Financial Performance - For the year ended December 31, 2022, the Group recorded revenue of approximately HK$141,903,000, a decrease of 13.8% from HK$164,764,000 in 2021[18]. - Loss attributable to owners of the Company amounted to approximately HK$18,844,000, compared to HK$20,558,000 in 2021, indicating a reduction in losses[18]. - The impairment loss on goodwill was approximately HK$5,168,000, contributing to the net loss for the year[18]. - General and administrative expenses were approximately HK$121,686,000, which significantly impacted overall profitability[18]. - The Group's financial performance reflects ongoing challenges but shows some improvement in specific business segments[18]. - The Group recorded a net loss attributable to owners of approximately HK$18,844,000 for the year ended December 31, 2022, compared to a loss of HK$20,558,000 in 2021[37]. - Revenue from continuing operations decreased by approximately 13.9% to approximately HK$141,903,000, down from HK$164,764,000 in 2021[38]. - The Group recorded a fair value gain on financial assets through profit or loss of approximately HK$3,341,000[37]. - General and administrative expenses decreased to approximately HK$121,686,000 from HK$124,991,000 in 2021[41]. Revenue Breakdown - Revenue from the financial services business amounted to approximately HK$15,214,000, an increase from HK$12,777,000 in 2021[25]. - Income from the food and beverage business was approximately HK$117,564,000, which was a significant contributor to total revenue[18]. - The food and beverage business reported a turnover of approximately HK$117,564,000, down from HK$144,067,000 in 2021[38]. - The alcoholic beverage distribution and miscellaneous business saw revenue rise to approximately HK$1,596,000 from HK$1,264,000 in 2021[38]. - The children education business generated revenue of approximately HK$4,500,000, slightly up from HK$4,448,000 in 2021[38]. - Revenue from the food and beverage business amounted to approximately HK$117,564,000 for the year, a decrease from approximately HK$144,067,000 in the previous year[177]. - Revenue from the distribution of alcoholic beverages and miscellaneous business amounted to approximately HK$1,596,000, an increase from HK$1,264,000 in the previous year[195]. Government Support - The Group received government grants of approximately HK$6,598,000 related to COVID-19 subsidies, aiding financial performance[18]. - The Hong Kong government lifted all COVID-19 measures at the beginning of 2023, leading to a recovery in revenue for the food and beverage segment[180]. Money Lending Business - Loan interest income from the money lending business increased to approximately HK$2,713,000 in 2022, up from HK$2,006,000 in 2021[19]. - As of December 31, 2022, the total amount of loans and interest receivable in the Group's money lending segment was approximately HK$14.2 million, with personal loans representing approximately 100% of the total active and outstanding loan portfolio[55]. - The effective interest rate for the Group's active and outstanding loans ranged from approximately 10% to 18% per annum, with unsecured loans accounting for approximately 83.3% of the total number of loans and approximately 88.8% of the total value of the loan portfolio[56]. - The Group's money lending services include personal loans, business loans, and mortgage loans, with interest rates and repayment terms varying across different loan categories[49]. - The Group's money lending business primarily targets well-heeled and reputable individuals and established companies, with all customers being either Hong Kong or PRC residents or companies operating in these regions[64]. - The Group extended a loan of approximately HK$786,000 to a former executive director at an interest rate of 9% per annum for a term of six months, which was fully repaid during the year[50]. - Approximately 100% of the outstanding loan balance as of December 31, 2022, was repayable within one year, indicating a focus on short-term lending[55]. - The Group may request personal or corporate guarantees for loans on a case-by-case basis, with mortgage-backed loans representing approximately 16.7% of the total number of loans and approximately 11.2% of the total value of the loan portfolio[62]. - The majority of loans granted by the Group are short-term loans, with borrowers typically not providing collateral due to the nature of their financial needs[57]. - The Group recorded an impairment loss on loans and interest receivables of approximately HK$2 million for the year ended December 31, 2022, a significant increase from approximately HK$0.4 million in the previous year[71]. - The impairment loss represented approximately 11.9% of gross loans and interest receivables as of December 31, 2022[72]. - The Group's loans to major customers had a credit period ranging from 6 months to 1 year, negotiated based on commercial practices and the Group's credit policy[67]. - The Group will continue to implement risk control and management strategies while broadening its customer base[68]. Credit Risk Management - The Credit Committee is responsible for approving and overseeing the credit policy and monitoring the loan portfolio[87]. - The Group has established standardized credit policies for loan approval procedures[86]. - The Credit Committee consists of two members, including an executive director and a finance manager with over ten years of experience[88]. - The Group applies various factors to assess potential customers on a case-by-case basis[89]. - Strict credit assessment procedures are in place to verify the creditworthiness of customers before loan approval[90]. - The Group has refined loan approval procedures and is taking a cautious approach to credit risk management due to unclear economic outlook[107]. - The Credit Committee evaluates loan applications based on factors such as income proof, asset proof, and the ability to provide personal guarantees for individual customers[95]. - For corporate customers, the evaluation focuses on revenue stream, track record, and asset proof, with no restrictions on industry or principal business location[96]. - The Group requires customers to provide signed and post-dated bank cheques according to tailored repayment schedules to manage credit risk[106]. - The Group conducts regular analysis and review of its loan portfolio and compliance matters to control credit risk[106]. - Legal searches are conducted on potential borrowers to ascertain their creditworthiness and repayment ability[99]. - The Group has implemented debt recovery procedures to monitor and recover late payments or defaults effectively[106]. - The Group presumes a significant increase in credit risk when contractual payments are more than 365 days past due, unless there is reasonable evidence to the contrary[140]. - Management assesses the market values of pledged securities for clients with margin shortfalls, concluding that expected credit losses for receivables from margin clients are insignificant[144]. - The Group considers various factors, including external credit ratings and market indicators, when assessing whether credit risk has increased significantly[138]. - The Group's internal control includes a thorough credit risk assessment process before granting credit limits to customers, ensuring financial capacity is verified[147]. - Regular updates on loan limit reports and margin lists are provided to directors for ongoing monitoring of credit risks associated with margin clients[148]. - The Group's credit risk assessment includes evaluating historical status of margin calls and clients' financial documents to ensure robust risk management[149]. Business Strategy and Future Outlook - The Group plans to focus resources on Hong Kong following the disposal of its food and beverage business in Singapore[27]. - The Group will continue to monitor economic uncertainties and adjust strategies to ensure growth and profitability[33]. - The Group is committed to developing its brand portfolio by refining existing brands and launching new ones[188]. - The group plans to build a competent sales team while minimizing costs to address the weakening performance in the alcoholic beverage segment[195]. - The Group's margin financing services and brokerage services are expected to face challenges due to global inflation pressures and a shift toward higher interest rates[165]. - The Group will continue to monitor its margin financing portfolio closely and adopt risk control strategies while expanding its customer base[130]. Asset Management and Investments - The Group's diversified securities investment portfolios include both listed and non-listed companies and debt securities to increase returns to shareholders[166]. - The Group's financial assets at fair value through profit or loss are all shares of listed companies in Hong Kong[166]. - The Group is enhancing its securities service mobile application to improve user experience and competitiveness in the financial services segment[165]. - The Group's expected credit loss (ECL) assessment is based on historical credit loss experience and adjusted for specific debtor factors, with a loss allowance equal to 12 months ECL unless there is a significant increase in credit risk since initial recognition[136]. - For the years ended December 31, 2022, and 2021, no impairment loss was recognized on loans to margin clients, indicating stable credit risk management[136]. - Interest income from the financial service business segment amounted to approximately HK$8,957,000 for the year, an increase from HK$7,640,000 in 2021, reflecting growth in this segment[143]. Operational Changes - The group has discontinued its food and beverage business in Singapore following the disposal of Amber Glory and its subsidiary[187]. - The food and beverage industry in Hong Kong remains challenging due to intense competition and rising operating costs[188]. - The company operates the Hong Kong Nobel Preschool, which is a registered kindergarten providing preschool education[200]. - The company became a 51% owned subsidiary of the Group in October 2018[200].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立及於百慕達存續之有限公司） （股份代號：8120） 經審核全年業績公告 截至二零二二年十二月三十一日止年度 國農金融投資有限公司（「本公司」，連同其附屬公司稱為「本集團」）董事（「董事」） 會（「董事會」）欣然公佈本集團截至二零二二年十二月三十一日止年度之經審核 綜合業績。本公告載有本公司二零二二年年度報告全文，乃符合香港聯合交易 所有限公司GEM證券上市規則（「GEM上市規則」）中有關全年業績初步公佈附載 資料之相關要求。 承董事會命 國農金融投資有限公司 主席 吳文俊 香港，二零二三年三月二十四日 於本公告日期，董事會包括三名執行董事，即吳文俊先生、吳廷浩先生及陳志鋒 ...

Financial Performance - The revenue from continuing operations for the period was approximately HK$101,240,000, representing a decrease of approximately HK$15,953,000 compared to approximately HK$117,193,000 in the same period last year[10]. - Gross profit from continuing operations for the period was approximately HK$68,207,000, compared to approximately HK$78,629,000 in the same period last year[12]. - The company reported a loss attributable to owners of the Company of approximately HK$15,220,000 for the nine months ended 30 September 2022, compared to a loss of approximately HK$1,683,000 in the same period last year[11]. - Total revenue for the nine months ended 30 September 2022 was HK$101,240,000, down from HK$117,193,000 in the same period last year[17]. - Profit before tax for the nine months was a loss of HK$16,771,000, compared to a loss of HK$94,000 in the same period last year[17]. - The total comprehensive income for the nine months ended September 30, 2022, was a loss of HK$15,852,000, compared to a loss of HK$1,460,000 in the same period of 2021[21]. - The company reported a total comprehensive income of HK$932,000 for the nine months ended September 30, 2022, compared to a loss of HK$1,460,000 in the same period of 2021[21]. - The company’s total profit for the period was HK$929,000 for Q3 2022, compared to a loss of HK$1,017,000 in Q3 2021[21]. - For the nine months ended September 30, 2022, the company recorded a loss of HK$15,220,000, an increase from a loss of HK$1,683,000 in the same period of 2021[79]. - The Company reported a loss of HK$1,128,000 from discontinued operations for the nine months ended September 30, 2022, compared to a profit of HK$879,000 in 2021[86]. Revenue Breakdown - Revenue from alcoholic beverage distribution and miscellaneous business for the nine months ended September 30, 2022, was HK$747,000, a decrease of 32.6% from HK$1,109,000 in 2021[40]. - Revenue from food and beverage business for the nine months ended September 30, 2022, was HK$82,725,000, down 19.1% from HK$102,235,000 in 2021[40]. - Total revenue for the nine months ended September 30, 2022, was HK$92,025,000, a decrease of 16.7% from HK$110,445,000 in 2021[40]. - Revenue from the food and beverage business was approximately HK$82,725,000, down from HK$102,235,000 in the previous year, reflecting the impact of COVID-19 restrictions[118]. - Revenue from the provision of children education services amounted to approximately HK$3,131,000, up from HK$3,004,000 year-on-year[132]. - Revenue from external customers of China Demeter Securities Limited was approximately HK$12,194,000, compared to HK$9,162,000 in the same period last year[136]. Expenses and Costs - The cost of sales and services for the nine months was HK$33,033,000, compared to HK$38,564,000 in the previous year[17]. - General and administrative expenses from continuing operations decreased to approximately HK$87,644,000 from HK$90,819,000, mainly due to reduced salaries and utility expenses in the food and beverage business[113]. - Finance costs for the nine months were HK$2,726,000, down from HK$3,039,000 in the previous year[17]. - Total finance costs for the nine months ended September 30, 2022, were HK$2,726,000, compared to HK$3,039,000 in 2021, indicating a decrease of 10%[56]. Dividends and Share Capital - The board of Directors does not recommend the payment of any interim dividend for the nine months ended 30 September 2022, consistent with the previous year[12]. - The Company did not recommend any interim dividend for the nine months ended September 30, 2022, consistent with the previous year[90]. - As of September 30, 2022, the company's total share capital was HK$7,529,000, with 752,902,000 shares issued and fully paid[105]. - The company issued 15,300,000 ordinary shares upon the exercise of share options, raising net proceeds of approximately HK$1,913,000[110]. - The company completed a placement of 125,483,612 ordinary shares at a price of HK$0.10 per share, with net proceeds of approximately HK$12,172,000[111]. Discontinued Operations - The profit for the period from discontinued operations was a loss of HK$615,000 for Q3 2022, while it was a profit of HK$1,128,000 for the same period in 2021[21]. - Loss from discontinued operations for the three months ended September 30, 2022, was HK$615,000, compared to a profit of HK$1,128,000 in the same period of 2021[86]. - The revenue from the discontinued food and beverage business in Singapore was HK$0 for the three months ended September 30, 2022, down from HK$2,681,000 in 2021[70]. - The cost of sales for the discontinued operation was HK$0 for the three months ended September 30, 2022, compared to HK$1,173,000 in 2021[70]. - The Group disposed of its wholly-owned subsidiary engaged in food and beverage in Singapore on 14 January 2022, discontinuing its operations in that market[125]. Future Outlook and Strategy - The Group expects to recognize future revenue from existing customer contracts, applying the practical expedient in HKFRS 15[45]. - The Group plans to continue developing its brand portfolio and exploring new restaurant locations despite the challenging food and beverage industry in Hong Kong[124]. - The Group is taking a cautious approach to credit risk management in the money lending business due to the uncertain economic outlook[130]. - The management plans to exercise caution in opening and investing in new restaurants due to changing consumer spending patterns and rising vacancy rates in shopping centers[153]. Other Income and Financial Position - The company recorded other income of HK$9,606,000 for the nine months, compared to HK$7,009,000 in the previous year[17]. - The Group's total other income for the three months ended September 30, 2022, was HK$5,723,000, significantly higher than HK$1,082,000 in 2021[49]. - The Group's accounting policies remain consistent with those followed in the preparation of the financial statements for the year ended December 31, 2021[34]. - The Group did not record any share of loss from a joint venture in Singapore during the period, maintaining a zero loss compared to HK$Nil in the previous year[145]. - The Company’s financial position remains stable, with no dilutive potential ordinary shares for the three months ended September 30, 2022[88].

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (於開曼群島註冊成立及於百慕達存續之有限公司) Stock Code 股份代號 : 8120 China Demeter Financial Investments Limited 國農金融投資有限公司中期 報告 Interim Report Characteristics of GEM of The Stock Exchange of Hong Kong Limited ("Stock Exchange") 香港聯合交易所有限公司（「聯交所」）GEM之特點 GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Pros ...

Financial Performance - The Company reported a loss attributable to owners of approximately HK$13,592,000 for the three months ended 31 March 2022, compared to a loss of approximately HK$1,024,000 in the same period last year, representing an increase in loss of approximately 1,228%[9]. - Revenue from continuing operations was approximately HK$21,914,000 for the Period, a decrease of approximately HK$10,048,000 or 31.4% compared to HK$31,962,000 in the same period last year[9]. - Gross profit from continuing operations for the Period was approximately HK$15,217,000, down from approximately HK$21,160,000 in the same period last year, indicating a decline of approximately 28.1%[9]. - Loss before tax for the Period was HK$14,506,000, compared to a loss of HK$1,159,000 in the same period last year[29]. - Loss for the period from continuing operations was HK$14,515,000, compared to HK$1,211,000 in the same period last year[29]. - Total comprehensive expense for the period was HK$13,580,000, compared to HK$700,000 in the same period last year[29]. - Total comprehensive income for the period attributable to owners of the Company was a loss of HK$13,785,000, reflecting a significant decline from a loss of HK$700,000 in the prior year[31]. - Loss per share for the period was HK$2.22, compared to a loss of HK$0.41 per share in the previous year[31]. - The company reported a loss from continuing operations of HK$14,720,000 for the three months ended March 31, 2022, compared to HK$1,188,000 in 2021[106]. - The company recorded a net loss attributable to owners of approximately HK$13,592,000 for the three months ended 31 March 2022, compared to a net loss of HK$1,024,000 for the same period in 2021, indicating a significant deterioration in performance[128]. Revenue Breakdown - Revenue from the food and beverage business decreased to HK$16,032,000, down 40.3% from HK$26,817,000 in the previous year[47]. - Revenue from alcoholic beverage distribution and miscellaneous business increased to HK$170,000, compared to HK$14,000 in the same period last year[47]. - The company reported total revenue of HK$21,914,000 for the three months ended March 31, 2022, a decrease of 31.5% from HK$31,962,000 in the same period of 2021[49]. - Revenue from continuing operations decreased by approximately 31.4% to approximately HK$21,914,000 for the period, down from HK$31,962,000 in the previous year[129]. - Revenue from the food and beverage business was approximately HK$16,032,000, down from HK$26,817,000 in the previous year, reflecting a substantial decrease[129]. - Revenue from the distribution of alcoholic beverages and miscellaneous business was approximately HK$170,000, significantly up from HK$14,000 in the previous year[135]. Expenses and Costs - General and administrative expenses increased to HK$26,734,000 from HK$24,055,000, reflecting an increase of approximately 11.2%[23]. - The group incurred a current tax expense of HK$9,000 for the three months ended March 31, 2022, down from HK$52,000 in the same period of 2021, a decrease of 82.7%[79]. - The finance costs for the group decreased to HK$950,000 in 2022 from HK$1,149,000 in 2021, representing a reduction of 17.3%[64]. - The group recognized a reversal of impairment loss of HK$15,000 on loan and interest receivables, which was not present in the previous year[57]. - The company incurred general and administrative expenses of HK$178,000 for the discontinued operations, a decrease from HK$2,774,000 in the previous year[91]. Operational Challenges - The Company continues to face challenges in its operations, as indicated by the significant losses and decrease in revenue[9]. - The COVID-19 pandemic has created significant challenges for the food and beverage and money lending businesses, impacting revenue and operational stability[141][150]. - The management acknowledges significant challenges in the near term due to global economic conditions, including tightening liquidity and inflation[177]. - The company faced challenges in education services, including student retention amid unstable schooling and potential declines in student population due to emigration[183][185]. Strategic Developments - The group completed the disposal of its food and beverage business in Singapore on January 14, 2022, for a total consideration of approximately HK$29,000[81]. - The group has ceased to hold any equity interest in Amber Glory International Limited following the completion of the disposal[84]. - The Group plans to cease operations in Singapore to focus resources on its food and beverage business in Hong Kong[176]. - The Group plans to optimize its curriculum and allocate more resources to enhance the quality of teaching in response to the needs of students and parents[158]. - The company is upgrading its securities service mobile application to include new features such as remote account opening and E-IPO application to enhance user experience[182][185]. - The company is optimizing its store network and re-examining geographical advantages to adapt to changes in the local business environment[181][185]. Miscellaneous - The financial statements for the period are unaudited but have been reviewed by the Audit Committee, ensuring a level of oversight[38]. - The Group is assessing the impact of new Hong Kong Financial Reporting Standards on its financial position, indicating a proactive approach to regulatory compliance[42]. - Interest income from securities clients rose to HK$2,352,000, up 82.7% from HK$1,288,000 in the previous year[49]. - The group reported a total income of HK$2,060,000 for the three months ended March 31, 2022, a decrease of 40.2% compared to HK$3,446,000 in the same period of 2021[57]. - Government grants received amounted to HK$1,489,000, down from HK$2,687,000 in the previous year, indicating a decline of 44.7%[57]. - The weighted average number of ordinary shares for the period was 612,118,000, significantly higher than 248,484,000 in the previous year due to a rights issue[102].

Company Overview - China Demeter Financial Investments Limited is incorporated in the Cayman Islands and continued in Bermuda with limited liability[1]. - The company is listed on the GEM of the Stock Exchange of Hong Kong, which accommodates small and mid-sized companies with higher investment risks[2]. - The registered office of the company is located at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda[13]. - The company’s stock code is 8120 on the Hong Kong Stock Exchange[16]. - The company has a compliance officer and an audit committee to ensure governance and regulatory compliance[11]. - The company’s website is http://www.chinademeter.com, providing additional information and resources[16]. Financial Performance - For the year ended December 31, 2021, the Group recorded revenue of approximately HK$177,485,000, an increase of 29.7% from HK$136,872,000 in 2020[18]. - The net loss attributable to owners of the Company for the year was approximately HK$20,558,000, a decrease from HK$28,453,000 in 2020[18]. - Gross profit for the year was approximately HK$117,122,000, up from HK$86,187,000 in 2020[32]. - The impairment loss on goodwill was approximately HK$9,999,000, and the impairment loss of property, plant, and equipment was approximately HK$7,171,000[32]. - The Group recorded a net loss attributable to owners of approximately HK$20,558,000 for the year ended December 31, 2021, an improvement from a loss of HK$28,453,000 in 2020[32]. - The Group recognized a fair value gain on financial assets through profit or loss of approximately HK$8,567,000 during the year[20]. - The Group recorded an impairment loss on loans and interest receivables of approximately HK$0.4 million for the year ended December 31, 2021, a significant decrease from approximately HK$4.3 million in 2020[56]. Business Segments - The Group's food and beverage business generated revenue of approximately HK$156,788,000, up from HK$106,926,000 in 2020, representing a growth of 46.7%[20]. - The revenue from the financial services business increased to approximately HK$12,777,000, compared to HK$5,433,000 in 2020, marking a growth of 134.3%[20]. - The turnover of the alcoholic beverage distribution and miscellaneous business decreased to approximately HK$1,264,000 from HK$14,224,000 in 2020, a decline of 91.1%[20]. - The Group's financial services business includes brokerage services, margin financing, asset management, and underwriting services[85]. Strategic Plans and Challenges - The Group plans to optimize its restaurant portfolio and assess potential restaurant sites amid ongoing challenges from the COVID-19 pandemic[22]. - The Group will actively review its loan portfolio and conduct comprehensive assessments of collaterals to minimize default risk[23]. - The Group's management expects continued market instability due to geopolitical tensions and economic uncertainties[23]. - The Group plans to enhance its trading systems to improve customer trading experience and competitiveness in financial services[27]. - Significant resources have been allocated to enhance online platforms and digital programs to attract customers, especially during the pandemic[28]. - The Group aims to capitalize on the growing interest from mainland Chinese investors, reinforcing Hong Kong's position as an international financial hub[27]. Customer Engagement and Marketing - The Group is actively promoting its products and services on various social media platforms to enhance consumer engagement[28]. - The Group plans to expand its restaurant delivery and take-away business by preparing take-away menus and cooperating with food delivery apps[170]. - The Group will implement stringent cost control measures while allocating more human resources to digital marketing to widen the client base and build brand awareness[181]. - The Group intends to expand its chain restaurants at a reasonable pace in different shopping malls near residential areas in Hong Kong once the effects of the COVID-19 pandemic lessen[186]. Risk Management and Compliance - The Group's assessment of credit risk includes both quantitative and qualitative information, considering historical experience and forward-looking data[59]. - The Group conducts strict credit assessments to evaluate the repayment ability of customers, considering factors such as guarantors and past payment records[71]. - The Group has implemented internal control measures to manage credit risk, including regular analysis and monitoring of the loan portfolio[79]. - The Group will adjust interest rates and loan-to-value ratios in response to market conditions to optimize the balance between risk and capital[80]. Operational Adjustments Due to COVID-19 - The COVID-19 pandemic significantly impacted the food and beverage industry, leading to a substantial drop in revenue, prompting the management to conduct impairment assessments on the Group's assets[154][157]. - The Group is closely monitoring government updates on COVID-19 and has implemented health measures such as regular staff testing and maintaining hygiene standards[172]. - The Group's restaurant operations are subject to additional legal requirements, including staff testing every 7 days and using a mobile app for tracking visits[172]. - The management has implemented measures to address challenges posed by the COVID-19 outbreak, although specific strategies were not detailed in the provided content[168]. Future Outlook - The Group believes that the prospects for steady ongoing business growth are strong, particularly in the second half of the year[186]. - The Group will continue to provide daily online seminars to improve customer engagement[187]. - The Group will carefully review developments in all segments and explore new investment opportunities to sustain long-term profitability[188].

Financial Performance - The Company reported a loss attributable to owners of approximately HK$1,683,000 for the nine months ended 30 September 2021, compared to a loss of approximately HK$17,785,000 in the same period last year[3]. - Revenue from continuing operations was approximately HK$127,495,000 for the nine months, representing an increase of approximately HK$35,515,000 from approximately HK$91,980,000 last year[3]. - Gross profit from continuing operations for the period was approximately HK$84,727,000, compared to approximately HK$59,666,000 in the same period last year[3]. - Loss before tax for the nine months was approximately HK$964,000, compared to a loss of HK$14,316,000 in the previous year[8]. - For the nine months ended September 30, 2021, the total loss was HK$2,055,000, a significant improvement from HK$18,071,000 in the previous year, indicating a reduction of 88.6%[10]. - The total comprehensive expense for the period attributable to owners of the company was HK$389,000 for the three months ended September 30, 2021, compared to HK$1,219,000 in the same period of 2020, reflecting a decrease of 68.1%[12]. - The company reported a total comprehensive expense of HK$1,460,000 for the nine months ended September 30, 2021, down from HK$18,780,000 in the previous year, marking a decrease of 92.2%[12]. - The loss per share for the nine months ended September 30, 2021, was HK$0.50, consistent with the previous year's loss per share of HK$7.16, indicating a significant reduction in losses[12]. - The loss for the period attributable to owners of the Company for the three months ended September 30, 2021 was HK$687,000, an improvement from a loss of HK$1,029,000 in the same period of 2020, indicating a reduction of approximately 33.3%[60]. - For the nine months ended September 30, 2021, the loss attributable to owners of the Company was HK$1,683,000, significantly improved from a loss of HK$17,785,000 in the same period of 2020, reflecting a reduction of approximately 90.5%[60]. Revenue and Business Segments - Total revenue for the nine months included HK$112,537,000 from the food and beverage business, up from HK$71,819,000 last year[8]. - Food and beverage business revenue for the nine months ended September 30, 2021, was HK$112,537,000, up from HK$71,819,000 in 2020, representing a growth of 56.7%[19]. - Revenue from the distribution of alcoholic beverages and miscellaneous business was approximately HK$1,109,000, compared to HK$8,868,000 in the same period last year[103]. - Revenue from external customers of China Demeter Securities Limited amounted to approximately HK$9,162,000, significantly up from HK$3,241,000 in the previous year[112]. - The company is engaged in various businesses including alcoholic beverage distribution, food and beverage, money lending, and financial services, which may impact future performance and strategic direction[13]. Expenses and Costs - General and administrative expenses for the nine months were approximately HK$98,769,000, compared to HK$75,451,000 last year[8]. - Loan interest income for the nine months was HK$1,586,000, down from HK$4,929,000 in the previous year[8]. - The Group's bank interest income for the nine months ended September 30, 2021, was HK$19,000, down from HK$79,000 in 2020[21]. - Interest on lease liabilities for the three months ended 30 September 2021 was HK$801,000, a decrease of 14.2% from HK$934,000 in the same period of 2020[29]. - Interest on other borrowings for the three months ended 30 September 2021 was HK$109,000, a decrease of 39.7% compared to HK$181,000 in the same period of 2020[29]. Government Grants and Other Income - The Group received government grants totaling HK$3,539,000 for the nine months ended September 30, 2021, compared to HK$9,792,000 in the same period of 2020[22]. - Consultancy and referral fee income increased to HK$1,700,000 for the nine months ended September 30, 2021, from HK$450,000 in 2020, marking a rise of 277.8%[21]. - The Group reported a net foreign exchange gain of HK$243,000 for the nine months ended September 30, 2021, compared to a loss of HK$320,000 in 2020[21]. Discontinued Operations - The company experienced a loss from discontinued operations of HK$2,843,000 for the nine months ended September 30, 2020, which was not present in the current reporting period[9]. - Loss on disposal from discontinued operations for the period was HK$2,400,000, contributing to the overall loss reported[53]. - The loss for the period from discontinued operations attributable to owners of the Company was HK$2,799,000, which was included in the consolidated statement of profit or loss[55]. - The company completed the disposal of its agricultural business on 22 April 2020 for a total consideration of HK$1,152,000[44]. Strategic Initiatives and Future Outlook - The Company continues to focus on improving operational efficiency and reducing losses in its ongoing business segments[60]. - The Group expects pressure on profit in the next quarter due to rising costs and challenges in the local economy[111]. - The Group plans to proactively identify opportunities for opening and managing new restaurants in Hong Kong, considering recent changes in vacancy rates of shopping centers[123]. - The Group aims to develop underwriting and placing activities through various channels and focus on promoting margin financing business[124]. - The Group will review its business strategies carefully and conservatively to cope with the ever-changing economic situation[124]. Share Capital and Rights Issue - The rights issue proposal aims to raise not less than approximately HK$45.9 million by issuing not less than 459,088,545 rights shares at a subscription price of HK$0.10 per share[146]. - The rights issue was fully underwritten by Trinity Worldwide Capital Holding Limited[146]. - The Rights Issue was completed on July 29, 2021, raising approximately HK$45.9 million before expenses, with net proceeds of approximately HK$43.5 million after deducting relevant expenses[148]. - Approximately HK$9.0 million of the net proceeds will be allocated to capital expenditure for expanding the Group's food and beverage business segment[148]. - As of September 30, 2021, the total number of share options available for issue under the Share Option Scheme was 15,302,951 shares, representing approximately 2.50% of the issued shares of the Group[187]. Compliance and Governance - The audit committee of the Board reviewed the unaudited results, ensuring compliance with GEM Listing Rules[5]. - The Company has not assumed the exercise of potential ordinary shares under the share options scheme for the period ended 30 September 2021 due to their anti-dilutive effect[70]. - No significant transactions or contracts involving directors or connected entities existed during the period[195].

Financial Performance - The Company reported a loss attributable to owners of approximately HK$996,000 for the six months ended 30 June 2021, a significant improvement compared to a loss of approximately HK$16,756,000 in the same period last year[9]. - Revenue from continuing operations was approximately HK$81,087,000 for the Period, representing an increase of approximately HK$21,978,000 compared to HK$59,109,000 in the same period last year, reflecting a growth of approximately 37.2%[9]. - Gross profit from continuing operations for the Period was approximately HK$53,513,000, compared to HK$38,927,000 in the same period last year, indicating an increase of approximately 37.4%[9]. - The total revenue for the six months ended 30 June 2021 was HK$81,087,000, up from HK$59,109,000 in the same period last year, marking a year-over-year increase of approximately 37.2%[14]. - Profit before tax for the six months ended 30 June 2021 was HK$684,000, a recovery from a loss of HK$13,705,000 in the same period last year[14]. - For the three months ended June 30, 2021, the profit from continuing operations was HK$28,000 compared to a loss of HK$3,201,000 in 2020[17]. - For the six months ended June 30, 2021, the profit from continuing operations was HK$996,000, a significant improvement from a loss of HK$13,957,000 in 2020[17]. - The total comprehensive expense for the period attributable to owners of the Company was HK$371,000 for the three months ended June 30, 2021, compared to HK$6,350,000 in 2020[19]. - The total comprehensive expense for the six months ended June 30, 2021, was HK$1,071,000, compared to HK$17,561,000 in 2020[19]. - The basic earnings per share for the three months ended June 30, 2021, was HK$0.02, recovering from a loss of HK$4.16 in 2020[19]. Dividends - The Company did not recommend the payment of any interim dividend for the six months ended 30 June 2021, consistent with the previous year where no dividend was declared[9]. - The Group did not recommend any interim dividend for the six months ended 30 June 2021, compared to nil for the same period in 2020[12]. Expenses and Income - General and administrative expenses increased to approximately HK$66,466,000 for the six months ended 30 June 2021, compared to HK$49,232,000 in the same period last year[14]. - Other income, other gains and losses amounted to approximately HK$6,594,000 for the six months ended 30 June 2021, compared to HK$2,067,000 in the same period last year, reflecting a substantial increase[14]. - Total income tax expense for the six months ended June 30, 2021, was HK$727,000, an increase from HK$303,000 in the same period of 2020[88]. - The company reported a total of HK$2,606,000 in other income for the three months ended June 30, 2021, compared to HK$829,000 in the same period of 2020, indicating a significant increase[79]. Assets and Liabilities - As of June 30, 2021, total assets less current liabilities amounted to HK$126,745,000, a decrease from HK$142,042,000 as of December 31, 2020, representing a decline of approximately 10.8%[22]. - Current assets increased to HK$184,028,000 from HK$171,582,000, reflecting a growth of about 7.8%[21]. - Current liabilities increased to HK$119,720,000 from HK$100,982,000, marking a rise of about 18.5%[21]. - The company's net assets stood at HK$109,078,000, slightly down from HK$110,149,000, reflecting a decrease of about 1%[22]. - The company's cash and cash equivalents were reported at HK$33,878,000, down from HK$35,597,000, a decrease of approximately 4.8%[21]. - The total equity attributable to owners of the company was HK$107,737,000, down from HK$108,766,000, indicating a decline of about 0.95%[22]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2021, was HK$17,133,000, an increase of 22.4% compared to HK$13,954,000 in 2020[30]. - Net cash used in investing activities was HK$2,997,000, significantly higher than HK$181,000 in the previous year[30]. - Net cash used in financing activities increased to HK$15,831,000 from HK$13,595,000 in 2020, reflecting a rise of 16.5%[30]. - Cash and cash equivalents at the end of the period stood at HK$33,878,000, compared to HK$30,113,000 at the end of June 2020, marking an increase of 9.2%[30]. Segment Information - The Group's principal business segments include alcoholic beverage distribution, food and beverage, money lending, children education services, financial services, and securities investment[32][33]. - Revenue from external customers for the six months ended June 30, 2021, was HK$81,087,000, an increase from HK$59,109,000 in the same period of 2020, representing a growth of 37.2%[70]. - Revenue from Hong Kong for the six months ended June 30, 2021, was HK$73,466,000, compared to HK$56,690,000 in 2020, reflecting a growth of 29.5%[70]. - Revenue from Singapore increased significantly to HK$7,621,000 for the six months ended June 30, 2021, up from HK$2,419,000 in 2020, marking a growth of 215.5%[70]. Credit and Receivables - The Group maintains strict control over outstanding loans and interest receivables to minimize credit risk[15]. - The ageing analysis of loans and interest receivables shows that HK$10,900,000 were past due as of 30 June 2021, compared to HK$1,566,000 as of 31 December 2020[144]. - The total amount of trade receivables, after accounting for credit losses, was HK$65,399,000 as of June 30, 2021, compared to HK$55,944,000 as of December 31, 2020[162]. - The Group's allowance for credit losses remained stable at HK$4,310,000 as of June 30, 2021, unchanged from December 31, 2020[152]. - The trade receivables from non-financial services business decreased to HK$683,000 as of June 30, 2021, down from HK$8,620,000 as of December 31, 2020[162]. Discontinued Operations - The company completed the disposal of its agricultural business on April 22, 2020, for a total consideration of HK$1,152,000[99]. - The loss for the period from the discontinued operation will be restated to align with the audited results for the year ended December 31, 2020[112]. - The loss for the period attributable to owners from discontinued operations was HK$3,163,000 for the six months ended June 30, 2020, with no loss reported for the same period in 2021[121]. Compliance and Governance - The Company confirmed that the information contained in the report is accurate and complete in all material respects, with no misleading or deceptive statements[6]. - The financial statements for the six months ended June 30, 2021, were prepared in accordance with HKAS 34 and have been reviewed by the Audit Committee[37][38]. - The Group's financial position remains stable, with no significant impact from the adoption of new HKFRSs effective from January 1, 2021[43][44].

Financial Performance - The revenue from continuing operations for the Group was approximately HK$36,089,000, representing an increase of approximately HK$13,728,000 compared to HK$22,361,000 in the same period last year[4]. - Gross profit from continuing operations for the period was approximately HK$23,594,000, compared to HK$15,825,000 in the same period last year[4]. - The loss for the period from continuing operations was HK$1,047,000, a significant improvement from a loss of HK$11,032,000 in the same period last year[10]. - Total comprehensive expense for the period amounted to HK$700,000, compared to HK$11,211,000 in the same period last year[10]. - Other income for the period was approximately HK$3,988,000, compared to HK$1,238,000 in the same period last year[10]. - The cost of sales and services for the period was HK$12,495,000, compared to HK$6,536,000 in the same period last year[10]. - The fair value loss on financial assets through profit or loss was HK$561,000, compared to HK$4,626,000 in the same period last year[10]. - The company reported a loss of HK$1,024,000 for the three months ended March 31, 2021, compared to a loss of HK$10,756,000 in the same period of 2020, indicating a significant improvement[12]. - Basic loss per share for the period was HK$0.67, compared to HK$6.79 in the same period last year, indicating a substantial reduction in loss per share[12]. - The total comprehensive income for the period showed a significant reduction in expenses, improving overall financial health[79]. Revenue Breakdown - The Group's total revenue included HK$30,944,000 from food and beverage business, HK$766,000 from loan interest income, HK$1,238,000 from provision of children education services, and HK$3,127,000 from provision of financial services[8]. - Revenue from the food and beverage business increased to HK$30,944,000 in Q1 2021, up from HK$18,268,000 in Q1 2020, representing a growth of approximately 69%[27]. - Loan interest income decreased to HK$766,000 in Q1 2021 from HK$2,115,000 in Q1 2020, reflecting a decline of about 64%[27]. - The provision of financial services generated approximately HK$3,127,000 in revenue, compared to HK$746,000 in the same period of 2020[90]. - Revenue from the provision of children education services amounted to approximately HK$1,238,000, an increase from HK$1,019,000 year-on-year, representing a growth of 21%[112]. Operational Changes - The company decided to temporarily suspend its agricultural business operations in February 2020 due to unsatisfactory financial performance, significantly impacted by the outbreak of swine fever and COVID-19, leading to a decrease in demand for feedstock products[48]. - The company completed the disposal of its agricultural business on April 22, 2020, ceasing to hold any equity interest in the Tony China Group, which previously contributed to its operations[55]. - All restaurants held by the joint venture in Singapore ceased operations due to the COVID-19 pandemic, significantly impacting revenue[128]. - The company aims to maintain and increase market presence in Asia through partnerships with exclusive brewery partners from Europe[93]. - The company plans to optimize its restaurant portfolio through consolidation and expansion to maintain overall competitiveness[132]. Financial Strategy and Risks - The Group plans to maintain or downsize the scale of its money lending business to reduce credit risk during uncertain times[110]. - The operating environment is expected to remain challenging due to ongoing tensions between the US and China and the COVID-19 pandemic, prompting the company to adopt a flexible and prudent operational approach[132]. - The Board expects the performance of the securities investment business to contribute positive returns for the Group in the near future[124]. - The management team will continuously assess various factors affecting the company's financial performance[133]. Governance and Compliance - The Company aims to comply with all provisions of the Corporate Governance Code and will regularly review its practices[168]. - The Audit Committee consists of three independent non-executive Directors[170]. - The report will remain on the GEM website for a minimum period of seven days from the date of publication[170]. - The Company has made specific inquiries to all Directors regarding compliance with the required standards of dealings[168].

國農金融投資有限公司 China Demeter Financial Investments Limited (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) 6 KM BIXAN Watter B.H Tittel trime (於開曼群島註冊成立及於百慕達存續之有限公司) (Stock Code 股份代號：8120) Annual 年 Report 報 2020 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED ("STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock E ...