Financial Performance - Total revenue for the year ended March 31, 2021, was approximately HKD 51.9 million, a decrease of about 36.0% compared to HKD 81.1 million in 2020[7] - The loss for the year was approximately HKD 13.4 million, reduced from HKD 56.4 million in 2020, primarily due to effective cost control measures and government subsidies[7] - Revenue from external customers in Hong Kong dropped from HKD 67.0 million in 2020 to HKD 46.6 million in 2021, a decline of approximately 30.5%[21] - Other income increased by about HKD 10.1 million, primarily due to government subsidies of approximately HKD 8.0 million and rent concessions of about HKD 2.7 million received during the pandemic[23] - The group recorded a loss of approximately HKD 1.121 million related to rental deposits for the year ended March 31, 2021, which was previously zero in 2020[31] - The impairment losses accounted for approximately 72.4% of the group's net loss for the year ended March 31, 2021, compared to 57.6% for the previous year[32] - The company reported a net income of HKD 28,716,000 for the six months ending March 31, 2021, with a total of HKD 46,146,000 in funds raised, indicating a utilization rate of approximately 62.1%[74] Cost Control Measures - The company implemented various cost control measures and closed underperforming restaurants to reduce losses and better allocate resources[9] - The company aims to maintain competitiveness and restore profitability through ongoing cost control measures[9] - Employee costs decreased by approximately 33.9% from about HKD 34.0 million in 2020 to about HKD 22.5 million in 2021, representing about 43.3% of revenue[25] - Rental and related expenses decreased by approximately 33.6% from about HKD 5.8 million in 2020 to about HKD 3.8 million in 2021[26] - Depreciation and amortization expenses decreased by approximately 54.7% from about HKD 27.5 million in 2020 to about HKD 13.4 million in 2021[27] - Other expenses decreased from approximately HKD 22.0 million for the year ended March 31, 2020, to approximately HKD 16.4 million for the year ended March 31, 2021, representing a reduction of about 25.3%[28] - The group implemented multiple cost control measures that contributed to the reduction in variable operating expenses[28] Operational Changes and Adaptations - The company launched a pre-packaged chilled ramen product in August 2020 to facilitate home consumption and minimize cross-infection risks[9] - The company expanded its takeaway network by developing a phone pickup service and collaborating with more independent online delivery platforms starting from August 2020[9] - The company opened a new store in Nanchang in August 2020 and introduced an electronic ordering system to enhance customer convenience[8] - The management team remains focused on quality control in ingredient sourcing, food processing, and service delivery to provide a memorable dining experience[12] - The company continues to adapt to the changing economic environment and is committed to developing new products[12] - The total number of customers visiting the group's restaurants decreased by approximately 50.5% compared to the previous year, significantly impacting revenue[36] - The ongoing COVID-19 pandemic has negatively impacted the group's business and financial performance, with risks of community outbreaks still high[57] Future Outlook and Expansion Plans - The expected revenue growth rate for the year ending March 31, 2022, is projected to be between 0% and 10.2%, with a gross profit margin range of 66.2% to 74.9%[40] - The company plans to open new branches in Hong Kong, with 60.6% of the net proceeds (approximately HKD 27.964 million) allocated for this purpose, of which HKD 12.853 million has been utilized[70] - The opening of two additional restaurants has been delayed by one year due to social events and the COVID-19 pandemic, with completion now expected by March 31, 2022[70] - The company is actively seeking suitable locations for new restaurant openings and monitoring the status of its central kitchen construction, which was completed and operational by June 2021[74] - The company is exploring potential partnerships to expand revenue sources and enhance shareholder returns[78] - The company has provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[89] - Market expansion plans include entering two new regions, which are projected to increase market share by 5%[93] Corporate Governance and Management - The board is responsible for the group's environmental, social, and governance (ESG) strategies and reporting, ensuring compliance with relevant regulations[17] - The company has established a compensation committee to review the compensation policies based on operational performance and market practices[138] - The board consists of a diverse group of members, with independent non-executive directors exceeding one-third of the board, ensuring a balance of skills and experience[178] - The company has adopted a board diversity policy aimed at enhancing performance quality through diverse perspectives, including gender, age, and professional experience[180] - The nomination committee will oversee the implementation of the board diversity policy and review its effectiveness periodically[184] - The independent non-executive directors will consider the sustainability of profitability and alignment with the company's development strategy when evaluating new business opportunities[156] Shareholder Returns and Dividends - The board will consider various factors, including financial performance and operational capital needs, when proposing dividends[103] - The company has adopted a general dividend policy aimed at providing shareholders with a share of the group's profits, subject to certain conditions[102] - The board does not recommend the distribution of a final dividend for the year ending March 31, 2021[109] - The company reported a total available reserve for distribution to shareholders of approximately HKD 12.1 million as of March 31, 2021, down from HKD 17.3 million in 2020[121] - The board of directors has approved a dividend payout of HKD 0.10 per share, reflecting a commitment to returning value to shareholders[89] Employee Management - As of March 31, 2021, the group had a total of 111 employees, down from 133 employees as of March 31, 2020[69] - Employee performance bonuses are awarded based on various factors, including work experience and performance, as part of the compensation strategy[69] - The compensation committee meets at least once a year to discuss compensation-related matters for directors and senior management[141] - As of March 31, 2021, three senior management members received compensation in the range of HKD 500,001 to HKD 1,000,000[137] Risk Management - The group faced significant operational risks, including labor shortages and increased employee costs, which could impact future business performance[18] - The group has maintained good relationships with employees, customers, and suppliers, which are crucial for operational success[19] - The company is closely monitoring industry trends and economic developments to ensure optimal capital management and strategic planning[44]

Financial Performance - The group's revenue for the nine months ended December 31, 2020, was approximately HKD 39.5 million, a decrease of about 41.8% compared to the same period in 2019[5]. - The profit for the nine months ended December 31, 2020, was approximately HKD 2.5 million, while there was a loss of approximately HKD 13.9 million in the same period of 2019[5]. - The revenue for the three months ended December 31, 2020, was HKD 14.459 million, down from HKD 21.827 million in 2019, representing a decline of approximately 33.5%[6]. - The group reported a pre-tax profit of HKD 2.645 million for the nine months ended December 31, 2020, compared to a pre-tax loss of HKD 13.092 million in the same period of 2019[6]. - The total comprehensive income for the nine months ended December 31, 2020, was HKD 2.510 million, compared to a total comprehensive loss of HKD 13.838 million in 2019[8]. - Revenue for the nine months ended December 31, 2020, was HKD 39,506,000, a decrease of 41.9% compared to HKD 67,890,000 for the same period in 2019[18]. - Revenue from Hong Kong restaurant operations was HKD 35,878,000, down 34.4% from HKD 54,720,000 in the previous year[18]. - Revenue from China restaurant operations was HKD 1,163,000, a significant decline from HKD 8,996,000 in the same period last year[18]. - The company recorded a profit of approximately HKD 2.5 million for the nine months ended December 31, 2020, compared to a loss of approximately HKD 13.9 million in the same period of 2019, mainly due to effective cost control measures and government subsidies[47]. Cost Management - The cost of goods sold for the nine months ended December 31, 2020, was HKD 8.791 million, compared to HKD 15.267 million in 2019, reflecting a decrease of about 42.5%[6]. - Total employee costs for the nine months ended December 31, 2020, were HKD 16,550,000, a decrease of 38.2% from HKD 26,731,000 in 2019[24]. - Interest expenses on lease liabilities for the nine months ended December 31, 2020, were HKD 737,000, down 42.7% from HKD 1,290,000 in 2019[23]. - Employee costs decreased by approximately 38.1% from about HKD 26.7 million to about HKD 16.6 million, with employee costs representing about 41.9% of revenue in 2020 compared to 39.4% in 2019[38]. - Rental and related expenses decreased by approximately 16.1% from about HKD 3.3 million to about HKD 2.7 million, mainly due to reduced contingent rent payments[39]. - Depreciation and amortization expenses decreased by approximately 55.3% from about HKD 11.5 million to about HKD 6.1 million, attributed to impairment losses recognized on certain assets[41]. - Other expenses decreased by approximately 34.0% from about HKD 16.3 million to about HKD 10.8 million, driven by revenue decline and cost control measures[42]. Government Support - Government subsidies received amounted to HKD 7,299,000 for the nine months ended December 31, 2020, compared to none in 2019[22]. - Other income increased by approximately HKD 9.9 million, primarily due to government subsidies of about HKD 7.3 million and rent concessions of about HKD 2.3 million received during the pandemic[36]. - Income tax expenses decreased by approximately 84.4% from about HKD 0.9 million for the nine months ended December 31, 2019, to about HKD 0.1 million for the same period in 2020, primarily due to profits from tax-exempt government subsidies[46]. Corporate Governance - The company has adhered to the corporate governance code as per GEM Listing Rules during the nine months ended December 31, 2020[62]. - The audit committee, consisting of independent non-executive directors, reviewed the financial reporting processes and internal controls for the nine months ended December 31, 2020[64]. - All directors confirmed compliance with the trading standards and code of conduct for securities transactions during the nine months ended December 31, 2020[59]. Business Operations - The company operates Japanese ramen restaurants primarily in Hong Kong[10]. - The group operated nine ramen restaurants in Hong Kong as of December 31, 2020[32]. - The company closed a loss-making restaurant in China during the nine months ended December 31, 2020, to reduce losses and better allocate resources to its local business in Hong Kong[50]. - The company launched a new product, "Black King Cup" (chilled ramen), and offered free delivery for orders above a certain amount to enhance customer convenience during the pandemic[50]. - The company opened a new store in Nanchang in August 2020 and introduced an electronic ordering system to minimize social contact during the pandemic[50]. - The company is actively seeking potential business opportunities and partnerships to expand revenue sources and improve shareholder returns[51]. - The company has entered into a trademark licensing agreement to grant the "豚王" brand to Shanghai Ying for operating ramen restaurants in Shanghai, with a one-time patent fee and monthly consulting fees based on the number of restaurants[29]. Shareholder Information - As of December 31, 2020, the major shareholders, including Mr. Tang Zhenhao and Mr. Tang Qingzhi, collectively held 341,250,000 shares, representing 68.25% of the company's issued share capital[52]. - As of December 31, 2020, there were no major shareholders or individuals required to disclose interests under the Securities and Futures Ordinance[56]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the nine months ended December 31, 2020[57]. - No business competition or conflicts of interest were reported involving directors or major shareholders during the nine months ended December 31, 2020[58]. - No stock options were granted, exercised, expired, or lapsed under the stock option plan during the nine months ended December 31, 2020[60].

Financial Performance - The group's revenue for the six months ended September 30, 2020, was approximately HKD 25.0 million, a decrease of about 45.6% compared to the same period in 2019[6]. - The profit for the six months ended September 30, 2020, was approximately HKD 0.8 million, compared to a loss of approximately HKD 6.4 million in the same period of 2019[6]. - The total revenue for the six months ended September 30, 2020, was HKD 25,047,000, a decline of 45.4% from HKD 46,063,000 in the same period of 2019[24]. - The company reported a pre-tax loss of HKD 5,102,000 for the three months ended September 30, 2020, compared to a profit of HKD 8,949,000 in 2019[29]. - The company recorded a total comprehensive income of HKD 799,000 for the six months ended September 30, 2020, compared to a total comprehensive loss of HKD 6,323,000 in the same period of 2019, showing a turnaround in performance[11]. - For the six months ended September 30, 2020, the company reported a profit attributable to owners of HKD 805,000, compared to a loss of HKD 6,398,000 for the same period in 2019, representing a significant turnaround[33]. Revenue Breakdown - Revenue from Hong Kong operations for the three months ended September 30, 2020, was HKD 10,663,000, a decrease of 41.1% compared to HKD 18,139,000 in 2019[22]. - Revenue from China operations for the three months ended September 30, 2020, was HKD 501,000, down 84% from HKD 3,132,000 in 2019[22]. - Revenue from franchisees for the three months ended September 30, 2020, was HKD 669,000, a decrease of 39.6% from HKD 1,106,000 in 2019[22]. - Revenue from external customers for the six months ended September 30, 2020, included HKD 22.855 million from Hong Kong, HKD 1.379 million from China, and HKD 0.813 million from Macau[51]. Cost Management - The group’s employee costs for the six months ended September 30, 2020, were HKD 10.657 million, down from HKD 17.760 million in the same period of 2019[8]. - The cost of inventory decreased by approximately 47.0% from about HKD 10.1 million for the six months ended September 30, 2019, to about HKD 5.4 million for the same period in 2020[53]. - Other expenses decreased from approximately HKD 9.7 million for the six months ended September 30, 2019, to approximately HKD 7.5 million for the same period in 2020, representing a reduction of about 22.7% due to revenue decline and cost control measures[59]. - Rental and related expenses for the six months ended September 30, 2020, decreased by approximately HKD 0.6 million or 24.6% compared to the same period in 2019, primarily due to a reduction in contingent rent payments related to restaurant revenues[57]. Assets and Liabilities - The total assets less current liabilities as of September 30, 2020, were HKD 44.55 million, down from HKD 47.72 million as of March 31, 2020[9]. - The net asset value as of September 30, 2020, was HKD 35.625 million, compared to HKD 34.826 million as of March 31, 2020[9]. - The total non-current assets as of September 30, 2020, were HKD 20,878,000, down from HKD 23,040,000 as of March 31, 2020[25]. - The company’s total liabilities as of September 30, 2020, were HKD 10,456,000, compared to HKD 6,679,000 as of March 31, 2020[41]. Cash Flow and Liquidity - The company reported a net cash inflow from operating activities of HKD 3,579,000 for the six months ended September 30, 2020, compared to a net outflow of HKD 5,234,000 in the same period of 2019, indicating a significant improvement[12]. - The total cash and cash equivalents decreased by HKD 3,058,000 during the period, down from a decrease of HKD 27,322,000 in the previous year, reflecting better cash management[12]. - As of September 30, 2020, the company's cash and cash equivalents stood at HKD 34,675,000, down from HKD 57,213,000 at the beginning of the period, indicating a need for continued focus on liquidity[12]. - The company’s bank borrowings decreased from HKD 2,638 million as of March 31, 2020, to HKD 2,246 million as of September 30, 2020[15]. Corporate Governance - The company has established an audit committee to oversee financial reporting and internal control processes[100]. - The interim financial results for the six months ending September 30, 2020, were unaudited but reviewed by the audit committee and comply with applicable accounting standards[100]. - The company has maintained good corporate governance practices and complied with the GEM Listing Rules during the reporting period[99]. - The board of directors includes executive and independent non-executive members, ensuring a diverse governance structure[100]. Strategic Initiatives - The company is primarily engaged in the operation of Japanese ramen restaurants in Hong Kong, indicating a focused business strategy[14]. - The company has been actively negotiating rent concessions and adjusting business strategies in response to the COVID-19 pandemic[47]. - The company plans to shift its revenue model to charge franchisees for royalties and consulting fees instead of directly operating restaurants in China[71]. - The company has initiated promotional activities and other marketing efforts to enhance brand awareness, with an allocation of approximately 5.2% of the net proceeds (HKD 2,400,000) for this purpose[68].

香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高 投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資 決定。 由於 GEM 上市公司普遍為中小型公司，在 GEM 買賣的證券可能會較於聯交所主板買賣之證券承受較大的 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，並明確表示概不就因本報告全部或任何部份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，旨在提供有關賞之味控股有 限公司（「本公司」，聯同其附屬公司稱為「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。各董事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 重要方面均屬準確及完備，沒有誤導或欺詐成分，且並無遺漏任何事項，足以令致本報告所載任何陳述 或本報告產生誤導。 目錄 ...

Financial Performance - Total revenue for the year ended March 31, 2020, was approximately HKD 81.1 million, a decrease of about 25.4% compared to HKD 108.7 million in 2019[5] - Loss attributable to owners for the year was approximately HKD 56.4 million, significantly increased from HKD 12.3 million in 2019[5] - The decline in revenue was primarily due to social events since June 2019 and the outbreak of COVID-19[5] - The group's revenue decreased by approximately 25.4% from about HKD 108.7 million for the year ended March 31, 2019, to about HKD 81.1 million for the year ended March 31, 2020[19] - Revenue from external customers was HKD 81.1 million, with HKD 67.0 million from Hong Kong, HKD 9.0 million from China, and HKD 5.1 million from Macau[20] - The group reported a loss of approximately HKD 56.4 million for the year ended March 31, 2020, an increase from a loss of HKD 11.3 million for the year ended March 31, 2019[34] Cost Management - Cost of inventory decreased by approximately 19.3% from about HKD 22.6 million to about HKD 18.2 million, maintaining a stable ratio of cost to total revenue[21] - Employee costs increased by approximately 8.6% from about HKD 31.3 million to about HKD 34.0 million, representing 42.0% of total revenue, up from 28.8%[24] - Rental and related expenses decreased by approximately HKD 14.0 million or 70.8% due to the adoption of HKFRS 16, with depreciation of right-of-use assets recorded at about HKD 16.4 million[25] - Depreciation and amortization expenses increased by approximately 33.9% to about HKD 8.1 million, driven by new restaurant openings and additional asset depreciation[26] - Other expenses rose by approximately 55.7% from about HKD 14.1 million to about HKD 22.0 million, primarily due to new restaurant operations and increased utility costs[27] - The company is implementing various cost control measures to maintain competitiveness and restore profitability amid a challenging operating environment[6] Business Operations - The company closed several loss-making restaurants in Hong Kong and China to mitigate losses and better allocate resources[6] - The group operates nine ramen restaurants in Hong Kong and China as of the report date[12] - A new restaurant in Nanchang is expected to open in July 2020, and a new restaurant in Tseung Kwan O opened in September 2019[7] - The company introduced a new ramen brand from Japan and opened a franchised restaurant in Sha Tin in October 2019[7] - The company is collaborating with independent online delivery platforms to capitalize on the growing demand for takeout in the food industry[9] Employee Relations - The group has maintained good relationships with employees, customers, and suppliers, which are crucial for operational success[18] - As of March 31, 2020, the group had a total of 133 employees, down from 185 employees as of March 31, 2019, with employee costs amounting to approximately HKD 34.0 million, an increase from HKD 31.3 million in 2019[49] Financial Position - As of March 31, 2020, the group's cash and bank balances amounted to approximately HKD 37.7 million, a decrease of approximately HKD 46.8 million from HKD 84.5 million as of March 31, 2019[35] - The group's current ratio was approximately 1.9 times as of March 31, 2020, down from approximately 4.7 times as of March 31, 2019[36] - The group's total interest-bearing bank borrowings were approximately HKD 2.6 million as of March 31, 2020, compared to HKD 3.4 million as of March 31, 2019[36] - The group had no significant contingent liabilities or guarantees that could adversely affect its business or financial condition as of March 31, 2020[39] Shareholder Information - The group did not declare or recommend any dividends for the year ended March 31, 2020[41] - The group has no significant future capital expenditure plans other than those disclosed in the report as of March 31, 2020[47] - The group has committed capital expenditures of HKD 2.25 million for purchases and installations as of March 31, 2020[48] - The company reported a total available reserve for distribution to shareholders of approximately HKD 17.3 million as of March 31, 2020[98] - The board of directors does not recommend the distribution of a final dividend for the fiscal year ending March 31, 2020[85] Corporate Governance - The board is responsible for the group's environmental, social, and governance strategies and reporting[15] - The company has established a compensation committee to review the compensation policy based on operational performance and market practices[112] - The board of directors includes Mr. Tang Zhenhao as the CEO and Mr. Tang Qingzhi as the Chairman[100] - The company has maintained good corporate governance practices, believing it is essential for enhancing shareholder value and business development[135] - The board consists of a balanced mix of executive and independent non-executive directors, with independent directors exceeding one-third of the board's composition[143] Risk Management - The company has established risk management procedures, including annual risk identification and assessment, with results documented for board and management review[182] - The company has established a risk identification and assessment framework to evaluate significant risks that may impact the achievement of its objectives[184] Future Outlook - The company is actively seeking potential business opportunities and partnerships to expand revenue sources and enhance shareholder returns[54] - The company aims to improve operational efficiency and has invested HKD 2.030 million in upgrading office equipment and systems, with HKD 1.648 million already utilized[52] - The company has initiated marketing activities to enhance brand awareness, with an allocated budget of HKD 2.4 million, of which HKD 2.147 million has been spent[52]

Financial Performance - The group's revenue for the nine months ended December 31, 2019, was approximately HKD 67.9 million, a decrease of about 17.3% compared to the same period in 2018[3]. - The group recorded a loss of approximately HKD 13.9 million for the nine months ended December 31, 2019[4]. - For the three months ended December 31, 2019, the group's revenue was HKD 21.8 million, down from HKD 29.4 million in the same period of 2018[5]. - The total comprehensive loss for the nine months ended December 31, 2019, was HKD 13.8 million, compared to a loss of HKD 1.1 million in the previous year[5]. - The group reported a loss of HKD 14,494,000 for the nine months ended December 31, 2019, compared to a loss of HKD 13,947,000 in the same period of 2018, indicating a slight increase in losses[20]. - The group recorded a loss of approximately HKD 13.9 million for the nine months ended December 31, 2019, compared to a loss of about HKD 0.5 million for the same period in 2018[67]. Revenue Breakdown - Revenue from restaurant operations in Hong Kong for the three months ended December 31, 2019, was HKD 17,785,000, down 26.0% from HKD 24,021,000 in the same period of 2018[24]. - Revenue from restaurant operations in China for the nine months ended December 31, 2019, was HKD 8,996,000, a decline of 35.5% from HKD 14,041,000 in the same period of 2018[24]. - Revenue from franchise sales of food and related products for the nine months ended December 31, 2019, was HKD 3,296,000, slightly up from HKD 3,269,000 in the same period of 2018[24]. - The group's revenue from Macau for the nine months ended December 31, 2019, was HKD 4,147,000, a marginal increase from HKD 4,103,000 in the same period of 2018[29]. - Revenue from Hong Kong for the nine months ended December 31, 2019, was HKD 54.7 million, down from HKD 63.9 million in the same period of 2018, representing a decline of approximately 14.5%[51]. Costs and Expenses - The cost of inventory for the nine months ended December 31, 2019, was HKD 15.3 million, compared to HKD 17.5 million in 2018[5]. - Employee costs for the nine months ended December 31, 2019, increased to HKD 26.7 million from HKD 23.5 million in the previous year[5]. - Other expenses rose by approximately 51.5% from about HKD 10.8 million for the nine months ended December 31, 2018, to about HKD 16.3 million for the same period in 2019, primarily due to new restaurant openings[61]. - Financing costs for the nine months ended December 31, 2019, totaled HKD 1,399,000, significantly higher than HKD 130,000 in the same period of 2018, primarily due to lease liabilities[31]. - The company incurred depreciation of property and equipment amounting to HKD 6,105,000 for the nine months ended December 31, 2019, compared to HKD 4,261,000 in 2018, reflecting a 43.3% increase[41]. Shareholder Information - The company's total equity as of December 31, 2019, was HKD 77.3 million, reflecting a decrease due to the losses incurred[10]. - As of December 31, 2019, major shareholders, including Brilliant Trade, hold 341,250,000 shares, representing 68.25% of the issued share capital[73]. Corporate Governance - The company has established an audit committee in compliance with GEM Listing Rules, consisting of at least three members, including an independent non-executive director as chairman[85]. - The company emphasizes good corporate governance practices to enhance shareholder value and effective management[84]. - The company has adhered to the corporate governance code as stipulated in the GEM Listing Rules as of December 31, 2019[84]. Strategic Initiatives - The group closed several loss-making restaurants in Hong Kong during 2019 to reduce losses and better allocate resources[71]. - A new restaurant in Tseung Kwan O commenced operations in September 2019, expanding the restaurant network strategically[71]. - The group introduced a new ramen brand from Japan and opened a franchised restaurant in Sha Tin in October 2019[71]. - The management anticipates a more challenging operating environment in 2020 due to the ongoing COVID-19 pandemic and its impact on retail and dining sectors[71]. - The group is actively seeking potential business opportunities and partnerships to expand revenue sources and enhance shareholder returns[71]. - The management is implementing various cost control measures to maintain competitiveness and restore profitability amid a deteriorating business environment[71]. - The group has shifted the operational model of a restaurant in China to a franchise model, focusing on royalty and consultancy fee income[71]. - The group has partnered with several independent online food delivery platforms in China to capitalize on the growing demand for takeout services[71]. Accounting Standards - The company adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2019, with no significant impact on reported amounts[15]. - The company applied HKFRS 16 "Leases" for the first time, which requires recognition of right-of-use assets and corresponding liabilities for all leases[16]. - The company chose to apply the modified retrospective approach for HKFRS 16, recognizing cumulative effects as equity from April 1, 2019[17]. - The group has not applied any new accounting standards that have been issued but not yet effective, and the impact of these standards is still being assessed[21].

Financial Performance - The group's revenue for the six months ended September 30, 2019, was approximately HKD 46.1 million, a decrease of about 12.7% compared to the same period in 2018[6]. - The group recorded a loss of approximately HKD 6.4 million for the six months ended September 30, 2019[6]. - The board did not recommend any dividend payment for the six months ended September 30, 2019, consistent with 2018[6]. - The basic loss per share for the six months ended September 30, 2019, was HKD 1.28, compared to HKD 0.78 for the same period in 2018[8]. - The group reported a total comprehensive loss of HKD 6.3 million for the six months ended September 30, 2019, compared to HKD 3.6 million for the same period in 2018[8]. - The company reported a net loss of HKD 6,398,000 for the six months ended September 30, 2019, compared to a loss of HKD 2,936,000 in the previous period[12]. - The group reported a pre-tax loss of HKD 6,398,000, compared to a loss of HKD 2,936,000 for the same period in 2018, representing a 118% increase in losses year-over-year[61]. - The company incurred financing costs of HKD 894,000 for the six months ended September 30, 2019, compared to HKD 88,000 in 2018, reflecting a significant increase of 908%[54]. Assets and Liabilities - Non-current assets increased to HKD 71.3 million as of September 30, 2019, compared to HKD 18.6 million as of March 31, 2019[10]. - Current assets decreased to HKD 65.0 million as of September 30, 2019, from HKD 92.4 million as of March 31, 2019[10]. - Current liabilities increased to HKD 30.7 million as of September 30, 2019, compared to HKD 19.6 million as of March 31, 2019[10]. - The net asset value decreased to HKD 84.8 million as of September 30, 2019, from HKD 91.2 million as of March 31, 2019[10]. - The company’s total equity as of September 30, 2019, was HKD 29,480,000, reflecting a decrease from HKD 27,046,000 at the beginning of the period[12]. - The company’s accumulated losses reached HKD 21,720,000 as of September 30, 2019[12]. - The group's total current assets and current liabilities were approximately HKD 65.0 million and HKD 30.7 million, respectively, resulting in a current ratio of approximately 2.1 times, down from 4.7 times on March 31, 2019[107]. - The group's debt-to-equity ratio was approximately 47.2% as of September 30, 2019, significantly up from 3.7% on March 31, 2019, primarily due to an increase in lease liabilities[107]. Revenue Breakdown - Total revenue for the six months ended September 30, 2019, was HKD 46,063,000, a decrease of 12.8% compared to HKD 52,773,000 in the same period of 2018[47]. - Revenue from Hong Kong operations for the six months was HKD 36,935,000, down 7.5% from HKD 39,929,000 in 2018[47]. - Revenue from China operations for the six months was HKD 6,379,000, a decline of 35.5% from HKD 9,952,000 in the previous year[47]. - Revenue from external customers for the six months ended September 30, 2019, was HKD 46.1 million, with HKD 36.9 million from Hong Kong, HKD 6.4 million from China, and HKD 2.7 million from Macau[84]. Expenses and Costs - The group’s employee costs increased to HKD 17.8 million for the six months ended September 30, 2019, from HKD 15.2 million in 2018[8]. - Total employee costs for the six months ended September 30, 2019, amounted to HKD 17,760,000, up from HKD 15,243,000 in 2018, indicating a 16.5% increase[55]. - Other expenses rose by approximately 39.7% from HKD 7.0 million to HKD 9.7 million for the six months ended September 30, 2019, mainly due to increased utility and consumable costs from new restaurant openings[92]. - The company recognized a depreciation expense of HKD 3,772,000 for property and equipment for the six months ended September 30, 2019, compared to HKD 2,635,000 in 2018, which is a 43% increase[55]. - Rental and related expenses decreased significantly by approximately HKD 7.4 million or 76.6% due to the adoption of HKFRS 16, with depreciation of right-of-use assets recorded at approximately HKD 7.1 million for the six months ended September 30, 2019[89]. Cash Flow - Cash used in operating activities was HKD 5,234,000 for the six months ended September 30, 2019, compared to HKD 971,000 in the same period last year[14]. - Cash used in investing activities increased significantly to HKD 12,633,000 from HKD 3,143,000 year-on-year[14]. - The company experienced a net cash outflow from financing activities of HKD 9,455,000, contrasting with a net inflow of HKD 2,631,000 in the prior year[14]. - As of September 30, 2019, the company's cash and cash equivalents decreased to HKD 57,213,000 from HKD 84,535,000 at the beginning of the period[14]. - As of September 30, 2019, the group's bank balance and cash amounted to approximately HKD 57.2 million, a decrease of about HKD 27.3 million from HKD 84.5 million on March 31, 2019[106]. Business Operations and Strategy - The company is focused on expanding its operations in the Japanese ramen restaurant sector in Hong Kong and China[16]. - The group plans to open new restaurants in strategic locations in Hong Kong and introduce new Japanese ramen brands to capture the growing demand for food delivery services in China[103]. - The group has initiated collaboration with third-party online delivery platforms in China since late September 2019 to enhance market penetration and meet the rising demand for takeout in the restaurant industry[103]. - The company plans to continue evaluating market conditions and social events to prudently select locations and timing for new restaurant openings[98]. - The company is enhancing brand awareness through promotional activities and is researching suitable social media platforms and marketing systems[98]. - The group opened a new restaurant in Tseung Kwan O in September 2019 and a new franchise store in Sha Tin in October 2019 to diversify its brand portfolio[102]. Accounting Standards and Compliance - The company adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2019, with no significant impact on the financial statements[19]. - The company has adopted Hong Kong Financial Reporting Standard 16 (HKFRS 16) for the first time, which introduces a comprehensive model for lease identification and accounting treatment, replacing HKAS 17[20]. - The company recognizes right-of-use assets at the lease commencement date, measured at cost less any accumulated depreciation and impairment losses[27]. - The company will apply HKAS 12 "Income Taxes" to determine deferred tax arising from lease transactions related to right-of-use assets and lease liabilities[39]. - The audit committee has been established in accordance with GEM Listing Rule 5.28, ensuring compliance with applicable accounting standards and regulations[135]. - The financial performance for the six months ending September 30, 2019, has been reviewed by the audit committee, although it remains unaudited[135]. Shareholder Information - As of September 30, 2019, Mr. Tang Zhenhao and Mr. Tang Qingzhi each hold 341,250,000 shares, representing 68.25% of the company's issued share capital[121]. - Brilliant Trade, owned by Mr. Tang Zhenhao and Mr. Tang Qingzhi, is considered to have a beneficial ownership of 341,250,000 shares, equating to 68.25%[124]. - The company did not purchase, sell, or redeem any shares during the six months ended September 30, 2019[126]. - The company has adopted a share option scheme to incentivize selected participants for their contributions[129]. - The company confirmed that there were no competitive businesses or conflicts of interest involving directors or major shareholders during the reporting period[127]. - The company maintains a commitment to high-quality governance practices to enhance shareholder value[134].

香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投 資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決 定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市 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，並明確表示概不就因本報告全部或任何部份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，旨在提供有關賞之味控股有限 公司（「本公司」，聯同其附屬公司稱為「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。各董事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 要方面均屬準確及完備，沒有誤導或欺詐成分，且並無遺漏任何事項，足以令致本報告所載任何陳述產 生誤導。 目錄 | 2 | 財務摘要 ...

Financial Performance - The total revenue for the year ended March 31, 2019, was approximately HKD 108.7 million, representing a year-on-year growth of about 9.1% compared to HKD 99.6 million in 2018[7]. - The company reported a loss attributable to owners of approximately HKD 12.3 million for the year, a significant decrease from a profit of HKD 13.0 million in 2018, primarily due to one-time listing expenses and initial operating costs of new stores[7]. - The group recorded a loss of approximately HKD 11.3 million for the year ended March 31, 2019, compared to a profit of about HKD 13.0 million for the year ended March 31, 2018, primarily due to one-time listing expenses of about HKD 23.5 million[32]. - Revenue from Hong Kong operations rose significantly to HKD 85.1 million in 2019 from HKD 74.0 million in 2018, while revenue from China decreased to HKD 17.7 million from HKD 19.9 million[19]. - Cost of goods sold increased by approximately 6.5% from about HKD 21.2 million in 2018 to about HKD 22.6 million in 2019, representing 21.3% and 20.8% of total revenue respectively[20]. - Employee costs rose by approximately 15.3% from about HKD 27.2 million in 2018 to about HKD 31.3 million in 2019, accounting for 28.8% of revenue[25]. - Rental and related expenses increased by approximately 19.5% from about HKD 16.6 million in 2018 to about HKD 19.8 million in 2019, representing 18.2% of revenue[26]. - As of March 31, 2019, the group's cash and bank balances amounted to approximately HKD 84.5 million, an increase of about HKD 69.4 million from HKD 15.1 million in 2018[33]. - As of March 31, 2019, the total current assets and current liabilities of the group were approximately HKD 92.4 million and HKD 19.6 million, respectively, resulting in a current ratio of about 4.7 times[34]. - The group had a debt-to-equity ratio of approximately 3.7% as of March 31, 2019, a significant decrease from 21.2% in the previous year[34]. - The company reported a significant increase in revenue, with a year-on-year growth of 25% in the last fiscal year[63]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 20%[63]. Business Operations - The company operates ten ramen restaurants in Hong Kong and China as of the report date[12]. - The company has introduced self-branded instant cup noodles to meet the growing demand for takeout in the food industry[8]. - The company has implemented multiple mobile payment platforms, such as WeChat Pay and Alipay, across its restaurants in Hong Kong and China to enhance customer payment convenience[8]. - The company plans to open several new stores in Hong Kong and expand its central kitchen to support growth[6]. - The management team focuses on high-quality ingredient sourcing, food preparation, and service quality control to enhance customer dining experiences[7]. - The company is actively assessing the overall market environment and responding to challenges posed by changing market conditions and intensified competition[7]. - The company is currently exploring suitable locations for business expansion and is researching appropriate social media platforms and marketing systems[51][52]. - The company aims to improve operational efficiency, targeting a 10% reduction in costs over the next year[63]. Financial Position and Capital Management - The net proceeds from the IPO on March 15, 2019, amounted to approximately HKD 46.1 million, with plans to allocate 60.6% for opening new branches in Hong Kong[51]. - The group has no significant contingent liabilities or major litigation that could adversely affect its business or financial condition as of March 31, 2019[39]. - The group has no major investments or acquisitions related to subsidiaries or associates during the year ended March 31, 2019[42]. - The group has no assets pledged as collateral for borrowings as of March 31, 2019[40]. - The company has not declared or recommended any dividends since its establishment, including for the year ended March 31, 2019[41]. - The company’s operational capital needs and future expansion plans are key considerations for dividend declarations[92]. - As of March 31, 2019, the company's distributable reserves amounted to approximately HKD 41.1 million[102]. Shareholder and Governance Structure - The board of directors includes both executive and independent non-executive members, with specific appointments made in 2018 and 2019[106]. - As of March 31, 2019, the company has a total of 341,250,000 shares held by major shareholders, representing 68.25% of the issued share capital[124]. - Major shareholders include Mr. Tang Zhenhao and Mr. Tang Qingzhi, each holding 341,250,000 shares, equating to 68.25% ownership[126]. - The company has established a non-competition agreement with major shareholders to prevent any potential competition in core business activities[133]. - The independent non-executive directors have confirmed their independence according to GEM Listing Rules[143]. - The company has established a remuneration committee to review the remuneration policies based on operational performance and market practices[120]. - The company has established a nomination policy to ensure a balanced skill set and experience on the board[162]. - The company emphasizes the importance of ongoing professional development for directors, providing training on the latest corporate governance practices[182]. Risk Management and Compliance - The company has established risk management procedures, including annual risk identification and assessment, with results documented for board and management review[196]. - The board is responsible for overseeing the internal control and risk management systems, which are reviewed at least annually for effectiveness[195]. - The company does not have an internal audit function but relies on its internal control system, which has been deemed effective by the audit committee and board[197]. - The audit committee reviewed the consolidated financial statements for the year ended March 31, 2019, and confirmed compliance with applicable accounting standards and GEM listing rules[187]. - The independent auditor's fees for audit services and non-audit services were approximately HKD 1.0 million and HKD 3.4 million, respectively, for the year ended March 31, 2019[192].