Financial Performance - For the six months ended September 30, 2020, the group recorded unaudited revenue of approximately HKD 21,900,000, a decrease of about 50.2% compared to HKD 44,000,000 for the same period in 2019[5] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 1,100,000, compared to a loss of HKD 10,500,000 for the same period in 2019[5] - Basic and diluted loss per share for the period was HKD 0.04, down from HKD 0.40 for the same period in 2019[5] - Gross profit for the six months ended September 30, 2020, was HKD 17,313,000, compared to HKD 35,294,000 for the same period in 2019[9] - Operating profit for the period was HKD 349,000, a significant improvement from an operating loss of HKD 9,155,000 in the same period of the previous year[9] - The company recorded a total comprehensive loss of HKD 11,301,000 for the six months ended September 30, 2020, compared to a loss of HKD 10,486,000 for the same period in 2019[17] - Pre-tax loss for the six months ended September 30, 2020, was HKD 1,132,000, compared to a loss of HKD 10,486,000 in the same period of 2019, indicating a significant reduction in losses[42] Dividends and Shareholder Returns - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2020[6] - The company did not declare or pay any interim dividends for the six months ended September 30, 2020, consistent with the previous year[44] Assets and Liabilities - Total assets as of September 30, 2020, were HKD 47,608,000, compared to HKD 48,853,000 as of March 31, 2020[12] - Current liabilities increased to HKD 28,043,000 from HKD 31,573,000 as of March 31, 2020[12] - Cash and cash equivalents as of September 30, 2020, were HKD 36,047,000, down from HKD 39,456,000 as of March 31, 2020[12] - As of September 30, 2020, the company's net asset value was HKD 57,433,000, a decrease from HKD 58,100,000 as of March 31, 2020, representing a decline of approximately 1.15%[14] - The total equity attributable to the owners of the company decreased to HKD 56,601,000 from HKD 57,733,000, reflecting a decrease of about 1.96%[17] - The company's total liabilities decreased to HKD 3,810,000 from HKD 9,922,000, representing a significant reduction of about 61.7%[14] Cash Flow and Financing Activities - The company reported a net cash inflow from operating activities of HKD 2,170,000 for the six months ended September 30, 2020, compared to HKD 389,000 for the same period in 2019, indicating a significant improvement[19] - The net cash outflow from financing activities was HKD 6,490,000 for the six months ended September 30, 2020, compared to HKD 16,048,000 for the same period in 2019, showing a reduction of approximately 59.5%[19] - The company's cash and cash equivalents decreased to HKD 36,047,000 at the end of the reporting period from HKD 39,456,000 at the beginning, representing a decrease of about 10.9%[19] Employee Costs and Expenses - The group experienced a significant reduction in employee costs, which were HKD 10,498,000 for the period, compared to HKD 19,047,000 in the same period of 2019[9] - Employee benefits expenses totaled HKD 10,498,000, down from HKD 19,047,000, reflecting a decrease of approximately 45%[35] - Interest expenses on bank borrowings decreased to HKD 11,000 from HKD 160,000, a reduction of about 93%[34] - Depreciation expenses decreased by approximately 82.0% from about HKD 12,200,000 to about HKD 2,200,000[89] - Property rental and related expenses decreased by approximately 46.7% from about HKD 1,500,000 to about HKD 800,000[90] - Administrative expenses decreased by approximately 7.8% from about HKD 11,500,000 to about HKD 10,600,000[92] - Income tax expenses decreased by approximately 63.6% from about HKD 1,100,000 to about HKD 400,000[95] Business Operations and Strategy - The company operates six restaurants as of September 30, 2020, including "Chinese Kitchen," which has been temporarily closed since February 10, 2020[70] - The company plans to apply for financial support from the Hong Kong government’s new round of anti-epidemic fund employment support scheme[67] - The company is reviewing its restaurant expansion plans in light of the ongoing uncertainty due to the COVID-19 pandemic[67] - The company has no plans for market expansion or new product launches as indicated in the financial statements[52] - The group plans to adopt a conservative business strategy to support operations amid economic uncertainty and explore other business opportunities for stable returns[78] - The company adopts a conservative business strategy to support daily operations amid economic uncertainties and will focus on maintaining sufficient working capital[124] Shareholder Information - As of September 30, 2020, the company has 1,500,000,000 shares held by Fortune Round Limited, representing 56.7% ownership by Mr. Wang Wenwei[130] - Both Ms. Lin Huijun and Mr. Chen Zetao hold 20,000,000 shares each, representing 0.76% ownership, granted under the share option plan[132] - Keenfull Investments Limited owns 317,280,000 shares, accounting for 12.0% of the company's equity[135] - The company has adopted a share option scheme since July 21, 2016, with a total of 60,000,000 shares available for subscription at an exercise price of HKD 0.163 per share[139] - No share options were exercised during the six-month period ending September 30, 2020[140] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial statements for the six months ending September 30, 2020[143] - The company has implemented a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules[142] - The company confirmed that all directors complied with the trading standards during the reporting period[142]

Financial Performance - For the three months ended June 30, 2020, the group recorded unaudited revenue of approximately HKD 12,100,000, a decrease of about 43.2% compared to HKD 21,300,000 for the same period in 2019[5] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 800,000, compared to a loss of HKD 4,100,000 for the same period in 2019[5] - Basic and diluted loss per share attributable to owners of the company was HKD 0.03, an improvement from HKD 0.16 for the same period in 2019[5] - The group achieved a gross profit of HKD 9,619,000, down from HKD 17,139,000 in the previous year[9] - Operating profit for the period was HKD 177,000, a significant improvement from an operating loss of HKD 3,184,000 in the same period last year[9] - The total comprehensive loss for the period was HKD 554,000, compared to HKD 3,873,000 in the same period last year[9] - The company reported a loss attributable to owners of HKD 828,000 for the three months ended June 30, 2020, compared to a loss of HKD 4,107,000 in the same period of 2019, indicating an improvement in performance[33] Revenue and Costs - The company's revenue decreased by approximately 43.2% from about HKD 21,300,000 for the three months ended June 30, 2019, to about HKD 12,100,000 for the same period in 2020[49] - The cost of goods sold for the same period was HKD 2,461,000, down from HKD 4,159,000 in 2019, reflecting a 41% reduction[27] - The cost of goods sold decreased by approximately 40.5% from about HKD 4,200,000 to about HKD 2,500,000 during the same periods[50] - Gross profit fell by approximately 43.9% from about HKD 17,100,000 to about HKD 9,600,000, primarily due to the decrease in revenue[51] Expenses - The group incurred total administrative expenses of HKD 6,355,000, compared to HKD 5,211,000 in the previous year[9] - Employee benefit expenses, including directors' remuneration, were HKD 5,504,000 for the three months ended June 30, 2020, down from HKD 9,363,000 in 2019, a decrease of 41%[27] - The total finance costs decreased to HKD 294,000 in 2020 from HKD 485,000 in 2019, representing a 39% reduction[25] - Depreciation expenses fell by about 77.6% from HKD 4,900,000 to HKD 1,100,000, primarily due to a decrease in the number of operating restaurants as a result of the pandemic[55] - Property rental and related expenses decreased by approximately 42.9% from HKD 700,000 to HKD 400,000, attributed to fewer operating restaurants during the pandemic[57] - Fuel and utility expenses dropped by 50.0% from HKD 800,000 to HKD 400,000, mainly due to reduced revenue caused by the pandemic[58] - Administrative expenses increased by approximately 23.1% from HKD 5,200,000 to HKD 6,400,000, primarily due to higher marketing and promotional costs[59] Tax and Other Income - The company incurred a tax expense of HKD 434,000 for the three months ended June 30, 2020, compared to HKD 185,000 in 2019, reflecting an increase of 134%[30] - The group recorded other income of HKD 4,327,000, a substantial increase from HKD 646,000 in the previous year[9] - Other income increased by approximately 616.7% from about HKD 646,000 to about HKD 4,327,000, mainly due to government subsidies and rent concessions[53] Market and Operations - The company continues to operate solely in Hong Kong, with all revenue generated from this market[21] - The company has six operating restaurants as of June 30, 2020, including "Chinese Kitchen," which has been temporarily closed since February 10, 2020[41] - The ongoing uncertainty regarding the COVID-19 pandemic has made it difficult to estimate its full financial impact on the company[39] - The company will adopt a conservative business strategy to support daily operations and seek opportunities to strengthen its position in the Hong Kong International Airport restaurant market[48] - The group aims to consolidate its position in operating restaurants at Hong Kong International Airport and diversify its business in urban areas, while adopting a conservative business strategy due to economic uncertainties[83] Shareholder Information - As of June 30, 2020, Fortune Round Limited holds 1,500,000,000 shares, representing 56.7% of the company's equity[95] - Keenfull Investments Limited owns 317,280,000 shares, accounting for 12.0% of the company's equity[95] - The company has a stock option plan adopted on July 21, 2016, with a total of 60,000,000 shares available for subscription at an exercise price of HKD 0.163 per share[100] - No stock options were exercised during the three-month period ending June 30, 2020[101] - The company has a total of 60,000,000 unexercised stock options as of June 30, 2020[102] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the quarter ending June 30, 2020[105] - The company confirmed compliance with the trading standards for directors during the three-month period ending June 30, 2020[104] - The company has not disclosed any additional interests or short positions in its shares as of June 30, 2020[99] Financial Position - The group’s total equity as of June 30, 2020, was HKD 57,546,000, down from HKD 128,268,000 as of June 30, 2019[12] - Cash and cash equivalents decreased by approximately 54.3% from HKD 81,900,000 to HKD 37,400,000, primarily due to loan repayments and operational support during the pandemic[72] - As of June 30, 2020, the total borrowings of the group amounted to approximately HKD 20.7 million, a decrease from HKD 47 million as of June 30, 2019[74] - The capital-to-debt ratio as of June 30, 2020, was approximately 35.7%, down from 39.8% as of June 30, 2019, primarily due to a reduction in lease liabilities and bank borrowings[76] - The group had no significant contingent liabilities as of June 30, 2020, compared to zero in the same period of 2019[78] - The group will continue to manage expenses prudently and seek market opportunities to improve financial performance[84] - The group has no foreign exchange contracts or financial derivatives for hedging purposes as of June 30, 2020[82]

Financial Performance - For the fiscal year ended March 31, 2020, the company reported revenue of HKD 68,837,000, a decrease of 25.8% from HKD 92,662,000 in the previous year[14]. - The company experienced a pre-tax loss of HKD 66,867,000, compared to a pre-tax loss of HKD 15,909,000 in the prior year, indicating a significant decline in profitability[14]. - The total comprehensive loss attributable to owners of the company was HKD 65,476,000, up from HKD 18,377,000 in the previous year, reflecting the adverse impact of social unrest and the COVID-19 pandemic[14]. - The group recorded a loss of approximately HKD 67.9 million for the year ended March 31, 2020, compared to a profit of approximately HKD 17.4 million in the same period in 2019[47]. - The group's gross profit for the year ended March 31, 2020, was approximately HKD 55.0 million, a decrease of about 27.3% from approximately HKD 75.7 million for the year ended March 31, 2019[33]. - Other income and gains increased by approximately 34.2% to about HKD 5.5 million for the year ended March 31, 2020, from approximately HKD 4.1 million for the year ended March 31, 2019[35]. - The cost of goods sold decreased by approximately 17.8% from about HKD 16.9 million for the year ended March 31, 2019, to about HKD 13.9 million for the year ended March 31, 2020[32]. - Administrative expenses increased by approximately 13.2% to about HKD 28.3 million for the year ended March 31, 2020, from approximately HKD 25.0 million for the year ended March 31, 2019, mainly due to increased marketing and promotional expenses[42]. - Employee costs remained stable at approximately HKD 32.8 million and HKD 33.7 million for the years ended March 31, 2019, and 2020, respectively[36]. Assets and Equity - As of March 31, 2020, total assets decreased to HKD 99,595,000 from HKD 165,718,000 in the previous year, representing a decline of 40%[14]. - Total equity fell to HKD 58,100,000 from HKD 133,762,000, a decrease of 56.5% year-on-year[14]. - The company reported a net current asset value of HKD 17,280,000, down from HKD 73,658,000 in the previous year, indicating liquidity challenges[14]. - As of March 31, 2020, the group's cash and cash equivalents were approximately HKD 39.5 million, a decrease of about 29.0% from HKD 55.6 million as of March 31, 2019[79]. - The total borrowings of the group as of March 31, 2020, were approximately HKD 26.2 million, an increase from approximately HKD 10.1 million as of March 31, 2019[81]. - The capital debt ratio as of March 31, 2020, was approximately 45.3%, significantly up from about 8.0% as of March 31, 2019[83]. Business Strategy and Expansion - The company plans to adopt a conservative business strategy to navigate the uncertain economic environment and seek opportunities to strengthen its restaurant operations in Hong Kong[10]. - The company aims to expand its restaurant network at Hong Kong International Airport and in urban areas, as well as enter the Asian leisure dining market[10]. - The company is focused on enhancing its brand portfolio and expanding its operational scope in the dining industry to align with the interests of its shareholders[10]. - The company aims to strengthen its position in the Hong Kong International Airport while seeking opportunities to expand its business in urban areas[30]. - The group is actively seeking opportunities to establish franchises or partnerships with popular restaurant brands to expand its business[73]. - The group plans to continue monitoring and exploring market opportunities in Asia for future expansion[73]. Impact of External Factors - The ongoing protests and pandemic have significantly impacted consumer confidence and dining demand, leading to a deterioration in financial performance[30]. - The economic growth in Hong Kong has been severely affected by protests and the pandemic, with GDP contracting by 8.9% in Q1 2020[17]. - The financial performance for the fiscal year 2020 was adversely affected by the anti-extradition protests and the COVID-19 pandemic, prompting the board to adopt a conservative business strategy[50]. - Approximately 25% of the company's revenue is generated from restaurants located in urban Hong Kong, making it susceptible to future developments in the area[64]. - The company has faced a decline in recent revenues due to the pandemic and social unrest caused by protests[64]. Corporate Governance - The company was successfully listed on the GEM of the Stock Exchange on August 8, 2016, emphasizing the importance of transparency and accountability for listed companies[120]. - The company has adopted the Corporate Governance Code as per the GEM Listing Rules, ensuring compliance with high standards of corporate governance[120]. - The board of directors includes experienced professionals with over 20 years of experience in finance and accounting, enhancing the company's governance structure[109][114]. - The company has a dedicated audit committee to oversee financial reporting and internal controls, ensuring accuracy and reliability in financial disclosures[120]. - The company emphasizes the importance of independent non-executive directors in its governance framework, ensuring diverse perspectives in decision-making[120]. - The board of directors consists of three executive directors and three independent non-executive directors, ensuring compliance with GEM listing rules[123]. - The company has established four board committees, including the audit committee, to oversee various governance responsibilities[131]. - The audit committee is chaired by an independent non-executive director and is tasked with reviewing the independence of external auditors[133]. - The company has adopted a code of conduct for securities trading by directors, with no violations reported during the fiscal year[122]. - The board is responsible for maintaining high standards of corporate governance, including the review of policies and compliance with legal regulations[126]. Employee and Operational Management - The group had 98 employees as of March 31, 2020, down from 131 employees as of March 31, 2019, mainly due to restaurant closures[36]. - The group’s employees are considered its most important asset, with various training programs provided, including internal professional development and safety training[200]. - The company has committed to maintaining relationships with external investment managers, banks, and brokerage firms to manage its investment portfolio effectively[147]. Environmental and Social Responsibility - The group has maintained strict compliance with environmental regulations and promoted environmental awareness among employees[176]. - The group has established a continuous improvement environmental management system to implement strict monitoring[176]. - Donations made by the group amounted to approximately HKD 264,000 for the year ended March 31, 2020, compared to HKD 295,000 in 2019[193]. Future Outlook and Financial Planning - The company plans to utilize the unallocated portion of the net proceeds from the listing by March 31, 2021, to address future economic uncertainties[50]. - The company has allocated approximately HKD 64.79 million from previous share placements for potential acquisitions and general operating funds[54][55]. - The total unutilized net proceeds from the first and second placements amount to HKD 43.68 million, with specific allocations for operational expenses and property-related costs[60]. - The company has no significant contingent liabilities, compared to zero on March 31, 2019[89]. - The company has no foreign exchange contracts or financial derivatives for hedging purposes as of March 31, 2020[91].

Financial Performance - For the nine months ended December 31, 2019, the group recorded unaudited revenue of approximately HKD 58,400,000, a decrease of about 19.1% compared to HKD 72,200,000 for the same period in 2018[11] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 21,600,000 for the nine months ended December 31, 2019, compared to a loss of HKD 9,800,000 for the same period in 2018[11] - Basic and diluted loss per share attributable to owners of the company was HKD 0.82 for the nine months ended December 31, 2019, compared to HKD 0.37 for the same period in 2018[11] - Total comprehensive loss for the nine months ended December 31, 2019, was HKD 22,583,000, compared to HKD 9,728,000 for the same period in 2018[14] - Operating loss for the nine months ended December 31, 2019, was HKD 19,706,000, compared to HKD 7,048,000 for the same period in 2018[14] - The company reported a basic and diluted loss per share of HKD 11,116,000 for the three months ended December 31, 2019, compared to HKD 5,303,000 for the same period in 2018, representing a significant increase in loss[48] - For the nine months ended December 31, 2019, the loss was HKD 21,602,000, up from HKD 9,810,000 in the same period of 2018, indicating a worsening financial performance[48] Revenue and Costs - Revenue for the three-month period ended December 31, 2019, was HKD 14,305 thousand, a decrease of 33.5% compared to HKD 21,463 thousand in the same period of 2018[36] - Revenue for the nine-month period ended December 31, 2019, was HKD 58,351 thousand, down 19.2% from HKD 72,187 thousand in the same period of 2018[36] - The cost of goods sold for the nine-month period ended December 31, 2019, was HKD 11,573 thousand, compared to HKD 13,108 thousand in the same period of 2018, reflecting a decrease of 11.7%[42] - Gross profit decreased by approximately 20.8% from about HKD 59.1 million to about HKD 46.8 million, with gross margin at 79.5% for 2019 compared to 80.7% for 2018[72] - Other income decreased by approximately 28.1% from about HKD 3.2 million to about HKD 2.3 million, primarily due to a reduction in dividend income[77] Expenses - Employee costs increased to HKD 27,601,000 for the nine months ended December 31, 2019, from HKD 23,156,000 in the same period of 2018[14] - The group incurred depreciation expenses of HKD 19,481,000 for the nine months ended December 31, 2019, compared to HKD 3,972,000 for the same period in 2018[14] - The group experienced a significant increase in administrative expenses, totaling HKD 16,231,000 for the nine months ended December 31, 2019, compared to HKD 16,007,000 in the same period of 2018[14] - Income tax expenses increased by approximately 20.0% from HKD 1,000,000 for the nine months ended December 31, 2018, to HKD 1,200,000 for the same period in 2019[85] - Financial costs rose from approximately HKD 1,000,000 to HKD 1,600,000, primarily due to interest on lease liabilities recognized after the adoption of HKFRS 16[86] Equity and Liabilities - As of December 31, 2019, the total equity amounted to 141,447 thousand HKD, a decrease from 147,575 thousand HKD as of April 1, 2018[16] - The accumulated losses increased to (41,110) thousand HKD by December 31, 2019, compared to (2,660) thousand HKD on April 1, 2018[16] - The company’s total liabilities decreased to 101,834 thousand HKD by December 31, 2019, from 130,474 thousand HKD as of December 31, 2018[16] - The total liabilities for leases were recorded at 43,382 thousand HKD as of April 1, 2019, reflecting the new accounting standard[24] - The group's capital debt ratio increased to approximately 33.6% as of December 31, 2019, from 9.2% on December 31, 2018, primarily due to the recognition of lease liabilities of about HKD 29,700,000[104] Business Operations - During the nine months ended December 31, 2019, the company closed several restaurants, including "Flamingo Bloom" and "Ama Macau Restaurant," while opening new restaurants under the brands Dou Xiao Yue and Da Jia Taiwan[66] - The company operated various restaurants at Hong Kong International Airport and in urban areas, with a total of 12 brands listed for the nine months ended December 31, 2019[59] - Approximately 30% of the group's revenue for the nine months ended December 31, 2019, was derived from restaurants operating at Hong Kong International Airport, indicating potential operational impacts from future airport management plans[115] - The group aims to consolidate its position in operating restaurants at Hong Kong International Airport and diversify its business in urban Hong Kong, seeking opportunities to introduce popular restaurant brands through franchises or other collaborations[119] Acquisitions and Investments - The company acquired 30% of the issued share capital of Dou Xiao Yue (Hong Kong) Limited and 40% of the issued share capital of three other companies for a total consideration of HKD 5,750,000[53] - The company completed the acquisition of 30% of the issued share capital of "Du Xiao Yue" and 40% of the issued share capital of "Tian Chuang," "Forever Drinks," and "Ming Sheng" for a total consideration of HKD 5,750,000[94] - The company has acquired franchise rights for several well-known brands, including "Du Xiao Yue" and "Flamingo Bloom," and has developed a new proprietary brand "Da Jia Taiwan" with the first restaurant opening in May 2019[121] Corporate Governance - The company’s board believes that the dual role of the Chairman and CEO held by Mr. Wang Wenwei is in the best interest of the company for effective management and business development[124] - The company’s board has adhered to the corporate governance code, with a noted exception regarding the separation of roles between the Chairman and CEO[123] - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the nine-month period ending December 31, 2019[142] Future Outlook - The company plans to continuously evaluate its business objectives and may revise plans according to market conditions to align with business growth[89] - The company has adopted a conservative and prudent approach towards profitability in light of the challenging business environment in Hong Kong due to protests and the COVID-19 pandemic, continuing to manage expenses while seeking market opportunities for financial improvement[121] - The company will continue to monitor and search for market opportunities to improve financial performance as part of its expansion plans in Asia[121]

Financial Performance - For the six months ended September 30, 2019, the group recorded unaudited revenue of approximately HKD 44,046,000, a decrease of about 12.9% compared to HKD 50,532,000 for the same period in 2018[6]. - The group reported a loss attributable to owners of the company of approximately HKD 10,486,000, compared to a loss of HKD 4,507,000 for the same period in 2018[6]. - Basic and diluted loss per share for the period was HKD 0.40, compared to HKD 0.17 for the same period in 2018[6]. - The group experienced an operating loss of HKD 9,155,000 for the period, compared to an operating loss of HKD 1,345,000 for the same period in 2018[9]. - The group’s administrative expenses increased to HKD 11,501,000 for the period, compared to HKD 9,780,000 for the same period in 2018[9]. - The company reported a net cash inflow from operating activities of HKD 389,000, a recovery from a cash outflow of HKD 3,179,000 in the previous year[19]. - The company incurred a loss of HKD 10,486,000 during the period, compared to a loss of HKD 4,507,000 in the previous period[16]. - The total income tax expense for the six months ended September 30, 2019, was HKD 1,055,000, an increase of 24% from HKD 852,000 in the same period of 2018[7]. - The company recorded a loss of approximately HKD 11,300,000 for the six months ended September 30, 2019, compared to a loss of about HKD 3,700,000 in the same period of 2018, mainly due to restaurant closures and increased employee costs[120]. Assets and Liabilities - Non-current assets increased to HKD 105,973,000 as of September 30, 2019, compared to HKD 61,388,000 as of March 31, 2019[11]. - The group’s total liabilities decreased to HKD 73,814,000 as of September 30, 2019, from HKD 104,330,000 as of March 31, 2019[11]. - The net current liabilities significantly reduced to HKD 29,150,000 from HKD 73,658,000[14]. - The company’s total equity decreased to HKD 115,090,000 from HKD 133,762,000[14]. - The company’s total assets minus current liabilities stood at HKD 135,123,000, slightly up from HKD 135,046,000[14]. - The company’s lease liabilities as of September 30, 2019, amounted to HKD 38,738,000, a decrease of 12% from HKD 44,038,000 as of April 1, 2019[61]. - As of September 30, 2019, unsecured bank borrowings amounted to HKD 5,743,000, a decrease of 39.0% from HKD 9,473,000 as of March 31, 2019[79]. - The company’s right-of-use assets increased by approximately HKD 4,000,000 during the six months ended September 30, 2019[68]. Revenue and Cost Analysis - The group reported a revenue of HKD 44,046 thousand for the six months ended September 30, 2019, a decrease of 12.3% compared to HKD 50,532 thousand for the same period in 2018[44]. - The operating segment revenue from restaurant operations was HKD 43,778 thousand, down from HKD 49,206 thousand year-on-year, reflecting a decline of 11.6%[44]. - Gross profit decreased by approximately 15.1% from HKD 41,600,000 to HKD 35,300,000, primarily due to restaurant closures and negative impacts from protests[106]. - Employee benefits expenses, including director remuneration, increased to HKD 19,047 thousand from HKD 15,675 thousand, representing a rise of 21.5%[50]. - Cost of goods sold decreased by approximately 2.2% from HKD 9,000,000 to HKD 8,800,000 during the same periods[105]. Corporate Actions and Governance - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2019[7]. - The company paid dividends of HKD 2,000,000 to non-controlling interests during the period[19]. - The company has not engaged in any share buybacks or sales during the review period[178]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial statements for the six months ending September 30, 2019[192]. - The company has implemented a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules[190]. Strategic Plans and Market Position - The company plans to continue seeking opportunities to expand its business in urban Hong Kong and enter the Asian leisure dining market[102]. - The company aims to enhance comparable restaurant sales growth and profitability through increased sales, optimized staffing, and efficient use of ingredients[168]. - The company is optimistic about the growth prospects of its restaurant brands in Hong Kong, expecting positive returns in the long term[172]. - The group is currently identifying locations for new restaurants in urban Hong Kong[154]. - The company plans to expand into the Asian casual dining market, leveraging its extensive experience in Hong Kong's restaurant industry[167][172]. Acquisitions and Investments - The company acquired 30% of the issued share capital of Du Xiao Yue (Hong Kong) Limited and 40% of the issued share capital of three other companies for a total consideration of HKD 5,750,000[84]. - The company completed acquisitions of 30% of the issued share capital of "Du Xiao Yue" and 40% of three other companies for a total consideration of HKD 5,750,000, increasing ownership to 90% and 100% respectively[126]. - The net proceeds from the IPO amounted to approximately HKD 41,300,000, with actual uses including HKD 4,295,000 for new restaurants in Hong Kong and HKD 5,904,000 for franchised brands[121]. - As of September 30, 2019, the company had approximately HKD 64,810,000 in unutilized proceeds from previous share placements, with plans to use HKD 21,110,000 for potential acquisitions[125]. Risks and Challenges - The group faces risks related to the sourcing of food ingredients, with potential price increases impacting operational costs[148]. - The minimum wage in Hong Kong has increased from HKD 34.5 to HKD 37.5 per hour, effective May 1, 2019, which may further raise employee costs[148]. - The group had outstanding capital commitments of approximately HKD 600,000 for property acquisitions as of September 30, 2019, down from approximately HKD 26,800,000 as of September 30, 2018[137]. Shareholder Information - As of September 30, 2019, Fortune Round Limited holds 1,500,000,000 shares, representing 56.7% ownership in the company[183]. - Keenfull Investments Limited, owned by Li Chi Keung, holds 264,420,000 shares, accounting for 10.0% of the total shares[183]. - The company adopted a share option scheme on July 21, 2016, granting options to purchase a total of 60,000,000 shares at an exercise price of HKD 0.163 per share[187]. - The company has a total of 60,000,000 unexercised share options as of the report date[188].

Financial Performance - For the three months ended June 30, 2019, the group recorded unaudited revenue of approximately HKD 21,300,000, a decrease of about 12.7% compared to HKD 24,400,000 for the same period in 2018[11]. - The group reported an unaudited loss attributable to owners of the company of approximately HKD 4,100,000 for the three months ended June 30, 2019, compared to a loss of HKD 2,300,000 for the same period in 2018[11]. - Basic and diluted loss per share attributable to owners of the company was HKD 0.16 for the three months ended June 30, 2019, compared to HKD 0.09 for the same period in 2018[11]. - Gross profit for the three months ended June 30, 2019, was HKD 17,139,000, down from HKD 20,066,000 in the same period of 2018[11]. - Operating loss for the three months ended June 30, 2019, was HKD 3,184,000, compared to an operating loss of HKD 643,000 for the same period in 2018[11]. - Total comprehensive loss for the period was HKD 3,873,000, compared to HKD 2,100,000 for the same period in 2018[11]. - Other income decreased by approximately 50.0% from about HKD 1,200,000 in the three months ended June 30, 2018, to about HKD 600,000 in the same period of 2019[63]. - The company recorded a loss of approximately HKD 3,900,000 for the three months ended June 30, 2019, compared to a loss of approximately HKD 2,100,000 in the same period of 2018[73]. Revenue and Costs - The group reported revenue of HKD 21,298 thousand for the three months ended June 30, 2019, a decrease of 12.8% from HKD 24,390 thousand in the same period of 2018[36]. - Restaurant operations generated HKD 21,125 thousand in revenue, down from HKD 23,453 thousand, reflecting a decline of 9.0%[36]. - Cost of goods sold decreased by approximately 2.3% from about HKD 4,300,000 for the three months ended June 30, 2018, to about HKD 4,200,000 for the same period in 2019[56]. - Employee benefits expenses increased from HKD 7,603,000 in 2018 to HKD 9,363,000 in 2019, reflecting a rise in salaries and allowances[53]. - Depreciation expenses increased by approximately 250% from about HKD 1,400,000 in the three months ended June 30, 2018, to about HKD 4,900,000 in the same period of 2019[66]. - Property rental and related expenses decreased by approximately 89.2% from about HKD 6,500,000 in the three months ended June 30, 2018, to about HKD 700,000 in the same period of 2019[68]. - Administrative expenses increased by approximately 10.6% from about HKD 4,700,000 in the three months ended June 30, 2018, to about HKD 5,200,000 in the same period of 2019[70]. - Income tax expenses decreased by approximately 50.0% from about HKD 400,000 in the three months ended June 30, 2018, to about HKD 200,000 in the same period of 2019[71]. Equity and Financial Position - The group’s total equity as of June 30, 2019, was HKD 128,268,000, a decrease from HKD 145,475,000 as of June 30, 2018[15]. - The group’s cash and cash equivalents as of June 30, 2019, were approximately HKD 81,900,000, a decrease of about 20.6% from HKD 103,100,000 on June 30, 2018[86]. - Total borrowings as of June 30, 2019, were approximately HKD 8,200,000, down from HKD 28,600,000 on June 30, 2018[87]. - The capital debt ratio as of June 30, 2019, was approximately 39.8%, an increase from 20.9% on June 30, 2018, primarily due to the recognition of lease liabilities[90]. - The equity interest in associates as of June 30, 2019, was approximately HKD 800,000, a decrease of about 69.2% from HKD 2,600,000 on June 30, 2018[83]. - The group had no assets pledged as of June 30, 2019, compared to HKD 7,500,000 in deposits pledged to a bank on June 30, 2018[88]. Business Operations and Strategy - The company aims to strengthen its position in operating restaurants at Hong Kong International Airport while seeking opportunities to expand its business in urban areas and enter the Asian casual dining market[54]. - The company has obtained franchise rights for three well-known dining brands in Hong Kong, including "Flamingo Bloom" and "Hanlin Tea House"[54]. - The company is optimistic about the growth prospects of its restaurant brands in Hong Kong, which are expected to yield positive returns in the long term[98]. - The company plans to actively enter the Asian leisure dining market, leveraging its extensive experience in the Hong Kong restaurant industry to open outlets in multiple Asian cities with high market potential[98]. - The company aims to continuously evaluate its business objectives and may revise plans according to market conditions to align with business growth[75]. Corporate Governance - The company has adopted high standards of corporate governance to maintain transparency and protect shareholder interests[100]. - The company has established a code of conduct for directors that meets the standards set by GEM listing rules[117]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the quarter ending June 30, 2019[118]. - The audit committee is responsible for recommending the appointment or removal of external auditors and reviewing financial reporting judgments[118]. - The board of directors confirmed compliance with the trading code for securities transactions during the three-month period ending June 30, 2019[117]. Shareholder Information - As of June 30, 2019, the company’s major shareholder, Fortune Round Limited, holds 1,500,000,000 shares, representing 56.7% of the total shares[109]. - The company’s chairman and CEO, Mr. Wang Wenwei, holds 1,500,000,000 shares through Fortune Round Limited, which he fully owns[105]. - The company is owned entirely by Li Chi Keung, who holds 238,740,000 shares, making him the controlling shareholder[113]. - The company has a total of 60,000,000 unexercised share options as of June 30, 2019, with no options exercised during the reporting period[115]. - The company adopted a share option scheme on July 21, 2016, allowing options to be exercised at a price of HKD 0.163 per share[114]. - The company has not disclosed any other significant interests or short positions in its shares as of June 30, 2019[113].

Financial Performance - For the fiscal year ending March 31, 2019, the company reported total revenue of HKD 92,662,000, a decrease of 10.8% from HKD 103,882,000 in 2018[13]. - The company experienced a pre-tax loss of HKD 15,909,000 compared to a profit of HKD 1,636,000 in the previous year[13]. - The total comprehensive loss attributable to owners of the company was HKD 18,377,000, significantly higher than the loss of HKD 423,000 in 2018[13]. - The company's revenue decreased by approximately 10.8% from HKD 103.9 million for the year ended March 31, 2018, to HKD 92.7 million for the year ended March 31, 2019, primarily due to the closure of expired restaurants[19]. - Gross profit decreased by approximately 10.8% from HKD 84.9 million to HKD 75.7 million, mainly due to the closure of expired restaurants[21]. - The company recorded a loss of approximately HKD 17,400,000 for the year ended March 31, 2019, compared to a profit of approximately HKD 1,200,000 for the same period in 2018, attributed to several factors including restaurant closures and increased administrative expenses[34]. Assets and Liabilities - As of March 31, 2019, total assets amounted to HKD 165,718,000, down from HKD 193,912,000 in 2018, reflecting a decrease of 14.5%[13]. - Current assets decreased to HKD 104,330,000 from HKD 176,050,000, indicating a decline of 40.7%[13]. - Total equity decreased to HKD 133,762,000 from HKD 147,575,000, representing a reduction of 9.4%[13]. - The total borrowings of the group as of March 31, 2019, were approximately HKD 10,100,000, down from HKD 29,400,000 as of March 31, 2018[51]. - The capital debt ratio of the group as of March 31, 2019, was approximately 8.0%, a decrease from 21.0% as of March 31, 2018[54]. Operational Strategy - The company plans to strengthen its position in the Hong Kong dining sector and seek opportunities to expand its brand presence in both the airport and urban markets[10]. - The company aims to enter the Asian casual dining market, aligning with its growth strategy and shareholder interests[10]. - The company has established a network of self-owned brands and franchises, including "Taiwan Beef Noodle" and "Flamingo Bloom," to enhance its market offerings[10]. - The company has obtained franchise rights for three well-known dining brands in Hong Kong, aiming to strengthen its position in the airport dining sector and expand its business in urban areas[17]. - The company plans to continue opening new restaurants and expanding its network, with expectations of gradual increases in property rental and related expenses in the future[27]. Employee and Cost Management - Employee costs were stable at approximately HKD 32.7 million in 2018 and HKD 32.8 million in 2019, with a reduction in employee count from 171 to 131 due to restaurant closures[24]. - The company is focusing on improving employee productivity and loyalty to mitigate rising employee costs due to local labor law changes and inflationary pressures[24]. - Administrative expenses increased by approximately 39.7% from HKD 17,900,000 for the year ended March 31, 2018, to HKD 25,000,000 for the year ended March 31, 2019, primarily due to restaurant closures and renovation projects[29]. - Cost of goods sold decreased by approximately 11.1% from HKD 19 million to HKD 16.9 million, attributed to the closure of expired restaurants, partially offset by new franchise openings[20]. - Property rental and related expenses decreased by approximately 25.1% from HKD 33.5 million to HKD 25.1 million, primarily due to the closure of expired restaurants[27]. Corporate Governance - The company has adopted the Corporate Governance Code and believes it has complied with the code for the fiscal year, except for a deviation regarding the roles of the chairman and CEO[95]. - The board consists of three executive directors and three independent non-executive directors, ensuring compliance with GEM listing rules[102]. - The company emphasizes high standards of corporate governance to maintain transparency and protect shareholder interests[95]. - The audit committee held four meetings in the fiscal year ending March 31, 2019, reviewing the annual performance and financial reports[110]. - The company has established four board committees: Audit, Remuneration, Nomination, and Investment, ensuring adequate resources for their responsibilities[110]. Future Outlook and Risks - The company faces risks related to revenue fluctuations from its restaurants at Hong Kong International Airport and urban areas, influenced by external factors such as economic downturns and seasonal variations[41]. - The minimum wage in Hong Kong increased from HKD 34.5 to HKD 37.5 per hour effective May 1, 2019, which may further impact future employee costs[41]. - The management will continuously evaluate business objectives and may revise plans in response to market conditions to align with growth[37]. - The group plans to continue exploring market opportunities in Asia for expansion[1]. Shareholder Information - The net proceeds from the IPO amounted to approximately HKD 41,300,000, with only HKD 14,614,000 utilized by March 31, 2019, indicating a significant amount of unspent funds[35]. - Approximately HKD 70,960,000 remains unutilized from the first and second placements, with plans for potential acquisitions and new restaurant openings in Hong Kong[39]. - The company did not recommend any final dividend for the year ended March 31, 2019, consistent with the previous year[158]. - The board has adopted a new dividend policy aimed at providing stable and sustainable returns to shareholders, considering operational performance, cash flow, and financial conditions[136].

Financial Performance - For the nine months ended December 31, 2018, the group recorded unaudited revenue of approximately HKD 72,200,000, a decrease of about 7.2% compared to HKD 77,800,000 for the same period in 2017[5] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 9,800,000 for the nine months ended December 31, 2018, compared to an unaudited profit of HKD 2,000,000 for the same period in 2017[5] - Basic and diluted loss per share attributable to owners of the company was HKD 0.37 for the nine months ended December 31, 2018, compared to earnings of HKD 0.09 for the same period in 2017[5] - Gross profit for the nine months ended December 31, 2018, was HKD 59,079,000, down from HKD 63,418,000 in the same period of 2017[7] - Operating loss for the nine months ended December 31, 2018, was HKD 7,048,000, compared to an operating loss of HKD 3,241,000 for the same period in 2017[7] - The total comprehensive loss attributable to owners of the company for the nine months ended December 31, 2018, was HKD 9,810,000, compared to a total comprehensive income of HKD 82,000 for the same period in 2017[7] - The company reported a loss attributable to owners of the company of HKD (9,810,000) for the nine months ended December 31, 2018, compared to a profit of HKD 1,997,000 for the same period in 2017[25] - The company recorded a loss of approximately HKD 9,700,000 for the nine months ended December 31, 2018, compared to a profit of approximately HKD 3,000,000 for the same period in 2017[55] Revenue and Costs - The company's revenue from restaurant operations for the nine months ended December 31, 2018, was HKD 70,638,000, a decrease of 5.9% compared to HKD 74,026,000 for the same period in 2017[18] - The total revenue for the three months ended December 31, 2018, was HKD 21,655,000, down 17.7% from HKD 26,227,000 in the same period of 2017[18] - The cost of goods sold for the nine months ended December 31, 2018, was HKD 13,108,000, a decrease of 8.7% from HKD 14,355,000 in 2017[22] - The cost of goods sold decreased by approximately 9.0% from HKD 14.4 million to HKD 13.1 million during the same periods, primarily due to the closure of certain restaurants[36] - Employee costs decreased by approximately 6.1% from HKD 24.7 million to HKD 23.2 million, attributed to the closure of certain restaurants[44] - Property rental and related expenses decreased by approximately 22.7% from HKD 24.7 million to HKD 19.1 million, primarily due to the closure of certain restaurants[47] Expenses and Financial Costs - The group incurred administrative expenses of HKD 16,007,000 for the nine months ended December 31, 2018, compared to HKD 12,267,000 for the same period in 2017[7] - Administrative expenses increased by approximately 30.1% from HKD 12,300,000 for the nine months ended December 31, 2017, to approximately HKD 16,000,000 for the same period in 2018, primarily due to renovation works related to restaurant closures and openings[51] - The finance costs for the nine months ended December 31, 2018, totaled HKD 1,029,000, an increase of 35.2% from HKD 761,000 in 2017[19] - Financial costs increased from approximately HKD 800,000 for the nine months ended December 31, 2017, to approximately HKD 1,000,000 for the same period in 2018, attributed to the issuance of unlisted corporate bonds totaling HKD 21,000,000[53] Tax and Other Income - The income tax expense for the nine months ended December 31, 2018, was HKD 1,027,000, a decrease of 34.0% from HKD 1,555,000 in 2017[24] - Income tax expenses decreased by approximately 37.5% from HKD 1,600,000 for the nine months ended December 31, 2017, to approximately HKD 1,000,000 for the same period in 2018, mainly due to restaurant closures[52] - Other income increased by approximately 6.7% from HKD 3.0 million to HKD 3.2 million, mainly due to increases in interest and dividend income[43] Equity and Shareholder Information - The group’s equity attributable to owners as of December 31, 2018, was HKD 130,474,000, down from HKD 140,284,000 as of April 1, 2018[9] - The group’s non-controlling interests increased to HKD 10,973,000 as of December 31, 2018, from HKD 7,291,000 as of April 1, 2018[9] - As of December 31, 2018, Mr. Wang Wenwei holds 1,500,000,000 shares, representing 56.7% of the company's equity[86] - Both Ms. Lin Huijun and Mr. Chen Zetao hold 20,000,000 share options each, representing 0.76% of the equity, exercisable at HKD 0.163 per share[87] - As of December 31, 2018, Fortune Round Limited holds 1,500,000,000 shares, representing 56.7% of the total equity[91] - Ms. Li Yingyan, as the spouse of Mr. Wang Wenwei, also holds 1,500,000,000 shares, equating to 56.7% of the total equity[92] Corporate Governance and Compliance - The group has complied with all applicable corporate governance code provisions, except for the separation of roles between the chairman and CEO[80] - The company has established an audit committee in compliance with GEM listing rules, responsible for reviewing financial statements and internal control effectiveness[99] - The audit committee consists of three independent non-executive directors, with Mr. Ma Yaohao serving as the chairman[99] - All directors confirmed compliance with the trading standards during the nine-month period ending December 31, 2018[98] - The company regularly reminds directors of the trading restrictions prior to the announcement of financial results[98] Business Development and Strategy - The group did not report any new product launches or significant market expansion strategies during the reporting period[5] - The company plans to continue expanding its restaurant network and expects property rental expenses to gradually increase in the future[49] - The company has obtained franchise rights for three well-known dining brands in Hong Kong, aiming to strengthen its market presence[34] - The group aims to strengthen its existing business and provide stable returns and growth prospects for shareholders[77] - The group plans to actively enter the Asian leisure dining market, leveraging its experience in Hong Kong's restaurant industry[75] - The group completed the acquisition of a property for HKD 29,800,000 in October 2018 to support business development and expansion[76] Share Options and Securities - The company has adopted a share option scheme, granting 60,000,000 share options at an exercise price of HKD 0.163 per share, which can be exercised within 10 years[94] - As of December 31, 2018, no share options have been exercised during the nine-month period[95] - The company has a total of 60,000,000 unexercised share options as of December 31, 2018[95] - The company has not issued any new share options during the nine-month period ending December 31, 2018[95] - The group has not purchased, sold, or redeemed any of its listed securities during the nine months ending December 31, 2018[84] Financial Position - Cash and cash equivalents decreased by approximately 46.2% from HKD 79,800,000 as of December 31, 2017, to approximately HKD 42,900,000 as of December 31, 2018, mainly due to the acquisition of a property[64] - Total borrowings decreased from approximately HKD 28,400,000 as of December 31, 2017, to approximately HKD 12,000,000 as of December 31, 2018[67] - The company's capital debt ratio decreased to approximately 9.2% as of December 31, 2018, from approximately 29.1% as of December 31, 2017, primarily due to the redemption of corporate bonds[69] - The company has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the nine months ended December 31, 2018[60] - The company’s investment in funds as of December 31, 2018, was approximately HKD 33,800,000, down from HKD 38,700,000 as of December 31, 2017, with unrealized losses of approximately HKD 3,700,000 during the period[61] - As of December 31, 2018, the group had no significant contingent liabilities, consistent with the previous year[71] - The group has no foreign exchange contracts or financial derivatives for hedging purposes as of December 31, 2018[74]