Financial Performance - For the fiscal year ending March 31, 2021, the group's total revenue was approximately HKD 214.3 million, a decrease from HKD 452.1 million in 2020[7]. - The group reported a loss before tax of approximately HKD 58.5 million, improved from a loss of HKD 132.2 million in the previous year[7]. - The loss attributable to the company's owners for the year was approximately HKD 64.4 million, down from HKD 130.9 million in 2020[7]. - The group received a one-time government subsidy of approximately HKD 20.2 million, primarily from the employment support scheme[7]. - For the fiscal year ending March 31, 2021, the company reported a revenue decrease due to the negative impact of COVID-19, with total revenue of HKD 214.3 million, down from HKD 452.1 million in the previous year, representing a decline of approximately 52.7%[20]. - The revenue from Western restaurants decreased by approximately HKD 204.0 million or 65.6%, from HKD 311.2 million to HKD 107.2 million, primarily due to COVID-19 restrictions and the closure of underperforming locations[22]. - The revenue from Italian restaurants fell by approximately HKD 54.9 million or 71.3%, from HKD 77.0 million to HKD 22.1 million, attributed to similar factors as above[23]. - The revenue from Asian restaurants decreased by approximately HKD 51.1 million or 86.9%, from HKD 58.8 million to HKD 7.7 million, also due to COVID-19 impacts[24]. - The financial services segment generated revenue of approximately HKD 74.1 million, marking a significant increase from zero in the previous year[28]. Business Operations - The group operated 14 restaurants as of March 31, 2021, including 2 newly established or acquired restaurants and 4 that were closed or sold[8]. - The company opened one new restaurant in Hong Kong and one in China during the fiscal year, increasing its total restaurant count in Hong Kong to 13[20]. - The company established a new subsidiary, Lue Peng Peng (Beijing) Catering Management Co., Ltd., with a registered capital of RMB 2.5 million, focusing on operating hotpot restaurants in China[14]. - The group is focusing on diversifying its business strategy, including non-restaurant business expansion and geographic expansion outside of Hong Kong[8]. - The group is committed to developing its existing restaurant business while exploring new business opportunities in interior design and organic vegetable consulting in China[13]. Cost Management and Adjustments - The group is actively adjusting its business strategies and optimizing its cost structure in response to the challenges posed by the COVID-19 pandemic[8]. - Employee benefits expenses for the Hong Kong restaurant business decreased from approximately HKD 175.7 million to HKD 68.7 million, a reduction of about HKD 107.0 million due to restaurant closures and staff reductions[31]. - Depreciation expenses related to the right-of-use assets for the Hong Kong restaurant business were approximately HKD 42.8 million, down from HKD 99.1 million, primarily due to fewer lease agreements following restaurant closures[32]. - Other expenses decreased from approximately HKD 76.3 million to HKD 38.0 million, representing about 17.7% and 16.9% of total revenue for the respective periods[34]. Governance and Compliance - The board of directors is responsible for strategy formulation, performance monitoring, and risk management, with three committees established: Audit, Remuneration, and Nomination[68]. - The company has adopted a written terms of reference for its corporate governance functions, ensuring responsibilities are fulfilled[79]. - The company has mechanisms in place to seek independent professional advice when necessary, with costs borne by the company[71]. - The company has confirmed the independence of its non-executive directors as of March 31, 2021, ensuring compliance with GEM listing rules[125]. - The company has not identified any significant legal or regulatory non-compliance issues affecting its business operations as of March 31, 2021[110]. Environmental and Social Responsibility - The company has taken steps to enhance environmental performance, including using recycled paper products and adjusting air conditioning settings to 24 degrees Celsius during winter[113]. - The company is committed to integrating sustainable development measures into its daily operations and management, aiming to enhance its performance in environmental, social, and governance aspects[161]. - The company has implemented energy-saving, emission reduction, and recycling measures as part of its commitment to sustainable development[165]. - The company aims to reduce plastic waste by participating in the "No Straw Campaign" and transitioning to paper packaging for takeout[175]. - The company reported a total of 186 workdays lost due to occupational injuries and/or diseases during the fiscal year ending March 31, 2021[183]. Stakeholder Engagement - The company emphasizes high transparency levels to strengthen investor relations and regularly updates shareholders through various reports[95]. - The company is committed to maintaining strong relationships with stakeholders, including customers, suppliers, and employees, to support long-term business development[114]. - The company actively seeks feedback from stakeholders to understand the environmental and social impacts of its operations[163]. Employee Management - The total employee count as of March 31, 2021, is 357, down from 484 in the previous year, with total employee costs amounting to approximately HKD 73.68 million[49]. - The gender breakdown of employees in Hong Kong is 141 females and 131 males, with 72 employees under 30 years old, 159 between 30 and 50 years old, and 41 over 50 years old[181]. - Employee benefits include competitive salaries, special leave, dental care, and discounts, aimed at attracting and retaining top talent in a challenging labor market[177].

Financial Performance - The group's revenue for the nine months ended December 31, 2020, was approximately HKD 110.3 million, a decrease of about 71.1% compared to the same period in 2019[4] - The total comprehensive loss attributable to the company's owners for the nine months ended December 31, 2020, was approximately HKD 35.0 million, a reduction of about 29.7% compared to the same period in 2019[4] - The group's gross profit for the nine months ended December 31, 2020, was HKD 73.5 million, representing a gross margin of approximately 66.7%[5] - The total comprehensive loss for the nine months ended December 31, 2020, was HKD 42.4 million, compared to HKD 51.0 million for the same period in 2019[5] - Basic and diluted loss per share for the nine months ended December 31, 2020, was HKD 0.04, compared to HKD 0.06 for the same period in 2019[5] - The group reported a net cash outflow from operating activities of approximately HKD 30.0 million for the nine months ended December 31, 2020[5] - For the nine months ended December 31, 2020, the company reported a loss attributable to owners of approximately HKD 33.5 million, a decrease from a loss of HKD 49.7 million for the same period in 2019, representing a 32.5% improvement[23] - The company reported a net current liability of approximately HKD 180 million as of December 31, 2020, with a net loss of approximately HKD 41.7 million for the nine months ended December 31, 2020[13] Revenue Breakdown - Total revenue for the three months ended December 31, 2020, was HKD 40.246 million, a decrease of 65.8% compared to HKD 117.813 million for the same period in 2019[14] - Total revenue for the nine months ended December 31, 2020, was HKD 110.356 million, down 71.0% from HKD 381.366 million for the same period in 2019[14] - Revenue from restaurant operations for the nine months ended December 31, 2020, was HKD 108.503 million, a decrease of 71.3% from HKD 377.475 million in the same period of 2019[14] - Revenue from providing interior design and renovation services was HKD 382,000 for the nine months ended December 31, 2020, down from HKD 3.597 million in the same period of 2019[14] - Revenue from Western restaurants decreased by approximately HKD 178.6 million or 68.6% to HKD 81.7 million for the nine months ended December 31, 2020, primarily due to the impact of COVID-19 and the closure of loss-making restaurants[29] - Revenue from Italian restaurants decreased by approximately 48.6 million HKD or about 73.1% to approximately 17.9 million HKD for the nine months ended December 31, 2020[31] - Revenue from Asian restaurants decreased by approximately 41.8 million HKD or about 82.5% to approximately 8.9 million HKD for the nine months ended December 31, 2020[32] - Revenue from interior design and renovation services was approximately 0.4 million HKD, a decrease from approximately 3.6 million HKD for the nine months ended December 31, 2019, mainly due to contract suspensions caused by COVID-19[33] - Revenue from organic vegetable consulting services increased to approximately 1 million HKD from approximately 0.3 million HKD for the nine months ended December 31, 2019, due to the acquisition of a 70% stake in Shanghai Aier Agricultural Technology Co., Ltd.[34] - The company’s revenue from the restaurant segment accounted for 98.3% of total revenue for the nine months ended December 31, 2020[28] Operational Changes - The group completed the sale of all shares in certain subsidiaries in May 2020, which will no longer be included in the group's consolidated financial statements[4] - The group launched new financial institution cooperation business in China in May 2020, which is included in the financial results for the nine months ended December 31, 2020[4] - The company operated 13 restaurants as of December 31, 2020, down from 25 restaurants a year earlier, with 4 restaurants closed or sold during the period[28] - The group operates 13 restaurants in Hong Kong, including 9 full-service restaurants and 4 bakeries as of December 31, 2020[44] - The group has established a holding company in Beijing with an 80% stake, registered capital of RMB 1.85 million, focusing on hot pot business, which commenced operations in January 2021[45] - The group is developing a one-stop financial service platform for financial practitioners, anticipating significant revenue growth from this business[45] - The company has implemented comprehensive risk assessments and contingency plans to mitigate the adverse effects of COVID-19 on its operations[26] - The company continues to focus on providing quality meals and exceptional dining experiences despite the challenges posed by the pandemic[26] - The company is actively implementing cost control measures and adjusting business strategies in response to the ongoing COVID-19 pandemic[63] Expenses and Financial Management - Employee benefit expenses decreased from approximately 134.6 million HKD to approximately 52.4 million HKD, a reduction of about 82.2 million HKD, due to restaurant closures and staff reductions[37] - Rental and related expenses decreased to approximately 31.0 million HKD from approximately 75.1 million HKD, primarily due to restaurant closures and rental concessions during COVID-19[38] - Other expenses decreased from approximately 64.6 million HKD to approximately 8.2 million HKD, representing about 16.9% and 7.4% of total revenue for the respective periods[39] - Financial costs decreased due to reduced lease agreements following restaurant closures and sales[41] - The company received a one-time subsidy of approximately 18.1 million HKD under the "Employment Support" scheme[43] Compliance and Governance - The company confirmed that the accounting policies used in the preparation of the financial statements are consistent with those adopted in the previous year[13] - The company has adopted the GEM Listing Rules regarding securities trading and confirmed compliance by all directors for the nine months ending December 31, 2020[56] - The audit committee reviewed the unaudited consolidated results for the nine months ending December 31, 2020, ensuring compliance with applicable accounting standards and GEM Listing Rules[58] - The roles of the chairman and CEO are held by the same individual, James Lu, which the board believes provides strong and consistent leadership[57] Shareholder Information - As of December 31, 2020, major shareholders hold 607.6 million shares, representing 74.99% of the company's equity[47] - No stock options were granted, exercised, or canceled during the nine months ending December 31, 2020[52] - The group did not purchase, sell, or redeem any of its listed securities during the nine months ending December 31, 2020[53] - There were no significant contracts in which directors had a direct or indirect substantial interest during the nine months ending December 31, 2020[54] - No competition or conflict of interest was reported among directors or major shareholders during the nine months ending December 31, 2020[55] Impact of COVID-19 - The company has faced significant operational disruptions due to COVID-19, impacting its restaurant business in Hong Kong[63] - The company continues to monitor the impact of COVID-19 on its operations and financial performance, with no quantifiable impact currently estimable[63]

Financial Performance - The group's revenue for the six months ended September 30, 2020, was approximately HKD 70.1 million, a decrease of about 73.4% compared to the same period in 2019[9]. - The total loss and comprehensive loss for the six months ended September 30, 2020, was approximately HKD 20.3 million, representing a reduction of about 38.4% compared to the same period in 2019[9]. - The group reported a loss before tax of HKD 22.25 million for the six months ended September 30, 2020[10]. - The company reported a net loss of HKD 21,740,000 for the six months ended September 30, 2020, compared to a profit of HKD 37,639,000 for the same period in 2019[18]. - The group reported a total revenue of HKD 70,110,000 for the six months ended September 30, 2020, a decrease from HKD 263,553,000 in the same period of 2019, representing a decline of approximately 73%[24]. - The group incurred a loss before tax of HKD 22,250,000 for the period, compared to a profit in the previous year[31]. - The overall segment performance showed a loss before tax of HKD 31,775,000 for the period, with a total loss of HKD 33,511,000[33]. - The company reported a loss attributable to owners of approximately HKD 19.8 million for the six months ended September 30, 2020, a decrease from HKD 32.9 million for the same period in 2019, primarily due to cost control measures and government subsidies totaling approximately HKD 9.8 million[77]. Revenue Breakdown - Revenue from Italian restaurants was HKD 11,910,000 for the six months ended September 30, 2020, down from HKD 47,757,000 in 2019, a decrease of about 75%[24]. - Revenue from Western restaurants was HKD 52,398,000 for the same period, compared to HKD 177,200,000 in 2019, reflecting a decline of approximately 70%[24]. - Asian restaurant revenue fell to HKD 4,909,000 from HKD 35,821,000, marking a decrease of around 86%[24]. - The group reported no revenue from interior design and renovation services for the six months ended September 30, 2020, due to contract suspensions caused by COVID-19, compared to HKD 2.8 million in the same period of 2019[70]. - Revenue from organic vegetable consulting services was approximately HKD 0.9 million for the six months ended September 30, 2020, an increase from zero in the same period of 2019, due to business development[71]. Expenses and Liabilities - The group incurred employee benefit expenses of HKD 36.01 million for the six months ended September 30, 2020[10]. - Employee benefits expenses for the restaurant business decreased from approximately HKD 92.8 million in the six months ended September 30, 2019, to approximately HKD 34.2 million in the same period of 2020, a reduction of about 63.2%[73]. - Rental and related expenses for the restaurant business decreased to approximately HKD 19.9 million for the six months ended September 30, 2020, from approximately HKD 51.6 million in the same period of 2019, a decline of about 61.5%[74]. - Total liabilities increased to HKD 217,039,000 from HKD 200,292,000, marking an increase of 8.4%[14]. - The company's equity attributable to owners decreased to HKD (33,090,000) from HKD (12,813,000), indicating a worsening financial position[16]. Assets and Cash Flow - As of September 30, 2020, total assets amounted to HKD 198,106,000, a slight decrease from HKD 198,647,000 as of March 31, 2020[12]. - Cash and cash equivalents decreased to HKD 12,096,000 from HKD 26,877,000 as of March 31, 2020, reflecting a decline of 55.0%[18]. - Operating cash flow for the period was negative at HKD (7,001,000), contrasting with positive cash flow of HKD 37,639,000 in the previous year[18]. - The company's current liabilities exceeded current assets, resulting in a current ratio of 0.23 as of September 30, 2020, compared to 0.31 as of March 31, 2020[78]. Business Operations and Strategy - The group operated 13 restaurants as of September 30, 2020, down from 26 restaurants a year earlier, with 4 restaurants closed or sold during the period[66]. - The company is optimistic about launching new businesses in China, particularly in interior design and renovation services, due to increasing demand for quality services[79]. - The company has initiated the development of new consulting services related to organic vegetables, indicating a strategic shift towards diversification in its service offerings[71]. - The company has signed multiple business service contracts in the interior design sector, expected to generate revenue in the near future[79]. COVID-19 Impact - The COVID-19 pandemic has significantly disrupted the company's operations and restaurant development, leading to a continued decline in operational performance compared to the same period in 2019[105]. - The impact of COVID-19 has led to a decrease in revenue, with the company actively managing risks and developing contingency plans[64]. - The company has implemented cost control measures and adjusted business strategies in response to the ongoing COVID-19 situation, although the quantitative impact on 2020 performance remains unquantifiable[105]. Corporate Governance - The company has not separated the roles of Chairman and CEO, with James Lu serving in both positions, which the board believes provides strong and consistent leadership[101]. - Li Qing Ni was appointed as an executive director effective July 24, 2020, while Mr. Li Lun resigned as a non-executive director on the same date[102]. - The audit committee, consisting of independent non-executive directors, has reviewed the unaudited consolidated results for the six months ended September 30, 2020, ensuring compliance with applicable accounting standards and GEM listing rules[103].

Financial Performance - The group's revenue for the three months ended June 30, 2020, was approximately HKD 40.9 million, a decrease of about 71.8% compared to HKD 144.9 million in the same period of 2019[4] - The loss attributable to owners of the company for the three months ended June 30, 2020, was approximately HKD 7.1 million, a reduction of about 47.9% compared to HKD 13.6 million in the same period of 2019[4] - The group reported a loss before tax of HKD 8.3 million for the three months ended June 30, 2020, compared to a loss of HKD 12.8 million in the same period of 2019[5] - The total comprehensive loss for the three months ended June 30, 2020, was HKD 8.0 million, compared to HKD 13.9 million in the same period of 2019[5] - For the three months ended June 30, 2020, the company reported a net loss of approximately HKD 8,014,000 compared to a net loss of HKD 13,677,000 for the same period in 2019, indicating an improvement in performance[13][22] - Total revenue for the three months ended June 30, 2020, was HKD 40,880,000, a significant decrease of 71.7% from HKD 144,864,000 in the same period of 2019[14] - The basic and diluted loss per share attributable to owners of the company for the three months ended June 30, 2020, was HKD 0.01, compared to HKD 0.02 in the same period of 2019[5] - Basic loss per share for the three months ended June 30, 2020, was HKD 0.01, compared to HKD 0.02 for the same period in 2019[22] Revenue Breakdown - Revenue from restaurant operations was HKD 40,407,000, down 72.0% from HKD 144,864,000 in the previous year, with specific declines in Italian, Western, and Asian cuisine segments[14] - Revenue from Western restaurants decreased by approximately HKD 65.1 million or 68.4%, from HKD 95.13 million in 2019 to HKD 30.02 million in 2020[28] - Revenue from Italian restaurants fell by approximately HKD 23.1 million or 76.1%, from HKD 30.41 million in 2019 to HKD 7.26 million in 2020[30] - Revenue from Asian restaurants decreased by approximately HKD 16.2 million or 83.8%, from HKD 19.32 million in 2019 to HKD 3.13 million in 2020[31] - The company did not recognize any revenue from interior design and renovation services due to contract suspensions caused by COVID-19[32] - The company signed service contracts worth approximately RMB 11.1 million (about HKD 12.1 million) for interior design and renovation services, but revenue was not recognized due to COVID-19[26] Cost Management - The cost of inventories consumed for the three months ended June 30, 2020, was HKD 9.6 million, down from HKD 35.0 million in the same period of 2019[5] - Employee benefit expenses for the three months ended June 30, 2020, were HKD 18.4 million, compared to HKD 51.0 million in the same period of 2019[5] - Other expenses for the three months ended June 30, 2020, were approximately HKD 2.3 million, a significant decrease from HKD 23.0 million in the same period of 2019, representing 5.7% of total revenue compared to 15.9% previously, mainly due to restaurant closures and cost control measures[38] - The loss attributable to owners of the company for the three months ended June 30, 2020, was approximately HKD 7.1 million, down from HKD 13.6 million for the same period in 2019, reflecting effective cost management strategies[41] - The company received a one-time subsidy of approximately HKD 4.7 million under the "Employment Support" scheme from the government, which contributed to the reduction in operating costs[42] Business Operations - The company operated 13 restaurants as of June 30, 2020, including 10 full-service restaurants and 3 bakeries, focusing on providing a variety of dishes at different price points to a broad customer base in Hong Kong[43] - For the three months ended June 30, 2020, the company operated 13 restaurants, a decrease from 27 restaurants in the same period of 2019, with three restaurants closed or sold[28] - The company is currently evaluating the impact of new and revised Hong Kong Financial Reporting Standards but has not identified any significant financial impact on its operations[13] - The company is optimistic about the prospects of launching new businesses in China, driven by increasing demand for quality interior design and renovation services, supported by signed service contracts expected to generate ongoing revenue[43] - The company is actively investing and developing new business areas, including a one-stop professional financial service platform for financial practitioners, in response to the increasing demand for quality ingredients and services[44] Impact of COVID-19 - The COVID-19 pandemic has significantly disrupted the restaurant business in Hong Kong, leading to a decline in operational performance since June 30, 2020[62] - The Hong Kong government implemented measures such as the prohibition of gatherings exceeding four people, impacting consumer sentiment and restaurant operations[62] - The company has actively adopted cost control measures to improve cash flow and adjust business strategies in response to the pandemic[62] - As of the report date, the company is unable to quantify the impact of COVID-19 on its 2020 performance[62] Shareholder Information - Major shareholders hold a total of 607,600,000 shares, representing approximately 74.99% of the company's equity[49] - No stock options were granted, exercised, or canceled under the pre-IPO stock option plan during the three months ended June 30, 2020[52] - The company did not repurchase any shares listed on GEM during the three months ended June 30, 2020[53] Board of Directors - The board of directors includes James Fu Bin Lu (Chairman and CEO), Li Qing Ni, and Long Hai, among others[63]

Financial Performance - The total revenue for the fiscal year ending March 31, 2020, was approximately HKD 452.1 million, a decrease of 23.7% from HKD 593.0 million in 2019[7]. - The pre-tax loss for the fiscal year was approximately HKD 132.2 million, compared to a pre-tax loss of HKD 22.1 million in 2019, indicating a significant increase in losses[7]. - The net loss attributable to the owners of the company for the year was approximately HKD 130.9 million, up from HKD 27.9 million in 2019[7]. - The revenue from Western restaurants decreased by HKD 44.6 million or 12.5%, from HKD 355.8 million to HKD 311.2 million due to the impact of COVID-19 and political protests[19]. - Revenue from Italian restaurants fell by HKD 69.4 million or 47.4%, from HKD 146.4 million to HKD 77.0 million, attributed to closures of restaurants in the previous fiscal year[20]. - Revenue from Asian restaurants decreased by HKD 32.0 million or 35.3%, from HKD 90.8 million to HKD 58.8 million, also due to restaurant closures[21]. - The group recorded a net loss of HKD 132,899,000 for the fiscal year ending March 31, 2020, with a total loss of HKD 12,813,000[198]. - Current liabilities exceeded current assets by HKD 105,110,000 as of March 31, 2020, indicating significant liquidity concerns[198]. - The group's operations were adversely affected by social events in Hong Kong and COVID-19 related restrictions during the reporting period[198]. Business Operations - The company operated 13 restaurants as of March 31, 2020, with 11 restaurants having closed or been sold during the fiscal year[8]. - The company is expanding its business strategy to include non-restaurant diversification and geographical expansion beyond Hong Kong[8]. - The company is implementing a new interior design and renovation business in China, although some projects have been delayed due to COVID-19[10]. - The company established two non-wholly owned subsidiaries in China for interior design and renovation services, with service contracts totaling approximately RMB 16.4 million (about HKD 18.4 million)[17]. - The company is developing a new logistics and logistics financing business, currently in its early stages[32]. - The group recorded an operating loss of approximately HKD 11.1 million from new interior design and renovation services launched in China[31]. - The company completed the acquisition of 70% of Shanghai Ai'e Agricultural Technology Co., Ltd. in November 2019, focusing on organic vegetable development and sales[10]. - The company completed a 70% equity acquisition of Ai E Company in November 2019, which is now consolidated in the financial statements[23]. Cost Management - The company is focusing on optimizing its cost structure and adjusting business strategies to mitigate risks from external factors such as protests and the COVID-19 pandemic[8]. - Cost of consumed inventory for the year ended March 31, 2020, was approximately HKD 111.9 million, accounting for 24.7% of total revenue, down from HKD 136.2 million and 23.0% in the previous year[24]. - Employee benefit expenses decreased from approximately HKD 190.2 million to HKD 180.3 million, primarily due to a reduction in staff numbers following restaurant closures[25]. - Other expenses decreased from approximately HKD 83.7 million to HKD 76.3 million, representing 14.1% and 16.9% of total revenue for the respective years[27]. - The group has implemented cost control measures to improve cash flow, including rearranging work priorities[52]. Corporate Governance - The company is focused on maintaining high standards of corporate governance to protect shareholder interests[62]. - The management is closely monitoring market conditions and adjusting business strategies in response to the pandemic[52]. - The company is committed to transparency, independence, accountability, and fairness in its governance practices[62]. - The board consists of six directors, including three independent non-executive directors, ensuring a diverse governance structure[66]. - The company has adopted the principles of corporate governance as per GEM Listing Rules Appendix 15, ensuring compliance with legal and business standards[63]. - The board has established three committees: Audit, Remuneration, and Nomination, to assist in overseeing management functions[64]. - The remuneration committee ensures that directors do not participate in determining their own remuneration, which is based on individual and company performance[79]. - The independent auditor confirmed compliance with ethical standards and independence from the group[197]. Environmental and Social Responsibility - The company has committed to environmental policies, including using recycled paper and adjusting air conditioning to 24 degrees Celsius in winter[106]. - The company is gradually transitioning takeaway packaging to paper materials to reduce plastic usage[172]. - The company has implemented measures to reduce emissions and has reported the outcomes of these initiatives[189]. - The company has established user management procedures to monitor user permissions and related user access[188]. - The company has a commitment to maintaining high food safety standards, adhering to relevant laws and regulations, and has received 26 service-related complaints during the fiscal year[182]. - The company donated a total of HKD 291,575 to improve literacy levels and gender equality education globally during the fiscal year ending March 31, 2020[184]. - The group made charitable donations totaling approximately HKD 292,000 for the year ending March 31, 2020, down from HKD 424,000 in the previous year[139]. Employee and Workplace Safety - The company has implemented health and safety measures in response to the COVID-19 pandemic, including providing protective equipment and conducting temperature checks for employees and customers[178]. - The company regularly reviews its training strategies to ensure employees are equipped with the necessary skills to provide quality service[179]. - The total employee count decreased to 484 from 725, with total employee costs approximately HKD 180,322,000, down from HKD 190,241,000[41]. - The company reported a total of 260 workdays lost due to occupational injuries or diseases during the fiscal year ending March 31, 2020[178]. - As of March 31, 2020, the company employed a total of 441 employees, with 51.7% being female (228) and 48.3% male (213)[176]. Risk Management - The company anticipates that the impact of COVID-19 will have long-term negative effects on the global economy and its business operations[15]. - The company is actively developing risk assessment plans to mitigate the adverse effects of COVID-19 on its operations[15]. - Key audit matters included the impairment assessment of underperforming restaurants, highlighting financial performance issues[200]. - The group faced significant uncertainty regarding its ability to continue as a going concern due to the reported losses and liabilities[198].

Financial Performance - The group's revenue for the nine months ended December 31, 2019, was approximately HKD 381.4 million, a decrease of about 14.4% compared to the same period in 2018[4] - The loss attributable to the owners of the company for the nine months ended December 31, 2019, was approximately HKD 49.8 million, an increase of about 146.8% compared to the same period in 2018[4] - Total comprehensive loss for the nine months ended December 31, 2019, was HKD 51.0 million, compared to HKD 20.2 million for the same period in 2018[5] - The basic loss per share for the nine months ended December 31, 2019, was HKD 0.06, compared to HKD 0.025 for the same period in 2018[5] - The group reported a significant increase in employee costs, totaling HKD 138.3 million for the nine months ended December 31, 2019, compared to HKD 138.5 million in the same period in 2018[5] - The group incurred financial costs of HKD 3.0 million for the nine months ended December 31, 2019, compared to HKD 0.3 million in the same period in 2018[5] - The group’s total equity attributable to owners as of December 31, 2019, was HKD 68.2 million, a decrease from HKD 125.7 million as of December 31, 2018[7] Revenue Breakdown - For the nine months ended December 31, 2019, the company reported total revenue of HKD 381,366,000, a decrease of 14.5% compared to HKD 445,674,000 for the same period in 2018[13] - The restaurant operations segment generated revenue of HKD 377,475,000 for the nine months ended December 31, 2019, down from HKD 445,674,000 in the previous year, reflecting a decline of 15.3%[13] - Revenue from the restaurant operations for the nine months ended December 31, 2019, was approximately HKD 377.5 million, a decrease of about HKD 68.2 million or 18.5% compared to HKD 445.7 million for the same period in 2018[28] - The revenue from Western restaurants decreased by approximately HKD 1.9 million or 0.7% to HKD 260.3 million for the nine months ended December 31, 2019, compared to HKD 262.2 million in the previous year[28] - Revenue from Italian restaurants dropped by approximately HKD 46.7 million or 41.3% to HKD 66.5 million for the nine months ended December 31, 2019, primarily due to closures of two restaurants[29] - Revenue from Asian restaurants decreased by approximately HKD 19.6 million or 27.9% to HKD 50.6 million for the nine months ended December 31, 2019, attributed to restaurant closures and protests[30] New Business Ventures - The group launched a new interior design and renovation business in China, signing multiple commercial service contracts and recognizing revenue during the nine months ended December 31, 2019[4] - The group established two non-wholly owned subsidiaries in China for interior design and renovation services, with a total service contract amounting to approximately RMB 17.3 million (around HKD 19.5 million) as of December 31, 2019[26] - The interior design and renovation services generated revenue of approximately HKD 3.6 million for the nine months ended December 31, 2019, with three projects ongoing and expected to complete within one year[31] - The company has expanded its business to include interior design and renovation services in China, opening two non-wholly owned subsidiaries as of December 31, 2019[47] - The new interior design and renovation services are characterized by a stylish, customized solution aimed at the light luxury and eco-friendly market, with positive initial market responses[47] - The management is optimistic about the prospects of the new business in China due to the increasing demand for quality interior design and renovation services[47] Acquisitions - The group completed the acquisition of 70% equity in Shanghai Ai'e Agricultural Technology Co., Ltd. in November 2019, which has been consolidated into the group's financial statements from December 2019[4] - The company agreed to acquire a 70% stake in Shanghai Ai'e Agricultural Technology Co., Ltd. for RMB 28,000,000 (approximately HKD 31,818,182) to diversify its business and enhance its supply chain[68] - The target company specializes in the R&D, cultivation, and sale of organic vegetables, with a net asset value of RMB 13,100,000 (approximately HKD 14,886,364) as of June 30, 2019[69] - Following the acquisition, the target company's registered capital will increase to RMB 3,333,333 (approximately HKD 3,787,878), with the company holding a 70% stake[70] - The acquisition is expected to stabilize the company's operations and enhance its reputation and competitiveness in the market[69] Operational Challenges - The company reported a significant increase in operational losses in its restaurant business due to the negative impact of political protests in Hong Kong since June 2019[25] - The company continues to focus on providing a variety of cuisines to high-consumption customer segments, despite facing operational challenges due to political events in Hong Kong[24] - The company believes that the impact of recent political activities in Hong Kong will not be long-lasting, and profitability in the restaurant industry is expected to improve soon[44] Cost Management - The cost of sales and consumed inventory for the nine months ended December 31, 2019, was approximately HKD 92.3 million, accounting for about 24.2% of total revenue from restaurant operations[33] - Employee costs slightly decreased to approximately HKD 138.3 million for the nine months ended December 31, 2019, mainly due to cost control measures despite an increase from new operations in China[34] - Other expenses for the nine months ended December 31, 2019, were approximately HKD 64.6 million, representing 16.9% of total revenue, compared to HKD 62.4 million or 14.0% for the same period in 2018[37] - The company aims to control operational costs by negotiating longer lease terms and better conditions with landlords, leveraging its extensive restaurant network for bulk purchasing[44] Future Plans - The company is exploring opportunities for expansion through value investments and low-cost acquisitions of existing quality restaurant chains, particularly in light of financial pressures faced by smaller brands[45] - The company plans to enhance its restaurant portfolio by upgrading existing popular restaurants and promoting newly opened "casual" dining venues to diversify its customer base[43] - The company is considering relocating one of its well-known restaurants to a prime location on the Peak to enhance its brand image and expand its business in prosperous areas of Hong Kong[43] - The company has identified multiple action items to diversify and enhance its business operations, aiming to increase revenue sources and improve supply chain components[69] Compliance and Governance - The audit committee reviewed the unaudited consolidated results for the nine months ended December 31, 2019, ensuring compliance with applicable accounting standards and GEM Listing Rules[65] - The company has adopted the securities trading guidelines as per GEM Listing Rules, and all directors confirmed compliance during the nine months ended December 31, 2019[61] - The company did not repurchase any shares listed on GEM during the nine months ended December 31, 2019[58] - No significant contracts were identified where directors had a direct or indirect substantial interest during the nine months ended December 31, 2019[59] - As of December 31, 2019, James Fu Bin Lu holds 607,600,000 shares, representing 74.99% of the company[50] - The company has no unexercised share options as of December 31, 2019, and no share options were granted, exercised, or canceled during the nine months ending December 31, 2019[55]

Financial Performance - The group's revenue for the six months ended September 30, 2019, was approximately HKD 263.6 million, a decrease of about 4.4% compared to the same period in 2018[9]. - The loss attributable to the owners of the company for the six months ended September 30, 2019, was approximately HKD 32.9 million, an increase of about 109.9% compared to the same period in 2018[9]. - The total comprehensive loss for the period was approximately HKD 33.5 million, compared to HKD 15.7 million for the same period in 2018[10]. - The basic loss per share for the six months ended September 30, 2019, was HKD 0.04, compared to HKD 0.02 for the same period in 2018[10]. - The company reported a net cash inflow from operating activities of HKD 37,639,000 for the six months ended September 30, 2019, compared to HKD 5,951,000 for the same period in 2018[15]. - The company incurred a net loss of HKD 33,511,000 for the six months ended September 30, 2019, compared to a loss of HKD 15,688,000 for the same period in 2018[13]. - The company reported a pre-tax loss of HKD (31,775,000) for the six months ended September 30, 2019, compared to a pre-tax loss of HKD (12,755,000) for the same period in 2018, indicating a deterioration in performance[32]. - The company reported a loss attributable to owners of HKD 19,267,000 for the three months ended September 30, 2019, compared to a loss of HKD 14,091,000 for the same period in 2018, representing a 36.8% increase in loss year-over-year[48]. Revenue Breakdown - The company reported a total customer contract revenue of HKD 263,553,000 for the six months ended September 30, 2019, compared to HKD 275,611,000 for the same period in 2018, reflecting a decrease of approximately 4.5%[26]. - The company’s revenue from Western cuisine for the six months ended September 30, 2019, was HKD 177,200,000, an increase from HKD 158,541,000 in 2018, representing a growth of approximately 11.0%[26]. - The company’s revenue from Asian cuisine decreased to HKD 35,821,000 for the six months ended September 30, 2019, down from HKD 45,109,000 in 2018, a decline of approximately 20.5%[26]. - Revenue from Asian cuisine restaurants decreased by approximately HKD 9.3 million or about 20.6% to approximately HKD 35.8 million for the six months ended September 30, 2019[73]. - Revenue from interior design and renovation services generated approximately HKD 2.8 million for the six months ended September 30, 2019, with three projects ongoing and expected to be completed within one year[74]. Expenses and Costs - Employee costs for the six months were HKD 95.3 million, an increase from HKD 87.8 million in the same period in 2018[10]. - The cost of sales and inventory consumed for the six months was HKD 64.2 million, slightly higher than HKD 64.0 million in the previous year[10]. - Depreciation and amortization expenses for the six months were HKD 66.7 million, significantly higher than HKD 23.8 million in the previous year[10]. - Other expenses increased to approximately HKD 42.8 million, accounting for about 16.3% of total revenue, due to renovations and legal expenses related to potential acquisitions[79]. - The company incurred financial costs of HKD 2.1 million for the six months, compared to HKD 0.2 million in the same period in 2018[10]. Assets and Liabilities - As of September 30, 2019, the company's total assets amounted to HKD 157,843,000, an increase from HKD 117,954,000 as of March 31, 2019[12]. - The company's total equity decreased to HKD 84,415,000 as of September 30, 2019, down from HKD 117,954,000 as of March 31, 2019[13]. - The company's non-current assets totaled HKD 258,277,000 as of September 30, 2019, compared to HKD 134,518,000 as of March 31, 2019[12]. - The total assets as of September 30, 2019, amounted to HKD 295,655,000, an increase from HKD 197,068,000 as of March 30, 2019, reflecting a growth of approximately 49.9%[33]. - The total liabilities as of September 30, 2019, were HKD (211,240,000), a decrease from HKD (64,114,000) as of March 30, 2019, indicating a worsening of the financial position[34]. Business Developments - The company has launched a new interior design and renovation business in China, signing multiple commercial service contracts and recognizing revenue during the six months ended September 30, 2019[9]. - The company plans to expand its business scope and deepen its operations in the interior design and renovation sector in China[67]. - The company is preparing to develop and expand its interior design and renovation business in China, which is expected to generate ongoing revenue and operating profit in the future[82]. - The company has entered into service contracts totaling approximately RMB 26.9 million (approximately HKD 31.4 million) for interior design and renovation services in China[67]. - The company is also in discussions to potentially acquire Champ Global Investments Limited, which operates restaurants under the "Cali-Mex" brand in Hong Kong[103]. Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules, with certain deviations explained[117]. - The company has adopted the GEM Listing Rules as the code of conduct for securities transactions by directors, and all directors confirmed compliance during the six months ended September 30, 2019[116]. - The roles of the chairman and CEO are not separated, with James Lu serving as both, which the board believes provides strong and consistent leadership[119]. - The company did not engage in any business that constitutes or may constitute competition with its group during the six months ended September 30, 2019[114]. Future Commitments and Plans - The company confirmed a capital expenditure commitment of HKD 2.539 million for property, plant, and equipment as of September 30, 2019[62]. - The company has future minimum lease commitments of HKD 185.5 million, with HKD 81.6 million due within one year[59]. - The company has identified multiple action items to diversify and enhance its business operations, aiming to improve supply chain components and expand its business footprint in China[100]. - The investment in the target company aligns with the company's goal to provide the best dining experience for its restaurant customers[100].

香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的中小型公司提供上市的市場。有意投資 者應瞭解投資該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 鑑於在GEM上市的公司一般為中小型公司，在GEM買賣的證券可能會較在主板買賣的證券承受 較大市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，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因本報告之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。 本報告的資料乃遵照聯交所 GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關飲食概 念控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）及本集團的資料，本公司各董事（「董 事」）願就本報告的資料共同及個別地承擔全部責任，並在作出一切合理查詢後，確認就其所知及 所信，本報告所載資料在各重要方面面均屬準確完備，沒有誤導或欺詐成分，且並無遺漏任何其 他事項，足以致令本報告或其所載任何陳述產生誤導。 董事會（「董事會」）謹此呈列本集團截至二零一九 ...

Financial Performance - Total revenue for the year ended March 31, 2019, was approximately HKD 593.0 million, an increase from HKD 550.4 million in 2018[7] - The company reported a loss before tax of approximately HKD 22.1 million, compared to a profit of HKD 5.1 million in 2018[7] - Loss attributable to owners for the year was approximately HKD 27.9 million, significantly higher than HKD 2.3 million in 2018[7] - Revenue from Western cuisine restaurants increased by approximately HKD 30.4 million or 9.3% to HKD 355.8 million, driven by better overall performance and new restaurant openings[19] - Revenue from Italian cuisine restaurants rose by approximately HKD 17.1 million or 13.2% to HKD 146.4 million, primarily due to the opening of Dear Lilly in February 2018[20] - Revenue from Asian cuisine restaurants decreased by approximately HKD 4.9 million or 5.1% to HKD 90.8 million, attributed to the closure of Lilya and revenue declines in several restaurants due to economic slowdown[21] - The company reported a loss attributable to owners of approximately HKD 27.9 million for the year ended March 31, 2019, compared to a loss of HKD 2.3 million for the previous year, primarily due to the closure of three loss-making restaurants[29] - Revenue generated from restaurant operations for the year ended March 31, 2019, was approximately HKD 593,000,000[198] Operational Developments - The company has established two wholly-owned foreign enterprises in China to pursue expansion opportunities[10] - The company is focusing on operational optimization and has introduced Alipay to enhance payment processing efficiency[9] - Cash payments have decreased to below 20% of total payment methods due to the increased adoption of electronic payments[9] - A strategic plan has been developed to identify and pursue growth opportunities in various regions and business types[10] - The company has begun team formation and business activities for its expansion efforts in China[10] - The company aims to expand into the mainland China market, which has a population of 1.5 billion and is expected to have the largest middle class globally[11] - The company is seeking opportunities to expand its professional capabilities into independent businesses within the group, leveraging existing expertise[11] - The company plans to upgrade existing restaurants and promote new dining experiences to enhance customer engagement and diversify its offerings[32] - The company opened two new restaurants in Hong Kong during the fiscal year ending March 31, 2019, as part of its ongoing network expansion strategy[36] Financial Position - The total assets of the group as of March 31, 2019, were approximately HKD 197.1 million, down from HKD 228.9 million in 2018, with cash and bank balances of HKD 31.9 million[31] - The group’s operating cash flow was negative HKD 1.6 million as of March 31, 2019, compared to positive HKD 4.5 million in 2018, resulting in a current ratio of 0.79[31] - The company has no significant contingent liabilities as of March 31, 2019, maintaining a stable financial position[40] - The company’s capital commitments as of March 31, 2019, were approximately HKD 3.07 million, a decrease from HKD 3.38 million in the previous year[41] - The company reported a distributable reserve of approximately HKD 12,763,000 as of March 31, 2019, compared to HKD 9,713,000 in 2018, indicating a year-over-year increase of 31.9%[118] Governance and Compliance - The company has adopted corporate governance principles to ensure transparency, independence, accountability, and fairness, aiming to enhance long-term shareholder value[65] - The board of directors is responsible for strategy formulation, performance monitoring, and risk management, with three committees established for audit, remuneration, and nomination[67] - All directors confirmed compliance with the securities trading code for the fiscal year ending March 31, 2019[68] - The board consists of seven members, including executive, non-executive, and independent non-executive directors, ensuring a diverse governance structure[69] - The company maintains proper accounting records to monitor overall financial status and provides timely updates on operational and financial conditions to shareholders[71] - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience to enhance board effectiveness[78] - The company will continue to review its governance policies to ensure compliance with legal and regulatory requirements[80] - The audit committee held four meetings during the fiscal year ending March 31, 2019, overseeing the internal control and risk management systems of the group[86] - The company has established internal control procedures for handling and disclosing internal information to comply with corporate governance codes and relevant regulations[87] Environmental and Social Responsibility - The company is committed to environmental policies, including using recycled paper and adjusting air conditioning to 24 degrees Celsius in winter[110] - The company has installed air pollution control equipment to remove grease before releasing exhaust into the atmosphere[171] - The company is committed to integrating sustainable development measures into its daily operations and management[168] - The total greenhouse gas emissions amounted to 5,002.32 tons of CO2 equivalent, with a greenhouse gas emission intensity of 8.44 tons of CO2 equivalent per million HKD revenue[174] - The company consumed 5,654,277 kWh of electricity during the reporting year, with an electricity consumption intensity of 9,535.03 kWh per million HKD revenue[175] - Water resource usage was reported at 90,968.81 cubic meters, with a water usage intensity of 153.40 cubic meters per million HKD revenue[177] - The company collected a total of 35,228 liters (or 32.13 tons) of waste oil for recycling during the year ended March 31, 2019[178] - The company donated HKD 424,136 to improve literacy levels and gender equality education globally for the year ended March 31, 2019[188] Employee and Labor Relations - The company had a total of 725 employees as of March 31, 2019, with compensation for directors and senior management based on market levels and company performance[142] - The total employee cost for the year ending March 31, 2019, was approximately HKD 190.24 million, an increase from HKD 170.05 million in the previous year[43] - The company is committed to improving employee compensation and benefits to attract and retain top talent in the competitive labor market[182] - The company lost a total of 264 workdays due to work-related injuries and/or occupational diseases during the reporting year[183] Audit and Financial Reporting - The financial statements for the year ended March 31, 2019, were audited by Deloitte Touche Tohmatsu[165] - The audit procedures included assessing the revenue recognition as a key audit matter due to its significance to the consolidated income statement and other comprehensive income[199] - The company is responsible for preparing true and fair consolidated financial statements in accordance with the Hong Kong Financial Reporting Standards[200] - The audit opinion does not cover other information included in the annual report, which is the responsibility of the company's directors[199] - The audit team is required to read other information to identify any significant inconsistencies with the financial statements[199] - The revenue recognition accounting policy is disclosed in Note 4 of the consolidated financial statements[198]

香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的中小型公司提供上市的市場。有意投資 者應瞭解投資該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 鑑於在GEM上市的公司一般為中小型公司，在GEM買賣的證券可能會較在主板買賣的證券承受 較大市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，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因本報告之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。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關飲食概 念控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）及本集團的資料，本公司各董事（「董 事」）願就本報告的資料共同及個別地承擔全部責任，並在作出一切合理查詢後，確認就其所知及 所信，本報告所載資料在各重要方面均屬準確完備，沒有誤導或欺詐成分，且並無遺漏任何其他 事項，足以致令本報告或其所載任何陳述產生誤導。 目錄 | 財務摘要 | 2 | | --- | - ...