Financial Performance - The company maintained last year's performance level and achieved growth despite a declining business environment in Hong Kong[9]. - The company recorded a net profit for the year ending December 31, 2024[9]. - The company recorded revenue of approximately HKD 108.5 million for the year ended December 31, 2024, a slight increase of about 0.1% compared to HKD 108.4 million in the previous year[18]. - Revenue from food processing and trading was approximately HKD 90.9 million, up from HKD 79.1 million in 2023, while restaurant operations generated about HKD 17.6 million, down from HKD 29.3 million[18]. - The company achieved an operating profit before tax of approximately HKD 1.7 million, a turnaround from an operating loss of HKD 2.5 million in the previous year[19]. - The company's net profit for the year was approximately HKD 0.9 million, compared to a net loss of HKD 3.1 million in the previous year[22]. - As of December 31, 2024, the company's current assets net value was approximately HKD 18.6 million, up from HKD 13.8 million in 2023[24]. - The debt-to-equity ratio was approximately 2.4% as of December 31, 2024, down from 3.1% in the previous year[25]. - The company reported a reserve of approximately HKD 47,814,000 as of December 31, 2024, down from HKD 49,526,000 in 2023[57]. Business Strategy and Operations - The company aims to enhance its sales and revenue by being the main supplier of food and beverage materials for all restaurants under the joint venture[14]. - The company plans to expand its business capacity by improving refrigeration capabilities and seeking new business opportunities[16]. - The company will continuously review its strategies to adapt to the latest business environment and assess potential acquisition targets[9]. - The company operates in the food processing and trading sector, including frozen and cooked foods, and restaurant management[12]. - The company has established joint ventures to participate in the food and beverage business in Hong Kong, holding a 55% stake in one and a 60% stake in another[13]. - The company acknowledges the challenges posed by rising vacancy rates and declining rental and asset prices in Hong Kong[9]. - The group operates primarily in Hong Kong, dealing with the processing and trading of fresh, frozen, and cooked food, as well as restaurant operations[53]. Management and Governance - The company has a strong management team with extensive experience in the food processing and trading industry, enhancing its operational capabilities[39][41][43]. - The board includes independent directors with over 30 years of experience in the catering service industry, providing independent opinions and oversight[48]. - The company is focused on strategic planning and operational management to drive business development and financial monitoring[40][41]. - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balanced governance structure[128]. - The board is responsible for approving and monitoring the overall strategy and policies of the group, focusing on growth and financial performance[132]. - Independent non-executive directors constitute three out of eight board members, exceeding the GEM listing rule requirement of at least one-third[139]. - The company has established mechanisms to ensure independent viewpoints are obtained, with annual reviews of the board's composition and performance[139]. - The company has implemented measures to ensure compliance with trading regulations and to enhance communication regarding blackout periods[126]. Employee and Workplace Policies - The company strictly adheres to all applicable employment regulations and provides competitive compensation packages to attract and retain talent[74]. - The company is committed to providing a safe and healthy work environment, ensuring equal opportunities for all employees[74]. - The company has established measures to protect employee personal data and provides channels for employees to express their opinions[74]. - The group emphasizes the importance of a safe working environment and has established occupational health and safety policies, providing regular training for employees[196]. - The group encourages employee participation in continuing education and training to develop personal capabilities, including mandatory food safety manager training[197]. - The group has a comprehensive recruitment process and strictly prohibits child labor and forced labor, ensuring compliance with local employment laws[198]. Environmental Responsibility - The total greenhouse gas emissions from mobile source fuel (road transport) amounted to 58,794 kg of CO2, 3 kg of CH4, and 2 kg of N2O[184]. - The company's annual electricity consumption was 1,541,699 kWh, resulting in emissions of 847,934.45 kg of CO2[184][185]. - The company produced no hazardous waste during the reporting period[188]. - The company implemented measures to reduce emissions, such as minimizing office lighting and air conditioning during lunch hours[191]. - The company encourages employees to use double-sided or eco-friendly paper for printing, and waste paper is managed by dedicated personnel[191]. - The company regularly reminds logistics staff to turn off truck engines to reduce harmful environmental impacts[192]. - Supplier selection criteria include environmental and social performance, ensuring stable supply and quality products[199]. Shareholder and Financial Policies - The company has not engaged in any significant acquisitions, sales, or investments during the fiscal year ending December 31, 2024[64]. - No dividends were recommended for the fiscal year ending December 31, 2024[56]. - The company anticipates that it will not distribute any dividends in the short term as funds are expected to be used for business investments[174]. - The company has not established any equity-linked agreements as of December 31, 2024[62]. - The company has not purchased, redeemed, or sold any of its listed securities during the year[61]. - The company has confirmed that there are no business interests or conflicts with any companies that may compete with its operations[92]. Corporate Governance and Compliance - The company has adopted corporate governance practices in line with GEM listing rules and has complied with the code provisions throughout the reporting period[121]. - The company has established a policy to prevent bribery, ensuring compliance among all employees[112]. - The roles of the Chairman and CEO are clearly separated to ensure a balance of power within the company[122]. - The company adopted a code of conduct for securities trading by directors, confirming compliance from all directors from the listing date until December 31, 2024[123]. - The board has established specific committees, including the audit committee, remuneration committee, and nomination committee, to assist in the effective implementation of its functions[153]. - The audit committee, consisting of three independent non-executive directors, held four meetings during the year and reviewed the annual report for compliance with applicable accounting standards[157]. - The company has established a whistleblowing policy to provide guidance and reporting channels for employees and third parties to report misconduct, with confidentiality assured[144]. - The company has adopted an anti-fraud and anti-corruption policy to resist fraudulent activities and ensure compliance with relevant laws and regulations[148].

[Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operations, financial performance, and future outlook for the reporting period [Business Review and Prospects](index=4&type=section&id=Business%20Review%20and%20Prospects) The Group's core business involves food processing, sales, and restaurant operations in Hong Kong, with strategic joint ventures aimed at enhancing future sales and revenue - The Group primarily engages in food processing, sales, and restaurant operations[3](index=3&type=chunk) - The Group participates in the catering business through Rong Tai Catering Limited (55% stake) and Sun King Tai Limited (60% stake), acting as the primary food and beverage material supplier for these joint ventures to enhance the Group's sales and revenue[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) [Financial Review](index=5&type=section&id=Financial%20Review) For the six months ended June 30, 2024, the Group's financial performance significantly improved with a 4.2% revenue increase and a substantial reduction in net loss, demonstrating robust liquidity Financial Performance Summary | Financial Indicator | For the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2023 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | HKD 54.2 million | HKD 52.0 million | +4.2% | | - Food Processing and Trading | HKD 43.6 million | HKD 37.5 million | +16.3% | | - Restaurant Operations | HKD 10.6 million | HKD 14.5 million | -26.9% | | Gross Profit | HKD 24.8 million | HKD 23.7 million | +4.6% | | Gross Margin | 45.8% | 45.6% | +0.2pp | | Net Loss for the Period | HKD 0.8 million | HKD 3.2 million | -75.0% | - The Board does not recommend an interim dividend for the six months ended June 30, 2024[7](index=7&type=chunk) Liquidity and Financial Resources | Liquidity and Financial Resources | As at June 30, 2024 | As at December 31, 2023 | | :--- | :--- | :--- | | Net Current Assets | HKD 14.9 million | HKD 13.8 million | | Bank and Cash | HKD 14.1 million | HKD 10.3 million | | Bank Borrowings | HKD 2.4 million | HKD 2.9 million | | Gearing Ratio | 2.6% | 3.1% | [Other Information](index=9&type=section&id=Other%20Information) This section details significant changes in directors' and shareholders' interests and the Group's adherence to corporate governance principles [Directors' and Shareholders' Interests](index=9&type=section&id=Directors'%20and%20Shareholders'%20Interests) Significant equity changes occurred during the period, resulting in the offeror and parties acting in concert holding 75% of the Company's issued share capital - On January 26, 2024, the controlling shareholder sold approximately **76.78%** of its shares in Kin King Ventures (the Company's holding company) to the offeror (Mr. Chung Yuk Wah, Ms. Au Hung Lin, etc.)[12](index=12&type=chunk) - Upon completion of the transaction, the offeror and parties acting in concert held **75%** of the Company's equity through Kin King Ventures, triggering a mandatory unconditional cash offer under the Takeovers Code[13](index=13&type=chunk) - As at June 30, 2024, Kin King Ventures Limited held **1,050,000,000 shares** of the Company, representing **75%** of the issued share capital[14](index=14&type=chunk) [Corporate Governance and Compliance](index=12&type=section&id=Corporate%20Governance%20and%20Compliance) The Group generally complied with the Corporate Governance Code during the reporting period, with the Audit Committee reviewing the interim report - The Group complied with the Corporate Governance Code during the reporting period, except for the company secretary not being an employee of the Group, but an executive director has been appointed as a contact person to ensure smooth communication[18](index=18&type=chunk) - The Audit Committee comprises three independent non-executive directors, Mr. Lo Sun Tong (Chairman), Mr. Chow Chun Wai, and Mr. Lam Lai Kiu, and has reviewed this report[19](index=19&type=chunk) - The Directors confirm compliance with the Model Code for Securities Transactions by Directors during the reporting period, and the controlling shareholder complied with the non-competition undertaking[16](index=16&type=chunk)[17](index=17&type=chunk) [Condensed Consolidated Financial Statements](index=14&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss, financial position, and cash flows [Condensed Consolidated Statement of Profit or Loss](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, the Group's revenue increased by 4.1%, and loss before tax significantly narrowed due to effective cost control Condensed Consolidated Statement of Profit or Loss | Item (HKD thousands) | For the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Revenue | 54,172 | 52,030 | | Loss Before Tax | (807) | (3,197) | | Loss for the Period | (807) | (3,197) | | Loss Attributable to Owners of the Company | (414) | (2,952) | | Basic Loss Per Share (HK cents) | (0.03) | (0.21) | [Condensed Consolidated Statement of Financial Position](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2024, the Group maintained a robust financial position with increased net assets and cash and cash equivalents Condensed Consolidated Statement of Financial Position | Item (HKD thousands) | As at June 30, 2024 (Unaudited) | As at December 31, 2023 (Audited) | | :--- | :--- | :--- | | Non-current Assets | 82,152 | 84,385 | | Current Assets | 34,673 | 36,243 | | Current Liabilities | 19,726 | 22,457 | | Non-current Liabilities | 9,787 | 11,315 | | **Net Assets** | **87,312** | **86,856** | | **Equity Attributable to Owners of the Company** | **93,112** | **92,230** | [Condensed Consolidated Statement of Cash Flows](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2024, the Group generated significant net cash from operating activities, leading to a net increase in cash and cash equivalents Condensed Consolidated Statement of Cash Flows | Item (HKD thousands) | For the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net Cash Flows From Operating Activities | 8,024 | 1,562 | | Net Cash Flows From/(Used In) Investing Activities | (86) | 154 | | Net Cash Flows Used In Financing Activities | (4,109) | (2,443) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **3,829** | **(727)** | | Cash and Cash Equivalents at Beginning of Period | 10,283 | 15,601 | | **Cash and Cash Equivalents at End of Period** | **14,112** | **14,874** | [Notes to the Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes supporting the condensed consolidated financial statements, including segment information, revenue breakdown, and related party transactions [Segment Information](index=22&type=section&id=Segment%20Information) The Group operates in two segments: Food Processing and Trading, and Restaurant Operations, with all revenue and non-current assets located in Hong Kong Operating Segment Performance (HKD thousands) | Operating Segment (HKD thousands) | Revenue (External) | Segment Results (Loss/Profit) | | :--- | :--- | :--- | | Food Processing and Trading | 43,564 | (2,960) | | Restaurant Operations | 10,608 | 2,143 | | **Total** | **54,172** | **(817)** | - All the Group's revenue from external customers is generated in Hong Kong, and all non-current assets are also located in Hong Kong[36](index=36&type=chunk) [Revenue](index=24&type=section&id=Revenue) Total revenue from contracts with customers for the period was HKD 54.172 million, primarily from sales of food transferred at a point in time Revenue by Category (HKD thousands) | Revenue Category (HKD thousands) | For the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Sales of Food | 43,534 | 37,453 | | Revenue from Transportation Services | 30 | 45 | | Revenue from Restaurant Operations | 10,608 | 14,532 | | **Total Revenue from Contracts with Customers** | **54,172** | **52,030** | [Related Party Transactions](index=33&type=section&id=Related%20Party%20Transactions) The Group engages in significant transactions with various related parties controlled by directors and shareholders, including sales, purchases, and remuneration to key management - The Group conducts business with several companies controlled by directors and shareholders (or their families), including Yau Hing, Guangzhou Geyun, Wing Chi, Yau Yip Property, etc[55](index=55&type=chunk) Related Party Transactions (HKD thousands) | Related Party Transaction (HKD thousands) | For the Six Months Ended June 30, 2024 | Nature of Transaction | | :--- | :--- | :--- | | Yau Hing | 2,787 | Sales of Goods | | Guangzhou Geyun | 240 | Purchases of Goods | | Wing Chi | 872 | Purchases of Goods | | Yau Yip Property | - | Rental Expenses | - For the six months ended June 30, 2024, total remuneration paid to key management personnel was **HKD 2,498 thousand** (2023: HKD 2,474 thousand)[58](index=58&type=chunk)

[Financial Statements](index=2&type=section&id=Financial%20Statements) This section provides the condensed consolidated financial statements, offering a comprehensive overview of the Group's financial performance, position, and cash flows [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2024, Group revenue slightly increased by 4.1% to HKD 54.172 million, with loss for the period significantly narrowed to HKD 0.807 million due to effective cost and expense control Performance Summary for the Six Months Ended June 30 | Metric | 2024 (HKD Thousands) | 2023 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 54,172 | 52,030 | +4.1% | | Loss Before Tax | (807) | (3,197) | Loss Narrowed 74.8% | | Loss for the Period | (807) | (3,197) | Loss Narrowed 74.8% | | Loss Attributable to Owners of the Company | (414) | (2,952) | Loss Narrowed 86.0% | | Basic Loss Per Share (HK Cents) | (0.03) | (0.21) | Loss Narrowed | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group achieved a turnaround to a total comprehensive income of HKD 0.489 million for the period, compared to a total comprehensive loss of HKD 1.903 million in the prior period, primarily due to reduced operating losses and asset revaluation gains - Total comprehensive income for the period was **HKD 0.489 million**, compared to a total comprehensive loss of **HKD 1.903 million** in the prior period[4](index=4&type=chunk) - Other comprehensive income (net of tax) was **HKD 1.296 million**, primarily from asset revaluation surplus, remaining largely consistent with **HKD 1.294 million** in the prior period[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's financial position remained stable, with total assets at HKD 117 million, net assets slightly increasing to HKD 87.312 million, and cash and cash equivalents significantly rising to HKD 14.112 million Financial Position Summary | Metric | June 30, 2024 (HKD Thousands) | December 31, 2023 (HKD Thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 82,152 | 84,385 | -2.6% | | Current Assets | 34,673 | 36,243 | -4.3% | | Current Liabilities | 19,726 | 22,457 | -12.2% | | Net Assets | 87,312 | 86,856 | +0.5% | | Cash and Cash Equivalents | 14,112 | 10,283 | +37.2% | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2024, total equity increased from HKD 86.856 million at the beginning of the year to HKD 87.312 million, primarily driven by the total comprehensive income of HKD 0.489 million recorded during the period - Equity attributable to owners of the Company increased from **HKD 92.230 million** at the beginning of the year to **HKD 93.112 million**, mainly due to **HKD 0.882 million** in total comprehensive income[8](index=8&type=chunk) - Total equity grew from **HKD 86.856 million** as of January 1, 2024, to **HKD 87.312 million** as of June 30, 2024[8](index=8&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) During the period, net cash flows from operating activities significantly improved to HKD 8.024 million from HKD 1.562 million in the prior period, resulting in a net increase of HKD 3.829 million in cash and cash equivalents to HKD 14.112 million despite increased financing outflows Cash Flow Summary (For the Six Months Ended June 30) | Metric | 2024 (HKD Thousands) | 2023 (HKD Thousands) | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 8,024 | 1,562 | | Net Cash Flows from Investing/(Used in) Investing Activities | (86) | 154 | | Net Cash Flows Used in Financing Activities | (4,109) | (2,443) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 3,829 | (727) | | Cash and Cash Equivalents at End of Period | 14,112 | 14,874 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, including company information, accounting policies, segment data, revenue analysis, and related party transactions [Company Information, Basis of Preparation, and Accounting Policies](index=9&type=section&id=1.%20Company%20Information%2C%202.%20Basis%20of%20Preparation%2C%203.%20Accounting%20Policies) The Group operates as an investment holding company primarily engaged in food processing, trading, and restaurant operations in Hong Kong, with interim financial information prepared under HKAS and GEM Listing Rules, maintaining consistent accounting policies - The Group is primarily engaged in processing and trading of raw, frozen, and cooked food products, as well as operating restaurants[12](index=12&type=chunk) - The financial information is prepared on a historical cost basis and should be read in conjunction with the annual financial statements[13](index=13&type=chunk) - The adoption of new Hong Kong Financial Reporting Standards had no significant impact on the Group's results or financial position[14](index=14&type=chunk) [Segment Information](index=9&type=section&id=4.%20Segment%20Information) The Group's operations are divided into food processing and trading, and restaurant operations; the former saw revenue grow by 16.2% to HKD 43.564 million but incurred an operating loss of HKD 2.960 million, while the latter's revenue decreased by 27.0% to HKD 10.608 million but improved significantly to a profit of HKD 2.143 million Segment Results (For the Six Months Ended June 30) | Segment | Revenue (HKD Thousands) | 2023 Prior Period Revenue (HKD Thousands) | Segment Result (HKD Thousands) | 2023 Prior Period Result (HKD Thousands) | | :--- | :--- | :--- | :--- | :--- | | Food Processing and Trading | 43,564 | 37,498 | (2,960) | (3,391) | | Restaurant Operations | 10,608 | 14,532 | 2,143 | 81 | - All of the Group's revenue and non-current assets are derived from and located in Hong Kong[18](index=18&type=chunk) [Revenue](index=11&type=section&id=5.%20Revenue) Total revenue for the period was HKD 54.172 million, entirely from customer contracts, with sales of food products increasing by 16.2% to HKD 43.534 million and restaurant operations revenue decreasing by 27.0% to HKD 10.608 million, mostly recognized at a point in time Revenue Breakdown (For the Six Months Ended June 30) | Type of Goods or Services | 2024 (HKD Thousands) | 2023 (HKD Thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sales of Food Products | 43,534 | 37,453 | +16.2% | | Restaurant Operations Revenue | 10,608 | 14,532 | -27.0% | | Revenue from Transportation Services | 30 | 45 | -33.3% | | **Total** | **54,172** | **52,030** | **+4.1%** | [Key Financial Notes](index=13&type=section&id=Key%20Financial%20Notes) The Board does not recommend an interim dividend, basic loss per share narrowed from HKD 0.21 cents to HKD 0.03 cents, trade receivables decreased from HKD 15.922 million to HKD 11.664 million, and there were no significant contingent liabilities or capital commitments at period-end - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[28](index=28&type=chunk) - Basic loss per share was **HKD 0.03 cents**, compared to **HKD 0.21 cents** in the prior period[27](index=27&type=chunk)[29](index=29&type=chunk) - Trade receivables balance decreased from **HKD 15.922 million** at the end of 2023 to **HKD 11.664 million**[30](index=30&type=chunk) - At the end of the reporting period, the Group had no significant contingent liabilities or capital commitments[38](index=38&type=chunk)[39](index=39&type=chunk) [Related Party Transactions](index=18&type=section&id=17.%20Related%20Party%20Transactions) During the period, the Group engaged in transactions with various related parties, including sales of goods to You Xing for HKD 2.787 million, purchases from Guangzhou Geyun and Rong Zhi, property leases from You Ye Property, and total key management personnel compensation of HKD 2.498 million Major Related Party Transactions (For the Six Months Ended June 30) | Related Party | Type of Transaction | 2024 (HKD Thousands) | 2023 (HKD Thousands) | | :--- | :--- | :--- | :--- | | You Xing | Sales of Goods | 2,787 | 4,250 | | Guangzhou Geyun | Purchases of Goods | 240 | 852 | | Rong Zhi | Purchases of Goods | 872 | – | - The Group leased properties from related party You Ye Property, with a corresponding right-of-use asset of **HKD 0.957 million** and lease liabilities of **HKD 2.318 million**[42](index=42&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's discussion and analysis of the Group's business review, financial performance, liquidity, and capital structure for the reporting period [Business Review and Prospects](index=21&type=section&id=Business%20Review%20and%20Prospects) The Group continues to focus on food processing, trading, and catering in Hong Kong, expanding its restaurant market presence through joint ventures Rong Tai Catering and Xin Jing Tai, which are expected to boost future sales and revenue as key ingredient suppliers - The Group participates in Hong Kong's catering and food business through joint ventures Rong Tai Catering (**55%** owned) and Xin Jing Tai (**60%** owned)[45](index=45&type=chunk) - The Group will serve as the primary supplier to the joint venture restaurants, which the directors believe will enhance the Group's future sales and revenue[46](index=46&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) In the first half of 2024, the Group's financial performance significantly improved, with revenue growing 4.2% to HKD 54.20 million, gross profit increasing to HKD 24.80 million (45.8% margin), and net loss for the period narrowing from HKD 3.20 million to HKD 0.80 million due to increased revenue and reduced employee benefit expenses - Revenue increased by **4.2%** to **HKD 54.20 million**, with approximately **HKD 43.60 million** from food processing and trading and **HKD 10.60 million** from restaurant operations[47](index=47&type=chunk) - Gross profit was **HKD 24.80 million**, with a gross profit margin of **45.8%**, compared to **HKD 23.70 million** and **45.6%** in the prior period[49](index=49&type=chunk) - Employee benefit expenses decreased from **HKD 13.50 million** to **HKD 12.90 million**, primarily due to a reduction in restaurant employees[50](index=50&type=chunk) - Net loss for the period significantly narrowed from **HKD 3.20 million** in the prior period to approximately **HKD 0.80 million**[52](index=52&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=23&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) The Group maintains a healthy liquidity position with HKD 14.10 million in cash and HKD 14.90 million in net current assets at period-end, while its gearing ratio decreased from 3.1% to 2.6%, indicating reduced financial leverage, with no significant changes to its capital structure since listing - As of June 30, 2024, the Group's net current assets were approximately **HKD 14.90 million**, with bank cash of approximately **HKD 14.10 million**[53](index=53&type=chunk) - The gearing ratio was approximately **2.6%**, a decrease from **3.1%** at the end of 2023[54](index=54&type=chunk) - Leasehold land and buildings with a net book value of approximately **HKD 57.50 million** have been pledged to secure bank facilities[58](index=58&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) This section covers other relevant information, including directors' and shareholders' interests, corporate governance practices, and compliance with listing rules [Directors' and Shareholders' Interests](index=24&type=section&id=Directors%27%20and%20Shareholders%27%20Interests) On January 26, 2024, a change in control of the ultimate holding company, Kin King Ventures, triggered a mandatory unconditional cash offer for the Company, resulting in the Offeror and parties acting in concert holding 75% equity through Kin King Ventures, while no share options have been granted under the Company's share option scheme since its adoption - On January 26, 2024, the Company's controlling interest changed, with the Offeror acquiring approximately **76.78%** of the shares in the ultimate holding company, Kin King Ventures[64](index=64&type=chunk) - Immediately following the completion of the transaction, the Offeror and parties acting in concert held **75%** of the Company's issued share capital[65](index=65&type=chunk) - As of June 30, 2024, Kin King Ventures Limited held **1,050,000,000** shares in the Company, representing **75%**[67](index=67&type=chunk) - No share options have been granted since the adoption of the share option scheme in 2017[68](index=68&type=chunk) [Corporate Governance](index=27&type=section&id=Corporate%20Governance) The Company has adopted and complied with the Corporate Governance Code, except for the company secretary not being a full-time employee, and has an Audit Committee comprising three independent non-executive directors who reviewed the interim results announcement, with the controlling shareholder having signed a non-competition undertaking - The Company has complied with the Corporate Governance Code, except for the company secretary not being an employee of the Company, for which an executive director has been appointed as contact person[73](index=73&type=chunk)[74](index=74&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed this results announcement[75](index=75&type=chunk) - The controlling shareholder has entered into a non-competition undertaking, committing not to compete with the Group's core business[72](index=72&type=chunk)

Financial Performance - The company recorded revenue of approximately HKD 108.4 million for the year ended December 31, 2023, representing an increase of about 16.2% compared to approximately HKD 93.3 million in the same period last year[18]. - Revenue from food processing and trading was approximately HKD 79.1 million, up from HKD 67.2 million in 2022, while restaurant operations generated approximately HKD 29.3 million, compared to HKD 26.1 million in 2022[18]. - The operating loss before tax was approximately HKD 2.5 million, significantly improved from a loss of approximately HKD 14.4 million in the previous year[19]. - The company recorded a net loss of approximately HKD 3.1 million for the year, a significant improvement from a net loss of approximately HKD 13.6 million in the previous year[23]. - The company's distributable reserves as of December 31, 2023, were approximately HKD 49.53 million, a decrease from HKD 50.34 million in 2022[59]. - The group reported a loss for the year ending December 31, 2023, with financial details available in the audited financial statements on pages 51 to 127[57]. Market and Business Strategy - The company plans to continue evaluating potential acquisition targets to strengthen its business amidst changing market conditions[8]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[44]. - Strategic acquisitions are planned, with a focus on integrating two key competitors to enhance operational efficiency and market reach[44]. - The company has set a future outlook with a revenue guidance of $500 million for the next fiscal year, representing a 10% growth target[44]. - The company acknowledges the ongoing challenges in the Hong Kong economy but remains committed to adapting its strategies to the evolving business environment[8]. Joint Ventures and Partnerships - The joint venture with Rongshi, established on May 24, 2019, allows the company to hold a 55% stake in Rongtai Catering Limited, enhancing its presence in the food and beverage sector in Hong Kong[11]. - The company entered another joint venture agreement on June 2, 2021, with Tianjing Limited, where it holds a 60% stake, aimed at expanding its restaurant operations in Hong Kong[12]. - The company is positioned as the main supplier of food and beverage materials for all restaurants under the joint venture, which is expected to enhance future sales and revenue[13]. Shareholder and Capital Management - The company successfully raised approximately HKD 39.9 million by issuing 350,000,000 shares at HKD 0.2 per share during its IPO on June 30, 2017[11]. - The company has no significant capital commitments or contingent liabilities as of December 31, 2023[31][32]. - There were no major acquisitions or disposals of subsidiaries or associates during the year[34]. - The group has no plans to declare any dividends for the year ending December 31, 2023[58]. Employee and Governance - The group employed 94 staff as of December 31, 2023, an increase from 90 staff in 2022[74]. - The company is committed to providing a safe and healthy work environment, ensuring competitive compensation and benefits for its employees[74]. - The company has a competitive compensation policy to attract and retain talent, with regular reviews based on market conditions and individual performance[76]. - The board of directors consists of eight members, with three being independent non-executive directors, exceeding the GEM listing rule requirement of at least one-third[142]. Environmental and Social Responsibility - The company is committed to reducing environmental impact by selecting fuel-efficient vehicles and adhering to strict food safety policies[191]. - The production facilities have obtained HACCP and GMP certifications to ensure compliance with food safety standards[191]. - The company aims to minimize environmental pollution through regular monitoring of operational data[191]. - The board of directors is dedicated to achieving profit targets while fulfilling social responsibilities[191]. Audit and Compliance - The auditor, Ernst & Young, will be proposed for reappointment at the upcoming annual general meeting[125]. - The audit committee reviewed the annual report, confirming compliance with applicable accounting standards and adequate disclosures[161]. - The independent non-executive directors confirmed that all related transactions were conducted in the ordinary course of business and on normal commercial terms[111]. - The company has adopted corporate governance practices in line with GEM listing rules and has complied with the code provisions throughout the year[126].

Financial Performance - For the year ended December 31, 2023, the total revenue was HKD 108,383,000, representing an increase of 16.2% compared to HKD 93,299,000 in 2022[6] - The operating loss before tax improved to HKD 2,536,000 from HKD 14,406,000, reflecting a significant reduction in losses[6] - The net loss for the year was HKD 3,104,000, a decrease of 77% compared to HKD 13,563,000 in the previous year[6] - Basic and diluted loss per share improved to HKD 0.23 from HKD 0.68, indicating a positive trend in financial performance[6] - The group reported a pre-tax loss of HKD 2,975,000 in 2023, significantly improved from a loss of HKD 14,959,000 in 2022[24] - The net loss for the year narrowed to HKD 3,104,000 in 2023 from HKD 13,563,000 in 2022, indicating a reduction of 77%[24] Revenue Breakdown - Total revenue for the food processing and trading segment increased to HKD 81,327,000 in 2023 from HKD 69,803,000 in 2022, representing a growth of 16.5%[24] - The restaurant segment generated revenue of HKD 29,310,000 in 2023, up from HKD 26,057,000 in 2022, marking an increase of 8.6%[24] - Overall customer contract revenue rose to HKD 108,383,000 in 2023, compared to HKD 93,299,000 in 2022, reflecting a growth of 16.2%[30] Cost and Expenses - The cost of goods sold was HKD 58,262,000, up from HKD 49,461,000, indicating a rise of 17.5%[6] - Employee benefit expenses increased slightly to HKD 27,281,000 from HKD 26,144,000, a rise of 4.4%[6] - The cost of consumed inventory increased to HKD 58,262,000 in 2023 from HKD 49,461,000 in 2022, reflecting a rise of approximately 17.5%[35] Assets and Liabilities - Total non-current assets decreased from HKD 96,981 thousand in 2022 to HKD 84,385 thousand in 2023, a decline of approximately 13%[9] - Current assets increased slightly from HKD 35,163 thousand in 2022 to HKD 36,243 thousand in 2023, an increase of about 3%[9] - Total current liabilities rose from HKD 20,607 thousand in 2022 to HKD 22,457 thousand in 2023, representing an increase of approximately 9%[9] - Non-current liabilities decreased significantly from HKD 21,661 thousand in 2022 to HKD 11,315 thousand in 2023, a reduction of about 48%[11] - The company’s total liabilities decreased from HKD 42,268 thousand in 2022 to HKD 33,772 thousand in 2023, a reduction of approximately 20%[11] - The total assets of the group decreased to HKD 120,628,000 in 2023 from HKD 132,144,000 in 2022, a decline of 8.7%[26] Corporate Governance - The company has adopted the corporate governance code as per GEM listing rules and has complied with the relevant provisions as of December 31, 2023[78] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements and confirmed compliance with applicable accounting standards[83] - The company has maintained a high standard of corporate governance, ensuring the best interests of shareholders are upheld[78] - The roles of the chairman and CEO are clearly separated to ensure a balance of power within the company[81] - The company secretary has been appointed to ensure compliance with corporate governance standards and facilitate communication[79] Future Plans and Strategies - The company is focused on improving operational efficiency and reducing losses in the upcoming fiscal year[6] - The group plans to maintain relationships with existing customers and expand its customer base to more restaurants and hotels[56] - The group aims to enhance logistics capabilities and redesign logistics routes and arrangements[56] - The group has entered into a joint venture agreement to establish a restaurant in Hong Kong, with an initial funding of HKD 3 million[50] - The group will act as the main supplier for all food and beverage materials for the joint venture's restaurants, which is expected to boost future sales and revenue[52]

Revenue Performance - For the nine months ended September 30, 2023, the group recorded revenue of approximately HKD 78.8 million, a decrease of about 4.5% compared to approximately HKD 82.5 million in the same period last year[12]. - Revenue from food processing and trading, including transportation services, was approximately HKD 56.8 million, down from HKD 63.7 million in 2022[12]. - Revenue from restaurant operations increased to approximately HKD 22.0 million, up from HKD 18.8 million in 2022[12]. - For the three months ended September 30, 2023, the company reported revenue of HKD 26,778,000, a slight increase of 1.35% compared to HKD 26,422,000 in the same period of 2022[33]. - For the nine months ended September 30, 2023, total revenue was HKD 78,808,000, a decrease of 4.3% from HKD 82,523,000 in the same period of 2022[33]. - The segment revenue from food processing and trading (including transportation services) was HKD 56,779,000, down 11.5% from HKD 63,675,000 in the previous year[53]. - The restaurant operations segment generated revenue of HKD 22,029,000, an increase of 16.0% from HKD 18,848,000 in the prior year[53]. Cost and Expenses - The cost of consumed inventory for the nine months was approximately HKD 42.2 million, compared to approximately HKD 52.3 million in the same period last year[13]. - The cost of goods sold for the three months ended September 30, 2023, was HKD 13,950,000, down 9.3% from HKD 15,397,000 in the previous year[33]. - The cost of goods sold for the nine months was HKD 42,242,000, down 19.2% from HKD 52,259,000 in the previous year[63]. - The total depreciation expense for the nine months was HKD 5,971,000, a decrease of 29.5% compared to HKD 8,403,000 in 2022[63]. - Employee benefit expenses increased to approximately HKD 20.1 million from approximately HKD 19.4 million in the previous year, primarily due to rising employee salaries[15]. Profit and Loss - The group recorded a loss before tax of approximately HKD 3.4 million, an improvement from a loss of approximately HKD 7.2 million in the previous year[13]. - The group reported a net loss of approximately HKD 3.8 million for the nine months, compared to a net loss of approximately HKD 7.5 million in the same period last year[17]. - The company recorded a loss before tax of HKD 565,000 for the three months ended September 30, 2023, an improvement from a loss of HKD 1,717,000 in the same period of 2022[33]. - Total comprehensive loss for the three months ended September 30, 2023, was HKD 82,000, compared to a loss of HKD 1,002,000 in the same period of 2022[34]. - The company’s total comprehensive loss for the nine months ended September 30, 2023, was HKD 1,821,000, compared to a loss of HKD 5,474,000 in the same period of 2022[34]. - The adjusted loss before tax for the nine months ended September 30, 2023, was HKD 3,762,000, significantly improved from a loss of HKD 7,593,000 in the same period of 2022[63]. - The company reported a tax provision based on an estimated taxable profit at a rate of 16.5%, consistent with the previous year[65]. Shareholder Information - As of September 30, 2023, major shareholder Jianjing Venture Limited holds 1,050,000,000 shares, representing 75% of the company's issued share capital[22]. - The company has not granted any share options under its share option scheme since its adoption on June 5, 2017[24]. - The board did not declare any dividends for the nine months ended September 30, 2023, consistent with the previous year[18]. - The company did not recommend any dividend payment for the nine months ended September 30, 2023, consistent with the previous year[66]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the report and confirmed compliance with applicable accounting standards[32]. - The company has adopted a code of conduct for securities transactions by directors, which complies with the GEM Listing Rules[28]. - The company has not reported any significant impact on its performance or financial position from the adoption of new and revised Hong Kong Financial Reporting Standards[46]. - The financial statements were approved and authorized for issue by the board on November 9, 2023[69]. Loss Per Share - The company’s basic and diluted loss per share for the three months ended September 30, 2023, was HKD 0.05, an improvement from HKD 0.09 in the same period of 2022[33]. - The basic loss per share for the three months ended September 30, 2023, was HKD 0.05, compared to HKD 0.09 for the same period in 2022, reflecting a 44.4% decrease[68]. - The basic loss per share for the nine months ended September 30, 2023, was HKD 0.26, down from HKD 0.46 in 2022, which is a 43.5% improvement[68]. - For the nine months ended September 30, 2023, the loss attributable to owners of the company was HKD 3,607,000, down from HKD 6,498,000 in 2022, indicating a 44.0% reduction in losses year-over-year[68]. - For the three months ended September 30, 2023, the company reported a loss attributable to owners of the company of HKD 655,000, compared to a loss of HKD 1,297,000 for the same period in 2022, representing a 49.3% improvement[68].

Winning Tower Group Holdings Limited 運 興 泰 集 團 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：8362） 截 至 二 零 二 三 年 九 月 三 十 日 止 九 個 月 的 第 三 季 度 業 績 公 告 香港聯合交易所有限公司（「聯交所」）GEM的特色 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公司 提供一個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險，並 應經過審慎周詳的考慮後方作出投資決定。GEM的較高風險及其他特色表示 GEM較適合專業及其他經驗豐富的投資者。 由於GEM上市公司新興的性質所然，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流 通量的市場。 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告的資料乃遵照GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有 關運興泰集團控股有限 ...

Revenue Performance - For the six months ended June 30, 2023, the group recorded revenue of approximately HKD 52.0 million, a decrease of about 7.3% compared to approximately HKD 56.1 million in the same period last year[12]. - Revenue from food processing and trading, including transportation services, was approximately HKD 37.5 million, down from HKD 44.8 million in 2022[12]. - Revenue from restaurant operations increased to approximately HKD 14.5 million, up from HKD 11.3 million in 2022[12]. - The joint venture company generated revenue of approximately HKD 8.9 million, an increase of 2.3% compared to the same period last year[7]. - Total revenue for the six months ended June 30, 2023, was HKD 52,030,000, a decrease of 7.4% from HKD 56,101,000 in the same period of 2022[72]. - Revenue from the food processing and trading segment (including transportation services) was HKD 37,498,000, down 16.4% from HKD 44,790,000 in the previous year[72]. - Restaurant operations generated revenue of HKD 14,532,000, an increase of 28.5% compared to HKD 11,311,000 in the prior year[72]. - The group’s customer contract revenue for the six months was HKD 52,030,000, down from HKD 56,101,000 in the same period of 2022[74]. Profitability and Loss - The group reported a gross profit of approximately HKD 23.7 million, with a gross profit margin of 45.6%, compared to HKD 19.2 million and 34.2% in 2022[14]. - The group incurred a net loss of approximately HKD 3.2 million for the period, an improvement from a net loss of approximately HKD 5.8 million in the same period last year[18]. - The company recorded an operating loss before tax of HKD 2,968,000 for the six months ended June 30, 2023, compared to a loss of HKD 5,582,000 for the same period in 2022, representing a 46.8% improvement[51]. - The net loss for the six months ended June 30, 2023, was HKD 3,197,000, a reduction of 45.6% from HKD 5,805,000 in the prior year[52]. - The group reported a pre-tax loss of HKD 2,952,000 for the six months ended June 30, 2023, compared to a loss of HKD 5,201,000 for the same period in 2022, representing a 43.5% improvement[86]. - The group recorded a total comprehensive loss of HKD 1,903,000 for the period, compared to a loss of HKD 4,472,000 in the prior year[57]. Expenses and Costs - Employee benefit expenses increased to approximately HKD 13.5 million from approximately HKD 12.6 million in the previous year, primarily due to rising employee salaries[16]. - The cost of goods sold for the six months ended June 30, 2023, was HKD 28,292,000, down 23.5% from HKD 36,862,000 in the previous year[51]. - The cost of consumed inventory decreased to HKD 28,292,000 for the six months ended June 30, 2023, down from HKD 36,862,000 in 2022, reflecting a reduction of 23.4%[81]. - Employee benefit expenses totaled HKD 13,506,000 for the six months ended June 30, 2023, an increase of 7.3% from HKD 12,585,000 in 2022[81]. Assets and Liabilities - As of June 30, 2023, the group's net current assets were approximately HKD 12.0 million, down from HKD 14.6 million as of December 31, 2022[20]. - Total liabilities decreased to HKD 39,966,000 from HKD 42,268,000, a reduction of 5.4%[55]. - The total equity as of June 30, 2023, was HKD 87,973,000, down from HKD 89,876,000 at the end of 2022, reflecting a decrease of 2.1%[55]. - Current assets totaled HKD 33,458,000, down 4.8% from HKD 35,163,000 at the end of 2022[54]. - The net current asset value decreased to HKD 11,995,000 from HKD 14,556,000, reflecting a decline of 17.6%[54]. - As of June 30, 2023, total non-current assets amounted to HKD 94,481,000, a decrease of 2.6% from HKD 96,981,000 as of December 31, 2022[54]. Financing and Capital Structure - Bank borrowings amounted to approximately HKD 3.4 million, compared to HKD 2.9 million as of December 31, 2022[20]. - The company's debt-to-equity ratio was approximately 3.6%, up from 3.0% as of December 31, 2022, with bank borrowings of approximately HKD 3.4 million and total equity of approximately HKD 93.7 million[21]. - The company has pledged leasehold land and buildings with a net book value of approximately HKD 59.8 million as collateral for bank financing[25]. - The company plans to use proceeds from property sales for repaying bank financing and expanding joint venture operations[31]. - The company issued 1,400,000,000 shares with a par value of HKD 0.01 per share, with no changes in capital structure since its listing[22]. Corporate Governance and Compliance - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2023[19]. - The company did not purchase, sell, or redeem any of its securities during the six months ended June 30, 2023[45]. - The company has adopted a code of conduct for securities transactions by directors, confirming compliance from all directors during the reporting period[46]. - The company has established an audit committee consisting of three independent non-executive directors to ensure compliance with applicable accounting standards[50]. - The company has committed to a non-competition agreement with its major shareholders to prevent direct or indirect competition in its core business[47]. - There were no interests held by directors or major shareholders in any competing businesses as of June 30, 2023[47]. Cash Flow and Financial Position - Cash flow from operating activities improved to HKD 1,562,000, up from HKD 293,000 in the previous year[58]. - The company’s cash and cash equivalents decreased to HKD 14,874,000 from HKD 21,562,000, a decline of 31.1%[59]. - New bank loans amounted to HKD 666,000, while repayments totaled HKD 171,000, indicating ongoing financing activities[59]. - The group maintained strict monitoring of trade receivables to minimize credit risk, with overdue balances reviewed regularly by senior management[90]. Other Information - As of June 30, 2023, the company had no significant contingent liabilities, capital commitments, or major acquisitions or disposals of subsidiaries and associates[24][27][28]. - There were no significant events occurring after the six-month period ending June 30, 2023[36]. - The effective tax rate for the group remained at 16.5% for the six months ended June 30, 2023, consistent with the previous year[83]. - The group has no significant currency risk as most transactions are denominated in HKD and USD, which are stable against each other[26].

Winning Tower Group Holdings Limited 運 興 泰 集 團 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：8362） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯 交所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司 的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買 賣之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高 流通量的市場。 香港交易及結算所有限公司及聯交所對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在 提供有關運興泰集團控股有限公司（「本公司」，連同其附屬公司為「本集團」）的 資料。 ...

Revenue Performance - For the first quarter of 2023, the company recorded revenue of approximately HKD 26.3 million, a decrease of about 4.7% compared to HKD 27.6 million in the same period last year[9]. - Revenue from processed and traded food, including transportation services, was approximately HKD 19.0 million, down from HKD 22.7 million year-on-year[9]. - Revenue from restaurant operations increased to approximately HKD 7.3 million, compared to HKD 4.9 million in the previous year, indicating a growth of about 48.98%[9]. - For the three months ended March 31, 2023, total revenue was HKD 26,339,000, a decrease of 4.4% compared to HKD 27,557,000 for the same period in 2022[48]. - Total customer contract revenue for the three months ended March 31, 2023, was HKD 26,339,000, a decrease of 4.4% from HKD 27,557,000 in the same period of 2022[50]. - Revenue from food sales was HKD 19,018,000 for the three months ended March 31, 2023, down 15.8% from HKD 22,391,000 in 2022[50]. - Restaurant operation revenue increased to HKD 7,305,000 in Q1 2023, up 49.5% from HKD 4,884,000 in Q1 2022[50]. Cost and Expenses - The cost of consumed inventory for the quarter was approximately HKD 14.6 million, a decrease of about 18.9% from HKD 18.0 million in the same period last year[10]. - The cost of goods sold for the same period was HKD 14,586,000, down from HKD 17,957,000, reflecting a reduction of 18.8%[28]. - Total depreciation expense for the group was HKD 1,970,000 for the three months ended March 31, 2023, compared to HKD 2,814,000 in the same period of 2022[56]. - Employee benefit expenses increased to approximately HKD 6.9 million, up from HKD 6.1 million year-on-year, due to salary increases implemented in the second half of 2022[12]. Profit and Loss - The company reported a pre-tax loss of approximately HKD 1.6 million, an improvement from a loss of about HKD 3.2 million in the same period last year[10]. - The company recorded an operating loss before tax of HKD 1,647,000, an improvement from a loss of HKD 3,190,000 in the previous year, indicating a 48.3% reduction in losses[28]. - The net loss for the quarter was approximately HKD 1.8 million, compared to a loss of HKD 3.3 million in the same period last year, reflecting a reduction in losses[14]. - The net loss for the period was HKD 1,766,000, compared to a net loss of HKD 3,298,000 in the prior year, representing a 46.4% decrease[28]. - The group reported a pre-tax loss of HKD 1,514,000 for the three months ended March 31, 2023, compared to a loss of HKD 2,766,000 in the same period of 2022[61]. - The total comprehensive loss for the period was HKD 1,119,000, compared to a total comprehensive loss of HKD 2,632,000 for the same period in 2022, indicating a significant reduction in losses[45]. Shareholder Information - As of March 31, 2023, the major shareholder, Jianjing Venture Capital Limited, held 1,050,000,000 shares, representing 75% of the issued share capital[18]. - The company did not purchase, sell, or redeem any of its securities during the three months ended March 31, 2023[22]. - The company has not granted any share options under its share option scheme since its adoption on June 5, 2017[20]. Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules during the financial year up to March 31, 2023[25]. - The audit committee, consisting of three independent non-executive directors, has reviewed the report and confirmed compliance with applicable accounting standards[26]. Future Outlook - The company aims to maintain its customer base while seeking new business opportunities and expanding its refrigeration capacity to support business growth[8]. - The company is focused on continuous development through operational improvements and market expansion strategies[8]. - The company continues to focus on its core business of food processing and restaurant operations, with plans for future market expansion and product development[32]. Financial Reporting - The financial data presented is unaudited and prepared in accordance with the applicable disclosure requirements of the GEM Listing Rules[35]. - The report will be available on the Hong Kong Stock Exchange website for at least seven days from the date of publication[3]. - Basic and diluted loss per share for the company was HKD 0.11, improved from HKD 0.20 in the same quarter of 2022[28]. - Basic loss per share for the three months ended March 31, 2023, was HKD 0.11, an improvement from HKD 0.20 in 2022[62]. - The group did not recommend any dividend payment for the three months ended March 31, 2023[59]. - The group’s tax provision for the period was calculated at a rate of 16.5%, consistent with the previous year[58]. - The group’s revenue recognition for food sales occurs at the point of delivery, with payment typically due within 30 to 45 days[52].