Financial Performance - The company reported a total dividend of HKD 5.04 per share for the fiscal year, which represents approximately 65% of the net profit for the year[13]. - Total revenue for 2019 reached HKD 3,252.3 million, a 4.0% increase from HKD 3,126.1 million in 2018[22]. - Adjusted profit for the year was HKD 135.0 million, down 11.9% from HKD 153.3 million in 2018[21]. - Basic earnings per share decreased to HKD 0.0865, a decline of 78.7% from HKD 0.4066 in 2018[21]. - Gross profit margin remained stable at 71.3%, compared to 71.6% in the previous year[22]. - Material costs rose to HKD 932.5 million, accounting for 28.7% of revenue, an increase of 0.3 percentage points from 28.4% in 2018[24]. - Employee costs increased by 5.9% to HKD 1,094.3 million, maintaining a stable ratio of 33.7% of revenue[25]. - The company celebrated its 30th anniversary in 2019, marking a significant milestone in its history[8]. - The company is optimistic about its future business development and aims to strengthen its market position[14]. Business Expansion and Development - The company opened its first restaurant in Taiwan in May 2019, which was well-received, leading to the opening of a second flagship store in November 2019[8]. - The company launched three new brands during the review period, including a Taiwanese hot pot restaurant and a Southeast Asian cuisine outlet, to diversify its offerings[9]. - The company plans to continue expanding its "Min Wah Ice Room" brand in the Greater Bay Area and other potential markets[9]. - The company has been operating for 30 years and aims to leverage its experience to explore new markets with significant growth potential[9]. - The number of restaurants increased to 205, up from 185 in 2018, with significant growth in Hong Kong and Taiwan[32]. - The group opened three new subsidiary brands during the year, including "Couple Hot Pot" and "Qing Fang Ice Room" in Hong Kong[43]. - The group plans to expand its delivery business and enhance its presence on third-party food delivery platforms, driven by the "T-Factory" mobile app[48]. - The company has expanded its restaurant network in mainland China to 63 locations as of December 31, 2019[105]. Operational Challenges and Responses - The company faced challenges in 2020 due to social unrest and the COVID-19 pandemic, which may continue to affect the economy[12]. - The company established an emergency response committee at the beginning of 2020 to address the impacts of the COVID-19 pandemic on operations[12]. - The company is committed to maintaining high-quality food and service standards despite operational challenges[12]. Governance and Compliance - The company is committed to compliance with relevant laws and regulations since its listing date on June 13, 2019[125]. - The company has appointed independent non-executive directors with extensive experience in the financial services industry to strengthen its governance[93]. - The company is committed to maintaining high standards of corporate governance and compliance through its various committees[95]. - The company has established a robust governance framework, including an independent environmental, social, and governance report[124]. Awards and Recognition - The company has received multiple external safety-related awards, including the highest honor from the Hong Kong 5S Association in November 2017 and the Food Safety Excellence Award from the International Food Safety Association[78]. - The company has been recognized with multiple leadership awards, including the Outstanding Female Leader Award from the Asian Knowledge Management Academy in July 2018[87]. - The company has received several industry awards, including the Tencent City Kitchen Recommended Featured Restaurant in August 2018 and the Most Popular Cantonese Cuisine Award in March 2018[105]. - The company has been recognized for its brand development and digital enhancement in customer experience[110]. Employee and Management Development - The company has a strong management team with over 40 years of experience in the food and beverage industry[104]. - The company has a comprehensive training program to cultivate talent within its workforce[100]. - The company has introduced new operational standards to innovate frontline teams and promote employee development[100]. - The company has a focus on sustainable development through the use of automated systems to reduce occupational hazards for employees[100]. Financial Management and Capital Structure - The group’s cash and cash equivalents increased by approximately 193.6% to about HKD 711.1 million as of December 31, 2019, compared to HKD 242.2 million in 2018[57]. - The current ratio remains stable at approximately 0.8 times as of December 31, 2019, consistent with the previous year[57]. - The group’s interest-bearing bank borrowings decreased to approximately HKD 307.5 million as of December 31, 2019, down from HKD 537.2 million in 2018[57]. - The debt-to-equity ratio improved significantly to approximately 31.8% as of December 31, 2019, compared to 146.7% in 2018[58]. Share Options and Ownership - The company has a total of 6,375,000 stock options outstanding as of December 31, 2019, representing approximately 0.6375% of the issued share capital[144]. - The exercise price for the stock options under the pre-IPO stock option plan is set at HKD 0.45[150]. - The total number of stock options granted under the pre-IPO stock option plan is capped at 1% of the company's issued share capital at any time[144]. - The company has established a post-IPO share option plan to recognize and reward eligible participants for their contributions[161]. - The total number of securities that may be issued under the post-IPO share option plan is capped at 10% of the company's issued share capital as of the report date, which translates to a maximum of 100,000,000 shares[166].

Company Milestones and Expansion - The company reported a significant milestone in 2019, marking its 30th anniversary and successful listing on the Hong Kong Stock Exchange[11]. - The restaurant network expanded to over 190 locations across Hong Kong, mainland China, Macau, and Taiwan, with the introduction of new brands such as "夫妻沸片" and "敏华冰廳" in Taiwan and Guangzhou respectively[11]. - A new brand named "瓊芳" will be launched in Q4 2019, focusing on refined "tea restaurant" cuisine to attract a broader customer base[14]. - The company plans to celebrate its 30th anniversary with cross-brand marketing activities and the introduction of a new cash food voucher system usable at over 120 restaurants[14]. - The group plans to open a second "Tai Hing" restaurant in Taiwan in the second half of the fiscal year following the success of the first restaurant[52]. - The company plans to expand its restaurant network and brand portfolio despite challenging market conditions[54]. Financial Performance - The company's revenue for the first half of 2019 increased by 6.5% to HKD 1,639.4 million compared to HKD 1,538.8 million in the same period of 2018[26]. - Revenue from Hong Kong, Macau, and Taiwan rose by 11.1% to HKD 1,308.1 million, while revenue from mainland China decreased by 8.2% to HKD 331.4 million[26]. - Adjusted profit attributable to shareholders increased by 10.0% to HKD 82.9 million, compared to HKD 75.3 million in the first half of 2018[26]. - The group reported revenue of HKD 1,639,447,000 for the six months ended June 30, 2019, representing an increase of 6.5% compared to HKD 1,538,809,000 in the same period of 2018[62]. - The group experienced a significant decline in profit before tax, which fell to HKD 74,629,000 from HKD 170,959,000, a decrease of 56.4%[62]. - Net profit for the period was HKD 50,274,000, down 65.1% from HKD 144,088,000 in the previous year[65]. - Basic earnings per share decreased to HKD 6.49 from HKD 19.21, reflecting a decline of 66.2%[62]. Operational Efficiency and Automation - The company implemented automation systems in mainland China restaurants, enhancing operational efficiency and food quality consistency[12]. - The production capacity of the food factory in mainland China has been steadily increasing since its launch in October 2018, contributing to higher efficiency[12]. - The group aims to automate food processing in kitchens in mainland China to improve efficiency and reduce reliance on skilled labor[52]. Marketing and Customer Engagement - The company aims to enhance its business and profit sources through collaboration with Hong Kong's online food delivery platform[53]. - Marketing campaigns will be launched to celebrate the company's 30th anniversary, focusing on attracting more customers[53]. - The company is committed to further cross-brand marketing activities and promotional efforts to drive growth[53]. - The group will utilize traditional and innovative multimedia channels, including social media and its mobile app "T-Factory," to improve corporate image[53]. Financial Position and Assets - The group's cash and cash equivalents increased by approximately 280.3% to HKD 920.9 million as of June 30, 2019, compared to HKD 242.2 million on December 31, 2018[43]. - The current ratio improved to approximately 1.2 times as of June 30, 2019, compared to 0.8 times on December 31, 2018[43]. - Non-current assets increased to HKD 2,378,686 thousand as of June 30, 2019, compared to HKD 982,499 thousand as of December 31, 2018, representing a growth of 142.4%[69]. - Current assets rose to HKD 1,108,655 thousand, up from HKD 416,708 thousand, marking a significant increase of 165.5%[69]. - Total liabilities increased to HKD 2,528,598 thousand, up from HKD 1,033,162 thousand, indicating a rise of 144.5%[72]. - The net asset value reached HKD 958,743 thousand, a substantial increase from HKD 366,045 thousand, representing a growth of 161.5%[72]. Lease and Accounting Changes - The implementation of HKFRS 16 resulted in a lease-related expense of HKD 84.2 million, down from HKD 233.8 million in the previous year[33]. - The adoption of HKFRS 16 resulted in an increase of HK$1,228,689,000 in right-of-use assets and a decrease of HK$12,655,000 in prepaid land lease payments[108]. - Total assets increased by HK$1,209,385,000 due to the implementation of HKFRS 16[108]. - Lease liabilities increased by HK$1,402,164,000, while other payables and accrued expenses decreased by HK$47,778,000[108]. - The company has chosen to apply the short-term lease exemption for leases that terminate within 12 months from the date of initial application[106]. Employee and Labor Costs - Employee costs rose by 7.8% to HKD 546.1 million, maintaining a ratio of 33.6% of revenue[28]. - The group employed approximately 7,500 employees as of June 30, 2019, an increase from approximately 6,900 employees on December 31, 2018[51]. Stock Options and Share Capital - As of June 30, 2019, there were 6,375,000 unexercised share options under the pre-IPO share option scheme, with an expense of approximately HKD 4,223,000 recognized in the profit and loss account[176]. - The issued share capital increased to HKD 100,000,000 as of June 30, 2019, following the issuance of 250,000,000 shares at HKD 3.0 each on June 13, 2019[171].