截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 英記茶莊集團有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 FF301 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08241 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 361,650,000 | | 0 | | 361,650,000 | | 增加 / 減少 (-) | | | | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 英記茶莊集團有限公司 | | | 呈交日期: | 2025年10月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08241 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 361,650,000 | | 0 | | 361,650,000 | | 增加 / 減少 (-) | | | | | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 英記茶莊集團有限公司 | | | 呈交日期: | 2025年9月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08241 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 361,650,000 | | 0 | | 361,650,000 | | 增加 / 減少 (-) | | | | | | | ...

（股份代號：8241） 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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，並明確表示概不就因本公 告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 於二零二五年八月二十二日舉行之 股東週年大會的投票結果 YING KEE TEA HOUSE GROUP LIMITED 英記茶莊集團有限公 司 （於香港註冊成立的有限公司） 執行董事陳根源先生及陳廣源先生；及獨立非執行董事韓燕華女士、李偉豪先生 及葉偉雄博士均親身或以電子方式出席股東週年大會。執行董事陳樹源先生並無 出席股東週年大會。 1 於股東週年大會上提呈之決議案之投票結果如下： | | | 已投票之股份數目 | | | --- | --- | --- | --- | | | 普通決議案* | （概約%） | | | | | 贊成 | 反對 | | 1. | 省覽及考慮本公司及其附屬公司截至二 | 270,101,500 | 0 | | | 零二五年三月三十一日止年度之經審核 | (100%) | (0%) | | | 綜合財務報表及董事會報告及獨立核數 | | ...

第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08241 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 361,650,000 | | 0 | | 361,650,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 361,650,000 | | 0 | | 361,650,000 | 第 2 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算 ...

2024/2025 年 報 2024/2025 ANNUAL REPORT ANNUAL REPORT 年報 2024 / 2025 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市的市場。有意投資者應 了解投資該等公司的潛在風險，並應經過審慎周詳考慮後方可作出投資決定。 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的證券承受較高的市場波動風險， 且無法保證在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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概 不會就本報告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 英記茶莊集團有限公司（「本公司」）董事（「董事」）願共同及個別對本報告承擔全部責任。本報告乃遵照GEM證券上市規則 （「GEM上市規則」）的規定而提供有關本公司的資料。經作出一切合理查詢後，董事確認，就彼等所知及所信，本報告所 載資料在各重大方面均屬準確及完整，且無誤導或欺詐成分，亦無遺漏任何其他事項，足以令致 ...

[Company Information and Disclaimer](index=1&type=section&id=Company%20Information%20and%20Disclaimer) This section provides an overview of Ying Kee Tea House Group Limited, its GEM listing characteristics, and the directors' responsibility for the announcement's content [Company Profile and GEM Characteristics](index=1&type=section&id=Company%20Profile%20and%20GEM%20Characteristics) Ying Kee Tea House Group Limited (Stock Code: 8241) is incorporated in Hong Kong and listed on GEM of HKEX, a market for SMEs with higher investment risks, requiring investors to note potential risks and market volatility, with directors assuming full responsibility for this announcement's content - Ying Kee Tea House Group Limited (Stock Code: **8241**) was incorporated in Hong Kong, with shares listed on GEM of HKEX on **April 16, 2018**[2](index=2&type=chunk)[9](index=9&type=chunk) - GEM market is positioned as a listing platform for high-risk SMEs; investors should understand potential risks and market volatility[3](index=3&type=chunk) - Company directors jointly and severally assume full responsibility for the accuracy, completeness, and non-misleading nature of this announcement[3](index=3&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) This section summarizes the Group's key financial performance for the fiscal year ended March 31, 2025, including revenue, gross profit, net loss, and loss per share [Key Financial Performance for the Reporting Year](index=2&type=section&id=Key%20Financial%20Performance%20for%20the%20Reporting%20Year) For the fiscal year ended March 31, 2025, the Group's consolidated revenue was approximately HK$30.3 million, a 10.8% year-on-year decrease, with gross profit of HK$23.2 million, a net loss attributable to owners of HK$16.9 million, and no final dividend recommended 2025 Fiscal Year Key Financial Data Summary | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 30.3 | 33.9 | -10.8% | | Annual Gross Profit | 23.2 | 26.2 | -11.3% | | Gross Margin | 76.7% | 77.1% | -0.4% | | Net Loss Attributable to Owners | (16.9) | (14.7) | 15.0% (Loss expanded) | | Basic and Diluted Loss Per Share | (4.67) HK cents | (4.06) HK cents | 15.0% (Loss expanded) | - The Board does not recommend a final dividend for the reporting year[4](index=4&type=chunk) [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's consolidated financial statements, including the statement of profit or loss and other comprehensive income, and the statement of financial position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the Group reported revenue of HK$30,280 thousand, a gross profit of HK$23,218 thousand, and an expanded loss for the year of HK$16,880 thousand, driven by significant administrative and finance costs Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 30,280 | 33,937 | | Cost of Sales | (7,062) | (7,770) | | Gross Profit | 23,218 | 26,167 | | Other Income | 23 | 76 | | Selling and Distribution Costs | (1,662) | (1,816) | | Administrative Expenses | (33,802) | (34,751) | | Finance Costs | (4,657) | (4,358) | | Loss Before Income Tax | (16,880) | (14,682) | | Loss for the Year | (16,880) | (14,682) | | Basic and Diluted Loss Per Share Attributable to Owners of the Company | (4.67) HK cents | (4.06) HK cents | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's non-current assets totaled HK$77,856 thousand, current assets HK$9,295 thousand, with a significant increase in current liabilities to HK$59,504 thousand, resulting in net current liabilities of HK$50,209 thousand and a shift from net assets to net liabilities, indicating a deteriorated equity position Consolidated Statement of Financial Position (Summary) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 77,856 | 89,154 | | Current Assets | 9,295 | 12,426 | | **Liabilities** | | | | Current Liabilities | 59,504 | 23,422 | | Non-current Liabilities | 38,397 | 71,589 | | **Equity** | | | | (Net Liabilities) / Net Assets | (10,750) | 6,569 | | (Capital Deficit) / Total Equity | (10,750) | 6,569 | - Net current liabilities significantly increased from HK$10,996 thousand in 2024 to **HK$50,209 thousand** in 2025[6](index=6&type=chunk) - The Group transitioned from net assets in 2024 to **net liabilities** in 2025, indicating a deterioration in its equity position[7](index=7&type=chunk) [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes to the consolidated financial statements, covering general information, significant accounting policies, adoption of new standards, and specific financial line items [1. General Information](index=6&type=section&id=1.%20General%20Information) Ying Kee Tea House Group Limited, incorporated in Hong Kong on September 14, 2017, primarily engages in retail tea product trading, with its shares listed on GEM on April 16, 2018, and the auditor's report for the year ended March 31, 2025, includes an emphasis of matter regarding significant uncertainty about going concern - The Company is an investment holding company primarily engaged in the retail trading of tea products[9](index=9&type=chunk) - The independent auditor's report for the year ended March 31, 2025, includes an emphasis of matter regarding **significant uncertainty about going concern**, without qualifying the opinion[10](index=10&type=chunk) [2. Summary of Significant Accounting Policies](index=6&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and on a historical cost basis, presented in HKD, with management assessing going concern and implementing measures to ensure sufficient financial resources despite significant uncertainties - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and on a historical cost basis, presented in HKD[11](index=11&type=chunk)[13](index=13&type=chunk) - As of March 31, 2025, the Group had net current liabilities of approximately **HK$50,209 thousand** and net liabilities of approximately **HK$10,750 thousand**, indicating significant uncertainty[14](index=14&type=chunk) - To address going concern uncertainties, the Group has implemented measures including cost control, seeking new financing, and commitments from related companies not to demand repayment of promissory notes and to provide continuous financial support[15](index=15&type=chunk) [2.1 Basis of Preparation](index=6&type=section&id=2.1%20Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and Hong Kong Generally Accepted Accounting Principles, complying with the Companies Ordinance and GEM Listing Rules disclosure requirements, presented on a historical cost basis in HKD, and involve accounting estimates and assumptions - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and Hong Kong Generally Accepted Accounting Principles, complying with the Companies Ordinance and applicable GEM Listing Rules[11](index=11&type=chunk)[13](index=13&type=chunk) - The statements are presented on a historical cost basis in the Company's functional currency, Hong Kong Dollars, with all values rounded to the nearest thousand[13](index=13&type=chunk) [Going Concern Assessment](index=7&type=section&id=Going%20Concern%20Assessment) Despite facing net current liabilities and net liabilities as of March 31, 2025, and low bank and cash balances, the Board has prepared cash flow forecasts and implemented various measures, including cost control, renewing bank facilities, and related company financial support, to ensure the Group can meet its working capital needs and financial obligations in the foreseeable future, thus preparing the consolidated financial statements on a going concern basis - As of March 31, 2025, the Group had net current liabilities of approximately **HK$50,209,000** and net liabilities of approximately **HK$10,750,000**, with bank and cash balances of **HK$1,473,000**[14](index=14&type=chunk) - The Board has implemented measures such as cost control, renewal of bank facilities, related company commitments not to demand repayment of promissory notes, and continuous financial support to improve liquidity[15](index=15&type=chunk) - Despite significant uncertainties, the Board concluded that the Group will have sufficient financial resources to meet working capital requirements, and thus the consolidated financial statements are prepared on a going concern basis[16](index=16&type=chunk) [3. Adoption of New or Revised Hong Kong Financial Reporting Standards](index=8&type=section&id=3.%20Adoption%20of%20New%20or%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) This year, the Group first applied several new and revised HKFRS, including amendments to HKFRS 16, HKAS 1, and HKAS 7/HKFRS 7, which had no material impact on current or prior period results, while standards issued but not yet effective, such as HKFRS 18, are expected to impact financial statement presentation - This year, the Group first applied amendments to HKFRS 16, HKAS 1, and HKAS 7/HKFRS 7, which had **no material impact** on the consolidated financial statements[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - Standards issued but not yet effective include HKFRS 18 "Presentation and Disclosure in Financial Statements," which is expected to affect the structure of the consolidated statement of profit or loss and other comprehensive income, cash flow statement, and disclosure of management-defined performance measures[21](index=21&type=chunk)[23](index=23&type=chunk) - Amendments to HKFRS 9 and HKFRS 7 "Classification and Measurement of Financial Instruments" are not expected to have a significant impact on the consolidated financial statements[25](index=25&type=chunk) [4. Revenue and Segment Reporting](index=11&type=section&id=4.%20Revenue%20and%20Segment%20Reporting) The Group's revenue primarily derives from tea product sales, totaling HK$30,280 thousand in 2025, mainly from individual customers and tea leaves, with the business considered a single reportable segment entirely from Hong Kong, and no single customer contributing over 10% of revenue Revenue Source Breakdown | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Tea Product Sales | 30,280 | 33,937 | | **Customer Category** | | | | - Individual | 28,701 | 32,439 | | - Corporate | 1,579 | 1,498 | | **Product Type** | | | | - Tea Leaves | 28,658 | 32,203 | | - Tea Sets | 1,433 | 1,518 | | - Tea Gift Sets | 189 | 216 | - The Group considers its tea product sales business as a **single reportable and operating segment**[30](index=30&type=chunk) - All revenue and non-current assets are generated from Hong Kong, with **no single customer contributing over 10%** of revenue[31](index=31&type=chunk)[32](index=32&type=chunk) [5. Other Income](index=12&type=section&id=5.%20Other%20Income) In 2025, the Group's total other income was HK$23 thousand, primarily from bank interest and sundry income, a significant decrease from HK$76 thousand in 2024 due to the absence of a reversal of restoration cost provision Other Income Details | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank Interest Income | 3 | 5 | | Sundry Income | 20 | 29 | | Reversal of Restoration Cost Provision | – | 42 | | **Total** | **23** | **76** | - Total other income decreased from **HK$76 thousand** in 2024 to **HK$23 thousand** in 2025, primarily due to the reversal of restoration cost provision in 2024[33](index=33&type=chunk) [6. Finance Costs](index=12&type=section&id=6.%20Finance%20Costs) In 2025, the Group's total finance costs increased to HK$4,657 thousand from HK$4,358 thousand in 2024, mainly comprising interest expenses on bank loans, imputed interest on promissory notes, and finance costs on lease liabilities Finance Costs Details | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest Expenses on Bank Loans | 1,979 | 2,055 | | Imputed Interest Expenses on Promissory Notes | 2,345 | 2,235 | | Finance Costs on Lease Liabilities | 333 | 68 | | **Total** | **4,657** | **4,358** | - Total finance costs increased from **HK$4,358 thousand** in 2024 to **HK$4,657 thousand** in 2025[33](index=33&type=chunk) [7. Loss Before Income Tax](index=13&type=section&id=7.%20Loss%20Before%20Income%20Tax) In 2025, the Group's loss before income tax was HK$16,880 thousand, with key expenses including total depreciation of HK$6,696 thousand (notably reduced right-of-use asset depreciation), total lease expenses of HK$1,806 thousand, cost of inventories recognized as expense of HK$5,885 thousand, and significantly increased impairment losses totaling HK$8,940 thousand on property, plant and equipment and right-of-use assets Items Deducted in Calculating Loss Before Income Tax | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 3,718 | 4,253 | | Depreciation of Right-of-use Assets | 2,978 | 6,507 | | **Total Depreciation** | **6,696** | **10,760** | | Total Lease Expenses | 1,806 | 1,716 | | Cost of Inventories Recognized as Expense | 5,885 | 6,538 | | Impairment Loss on Property, Plant and Equipment | 5,810 | 3,918 | | Impairment Loss on Right-of-use Assets | 3,130 | 1,743 | | **Total Impairment Losses** | **8,940** | **5,661** | - Depreciation of right-of-use assets significantly decreased from **HK$6,507 thousand** in 2024 to **HK$2,978 thousand** in 2025[34](index=34&type=chunk) - Total impairment losses on property, plant and equipment and right-of-use assets increased from **HK$5,661 thousand** in 2024 to **HK$8,940 thousand** in 2025[34](index=34&type=chunk) [8. Income Tax Expense](index=13&type=section&id=8.%20Income%20Tax%20Expense) As the Group had no assessable profits in both 2025 and 2024, no Hong Kong profits tax provision was made, resulting in zero income tax expense, with unrecognized tax losses of approximately HK$10,728 thousand having no expiry date - Income tax expense was **zero** as the Group had no assessable profits subject to Hong Kong profits tax[35](index=35&type=chunk) - Unrecognized tax losses amounted to approximately **HK$10,728 thousand** (2024: HK$8,525 thousand) with no expiry date under current legislation[36](index=36&type=chunk) [9. Employee Benefit Expenses (Including Directors' Emoluments)](index=14&type=section&id=9.%20Employee%20Benefit%20Expenses%20(Including%20Directors'%20Emoluments)) In 2025, the Group's total employee benefit expenses were HK$12,766 thousand, a slight decrease from HK$13,303 thousand in 2024, primarily comprising salaries, allowances, other benefits, retirement scheme contributions, and long service payment obligations Employee Benefit Expenses Details | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries, Allowances and Other Benefits | 12,375 | 12,821 | | Retirement Scheme Contributions | 280 | 355 | | Expenses Arising from Long Service Payment Obligations | 111 | 127 | | **Total** | **12,766** | **13,303** | - Total employee benefit expenses decreased from **HK$13,303 thousand** in 2024 to **HK$12,766 thousand** in 2025[37](index=37&type=chunk) [10. Dividends](index=15&type=section&id=10.%20Dividends) For the years ended March 31, 2025, and 2024, the Group neither paid nor declared any dividends, nor has it proposed any dividends since the end of the reporting period - The Group neither paid nor declared any dividends in 2025 and 2024, nor has it proposed any dividends[38](index=38&type=chunk) [11. Loss Per Share](index=15&type=section&id=11.%20Loss%20Per%20Share) For the year ended March 31, 2025, basic loss per share was HK4.67 cents, calculated based on the loss attributable to owners of HK$16,880 thousand and a weighted average of 361,650,000 ordinary shares, with diluted loss per share being equal due to the anti-dilutive effect of potential ordinary shares Loss Per Share Calculation | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Loss for the Year Attributable to Owners of the Company for Basic Loss Per Share Calculation | (16,880) | (14,682) | | Basic and Diluted Loss Per Share | (4.67) HK cents | (4.06) HK cents | - Diluted loss per share is equal to basic loss per share due to the **anti-dilutive effect** of potential ordinary shares arising from share options[40](index=40&type=chunk) [12. Property, Plant and Equipment](index=16&type=section&id=12.%20Property,%20Plant%20and%20Equipment) As of March 31, 2025, the net book value of property, plant and equipment decreased to HK$77,346 thousand from HK$88,636 thousand in 2024, with additions of HK$2,655 thousand, recognized right-of-use assets of HK$1,706 thousand, total depreciation and amortization of HK$6,711 thousand, and total impairment losses of HK$8,940 thousand primarily due to underperforming retail stores, with certain leasehold land and buildings pledged for bank financing Changes in Net Book Value of Property, Plant and Equipment | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Opening Net Book Value | 88,636 | 98,787 | | Additions | 2,655 | 303 | | Lease Modifications | 1,706 | 6,023 | | Depreciation / Amortization | (6,711) | (10,788) | | Impairment Losses | (8,940) | (5,661) | | Closing Net Book Value | 77,346 | 88,636 | - Total impairment losses on property, plant and equipment (including right-of-use assets) amounted to **HK$8,940 thousand**, primarily due to retail stores performing below budget[42](index=42&type=chunk)[43](index=43&type=chunk) - Leasehold land and buildings with a carrying value of **HK$75,600,000** are pledged to secure bank financing[44](index=44&type=chunk) [13. Inventories](index=18&type=section&id=13.%20Inventories) As of March 31, 2025, the Group's net book value of inventories decreased to HK$5,887 thousand from HK$6,663 thousand in 2024, primarily consisting of tea leaves, canned/bagged tea products for sale, tea sets, and sundry/packaging materials Inventories Details | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Tea Leaves | 2,590 | 2,760 | | Canned/Bagged Tea Products for Sale | 1,513 | 2,079 | | Tea Sets | 587 | 737 | | Sundry and Packaging Materials | 1,197 | 1,087 | | **Total** | **5,887** | **6,663** | - Net book value of inventories decreased from **HK$6,663 thousand** in 2024 to **HK$5,887 thousand** in 2025[45](index=45&type=chunk) [14. Trade and Other Receivables](index=19&type=section&id=14.%20Trade%20and%20Other%20Receivables) As of March 31, 2025, total trade and other receivables decreased to HK$1,870 thousand from HK$2,796 thousand in 2024, with trade receivables of HK$314 thousand mostly due within 0-30 days, and deposits, prepayments, and other receivables of HK$2,380 thousand, including HK$510 thousand in non-current lease deposits, while directors believe expected credit losses are not significant Trade and Other Receivables Details | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Receivables | 314 | 585 | | Deposits, Prepayments and Other Receivables | 2,380 | 3,314 | | Less: Non-current Portion (Lease Deposits) | (510) | (518) | | **Total** | **1,870** | **2,796** | Ageing Analysis of Trade Receivables | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0–30 Days | 300 | 460 | | 31–60 Days | 13 | 123 | | 61–90 Days | 1 | 2 | | **Total** | **314** | **585** | - Total trade and other receivables decreased from **HK$2,796 thousand** in 2024 to **HK$1,870 thousand** in 2025[47](index=47&type=chunk) [15. Trade and Other Payables](index=20&type=section&id=15.%20Trade%20and%20Other%20Payables) As of March 31, 2025, total trade and other payables decreased to HK$1,072 thousand from HK$1,243 thousand in 2024, primarily comprising trade payables and accrued expenses, all short-term with carrying values approximating fair values Trade and Other Payables Details | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 450 | 560 | | Accrued Expenses and Other Payables | 622 | 683 | | **Total** | **1,072** | **1,243** | - Total trade and other payables decreased from **HK$1,243 thousand** in 2024 to **HK$1,072 thousand** in 2025[48](index=48&type=chunk) - Purchases generally have no stipulated credit period, all amounts are short-term, and carrying values approximate fair values[48](index=48&type=chunk) [16. Bank Borrowings](index=21&type=section&id=16.%20Bank%20Borrowings) As of March 31, 2025, the Group's total bank borrowings decreased to HK$45,601 thousand from HK$49,586 thousand in 2024, comprising HK$42,750 thousand in secured borrowings and HK$2,851 thousand in unsecured borrowings, with some secured by property, plant and equipment or guaranteed by subsidiaries/controlling shareholder, and effective annual interest rates ranging from 2.75% to 5.73% Bank Borrowings Repayment Schedule and Security Status | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Carrying Amount Repayable Within:** | | | | One Year | 14,101 | 15,836 | | Second Year | 31,500 | 2,250 | | Third to Fifth Year | – | 31,500 | | **Total** | **45,601** | **49,586** | | Secured | 42,750 | 46,000 | | Unsecured | 2,851 | 3,586 | - Total bank borrowings decreased from **HK$49,586 thousand** in 2024 to **HK$45,601 thousand** in 2025[49](index=49&type=chunk) - Some borrowings are secured by property, plant and equipment, while others are guaranteed by subsidiaries or the controlling shareholder[51](index=51&type=chunk) - Effective annual interest rates ranged from **2.75% to 5.73%** (2024: 2.75% to 6.8%)[50](index=50&type=chunk) [17. Promissory Notes](index=22&type=section&id=17.%20Promissory%20Notes) As of March 31, 2025, the balance of promissory notes increased to HK$38,043 thousand from HK$35,698 thousand in 2024, these unsecured and interest-free notes were issued in 2020 to Chan Sing Hoi Enterprises Limited as partial consideration for property acquisition, and their maturity was extended in 2023 to March 25, 2026 Promissory Notes Movement | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | At Beginning of Year | 35,698 | 33,463 | | Imputed Interest Received | 2,345 | 2,235 | | **At End of Year** | **38,043** | **35,698** | - Promissory notes are **unsecured and interest-free**, maturing on **March 25, 2026**[53](index=53&type=chunk) - The notes were issued in 2020 as partial consideration for property acquisition and their maturity date was extended in 2023[52](index=52&type=chunk) [18. Lease Liabilities](index=22&type=section&id=18.%20Lease%20Liabilities) As of March 31, 2025, the present value of lease liabilities increased to HK$8,080 thousand from HK$6,929 thousand in 2024, with HK$6,288 thousand due within one year, effectively secured by related assets, as the Group leases office properties, car parks, and five retail stores with lease terms of 1 to 2 years, some including variable lease payments Lease Liabilities Remaining Contractual Term and Present Value | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total Minimum Lease Payments: Due Within One Year | 6,531 | 6,552 | | Total Minimum Lease Payments: Due Within Two to Five Years | 1,862 | 616 | | **Present Value of Lease Liabilities** | **8,080** | **6,929** | | Portion Due Within One Year | 6,288 | 6,343 | | Portion Due After One Year | 1,792 | 586 | - Present value of lease liabilities increased from **HK$6,929 thousand** in 2024 to **HK$8,080 thousand** in 2025[54](index=54&type=chunk)[55](index=55&type=chunk) - The Group leases office properties, car parks, and five retail stores, with some retail store leases including additional variable lease payments[57](index=57&type=chunk) [19. Share Capital](index=24&type=section&id=19.%20Share%20Capital) As of March 31, 2025, the Company's issued and fully paid share capital was HK$42,312 thousand, with 361,650 thousand shares, consistent with 2024, following an increase of HK$52 thousand in 2024 due to directors exercising share options Share Capital Movement | Item | 2025 Number of Shares (thousand) | 2025 Share Capital (HK$ thousand) | 2024 Number of Shares (thousand) | 2024 Share Capital (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | At April 1 | 361,650 | 42,312 | 361,450 | 42,260 | | Exercise of Share Options | – | – | 200 | 52 | | **At March 31** | **361,650** | **42,312** | **361,650** | **42,312** | - As of March 31, 2025, issued and fully paid share capital was **HK$42,312 thousand**, with **361,650 thousand** ordinary shares[58](index=58&type=chunk) [20. Reserves](index=24&type=section&id=20.%20Reserves) As of March 31, 2025, reserves further deteriorated to negative HK$53,062 thousand from negative HK$35,743 thousand in 2024, primarily comprising capital reserve and contributed surplus, with the latter representing the fair value difference from issuing interest-free promissory notes to Chan Sing Hoi Enterprises and subsequent extensions Reserves Movement | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Reserves | (53,062) | (35,743) | - Contributed surplus refers to the fair value difference arising from the issuance of interest-free promissory notes to Chan Sing Hoi Enterprises and the subsequent extension of their maturity[60](index=60&type=chunk) [21. Share-based Payments](index=25&type=section&id=21.%20Share-based%20Payments) The Company's 2018 share option scheme allows grants to employees, consultants, and advisors; 32,300,000 options granted in 2019 expired on May 31, 2023, with 28,150,000 lapsing, and no share-based payment expenses or related liabilities were recognized in profit or loss for the years ended March 31, 2025, and 2024 Share Option Movement (Directors and Other Employees) | Item | 2025 Number (thousand shares) | 2025 Exercise Price Per Share (HK$) | 2024 Number (thousand shares) | 2024 Exercise Price Per Share (HK$) | | :--- | :--- | :--- | :--- | :--- | | Outstanding at April 1 | – | – | 23,500 | 0.189 | | Lapsed | – | – | (23,300) | 0.189 | | Exercised | – | – | (200) | 0.189 | | **Outstanding at March 31** | **–** | **–** | **–** | **–** | - **32,300,000** share options granted in 2019 expired on May 31, 2023, with **28,150,000** lapsing[63](index=63&type=chunk) - No share-based payment expenses were recognized in profit or loss, nor were any liabilities recognized for the years ended March 31, 2025, and 2024[63](index=63&type=chunk) [22. Interests in Subsidiaries](index=26&type=section&id=22.%20Interests%20in%20Subsidiaries) As of March 31, 2025, and 2024, the Company held 100% direct equity in five subsidiaries, including Ying Kee Tea House Limited (retail tea products), Sing Hoi Property Limited and Ying Luen Limited (property holding), and Aicha • Ying Kee Limited and Sunwah (Hong Kong) Limited (dormant) Subsidiary Details | Company Name | Place of Incorporation | Percentage of Direct Equity Held by the Company (2025) | Principal Activities | | :--- | :--- | :--- | :--- | | Ying Kee Tea House Limited | Hong Kong | 100% | Retail trading of tea products | | Aicha • Ying Kee Limited | Hong Kong | 100% | Dormant | | Sunwah (Hong Kong) Limited | Hong Kong | 100% | Dormant | | Sing Hoi Property Limited | Hong Kong | 100% | Property holding | | Ying Luen Limited | Hong Kong | 100% | Property holding | - The Company holds **100% direct equity** in all listed subsidiaries[64](index=64&type=chunk) [Management Discussion and Analysis](index=27&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive review of the Group's business operations, financial performance, and key risks and uncertainties for the reporting year [Business and Operations Review](index=27&type=section&id=Business%20and%20Operations%20Review) During the reporting year, the Group's sales experienced a modest decline due to a weak consumption environment and changes in cross-border spending patterns, leading to a 10.8% year-on-year reduction in revenue, with the Group maintaining a cautious and skeptical outlook on the Hong Kong retail sector - During the reporting year, the Group's sales experienced a **modest decline** due to a weak consumption environment and changes in cross-border spending patterns[65](index=65&type=chunk) - Hong Kong residents tended to spend in the Greater Bay Area, and mainland tourist spending in Hong Kong decreased, leading to a **10.8% year-on-year reduction in revenue**[65](index=65&type=chunk) - The Group maintains a **cautious and skeptical outlook** on the Hong Kong retail sector and the overall retail environment[65](index=65&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) For the reporting year, the Group's consolidated revenue was approximately HK$30.3 million, a 10.8% year-on-year decrease, with gross profit of HK$23.2 million, and net loss expanding to HK$16.9 million, primarily due to reduced sales and impairment losses on property, plant and equipment, resulting in a basic and diluted loss per share of HK4.67 cents Key Financial Review Data | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 30.3 | 33.9 | -10.8% | | Annual Gross Profit | 23.2 | 26.2 | -11.3% | | Gross Margin | 76.7% | 77.1% | -0.4% | | Net Loss | (16.9) | (14.7) | 15.0% (Loss expanded) | | Basic and Diluted Loss Per Share | (4.67) HK cents | (4.06) HK cents | 15.0% (Loss expanded) | - The expanded loss was primarily due to **decreased sales** and **impairment losses** on property, plant and equipment and right-of-use assets[66](index=66&type=chunk) [Excerpt from Independent Auditor's Report](index=28&type=section&id=Excerpt%20from%20Independent%20Auditor's%20Report) The independent auditor issued an unmodified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, while drawing attention to the significant uncertainty regarding going concern described in Note 2.1, which casts significant doubt on the Group's ability to continue as a going concern - The independent auditor issued an **unmodified opinion** on the consolidated financial statements[67](index=67&type=chunk) - The auditor drew attention to the **significant uncertainty regarding going concern** described in Note 2.1 to the consolidated financial statements, which casts significant doubt on the Group's ability to continue as a going concern[68](index=68&type=chunk) [Segment Information](index=28&type=section&id=Segment%20Information) During the reporting year, tea leaves were the Group's primary product, accounting for 95.4% of total revenue, with Pu-erh tea being the best-selling product at 33.7% of total sales, followed by Oolong tea and scented tea Product Sales Breakdown | Product Category | 2025 % of Total Revenue | 2024 % of Total Revenue | | :--- | :--- | :--- | | Tea Leaves | 95.4% | 94.9% | | Tea Sets | 3.9% | 4.5% | | Tea Gift Sets | 0.7% | 0.6% | | **Tea Leaves Breakdown** | | | | Pu-erh Tea | 33.7% | 35.7% | | Oolong Tea | 24.1% | 24.8% | | Scented Tea | 14.6% | 14.2% | - **Pu-erh tea** was the best-selling product, followed by Oolong tea and scented tea[68](index=68&type=chunk) [Other Income](index=28&type=section&id=Other%20Income) During the reporting year, the Group did not receive any income from the Employment Support Scheme - No income was received from the Employment Support Scheme during the reporting year[69](index=69&type=chunk) [Selling and Distribution Costs](index=28&type=section&id=Selling%20and%20Distribution%20Costs) During the reporting year, selling and distribution costs were approximately HK$1.7 million, an 8.5% decrease from the previous year, primarily due to reduced sales Selling and Distribution Costs | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Costs | 1.7 | 1.8 | -8.5% | - The decrease in selling and distribution costs was primarily due to **reduced sales**[70](index=70&type=chunk) [Administrative Expenses](index=29&type=section&id=Administrative%20Expenses) Administrative expenses during the reporting year were influenced by a 53.8% reduction in depreciation of right-of-use assets to approximately HK$3.0 million due to rent concessions, a 5.9% increase in shop and counter rentals to approximately HK$1.8 million due to a reopening, and significantly increased impairment losses on property, plant and equipment and right-of-use assets totaling approximately HK$8.9 million - Depreciation of right-of-use assets decreased by **53.8%** to approximately **HK$3.0 million**, primarily due to landlords agreeing to rent reductions after negotiation[73](index=73&type=chunk) - Shop and counter rentals increased by **5.9%** to approximately **HK$1.8 million**, due to the reopening of a licensed counter at APITA[73](index=73&type=chunk) - Impairment losses on property, plant and equipment and right-of-use assets amounted to approximately **HK$8.9 million** (2024: HK$5.7 million)[73](index=73&type=chunk) [Finance Costs](index=29&type=section&id=Finance%20Costs) During the reporting year, finance costs increased by 6.9% to approximately HK$4.7 million, primarily due to increased interest on secured mortgage loans and revolving loans, with acquired properties pledged to borrowing banks and subject to restrictive covenants Finance Costs | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 4.7 | 4.4 | 6.9% | - The increase in finance costs was due to **increased interest** on secured mortgage loans and revolving loans[71](index=71&type=chunk) - The acquired properties are **pledged to the borrowing banks** and are subject to certain restrictive covenants[71](index=71&type=chunk) [Inventory Control](index=29&type=section&id=Inventory%20Control) At the end of the reporting year, the net book value of inventories was approximately HK$5.9 million, a decrease from the previous year, as the Board decided to avoid excessive inventory during uncertain times and implemented strict control procedures, including monthly stocktakes, reconciliations, annual monitoring, and quarterly checks Net Book Value of Inventories | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | | :--- | :--- | :--- | | Net Book Value of Inventories | 5.9 | 6.7 | - The Board decided to **avoid excessive inventory** during uncertain times and closely monitors inventory levels[72](index=72&type=chunk) - The Group has implemented procedures such as monthly stocktakes, reconciliations, annual monitoring, and quarterly checks to enhance strict inventory control[79](index=79&type=chunk) [Trade and Other Receivables](index=30&type=section&id=Trade%20and%20Other%20Receivables) At the end of the reporting year, trade and other receivables decreased by approximately 28.2% from HK$3.3 million as of March 31, 2024, to approximately HK$2.4 million Trade and Other Receivables | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Trade and Other Receivables | 2.4 | 3.3 | -28.2% | [Liquidity and Cash Flow Management](index=30&type=section&id=Liquidity%20and%20Cash%20Flow%20Management) At the end of the reporting year, the Group's net current liabilities significantly increased by 356.6% to approximately HK$50.2 million, primarily due to an increase in the current portion of promissory notes, while cash and bank balances decreased by 49.4% to approximately HK$1.5 million, with liquidity needs primarily funded by cash from operations and share offering proceeds Liquidity Position | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Net Current Liabilities | 50.2 | 11.0 | 356.6% (Increase) | | Cash and Bank Balances | 1.5 | 2.9 | -49.4% | - The significant increase in net current liabilities was primarily due to an **increase in the current portion of promissory notes**[76](index=76&type=chunk) - The Group primarily funds its liquidity and capital requirements from **cash generated from operations** and **proceeds from share offerings**[76](index=76&type=chunk) [Trade and Other Payables](index=30&type=section&id=Trade%20and%20Other%20Payables) At the end of the reporting year, trade and other payables decreased by approximately 13.8% from HK$1.2 million as of March 31, 2024, to approximately HK$1.1 million Trade and Other Payables | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Trade and Other Payables | 1.1 | 1.2 | -13.8% | [Pledging of Group Assets](index=30&type=section&id=Pledging%20of%20Group%20Assets) At the end of the reporting year, the Group pledged properties in Hong Kong as security for bank financing, with no other significant assets pledged during the reporting year - The Group pledged properties located at Queen's Road Central and Wing Kut Street, and Johnston Road, Wan Chai, Hong Kong, with **first and second legal charges** over their respective ownership and leasehold interests, as security for bank financing[78](index=78&type=chunk) - No other significant assets of the Group were pledged during the reporting year[80](index=80&type=chunk) [Material Investments](index=31&type=section&id=Material%20Investments) During the reporting year, the Group had no material investments, nor did it hold any material investments at the end of the reporting year - No material investments were made during the reporting year, and the Group held no material investments at the end of the reporting year[81](index=81&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=31&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates,%20and%20Joint%20Ventures) During the reporting year, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - No material acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the reporting year[82](index=82&type=chunk) [Share Capital Structure](index=31&type=section&id=Share%20Capital%20Structure) The Company's shares were listed on GEM of the Stock Exchange on April 16, 2018, and at the end of the reporting year, the Company had 361,650,000 ordinary shares in issue - The Company's shares were listed on GEM of the Stock Exchange on **April 16, 2018**[83](index=83&type=chunk) - At the end of the reporting year, the Company had **361,650,000 ordinary shares** in issue[83](index=83&type=chunk) [Equity](index=31&type=section&id=Equity) At the end of the reporting year, the deficit attributable to owners of the Company was approximately HK$10.8 million, a significant decrease of approximately HK$17.3 million or 263.6% from the equity of HK$6.6 million in 2024, indicating a significant deterioration in the equity position Equity/Deficit Attributable to Owners of the Company | Indicator | 2025 (HK$ million) | 2024 (HK$ million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | (Deficit) / Equity Attributable to Owners of the Company | (10.8) | 6.6 | -263.6% (Decrease) | - Equity attributable to owners of the Company shifted from **HK$6.6 million** in 2024 to a deficit of **HK$10.8 million** in 2025, a decrease of approximately **263.6%**[84](index=84&type=chunk) [Treasury Policy](index=31&type=section&id=Treasury%20Policy) The Board will continue to adopt a prudent treasury policy to maintain robust and adequate liquidity, ensuring the Group is well-positioned to seize future growth opportunities - The Board will continue to adopt a **prudent treasury policy** to maintain robust and adequate liquidity[85](index=85&type=chunk) - The objective is to ensure the Group is well-positioned to **seize future growth opportunities**[85](index=85&type=chunk) [Foreign Exchange Risk](index=31&type=section&id=Foreign%20Exchange%20Risk) Foreign exchange risk is largely controlled as most of the Group's assets, liabilities, and revenue are located in Hong Kong and denominated in HKD, with small proportions of RMB and USD purchases not warranting hedging instruments - Foreign exchange risk is largely controlled as all assets and liabilities are located in Hong Kong, most revenue is from Hong Kong, and the functional and presentation currency is HKD[86](index=86&type=chunk) - RMB purchases accounted for **10.1%** (2024: 7.2%) of total purchases, and USD purchases accounted for **2.9%** (2024: 2.5%), with no hedging instruments used[86](index=86&type=chunk) [Employees and Remuneration Policy](index=32&type=section&id=Employees%20and%20Remuneration%20Policy) At the end of the reporting year, the Group had 49 employees in Hong Kong, a decrease from the previous year, with remuneration determined by qualifications, duties, and performance, including salaries, allowances, and discretionary bonuses, totaling HK$13.0 million in staff costs, and no share options granted to directors and employees during the reporting year Employee and Remuneration Data | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Number of Employees | 49 | 51 | | Total Staff Costs | HK$13.0 million | HK$13.3 million | - Employee remuneration is determined based on qualifications, duties, and performance, including salaries, allowances, and discretionary bonuses[87](index=87&type=chunk) - No share options were granted to directors and employees during the reporting year[87](index=87&type=chunk) [Defined Contribution Scheme](index=32&type=section&id=Defined%20Contribution%20Scheme) The Group implements a Mandatory Provident Fund Scheme (MPF Scheme) for all Hong Kong employees, with both employees and employers contributing 5% of relevant income, capped at HK$1,500 per month, and the Group's sole responsibility is to make the required contributions without forfeiture - The Group implements a **Mandatory Provident Fund Scheme (MPF Scheme)** for all employees in Hong Kong[88](index=88&type=chunk) - Both employees and employers are required to contribute **5% of relevant income** to the MPF Scheme, currently capped at **HK$1,500 per month**[88](index=88&type=chunk) - The Group's sole responsibility for MPF is to make the required contributions, and contributions are not forfeited[88](index=88&type=chunk) [Contingent Liabilities](index=32&type=section&id=Contingent%20Liabilities) At the end of the reporting year, the Group had no material contingent liabilities - The Group had **no material contingent liabilities** at the end of the reporting year[89](index=89&type=chunk) [Commitments](index=32&type=section&id=Commitments) At the end of the reporting year, the Group's operating lease commitments were approximately HK$16,800, a significant decrease from HK$0.4 million in 2024, primarily relating to rentals for certain shops, sales counters, office, and warehouse properties, with no other contractual commitments Operating Lease Commitments | Indicator | 2025 (HK$) | 2024 (HK$ million) | | :--- | :--- | :--- | | Operating Lease Commitments | 16,800 | 0.4 | - Operating lease commitments primarily relate to rentals for certain shops, sales counters, office, and warehouse properties[90](index=90&type=chunk) - No other contractual commitments existed at the end of the reporting year[90](index=90&type=chunk) [Final Dividend](index=32&type=section&id=Final%20Dividend) The Board does not recommend a final dividend for the reporting year, and the Group also did not pay any interim dividends to shareholders during the reporting year - The Board does not recommend a **final dividend** for the reporting year[91](index=91&type=chunk) - The Group did not pay any interim dividends to shareholders during the reporting year[92](index=92&type=chunk) [Gearing Ratio](index=33&type=section&id=Gearing%20Ratio) At the end of the reporting year, the Group's gearing ratio was -424.2%, a significant decrease from 754.8% in 2024, primarily due to a reduction in equity Gearing Ratio | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Gearing Ratio | -424.2% | 754.8% | - The decrease in the gearing ratio was primarily due to a **reduction in equity**[93](index=93&type=chunk) [Capital Expenditure](index=33&type=section&id=Capital%20Expenditure) During the reporting year, the Group's capital expenditure was approximately HK$128,000, a decrease from HK$280,000 in 2024, primarily for machinery and equipment Capital Expenditure | Indicator | 2025 (HK$) | 2024 (HK$) | | :--- | :--- | :--- | | Capital Expenditure | 128,000 | 280,000 | - Capital expenditure was primarily for **machinery and equipment**[94](index=94&type=chunk) [Key Risks and Uncertainties](index=33&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces credit, interest rate, and liquidity risks, with credit risk being low due to reputable third-party transactions and strict checks, interest rate risk low due to weak global economy, and liquidity risk monitored through cash flow forecasts to balance sustainability and flexibility, while maintaining good relationships with stakeholders and having no significant disputes - **Credit risk is low** as the Group only transacts with recognized and reputable third parties and implements strict credit checks[95](index=95&type=chunk) - **Interest rate risk is low** due to low interest rate volatility during the reporting year caused by a weak global economy[96](index=96&type=chunk) - **Liquidity risk** is monitored through monthly cash flow forecasts, aiming to balance cash sustainability and flexibility through funds generated from operations[97](index=97&type=chunk) - No significant or material disputes occurred between the Group and its suppliers, customers, and/or other stakeholders during the reporting year[98](index=98&type=chunk) [Events After the Reporting Period](index=33&type=section&id=Events%20After%20the%20Reporting%20Period) The Directors are not aware of any significant events requiring disclosure that have occurred after March 31, 2025, and up to the date of this announcement - The Directors are not aware of any significant events requiring disclosure that have occurred after March 31, 2025, and up to the date of this announcement[99](index=99&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) This section covers corporate governance, directors' securities transactions, share dealings, audit committee review, auditor's scope of work, annual general meeting details, share transfer closure, and publication of annual results [Corporate Governance Practices and Compliance Matters](index=34&type=section&id=Corporate%20Governance%20Practices%20and%20Compliance%20Matters) The Group is committed to maintaining high standards of corporate governance, complying with GEM Listing Rules' Corporate Governance Code during the reporting year, with the Board responsible for leading, overseeing, and driving the Group's success, and monitoring its operating activities and financial performance - The Group is committed to maintaining **high standards of corporate governance** and complied with the Code Provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules during the reporting year[100](index=100&type=chunk) - The Board is responsible for leading, overseeing, and driving the Group's success, and for monitoring and evaluating the Group's operating activities and financial performance[100](index=100&type=chunk) [Directors' Securities Transactions](index=34&type=section&id=Directors'%20Securities%20Transactions) The Group has adopted a code of conduct for directors' securities transactions no less stringent than GEM Listing Rules requirements, and all directors confirmed compliance during the reporting year - The Group has adopted a code of conduct for directors' securities transactions, with terms no less stringent than those set out in Rules 5.48 to 5.67 of the GEM Listing Rules[101](index=101&type=chunk) - All directors confirmed that they have complied with the required code of conduct for directors' securities transactions during the reporting year[101](index=101&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting year, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting year[102](index=102&type=chunk) [Audit Committee and Review of Preliminary Announcement](index=34&type=section&id=Audit%20Committee%20and%20Review%20of%20Preliminary%20Announcement) The Company's Audit Committee, comprising three independent non-executive directors and chaired by Ms. Han Yanhua, reviewed the Group's audited consolidated financial statements for the reporting year on June 27, 2025, deeming them compliant with applicable accounting standards and legal requirements, with adequate disclosure - The Audit Committee comprises three independent non-executive directors, with Ms. Han Yanhua as chairperson[103](index=103&type=chunk) - The Audit Committee reviewed the Group's audited consolidated financial statements for the reporting year on **June 27, 2025**, deeming them compliant with applicable accounting standards and legal requirements, with adequate disclosure[103](index=103&type=chunk) [Scope of Work of Grant Thornton Hong Kong Limited](index=35&type=section&id=Scope%20of%20Work%20of%20Grant%20Thornton%20Hong%20Kong%20Limited) The figures in the Group's preliminary announcement of results for the reporting year have been agreed by the independent auditor, Grant Thornton Hong Kong Limited, to be consistent with the draft consolidated financial statements, but this work does not constitute an assurance engagement, thus no assurance is expressed on the preliminary announcement - The figures in the Group's preliminary announcement of results for the reporting year have been agreed by the Company's independent auditor, Grant Thornton Hong Kong Limited, to be consistent with the amounts in the draft consolidated financial statements for the year[104](index=104&type=chunk) - The work performed by the auditor in this regard does not constitute an assurance engagement, and therefore no assurance is expressed on the preliminary announcement[104](index=104&type=chunk) [Annual General Meeting](index=35&type=section&id=Annual%20General%20Meeting) The Company's Annual General Meeting will be held on August 22, 2025, with details to be published in due course - The Company's Annual General Meeting will be held on **August 22, 2025**[105](index=105&type=chunk) [Closure of Register of Members](index=35&type=section&id=Closure%20of%20Register%20of%20Members) To be eligible to attend and vote at the Annual General Meeting, the Company will suspend its share transfer registration from August 18, 2025, to August 22, 2025, with all share transfer documents required to be lodged with the share registrar by 4:30 p.m. on August 15, 2025 - The Company will suspend its share transfer registration from **August 18, 2025, to August 22, 2025** (both dates inclusive)[106](index=106&type=chunk) - To be eligible to attend and vote at the Annual General Meeting, all share transfer documents must be lodged with the share registrar by **4:30 p.m. on August 15, 2025**[106](index=106&type=chunk) [Publication of Annual Results and Despatch of Annual Report](index=35&type=section&id=Publication%20of%20Annual%20Results%20and%20Despatch%20of%20Annual%20Report) This announcement has been published on the Company's website and the Stock Exchange's website, and the annual report containing information required by the GEM Listing Rules will be despatched to shareholders and published on the relevant websites in due course - This announcement has been published on the Company's website (http://www.yingkeetea.com) and the Stock Exchange's website (http://www.hkex.com.hk)[107](index=107&type=chunk) - The annual report containing information required by the GEM Listing Rules will be despatched to shareholders and published on the Company's and the Stock Exchange's websites in due course[107](index=107&type=chunk)

Stock Options - 200,000 stock options were exercised on May 24, 2023, with a closing price of HKD 0.215 on May 23, 2023[4] - As of March 31, 2024, there are 28,350,000 unexercised stock options, with 14,950,000 belonging to employees and service providers[5] - The stock options granted have an exercise price of HKD 0.189, with no vesting conditions attached[5] Governance - The company confirms that all disclosed information is accurate and complete, with no misleading or fraudulent elements[8] - The board of directors includes executive directors and independent non-executive directors, ensuring a diverse governance structure[8]

Financial Performance - The group's revenue for the six months ended September 30, 2024, was approximately HKD 11.4 million, a decrease of about 15.6% compared to HKD 13.5 million for the same period in 2023[4]. - Gross profit for the reporting period was approximately HKD 8.7 million, down about 15.5% from HKD 10.3 million in the previous year, with a gross margin of approximately 76.1%[8]. - The net loss for the reporting period was approximately HKD 6.6 million, an increase from a net loss of HKD 6.3 million in the same period last year[8]. - The group reported revenue of HKD 11,442,000 for the six months ended September 30, 2024, a decrease of 15.1% compared to HKD 13,489,000 for the same period in 2023[56]. - Gross profit for the period was HKD 8,702,000, down 15.5% from HKD 10,301,000 year-on-year[56]. - The group incurred a loss before tax of HKD 6,556,000, compared to a loss of HKD 6,301,000 in the previous year, reflecting a 4.1% increase in losses[56]. - Basic and diluted loss per share for the period was HKD 1.81, compared to HKD 1.74 in the same period last year, indicating a slight increase in loss per share[56]. - The company reported a loss attributable to equity holders of HKD 6,556,000 for the six months ended September 30, 2024, compared to a loss of HKD 6,301,000 for the same period in 2023, indicating an increase in loss of approximately 4.1%[98]. Cash Flow and Liquidity - Cash and cash equivalents decreased by approximately HKD 0.5 million or 17.2% to about HKD 2.4 million[14]. - The current ratio at the end of the reporting period was approximately 0.44 times, down from 0.53 times as of March 31, 2024[14]. - Operating cash flow for the six months ended September 30, 2024, was HKD 1,749,000, up from HKD 1,375,000 in the same period of 2023, representing an increase of approximately 27.2%[64]. - The net cash inflow from operating activities for the group during the interim period is approximately HKD 1,700,000, with expectations for continued improvement in cash flow management over the next twelve months[71]. - As of September 30, 2024, the group has available undrawn bank financing of HKD 6,181,000, an increase from HKD 4,931,000 in 2023[71]. Assets and Liabilities - Current liabilities net value increased by approximately HKD 4.1 million or 37.3% to about HKD 15.1 million as of the reporting period end[14]. - As of September 30, 2024, total assets decreased to HKD 73,656,000 from HKD 78,158,000 as of March 31, 2024, representing a decline of approximately 5.4%[58]. - The company's total equity as of September 30, 2024, was HKD 13,000, compared to HKD 6,569,000 as of March 31, 2024, indicating a substantial decrease in equity[58]. - The company reported a total of HKD 14,474,000 in bank borrowings due within one year as of September 30, 2024, down from HKD 15,836,000 as of March 31, 2024, indicating a decrease of about 8.6%[109]. - The company’s total liabilities increased to HKD 73,643,000 from HKD 71,589,000, indicating a rise of about 2.9%[58]. Employee and Management - The group had 50 employees at the end of the reporting period, with total employee costs amounting to approximately HKD 5.5 million[24]. - The total remuneration for key management personnel was HKD 1,395,000 for the six months ended September 30, 2024, down from HKD 1,734,000 for the same period in 2023[130]. Corporate Governance - The group maintained high standards of corporate governance and complied with the relevant provisions of the corporate governance code during the reporting period[33]. - The board confirmed that all directors complied with the code of conduct for securities transactions during the reporting period[34]. - The group did not purchase, sell, or redeem any of its listed securities during the reporting period[35]. Capital Expenditure and Investments - Capital expenditure during the reporting period was approximately HKD 120,000, compared to HKD 85,000 for the same period in 2023[17]. - The company acquired property, plant, and equipment valued at approximately HKD 120,000 during the six months ended September 30, 2024, compared to HKD 85,000 in the same period of 2023, indicating a growth of about 41.2%[99]. Dividends and Share Capital - No dividends were declared for the reporting period ending September 30, 2023[25]. - The company did not declare any interim dividends for the six months ended September 30, 2024, consistent with the previous year[95]. - At the end of the reporting period, the directors and senior management held 270,000,000 shares, representing approximately 74.66% of the total issued shares[37]. - Profit Ocean, a controlled entity, held 270,000,000 shares, accounting for 74.66% of the total issued shares[42]. - The issued share capital of Profit Ocean is equally owned by Tri-Luck, Wealth City, Tianjing, and Coastal Lion, each holding 25%[44]. Other Financial Information - Total financing costs for the six months ended September 30, 2024, amount to HKD 2,442,000, compared to HKD 2,174,000 in the previous year, reflecting an increase of 12.3%[88]. - Other income for the six months ended September 30, 2024, totals HKD 16,000, down from HKD 29,000 in the same period of 2023, indicating a decline of 44.8%[86]. - The company did not recognize deferred tax assets for unrecognized tax losses due to the inability to predict future profit streams[93]. - The audit committee has reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards[53]. - The financial statements for the interim period have been reviewed by the audit committee and approved by the board for publication on November 28, 2024[72].

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 11,442,000, a decrease of 15.1% compared to HKD 13,489,000 for the same period in 2023[5] - Gross profit for the same period was HKD 8,702,000, down 15.5% from HKD 10,301,000 year-on-year[5] - The company recorded a loss before tax of HKD 6,556,000, compared to a loss of HKD 6,301,000 in the previous year, indicating a 4.1% increase in losses[5] - Basic and diluted loss per share was HKD 1.81, compared to HKD 1.74 for the same period in 2023[5] - Other income for the six months ended September 30, 2024, totaled HKD 16,000, down 44.8% from HKD 29,000 in the previous year[32] - Financing costs increased to HKD 2,442,000 for the six months ended September 30, 2024, compared to HKD 2,174,000 for the same period in 2023, reflecting a rise of 12.3%[33] - The company reported a loss attributable to equity holders of HKD (6,556,000) for the six months ended September 30, 2024, compared to a loss of HKD (6,301,000) in the same period of 2023[42] - The group’s revenue for the six months ended September 30, 2024, was approximately HKD 11.4 million, a decrease of about 15.6% compared to HKD 13.5 million for the same period in 2023[70] - Gross profit for the same period was approximately HKD 8.7 million, down about 15.5% from HKD 10.3 million, with a gross margin of approximately 76.1%[72] - The net loss for the reporting period was approximately HKD 6.6 million, an increase from a net loss of HKD 6.3 million in the previous year[72] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 73,656,000, down from HKD 78,158,000 as of March 31, 2024[7] - Current liabilities increased to HKD 26,943,000 from HKD 23,422,000, reflecting a rise of 15.5%[7] - The company's cash and bank balances decreased to HKD 2,373,000 from HKD 2,912,000, a decline of 18.5%[7] - Inventory levels rose to HKD 7,059,000 from HKD 6,663,000, representing an increase of 5.9%[7] - Trade receivables as of September 30, 2024, amounted to HKD 534,000, compared to HKD 585,000 as of March 31, 2024, reflecting a decrease of 8.73%[46] - Trade payables increased significantly to HKD 1,281,000 as of September 30, 2024, from HKD 560,000 as of March 31, 2024, representing an increase of 128.75%[48] - Total bank borrowings as of September 30, 2024, were HKD 47,099,000, down from HKD 49,586,000 as of March 31, 2024, a decrease of 5.02%[51] - Lease liabilities as of September 30, 2024, amounted to HKD 9,267,000, an increase from HKD 6,929,000 as of March 31, 2024, reflecting a growth of 33.67%[56] - The total minimum lease payments due within one year as of September 30, 2024, were HKD 6,957,000, compared to HKD 6,552,000 as of March 31, 2024, an increase of 6.17%[57] Cash Flow and Financing - Operating cash flow before tax loss for the six months ended September 30, 2024, was (HKD 6,556,000), compared to (HKD 6,301,000) for the same period in 2023, indicating a slight increase in losses[14] - Net cash generated from operating activities for the six months ended September 30, 2024, was HKD 1,749,000, up from HKD 1,375,000 in the previous year, reflecting improved operational efficiency[14] - The group had available undrawn bank financing of HKD 6,181,000 as of September 30, 2024, compared to HKD 4,931,000 in 2023, indicating enhanced liquidity[20] - The net cash used in investing activities was (HKD 118,000) for the current period, compared to (HKD 83,000) in the previous year, indicating increased investment outflows[14] - The net cash used in financing activities was (HKD 2,170,000) for the six months ended September 30, 2024, compared to (HKD 2,510,000) in the same period last year, reflecting a decrease in financing costs[14] Corporate Governance and Management - The group has maintained a high standard of corporate governance and complied with the relevant provisions of the corporate governance code during the reporting period[95] - The group is actively monitoring its liquidity risk based on monthly cash flow forecasts to maintain a balance between sustainability and flexibility[87] - The group has engaged in discussions with banks to negotiate lower borrowing rates for future periods[86] - The group’s management has assessed its ability to continue as a going concern for at least the next twelve months, supported by ongoing financial backing from related parties[20] - The Audit Committee was established on March 14, 2018, in compliance with GEM Listing Rules and Corporate Governance Code[116] - The Audit Committee consists of three independent non-executive directors: Mr. Li Weihao, Mr. Wang Zichong, and Ms. Han Yanhua, with Ms. Han serving as the chairperson[116] - The Audit Committee reviewed the unaudited condensed consolidated results for the reporting period and confirmed compliance with applicable accounting standards and GEM Listing Rules[116] Employee and Operational Insights - The group employs 50 staff members as of the reporting period end, a decrease from 55 as of September 30, 2023[88] - The total employee expenses (excluding directors' remuneration) amounted to approximately HKD 5.5 million during the reporting period, compared to HKD 5.6 million for the six months ended September 30, 2023[88] - The group experienced a slight decrease in administrative expenses from approximately HKD 14.0 million to about HKD 12.3 million, a reduction of about 12.1%[75] Future Outlook and Strategic Initiatives - The company has not provided specific guidance for future performance or new product developments in the current report[5] - There were no significant updates regarding market expansion or mergers and acquisitions mentioned in the report[5] - The group anticipates exploring sales promotion methods and potential projects to raise awareness of tea drinking health benefits despite a challenging economic environment[77] Shareholder Information - Profit Ocean holds 270,000,000 shares, representing 74.66% of the total issued shares[105] - Tri-Luck, Wealth City, Tianjing, and Coastal Lion each own 25% of the issued share capital of Profit Ocean[107] - No shares were pledged by the controlling shareholders during the reporting period[108] - The company has not violated any significant loan agreements related to its business[108] - The stock option plan was approved on March 14, 2018, to incentivize selected participants for their contributions[109] - As of April 1, 2024, and September 30, 2024, the number of stock options available under the plan is 3,700,000 each[113] - No stock options were granted, exercised, expired, or canceled during the reporting period[112] - The company does not have any known competitive businesses or interests that conflict with its operations[115]