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].

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 | | --- | - ...