023 were HKD 544.8 million, compared to HKD 466.7 million in the same period last year, with the employee cost to revenue ratio decreasing to 34.7% from 39.8%[100]. - The company's material costs for the period were HKD 415.2 million, up from HKD 337.8 million in the same period last year, with the material cost to revenue ratio decreasing to 26.5% from 27.7%[99]. Cash and Assets - The group maintained a strong cash position with cash and cash equivalents of HKD 319.0 million as of June 30, 2023, with no bank borrowings[7]. - The group’s total non-current assets amounted to HKD 1,928.428 million as of June 30, 2023, down from HKD 1,960.953 million at the end of 2022[11]. - The total assets of the group as of June 30, 2023, were HKD 2,499,001,000, slightly down from HKD 2,512,657,000 in 2022[48]. - The net assets of the group as of June 30, 2023, were HKD 961,907,000, compared to HKD 955,166,000 as of December 31, 2022[41]. - As of June 30, 2023, the company's cash and cash equivalents amounted to HKD 319.0 million, an increase from HKD 282.6 million as of December 31, 2022[97]. Liabilities and Equity - The group’s total current liabilities were HKD 775.287 million, slightly up from HKD 774.720 million in the previous year[11]. - Non-current liabilities as of June 30, 2023, amounted to HKD 721,073,000, with total non-current liabilities at HKD 761,807,000[41]. - The group’s total equity as of June 30, 2023, was HKD 961,907,000, reflecting a slight increase from HKD 955,166,000 in the previous year[41]. - The company's debt-to-asset ratio was 55.6%, a decrease from 56.8% on December 31, 2022[159]. Dividends - The group declared an interim dividend of HKD 0.034 per share, up from HKD 0.025 per share in the first half of 2022[7]. - The board has declared an interim dividend of HKD 3.40 per share for the six months ended June 30, 2023, up from HKD 2.50 per share for the same period last year[145]. Market and Operational Strategies - The group has implemented automation in restaurant operations, including self-service ordering systems and automated kitchen equipment, to enhance efficiency and reduce employee pressure[73]. - The group aims to strictly control accounts receivable, with overdue balances regularly reviewed by senior management[64]. - The macro environment remains challenging due to rising global material and energy prices, impacting food costs and operational expenses in the restaurant industry[70]. - The group plans to continue expanding its market presence in the Greater Bay Area, leveraging its integrated store network to capture post-pandemic opportunities[103]. - The group has launched its first comprehensive mobile application, "Little Partner," in July 2023, which integrates multiple functions to enhance customer service and reduce reliance on third-party delivery platforms[112]. Sustainability and Social Responsibility - The group is committed to sustainability, having implemented energy-saving measures and received recognition for its efforts in environmental protection[109]. - The group has not recognized any government subsidies related to COVID-19 for the reporting periods, indicating no unmet conditions or other unforeseen events[78]. Employee and Human Resources - The group employed approximately 6,400 employees as of June 30, 2023, an increase from about 6,000 employees at the end of December 2022[152]. - The group has optimized human resource deployment to enhance team efficiency and avoid resource wastage through precise sales forecasting and staffing plans[73].

Board Composition and Governance - The board diversity policy includes various standards such as gender, age, cultural background, and professional experience[2] - During the reporting period, the board consisted of 4 members with core experience in restaurant operations and management, 1 in retail market and site selection, and 1 in financial services[5] - The board emphasizes effective communication with shareholders to enhance investor relations and understanding of the company's performance and strategy[25] - The board has approved a dividend payout of HKD 0.50 per share, reflecting a commitment to returning value to shareholders[103] - The board of directors has maintained a 100% attendance rate for all meetings held during the year[132] Financial Performance - The company's revenue for the year 2022 was HKD 2,675,166, a decrease of 15.7% compared to HKD 3,173,027 in 2021[71] - Gross profit for 2022 was HKD 1,942,349, down 15.4% from HKD 2,294,748 in the previous year[71] - The company reported a loss before tax of HKD 43,460, compared to a profit of HKD 128,304 in 2021[71] - The net loss for the year was HKD 43,074, a significant decline from a profit of HKD 95,355 in 2021[71] - Basic and diluted loss per share for 2022 was HKD 4.30, compared to earnings of HKD 9.94 in 2021[71] - The company's total reserves decreased to HKD 943,880,000 in 2022 from HKD 1,083,498,000 in 2021[75] - The group recorded revenue of approximately HKD 2,675.2 million for the fiscal year ending December 31, 2022, down from HKD 3,173.0 million in the previous fiscal year, representing a decrease of 15.7%[170] - Gross profit for the fiscal year was HKD 1,942.3 million, with a gross margin of 72.6%, slightly up from 72.3% in the previous year[170] - The group reported a loss attributable to shareholders of HKD 43.2 million, compared to a profit of HKD 99.7 million in the previous fiscal year[170] Cash Flow and Investments - The net cash outflow from investing activities was HKD 218,065,000, compared to HKD 133,917,000 in the previous year[61] - The net cash outflow from financing activities was HKD 505,651,000, down from HKD 653,049,000 in the prior year[61] - The group’s cash and cash equivalents decreased by HKD 207,124,000, compared to a decrease of HKD 98,062,000 in the previous year[61] - As of December 31, 2022, the group had cash and cash equivalents of HKD 240,590,000, down from HKD 452,607,000 at the beginning of the year[61] - The group received interest income of HKD 2,282,000, an increase from HKD 2,110,000 in the previous year[61] - The group incurred capital expenditures of HKD 145,390,000 for property, plant, and equipment, compared to HKD 125,086,000 in the previous year[61] - The group paid dividends amounting to HKD 74,813,000, down from HKD 89,410,000 in the previous year[61] - Cash and cash equivalents as of December 31, 2022, were HKD 282.6 million, down from HKD 452.6 million the previous year, with no bank borrowings[197] Risk Management and Internal Controls - The company has established a risk management and internal control system to mitigate significant misstatements or losses[34] - The board, supported by the audit committee, reviewed the effectiveness of the risk management and internal control systems for the year ending December 31, 2022[35] Shareholder Engagement and Meetings - The annual general meeting for shareholders is scheduled for June 1, 2023, with a notice to be sent at least 21 days prior[38] - The company encourages all shareholders to attend the annual general meeting and allows for proxy representation if unable to attend[38] Market Strategy and Growth - The company continues to focus on restaurant operations across various locations in mainland China[81][82] - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year, representing a 15% year-over-year growth[93] - User data showed an increase in active users, reaching 5 million, which is a 20% increase compared to the previous year[95] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[96] - New product launches are expected to contribute an additional HKD 300 million in revenue, with a focus on innovative technology solutions[97] - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share over the next two years[98] - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and is expected to close by Q3 2024[99] - The company has invested HKD 150 million in R&D for new technologies, aiming to improve product offerings and customer experience[100] - Cost management strategies have been implemented, resulting in a 5% reduction in operational expenses[101] - The company plans to enhance its digital marketing efforts, allocating an additional HKD 50 million to increase brand visibility and customer engagement[102] Operational Efficiency and Innovations - The group has maintained consistent accounting policies across its subsidiaries, which are consolidated from the date control is obtained[87] - The group has not sold any items generated from property, plant, and equipment before they were available for use, thus the amendments to HKAS 16 have no impact on the group's financial position or performance[108] - The group has applied the amendments to HKFRS 9 prospectively from January 1, 2022, but there were no modifications or exchanges of financial liabilities during the year, resulting in no impact on the group's financial position or performance[109] - The group has accelerated the adoption of digital tools and automation technologies to enhance operational efficiency and reduce labor pressure[180] - The company will officially launch its first comprehensive mobile application this year, aiming to meet consumer needs through multiple channels and cross-marketing strategies[184] Brand Development and Customer Experience - The company launched several new mid-to-high-end dining brands, including "Tommy Yummy" and "Bird World One," to attract new customers[140] - The company enhanced its takeaway services and marketing efforts, leveraging social media and partnerships with delivery platforms to mitigate the impact of pandemic restrictions on dine-in services[140] - The company plans to focus on the synergy between its various brands to innovate products and expand consumer bases[141] - The management has successfully restructured existing restaurant brands, enriching menu options and improving customer flow during different time periods[160] - The company aims to introduce new elements to existing brands, including new dishes and seasonal offerings, to enhance business replicability and consumer experience[141] - The company has actively optimized its restaurant network and management processes to achieve cost reduction and efficiency improvement[158] - The company has developed signature dishes suitable for both Hong Kong and mainland markets, enhancing brand uniqueness[160] - The company has redesigned restaurant decor, such as the new image store for "Cha Mu," to elevate brand image[160] Donations and Community Engagement - The group made charitable and other donations amounting to approximately HKD 360,000 during the year[130] Shareholder Structure - The major shareholder, Junfa, holds 538,449,500 shares, representing approximately 53.56% of the issued ordinary shares[117] - The exercise price for the pre-IPO share options is set at HKD 0.45 per share[123] - The group has a total of 1,863,000 pre-IPO share options, with 1,803,000 options unexercised as of December 31, 2022[123] - The group encourages eligible participants to enhance performance and efficiency for the benefit of the group[124]

Financial Performance - The group's revenue decreased by approximately 15.7% to HKD 2,675.2 million for the year ended December 31, 2022, compared to HKD 3,173.0 million in 2021[43]. - Gross profit for 2022 was HKD 1,942,349, down 15.4% from HKD 2,294,748 in the previous year[44]. - The net loss for the year was HKD 43,074, compared to a profit of HKD 95,355 in 2021, representing a significant decline[44]. - Basic and diluted earnings per share for 2022 were both HKD (4.30), compared to HKD 9.94 in 2021[44]. - The group reported a basic loss per share of HKD 0.043, compared to a profit of HKD 0.099 in 2021[100]. - The company reported a loss attributable to shareholders of HKD 43.2 million, down from a profit of HKD 99.7 million in the previous year, with a basic loss per share of HKD 0.043[157]. - The group reported a year-on-year increase of 9.2% in restaurant revenue for January and February 2023, indicating a positive trend in consumer spending[19]. Dividend Policy - The group maintained a stable dividend policy, proposing a final dividend of HKD 2.50 per share, totaling HKD 5.00 for the fiscal year 2022[12]. - The board remains confident in the business recovery and has proposed a final dividend of HKD 0.025 per share, down from HKD 0.0495 per share in 2021[43]. - The total proposed dividend for the year ended December 31, 2022, will be HKD 0.05 per share, compared to HKD 0.0745 per share in 2021[43]. Operational Efficiency - The group aims to optimize its operational efficiency by integrating its store network and maximizing the benefits of each brand and outlet[19]. - The group implemented effective cost control measures and optimized internal management to enhance operational efficiency during challenging market conditions[158]. - The group has implemented various cost control measures and internal resource integration to prepare for post-pandemic recovery opportunities[181]. - The group plans to launch its first integrated mobile application, which will provide services such as electronic gift vouchers and takeaway orders, aimed at increasing sales channels and customer loyalty[182]. - The group has applied the revised accounting standards prospectively from January 1, 2022, with no significant impact on its financial situation[84]. Revenue Sources - The "Min Wah Ice Room" brand generated revenue of HKD 719.8 million in the fiscal year 2022, accounting for 26.9% of total group revenue, up from 24.0% in the previous year[22]. - The flagship brand "Tai Hing" recorded revenue of HKD 1,053.2 million in the fiscal year 2022, representing 39.4% of total group revenue, down from 46.1% in the previous year[23]. - The group's revenue for the Southeast Asian food brand "Hainan Chicken Rice" increased significantly by 33.4% to HKD 193.7 million (FY2021: HKD 145.2 million), accounting for 7.2% of the group's total revenue (FY2021: 4.6%) [139]. - Revenue from food sales increased to HKD 76,204 in 2022, up from HKD 67,282 in 2021, marking an increase of 13.6%[113]. Market Presence and Expansion - The group plans to increase its presence at Hong Kong International Airport to provide more diverse dining options for travelers as tourism gradually recovers[25]. - The group plans to open 5 new "Hainan Chicken Rice" outlets in Hong Kong and 1 in mainland China to further drive growth [139]. - The group has launched several new dining brands, including "Tommy Yummy" and "Bird World," to expand its revenue sources and target different customer segments [140]. - The group is closely monitoring the post-pandemic recovery in mainland China, focusing on the Greater Bay Area to strengthen its market leadership[25]. Financial Position - As of December 31, 2022, the company maintained a healthy financial position with cash and cash equivalents of HKD 282.6 million and no bank borrowings[43]. - The group had no bank borrowings as of December 31, 2022, maintaining a stable financial position[130]. - The group has pledged assets with a total book value of approximately HKD 229.6 million as of December 31, 2022, to secure bank financing [148]. - The group’s asset-liability ratio as of December 31, 2022, was 56.8%, up from 51.4% in 2021 [146]. Employee Management - Employee costs decreased to HKD (949,299) from HKD (1,081,700), a reduction of approximately 12.2%[44]. - The group employed approximately 6,000 employees as of December 31, 2022, down from about 6,700 employees in the previous year[175]. - Employee benefits expenses, including salaries and bonuses, totaled HKD 949,299, down from HKD 1,081,700 in 2021, reflecting a reduction of 12.2%[116]. Asset Management - The group's non-current assets totaled HKD 1,960,953,000, a slight decrease from HKD 2,002,975,000 in the previous year[73]. - Total assets as of December 31, 2022, amounted to HKD 2,512,657,000, down from HKD 2,738,787,000 in 2021[89]. - The group reported trade receivables aging analysis, with total receivables of HKD 99,138,000, down from HKD 106,376,000 in the previous year[125]. Cost Management - The cost of materials for the year was HKD 732,817, a decrease of 16.6% from HKD 878,279 in 2021[116]. - Other operating expenses for the fiscal year amounted to HKD 453.5 million, a 2.2% increase from HKD 443.9 million in the previous year, primarily due to increased delivery service fees and rising operational costs[161]. - The financing cost for lease liabilities was HKD 29,444,000 in 2022, a decrease from HKD 33,255,000 in 2021[94]. Economic Environment - The group reported a 1.0% decline in private consumption expenditure in Hong Kong for 2022, but a 1.9% year-on-year increase in Q4, indicating economic recovery [doc id='137']. - The group anticipates a recovery in the Hong Kong restaurant market, with a notable increase in business turnover observed in December 2022[181].

Financial Performance - Revenue for the six months ended June 30, 2022, was approximately HKD 1,217.6 million, a decrease of 20.6% compared to HKD 1,532.7 million in the same period of 2021[7] - Gross profit for the same period was approximately HKD 879.8 million, with a gross margin of 72.3%, compared to 71.8% in the previous year[10] - The company reported a loss attributable to shareholders of HKD 52.5 million, compared to a profit of HKD 33.4 million in the same period of 2021[10] - The company reported a net loss of HKD 52,485,000 for the six months ended June 30, 2022, compared to a profit of HKD 33,441,000 in the same period of 2021[53] - Total comprehensive loss for the period amounted to HKD 66,416,000, compared to a total comprehensive income of HKD 36,237,000 in the previous year[45] - Basic and diluted loss per share was HKD 5.23, compared to earnings of HKD 3.34 per share in the same period last year[43] Operational Changes - The number of restaurants decreased to 205 as of June 30, 2022, down from 217 at the end of 2021, reflecting a reduction of 12 locations[7] - The company plans to optimize internal operations and restaurant networks to mitigate the impact of the pandemic[10] - The management highlighted the importance of enhancing delivery and takeout services to offset the decline in dine-in traffic[10] - The company is preparing for post-pandemic recovery by improving the resilience of its business model[10] - New brands such as "Tommy Yummy," "Hua Jiao Zi," and "Niao Shi Yi" were launched in Q2 2022 to diversify the dining options and expand the customer base[23] Cost Management - Material costs for the period were HKD 337.8 million, down from HKD 431.7 million in the previous year, with a cost-to-revenue ratio of 27.7%[13] - Employee costs decreased to HKD 466.7 million in H1 2022, down from HKD 534.4 million in H1 2021, with an employee cost to revenue ratio of 38.3% compared to 34.9% in the previous year[14] - Rental and related expenses amounted to HKD 204.3 million in H1 2022, down from HKD 251.6 million in H1 2021, with a total of HKD 17.1 million in rent reductions negotiated[15] Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2022, were HKD 311.8 million, a decrease from HKD 452.6 million at the end of 2021[10] - The company has sufficient operating cash flow to meet its obligations, indicating a focus on maintaining liquidity[60] - Cash flow from operating activities for the six months ended June 30, 2022, was HKD 195,914,000, down from HKD 322,243,000 in the prior year[55] Segment Performance - Revenue from the Hong Kong, Macau, and Taiwan segment was HKD 968.5 million, down 17.7% from HKD 1,177.1 million in the previous year[74] - The China segment generated revenue of HKD 275.5 million, a decline of 32.4% from HKD 408.1 million in the same period last year[74] - The adjusted profit before tax for the Hong Kong, Macau, and Taiwan segment was HKD 6.1 million, compared to HKD 55.1 million in the previous year[74] - The adjusted loss before tax for the China segment was HKD 66.2 million, worsening from a loss of HKD 12.4 million in the same period of 2021[74] Shareholder Information - The company declared an interim dividend of HKD 0.025 per share, consistent with the previous year[8] - The company’s major shareholder, Mr. Chen, holds 538,449,500 shares, representing approximately 53.65% of the issued ordinary shares as of June 30, 2022[137] - The company’s major shareholder, Junfa Limited, holds approximately 70.67% of its shares, which further consolidates Mr. Chen's control over the company[139] Compliance and Governance - The company has complied with the applicable code provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules for the six months ended June 30, 2022[153] - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[59]

Financial Performance - For the fiscal year ending December 31, 2021, the company reported a significant recovery in business performance compared to the previous year, despite the absence of government subsidies and rent reductions[8]. - The group's total revenue for the fiscal year ended December 31, 2021, increased by 13.4% to HKD 3,173.0 million, compared to HKD 2,797.9 million in 2020[25]. - Gross profit was HKD 2,294.7 million with a gross margin of 72.3%, up from 70.6% in the previous year[25]. - Profit attributable to shareholders decreased by 16.2% to HKD 99.7 million, with basic earnings per share at HKD 9.94, down 16.4% from HKD 11.89 in 2020[25]. - The group maintained a strong financial position with cash and cash equivalents of HKD 452.6 million as of December 31, 2021, down from HKD 562.1 million in 2020[25]. - The group recorded a 34.5% revenue increase in mainland China, reaching HKD 710.7 million, compared to HKD 528.2 million in 2020[21]. - The cost of materials was HKD 878.3 million, with the cost as a percentage of revenue decreasing to 27.7% from 29.4% in the previous year[29]. - Employee costs rose to HKD 1,081.7 million due to the absence of government subsidies, but the ratio of employee costs to revenue improved compared to the previous year[30]. - The group plans to utilize the remaining unutilized proceeds of approximately HKD 305.6 million from its IPO for future expansion plans[47]. Operational Strategies - The company implemented various operational optimizations and upgrades to reduce costs and enhance profitability, adapting to changing consumer habits during the pandemic[9]. - The company plans to further optimize its store network and adjust its operational model to align with local consumer behavior changes in the Greater Bay Area[13]. - The group plans to optimize its restaurant network and focus on high-traffic locations to enhance market penetration and adapt to changing consumer demands[43]. - The company is strategically shifting focus to takeout and delivery services in response to ongoing pandemic challenges[35]. - The group is investing more resources into advanced technology systems and operational equipment to enhance existing IT systems and strengthen big data applications, aiming to improve operational efficiency and cost control[44]. - The company has implemented automated food production systems across various departments to enhance food quality and production efficiency[94]. Brand Development and Market Expansion - The company strategically expanded its brand network, opening new locations for "Min Wah Ice Room" and "Hainan Chicken Rice," including its first store in mainland China[12]. - The company introduced new products, such as a specialized dumpling store "Dumpling Station," to increase market penetration[12]. - The company aims to cultivate more unique brands to capture market trends and expand its customer base in both Hong Kong and mainland China[43]. - The company is expanding its "Tai Hing" brand in Taiwan and Macau, focusing on business development in these regions[94]. - The company has developed a new leisure dining brand targeting young customers, which has received multiple industry awards[99]. Customer Engagement and Technology - The group plans to enhance customer relationship management through the development of a comprehensive mobile application, aimed at improving online ordering experiences and data collection[14]. - The group's first comprehensive mobile application will soon be launched, providing customers with a one-stop takeaway ordering service and enhancing customer loyalty and brand image[44]. - The company is enhancing customer experience through improved ordering and payment systems, leveraging data technology[99]. Awards and Recognition - The company received the "Greater Bay Area Strength Brand" award from the Hong Kong Marketing Society, reflecting its strong market presence and reputation[13]. - Under the leadership of the executives, the group has received multiple awards for food safety and operational excellence, including the highest honor from the Hong Kong 5S Association in 2017[70]. - The company has achieved various industry certifications, including recognition as an environmentally friendly enterprise and awards for environmental excellence[72]. Corporate Governance and Compliance - The board proposed a final dividend of HKD 4.95 per share, totaling a dividend of HKD 7.45 per share for the year, representing a payout ratio of 75%[17][26]. - The board of directors is aware of compliance matters, with no significant non-compliance issues reported[112]. - All independent non-executive directors have confirmed their independence according to the listing rules[197]. - The remuneration policy for directors and senior management is determined based on operational performance, individual performance, and current market conditions[200]. Share Options and Ownership - The pre-IPO share option plan allows for the issuance of a total of 1,863,000 ordinary shares, representing approximately 0.1856% of the company's issued share capital as of the annual report date[131]. - The post-IPO share option plan aims to recognize and reward eligible participants for their contributions to the group[142]. - The largest shareholder, Mr. Chen, holds 538,449,500 shares, representing approximately 53.65% of the issued ordinary shares[176]. - The company has not entered into any share-linked agreements during the year ended December 31, 2021[184].

Financial Performance - Total revenue for the first half of 2021 increased by 16.4% to HKD 1,532.7 million compared to HKD 1,316.9 million in the same period of 2020[10] - Revenue from Hong Kong, Macau, and Taiwan contributed HKD 1,177.1 million, a 3.7% increase from HKD 1,135.5 million in the previous year[11] - Revenue from mainland China surged by 96.0% to HKD 355.6 million, up from HKD 181.4 million in the first half of 2020[11] - Gross profit increased to HKD 1,100.9 million with a gross margin of 71.8%, compared to HKD 928.4 million and 70.5% in the same period last year[11] - Profit attributable to shareholders rose significantly by 297.9% to HKD 33.4 million, compared to HKD 8.4 million in the first half of 2020[11] - Basic earnings per share increased to HKD 3.34, up from HKD 0.84 in the previous year, reflecting a growth of 297.6%[11] - Profit before tax increased significantly to HKD 40,855 from HKD 14,129, representing a growth of 189.5%[57] - Net profit for the period was HKD 31,827, compared to HKD 7,534 in the previous year, marking a substantial increase[57] - Total comprehensive income for the period was HKD 36,237, compared to HKD 3,756 in 2020, showing a significant improvement[60] Operational Highlights - The number of restaurants increased to 223, up from 213 in the previous year, with 9 new locations in Hong Kong[7] - The "Min Wah Ice Room" brand achieved significant revenue growth of 63.4%, reaching HKD 345.0 million in the first half of 2021, accounting for 22.5% of the group's total revenue[22] - The "Yasai Chicken Rice" brand saw an impressive revenue increase of 873.2%, reaching HKD 57.42 million, with same-store sales showing high single-digit growth[25] - The flagship brand "Tai Hing" generated total revenue of HKD 734.3 million in the first half of 2021, representing 48.0% of the group's total revenue[26] - The group plans to continue expanding its takeaway and delivery services, enhancing its online ordering platform "Fan Fan Life" to improve customer loyalty[27] - The group opened six new "Min Wah Ice Room" restaurants in the first half of 2021, with plans for further expansion in the Greater Bay Area[22] Financial Position - Cash and cash equivalents as of June 30, 2021, were HKD 518.5 million, a slight decrease from HKD 562.1 million at the end of 2020[12] - The group's current ratio remained stable at approximately 0.8 times as of June 30, 2021, consistent with the end of 2020[30] - As of June 30, 2021, the group's interest-bearing bank borrowings amounted to approximately HKD 120.0 million, an increase from HKD 78.8 million as of December 31, 2020[31] - The group's debt-to-equity ratio was approximately 11.4% as of June 30, 2021, compared to 7.3% as of December 31, 2020[31] - The group's cash and cash equivalents were approximately HKD 518.5 million as of June 30, 2021, down from HKD 562.1 million at the end of 2020[30] - The company's net asset value was HKD 1,055,984, a decrease from HKD 1,083,012, indicating a slight decline in equity[65] - The company's total assets as of June 30, 2021, amounted to HKD 1,051,980,000, compared to HKD 966,721,000 as of June 30, 2020, reflecting a growth of approximately 8.8%[68] Employee and Operational Costs - Employee costs rose to HKD 534.4 million from HKD 449.0 million in the previous year, primarily due to the absence of government subsidies[16] - The group employed approximately 7,200 staff as of June 30, 2021, an increase from approximately 6,900 staff as of December 31, 2020[38] - The cost of materials for the period was HKD 431,745,000, an increase of 11.1% from HKD 388,549,000 in 2020[4] - Financing costs decreased to HKD 20,314,000 from HKD 24,698,000 in the previous year, a reduction of 17.5%[4] Future Outlook and Strategy - The group plans to expand its restaurant network and enhance rental cost control over the next three years, leveraging its multi-brand strategy[40] - The group aims to strengthen its food production capabilities in mainland China and Hong Kong, focusing on cost reduction and quality improvement[40] - The group is optimistic about the impact of the HKD 5,000 consumption voucher scheme on its sales performance in the second half of the year[43] - The group will enhance its digital systems and automate restaurant operations to improve efficiency and customer relationship management[44] - The group maintains a cautiously optimistic outlook for the remainder of the year, closely monitoring market developments and external conditions[44] Shareholder Information - The company declared a final dividend of HKD 64,320,000 for the year ended December 31, 2020[68] - The company declared an interim dividend of HKD 0.025 per share for the six months ended June 30, 2021, compared to HKD 0.013 per share in the same period of 2020, indicating an increase of approximately 92.3%[150] - As of June 30, 2021, the total number of issued shares of the company was 1,001,873,000[172] - Mr. Chen holds 538,449,500 shares, representing 53.74% of the total issued shares[169] - Ms. Liang holds 1,165,000 shares, representing 0.12% of the total issued shares[169] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules during the six months ending June 30, 2021[185] - The audit committee reviewed the financial reporting and risk management practices for the six months ending June 30, 2021[184] - The company has adopted the standard code for securities trading by directors and confirmed compliance for the six months ending June 30, 2021[186] - The company has not established any arrangements for directors to benefit from purchasing shares or bonds of the company or any other entity during the six months ending June 30, 2021[179] - No major shareholders, apart from those disclosed, held any interests in the company's shares or related shares as of June 30, 2021[176]

Financial Performance - Total revenue for the first half of 2020 decreased by 19.7% to HKD 1,316.9 million compared to HKD 1,639.4 million in the same period of 2019[5] - Revenue from Hong Kong, Macau, and Taiwan contributed HKD 1,135.5 million, down 13.2% from HKD 1,308.1 million in the previous year[8] - Revenue from mainland China fell by 45.3% to HKD 181.4 million, down from HKD 331.4 million in the first half of 2019[8] - Profit attributable to shareholders was HKD 8.4 million, a decline of 83.3% from HKD 50.3 million in the first half of 2019[5] - Basic earnings per share dropped to HKD 0.84, down 87.1% from HKD 6.49 in the same period last year[5] - Gross profit for the same period was HKD 928,388, down 21.3% from HKD 1,179,456 in 2019[45] - The total comprehensive income for the period was HKD 4,594,000, down from HKD 48,045,000 in the previous year, representing a decrease of about 90.4%[56] - The group reported a basic earnings per share of HKD 0.008405 for the six months ended June 30, 2020, down from HKD 0.050276 in 2019, indicating a decrease of approximately 83.3%[97] Cost Management - Gross profit margin decreased to 70.5% from 71.9% in the previous year, with gross profit amounting to HKD 928.4 million[5] - Material costs decreased to HKD 388.5 million in the first half of 2020, down from HKD 460.0 million in the same period of 2019, due to improved production efficiency and bulk purchasing discounts[14] - Employee costs fell to HKD 449.0 million in the first half of 2020, compared to HKD 550.3 million in the same period of 2019, despite a slight increase in the employee cost ratio to 34.1% from 33.6%[15] - Rental and related expenses amounted to HKD 218.3 million in the first half of 2020, down from HKD 244.5 million in the same period of 2019, aided by negotiations for rent reductions[17] - The group recognized a rent reduction of HKD 39,056,000 related to the COVID-19 pandemic, which was accounted for as a variable lease payment[69] Cash Flow and Liquidity - As of June 30, 2020, the company had cash and cash equivalents of HKD 629.2 million, down from HKD 711.1 million at the end of 2019[9] - The company's current assets and current liabilities were approximately HKD 872.1 million and HKD 1,074.2 million, respectively, resulting in a current ratio of approximately 0.8 times[26] - The company's debt-to-equity ratio was approximately 29.9% as of June 30, 2020, compared to 31.8% as of December 31, 2019[27] - Operating cash flow for the six months ended June 30, 2020, was HKD 258,711,000, a decrease of 9.2% from HKD 285,107,000 in 2019[59] - The total cash and cash equivalents at the end of the period were HKD 629,235,000, down from HKD 920,920,000 in the previous year, reflecting a decrease of 31.6%[59] Business Operations and Strategy - The company implemented cost-saving measures, including a 20% voluntary salary reduction for executives for three months starting February 1, 2020[10] - The company established an "Emergency Response Committee" to monitor market conditions and adjust strategies accordingly[10] - The group reported a significant increase in takeaway and delivery revenue, which accounted for over 30% of total restaurant operating revenue in the first half of 2020[19] - The company plans to expand its delivery business in response to the growing demand for takeout services due to the COVID-19 pandemic[37] - The company launched several new brands in the previous fiscal year, including the "Hainan Chicken Rice" restaurant in Central, Hong Kong, which has seen strong demand from office workers for takeout orders[25] - The company opened a new brand "Little White Strip" in late August 2020, focusing on freshly made healthy hand-ground noodles, catering to the takeout demand of office workers[39] - The company will continue to explore opportunities for overseas expansion and seek self-operated and partnership opportunities in untapped regions[39] Market Performance - Total revenue for the flagship brand "Tai Hing" was HKD 692.6 million in the first half of 2020, a decrease from HKD 986.8 million in the same period of 2019, representing 52.6% of total group revenue[21] - "Min Wah Ice Room" achieved a revenue increase of 85.6% to HKD 211.2 million in the first half of 2020, making it the second-largest revenue source for the group, accounting for 16.0% of total revenue[22] - "Cha Mu" generated revenue of HKD 204.9 million in the first half of 2020, down from HKD 274.7 million in the same period of 2019, representing 15.6% of total revenue[23] - The restaurant industry in mainland China saw a revenue decline of 32.8% year-on-year in the first half of 2020, but began to recover with a 78% increase in revenue from March to June 2020[18] Assets and Liabilities - Total assets as of June 30, 2020, amounted to HKD 3,136,564, a decrease from HKD 3,404,749 at the end of 2019[78] - Total liabilities were HKD 2,173,591, down from HKD 2,433,895, indicating a reduction of 10.7%[78] - Non-current liabilities decreased from HKD 1,296,942,000 as of December 31, 2019, to HKD 1,099,371,000 as of June 30, 2020, representing a reduction of approximately 15.2%[50] - The company's net asset value slightly decreased from HKD 970,854,000 at the end of 2019 to HKD 962,973,000 by June 30, 2020, a decline of about 0.9%[50] Shareholder Information - The major shareholder, Mr. Chan, holds approximately 53.84% of the company's shares, totaling 538,449,500 shares[135] - The company has not pledged any shares according to the listing rules[138] - The company declared an interim dividend of HKD 0.013 per share, down from HKD 0.0324 per share in 2019, representing a reduction of approximately 59.9%[96] Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the six months ending June 30, 2020[153] - The audit committee, along with management, reviewed the accounting principles and practices adopted by the group and discussed risk management and internal control systems[151] - The company confirmed that all directors fully complied with the standards set out in the code of conduct for securities transactions during the six months ending June 30, 2020[154]