Revenue Performance - For the three months ended March 31, 2022, the group recorded revenue of approximately HKD 27.6 million, an increase of about 48.6% compared to approximately HKD 18.5 million in the same period last year[8]. - The increase in revenue was primarily due to heightened demand for fresh and frozen food products driven by the fifth wave of the pandemic, as well as the expansion into new trading and processing businesses[8]. - Approximately HKD 22.7 million of the revenue came from processing and trading food (including transportation services), compared to HKD 13.5 million in the previous year[8]. - Revenue for the first quarter of 2022 was HKD 27,557,000, an increase of 48.6% compared to HKD 18,548,000 in the same period of 2021[28]. - Total customer contract revenue for the three months ended March 31, 2022, was HKD 27,557,000, representing a 48.5% increase from HKD 18,548,000 in the same period of 2021[47]. - Revenue from the food processing and trading segment (including transportation services) was HKD 22,673,000, up 67.5% from HKD 13,529,000 year-on-year[46]. - Restaurant operations generated revenue of HKD 4,884,000, a slight decrease of 2.7% from HKD 5,019,000 in the previous year[46]. Cost and Expenses - The cost of consumed inventory for the three months was approximately HKD 18.0 million, an increase of about 74.8% from HKD 10.3 million in the same period last year[9]. - The cost of goods sold was HKD 17,957,000, up from HKD 10,282,000, reflecting a 74.5% increase year-over-year[28]. - The group incurred total depreciation expenses of HKD 2,814,000, slightly up from HKD 2,724,000 in the prior year[54]. - Employee benefit expenses for the three months were approximately HKD 6.1 million, an increase from approximately HKD 5.3 million in the previous year, attributed to an increase in the number of restaurant staff[10]. - The company reported an increase in employee benefits expenses to HKD 6,116,000 from HKD 5,309,000, which is a rise of 15.2%[28]. Profit and Loss - The group recorded a pre-tax loss of approximately HKD 3.2 million, compared to a loss of approximately HKD 3.9 million in the same period last year[9]. - The group recorded a net loss of approximately HKD 3.3 million for the period, compared to a loss of approximately HKD 3.8 million in the same period last year[13]. - The operating loss before tax for the first quarter was HKD 3,190,000, a decrease from HKD 3,902,000 in the previous year, indicating an improvement of 18.2%[28]. - The net loss for the period was HKD 3,298,000, compared to HKD 3,792,000 in the same quarter of 2021, representing a reduction of 13.0%[29]. - Total comprehensive loss attributable to owners of the company was HKD 2,100,000, compared to HKD 3,016,000 in the previous year, reflecting a decrease of 30.4%[29]. - Basic and diluted loss per share was HKD 0.20, an improvement from HKD 0.26 in the prior year[28]. - Basic loss per share for the three months ended March 31, 2022, was HKD 0.20, an improvement from HKD 0.26 in the same period of 2021[58]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors, which has reviewed the report and ensured compliance with applicable accounting standards[27]. - The company has adopted corporate governance principles and has complied with the relevant code provisions during the fiscal year ending March 31, 2022[25]. - All directors confirmed compliance with the company's adopted trading code during the fiscal year ending March 31, 2022[23]. - The company has appointed a company secretary to ensure compliance with relevant laws and regulations[26]. - No directors or major shareholders have interests in any competing businesses as of March 31, 2022[24]. - There are no registered interests or short positions held by directors or senior management in the company or its affiliates as of March 31, 2022[20]. Shareholder Information - As of March 31, 2022, major shareholder Jianjing Venture Limited holds 1,050,000,000 shares, representing 75% of the company's issued share capital[17]. - The company has not purchased, sold, or redeemed any of its securities during the three months ending March 31, 2022[22]. - No stock options have been granted under the stock option plan since its adoption on June 5, 2017[19]. - The stock option plan is valid for ten years from the adoption date, which is June 5, 2017[18]. - The group did not recommend any dividend payment for the three months ended March 31, 2022[56]. - The effective tax rate remained at 16.5% for the period, consistent with the previous year[55].

Business Strategy and Performance - The company diversified its business strategy into the food and beverage sector to mitigate the impact of COVID-19 on its existing processed food supply business[9]. - The company established a joint venture with Rongshi Global Holdings Limited, owning 55% and 45% respectively, to participate in the food and beverage industry in Hong Kong[11]. - A new joint venture was formed with Tianjiao Limited, where the company holds a 60% stake, to operate its first restaurant in Hong Kong, with initial funding of HKD 3 million[12]. - The company anticipates a better performance in 2022 as it expects recovery from the COVID-19 pandemic, with significant growth in its restaurant business[9]. - The company is optimistic about the gradual recovery of the food and beverage industry post-COVID-19, aided by vaccination efforts[9]. - The company reported that its business has emerged from the low point caused by the pandemic, indicating a positive trend in performance[9]. - The company aims to enhance its business performance and results in the coming years, reflecting a commitment to growth and recovery[9]. - The company’s management has expressed gratitude for shareholder support during challenging times, emphasizing a focus on improved business outcomes[9]. Financial Performance - The group recorded revenue of approximately HKD 86.0 million for the year ended December 31, 2021, representing a 12.0% increase from approximately HKD 76.8 million in the previous year[20]. - Revenue from food processing and trading was approximately HKD 59.4 million, while revenue from restaurant operations was approximately HKD 26.6 million, up from HKD 11.1 million in the previous year[20]. - The group incurred a loss before tax of approximately HKD 25.6 million for the year, compared to a loss of approximately HKD 6.7 million in the previous year[21]. - Employee benefit expenses increased to approximately HKD 24.3 million from approximately HKD 18.2 million in the previous year due to an increase in restaurant staff[23]. - The group's net current assets were approximately HKD 20.5 million as of December 31, 2021, down from HKD 34.5 million in the previous year[27]. - The debt-to-equity ratio was approximately 3.0% as of December 31, 2021, compared to 2.9% in the previous year[28]. - The group reported a loss for the year ended December 31, 2021, with financial details available in the financial statements on pages 50 to 129[61]. - As of December 31, 2021, the company's distributable reserves amounted to approximately HKD 73,155,000, down from HKD 91,108,000 in 2020[63]. - The company did not recommend any final dividend for the year ended December 31, 2021[62]. Investments and Acquisitions - The group has utilized HKD 22.0 million for the acquisition of new premises and HKD 8.8 million for renovations for refrigeration equipment as planned[17]. - The group has acquired two properties and completed renovation works, exceeding the initial goal of acquiring one new factory[19]. - The company completed the sale of two properties for a total consideration of HKD 45,516,400, with individual prices of HKD 27,645,000 and HKD 17,871,400 for the respective units[39]. - Approximately HKD 22.4 million from the sale proceeds was used to repay bank borrowings, while HKD 17.5 million was allocated for settling import procurement deposits, and HKD 3.9 million was invested in expanding joint venture operations[40]. - There were no significant acquisitions, disposals, or major investments during the year ended December 31, 2021[70]. Corporate Governance - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors[133]. - The audit committee held four meetings during the year ending December 31, 2021, with full attendance from all members[151]. - The external auditor, Ernst & Young, charged HKD 1,200,000 for audit services and HKD 140,000 for non-audit services for the year ending December 31, 2021[152]. - The remuneration committee held one meeting during the year ending December 31, 2021, with all members present[154]. - The board is responsible for approving and monitoring the overall strategy and policies of the group[137]. - The company has arranged appropriate liability insurance for its directors and senior officers[143]. - The board members were provided with timely and sufficient information to perform their duties effectively[145]. - The company’s directors are required to retire and seek re-election at least once every three years[131]. - The board authorized executive directors and senior management to handle daily operations, while certain significant matters still require board approval[139]. - The company’s governance report indicates no significant financial, business, familial, or other relationships among board members[134]. - The company has adopted a remuneration policy for directors based on experience, responsibilities, workload, and time commitment, with annual adjustments made by the remuneration committee and board[156]. - The Nomination Committee was established on June 5, 2017, and is responsible for recommending candidates to fill board vacancies and assessing the independence of non-executive directors[157]. - The board has implemented a diversity policy for its members, considering factors such as gender, age, cultural background, and professional experience during the selection process[160]. - The board is responsible for internal controls and risk management, ensuring that the internal control system is effective and sufficient, with annual reviews conducted[161]. - The internal audit department, composed of qualified professionals, evaluates the risk management and internal control systems annually, reporting findings to the board[162]. Environmental and Social Responsibility - The total fuel consumption of the company's truck fleet during the reporting period was 32,641 liters[178]. - The total greenhouse gas emissions from mobile source fuel (road transport) amounted to 85,297 kg of CO2[181]. - The company's annual electricity consumption was 1,218,826 kWh, resulting in 768,674.97 kg of CO2 emissions from energy indirect emissions[182]. - The company produced a total of 9,021 cubic meters of potable water and wastewater during the reporting period[184]. - The company generated 5,259.94 kg of CO2 from office paper waste and 24,936 kg from factory paper waste[186]. - The company has implemented measures to reduce emissions, such as minimizing office lighting and air conditioning during lunch hours[188]. - The company is committed to using energy-efficient lighting and appliances, opting for products rated as level one under the Hong Kong Electrical and Mechanical Services Department's mandatory energy efficiency labeling scheme[191]. - The company has a systematic approach to phasing out less environmentally friendly trucks and considers fuel efficiency when selecting new vehicles[177]. - The company emphasizes stakeholder engagement and feedback to improve its environmental, social, and governance practices[174]. - The group has implemented occupational health and safety policies, providing regular training to enhance employee awareness of operational safety[196]. - The group strictly prohibits child labor and forced labor, ensuring compliance with the Employment Ordinance and other applicable regulations[196]. - The group evaluates suppliers based on environmental and social performance, ensuring stable product supply and quality[197]. - The production facilities are designed according to HACCP principles to ensure strict adherence to food safety policies[197]. - The group has established anti-corruption guidelines and a code of conduct, prohibiting employees from accepting benefits from suppliers or customers[197]. - The group encourages employee participation in community and charitable services, receiving the Caring Company Logo for its efforts[198].

Revenue Performance - For the nine months ended September 30, 2021, the group recorded revenue of approximately HKD 58.7 million, an increase of about 6.5% compared to approximately HKD 55.1 million in the same period last year[9]. - For the three months ended September 30, 2021, the company reported revenue of HKD 22,233,000, an increase of 28.4% compared to HKD 17,343,000 for the same period in 2020[29]. - For the nine months ended September 30, 2021, the company achieved revenue of HKD 58,733,000, up 6.0% from HKD 55,112,000 in the same period of 2020[29]. - Revenue from food processing and trading for the nine months ended September 30, 2021, was HKD 40,929,000, down 17% from HKD 49,347,000 in 2020[51]. - Restaurant operations revenue increased significantly to HKD 17,804,000 for the nine months ended September 30, 2021, compared to HKD 5,765,000 in 2020, representing a growth of 209%[51]. Loss and Expenses - The group incurred a loss before tax of approximately HKD 12.5 million for the nine months ended September 30, 2021, compared to a loss of approximately HKD 6.4 million in the same period last year[11]. - The group recorded a net loss of approximately HKD 14.0 million for the nine months ended September 30, 2021, compared to a net loss of approximately HKD 6.8 million in the same period last year[14]. - The company reported a loss before tax of HKD 12,909,000 for the nine months ended September 30, 2021, compared to a loss of HKD 6,970,000 in 2020[57]. - The company reported a loss of HKD 6,668,000 for the three months ended September 30, 2021, compared to a loss of HKD 2,154,000 for the same period in 2020, representing an increase in loss of 209%[30]. - The total comprehensive expenses for the three months ended September 30, 2021, amounted to HKD 6,075,000, compared to HKD 1,656,000 for the same period in 2020, indicating a rise of 267%[30]. Employee Benefits - Employee benefits expenses increased from approximately HKD 13.5 million to approximately HKD 17.6 million, primarily due to an increase in the number of employees in the restaurant business[12]. - The company reported employee benefit expenses of HKD 6,589,000 for the three months ended September 30, 2021, an increase of 60.6% from HKD 4,103,000 in the same period of 2020[29]. Tax and Dividends - The income tax expense for the nine months ended September 30, 2021, was approximately HKD 1.1 million, compared to a tax credit of approximately HKD 0.2 million in the same period last year[13]. - The board did not declare any dividends for the nine months ended September 30, 2021, compared to a dividend of HKD 0.01 per share in the same period last year[8]. - The company did not declare or pay any dividends for the nine months ended September 30, 2021, compared to HKD 14,000,000 in dividends declared in 2020[62]. Financial Position - The company's total equity as of September 30, 2021, was HKD 111,660,000, a decrease from HKD 122,100,000 as of September 30, 2020[34]. - The company’s retained earnings showed a cumulative loss of HKD 2,548,000 as of September 30, 2021, compared to HKD 8,868,000 as of September 30, 2020[34]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules throughout the review period[26]. - The financial data presented is unaudited and prepared in accordance with the applicable disclosure requirements of the GEM Listing Rules[38]. Business Development - The group aims to adopt a pragmatic and proactive approach to develop its business and enhance profitability for shareholders[7]. - The company has not reported any significant new product developments or market expansions in the current financial period[67]. Joint Ventures - The group entered into a joint venture agreement with Tian Jiao Limited, with an initial investment of HKD 3 million to establish the first joint venture restaurant in Hong Kong[7].

Joint Ventures and Partnerships - The joint venture with 荣式 generated approximately HKD 9.8 million in revenue for the six months ended June 30, 2021, representing a 139% increase compared to the same period last year[6]. - The company entered into a joint venture agreement with 天炅, where the company holds a 60% stake and 天炅 holds 40%, with an initial funding of HKD 3 million for establishing the first joint venture restaurant in Hong Kong[7]. - The company plans to be the exclusive supplier of all food and beverage materials for the joint venture's restaurants, which is expected to enhance future sales and revenue[9]. Financial Performance - The group recorded revenue of approximately HKD 36.5 million for the six months ended June 30, 2021, a decrease of about 3.4% compared to approximately HKD 37.8 million in the same period last year[13]. - The group recorded a net loss of approximately HKD 7.3 million for the six months ended June 30, 2021, compared to a net loss of approximately HKD 4.6 million in the same period last year[18]. - The loss before tax for the six months ended June 30, 2021, was HKD 7,929,000, compared to a loss of HKD 5,154,000 in the same period of 2020, indicating a deterioration in performance[86]. - The company reported a net loss of HKD 7,312,000 for the six months ended June 30, 2021, compared to a net loss of HKD 4,648,000 in the prior year[86]. - The company reported a pre-tax loss of HKD 7,929,000 for the six months ended June 30, 2021, compared to a pre-tax loss of HKD 5,154,000 for the same period in 2020, indicating an increase in losses of approximately 53.5%[60]. Revenue Breakdown - Sales to external customers in the food processing and trading segment were HKD 26,483,000, down from HKD 33,660,000 in the previous year, reflecting a decline of 21.5%[81]. - Restaurant operations generated revenue of HKD 10,017,000 for the six months ended June 30, 2021, compared to HKD 4,109,000 in 2020, representing an increase of 143.5%[81]. Cost and Expenses - The cost of consumed inventory and operating loss before tax for the six months ended June 30, 2021, were approximately HKD 20.7 million and HKD 7.7 million, respectively, compared to approximately HKD 24.2 million and HKD 4.8 million in the same period last year[14]. - The cost of goods sold for the six months ended June 30, 2021, was HKD 20,746,000, down 14.5% from HKD 24,241,000 in 2020[49]. - Employee benefits expenses totaled HKD 10,977,000 for the six months ended June 30, 2021, compared to HKD 9,378,000 in the previous year, reflecting an increase of 17.0%[86]. - The company incurred total operating expenses of HKD 6,126,000 for the six months ended June 30, 2021, compared to HKD 3,652,000 in the same period of 2020, marking a 67.5% increase[50]. Assets and Liabilities - As of June 30, 2021, the group's current assets net value was approximately HKD 26.9 million, down from HKD 34.5 million as of December 31, 2020[20]. - Total assets less current liabilities as of June 30, 2021, were HKD 144,099,000, slightly down from HKD 144,534,000 as of December 31, 2020[53]. - Non-current assets totaled HKD 117,198,000 as of June 30, 2021, an increase of 6.5% from HKD 110,067,000 at the end of 2020[52]. - The company’s total equity as of June 30, 2021, was HKD 117,735,000, down from HKD 123,861,000 at the end of 2020, reflecting a decrease of 5%[53]. - The company’s total equity as of June 30, 2021, was HKD 138,056,000, down from HKD 141,708,000 as of January 1, 2020, representing a decrease of approximately 2.3%[57]. Cash Flow and Financing - Cash flow from operating activities for the six months ended June 30, 2021, was HKD 1,020,000, a decrease of 81.0% from HKD 5,369,000 in the same period of 2020[60]. - The company reported a net cash outflow from financing activities of HKD 743,000 for the six months ended June 30, 2021, compared to HKD 2,670,000 in the same period of 2020, indicating a reduction of approximately 72.1%[62]. - The company received a loan of HKD 1,200,000 from a non-controlling shareholder during the six months ended June 30, 2021, which was not present in the same period of 2020[62]. Shareholder and Governance - As of June 30, 2021, the major shareholder, Jianjing Venture Limited, holds 1,050,000,000 shares, representing 75% of the company's issued share capital[38]. - The company has not granted any share options under its share option scheme since its adoption on June 5, 2017[39]. - The company has adopted a code of conduct for securities transactions by directors, which complies with the GEM Listing Rules[43]. - The company has established an audit committee consisting of three independent non-executive directors, which has reviewed the report and confirmed compliance with applicable accounting standards[47]. Employee and Management - The group employed 67 full-time employees as of June 30, 2021, an increase from 41 employees in the same period last year[33]. - The total remuneration for key management personnel increased to HK$2,457,000 for the six months ended June 30, 2021, up 10.4% from HK$2,225,000 for the same period in 2020[107]. Dividends and Other Comprehensive Income - The group did not declare an interim dividend for the six months ended June 30, 2021[19]. - The company reported other comprehensive income of HKD 1,186,000 for the six months ended June 30, 2021, compared to HKD 996,000 in the same period of 2020, representing an increase of 19.1%[50].

Financial Performance - For the three months ended March 31, 2021, the group recorded revenue of approximately HKD 17.8 million, a decrease of about 21.2% compared to approximately HKD 22.6 million in the same period last year[9] - The group reported a pre-tax loss of approximately HKD 3.9 million, compared to a loss of about HKD 2.0 million in the same period last year[10] - The net loss for the period was approximately HKD 3.8 million, compared to a loss of about HKD 2.0 million in the same period last year[13] - The decrease in revenue was primarily due to the ongoing impact of the COVID-19 pandemic, which led to weak demand for the company's products[9] - The company reported total comprehensive loss of HKD 3,199,000 for the period, compared to HKD 1,515,000 in the previous year[27] - The loss for the period was HKD 3,792,000, compared to a loss of HKD 2,013,000 in the previous year, indicating a significant increase in losses[45] - The adjusted loss before tax for the group was HKD 4,001,000, compared to HKD 2,184,000 in the previous year, reflecting a worsening financial performance[45] Revenue Breakdown - Revenue from the food processing and trading segment was HKD 13,502,000, down 35.0% from HKD 20,779,000 in the prior year[45] - Revenue from restaurant operations was HKD 4,799,000, an increase from HKD 1,995,000 in the same period last year[45] - Revenue from food processing and trading was HKD 12,201,000, down 38.1% from HKD 19,730,000 year-on-year[48] - Restaurant operations generated revenue of HKD 4,799,000, an increase of 140.4% compared to HKD 1,995,000 in the previous year[48] Cost and Expenses - The cost of consumed inventory for the same period was approximately HKD 10.3 million, a decrease of about 29.5% from HKD 14.6 million in the previous year[10] - The cost of goods sold was HKD 10,282,000, down from HKD 14,602,000 in the previous year, reflecting a 29.5% reduction[26] - Depreciation expenses for property, plant, and equipment amounted to HKD 1,363,000, an increase of 17.5% from HKD 1,160,000 in 2020[53] Shareholder Information - As of March 31, 2021, the major shareholder, Jianjing Venture Capital Limited, held 1,050,000,000 shares, representing 75% of the issued share capital[16] - Basic and diluted loss per share was HKD 0.26, compared to HKD 0.15 for the same period last year[26] - The average number of issued ordinary shares for the calculation of basic loss per share was 1,400,000 shares, unchanged from the previous year[59] Corporate Governance and Compliance - The company has adopted the corporate governance code as per GEM Listing Rules and confirmed compliance for the fiscal year[23] - The group did not recommend any dividend for the three months ended March 31, 2021[56] Market Conditions and Strategy - The group continues to monitor the market conditions and adjust its strategies accordingly in response to the pandemic[8] - The company continues to focus on expanding its food processing and restaurant services despite the challenges faced during the period[40] - The group operates primarily in Hong Kong, engaging in the processing and sale of fresh, frozen, and cooked food, as well as providing transportation services and operating restaurants[8] - The group operates primarily in Hong Kong, with all external customer revenue generated in this region[45] Other Information - The company had no share options granted under the share option scheme since its adoption on June 5, 2017[18] - There were no significant mergers or acquisitions reported during the period[8] - There were no purchases, sales, or redemptions of the company's securities during the three months ended March 31, 2021[20] - The group’s total equity as of March 31, 2021, was HKD 137,937,000, a decrease from HKD 141,708,000 as of March 31, 2020[31] - The company’s cash and cash equivalents decreased to HKD 27,808,000 from HKD 29,846,000 year-over-year[31] - The group’s tax provision was calculated at a rate of 16.5%, consistent with the previous year[55]

Business Performance and Challenges - The company faced significant challenges in 2020 due to the COVID-19 pandemic, which led to a substantial reduction in flight operations and local restaurant orders, impacting its main business of airline catering [6]. - The group recorded revenue of approximately HKD 76.8 million for the year ended December 31, 2020, a decrease of about 43.0% compared to approximately HKD 134.7 million in the same period last year, primarily due to a significant decline in product demand caused by COVID-19 [14]. - The group recorded a net loss of approximately HKD 6.2 million for the year ended December 31, 2020, compared to approximately HKD 9.3 million in the same period last year [19]. - The cost of consumed inventory and operating loss before tax for the year ended December 31, 2020, were approximately HKD 49.4 million and HKD 6.7 million, respectively, compared to approximately HKD 90.8 million and HKD 8.4 million in the previous year [15]. - Employee benefit expenses decreased from approximately HKD 21.3 million in the previous year to approximately HKD 18.2 million due to a reduction in the number of employees [17]. Financial Position and Capital Management - As of December 31, 2020, the group's current assets net value was approximately HKD 34.5 million, down from HKD 75.1 million in 2019, including bank cash of approximately HKD 29.1 million [21]. - The group's debt-to-equity ratio as of December 31, 2020, was approximately 0.03, down from 0.18 in 2019, based on bank loans of approximately HKD 3.6 million and total equity of approximately HKD 123.9 million [22]. - The company has maintained a prudent treasury policy to ensure a healthy liquidity position and closely monitors its cash flow situation [25]. - The company plans to use proceeds from property sales, approximately HKD 45.5 million, to repay certain bank borrowings and expand joint venture operations [34]. Strategic Initiatives and Future Plans - The company plans to adapt its business strategy by focusing on online sales to mitigate losses and align with changing customer purchasing habits [6]. - The company aims to maintain its customer base while seeking new business opportunities and enhancing its refrigeration capacity to expand production capacity [10]. - The company is exploring new opportunities for product development and potential synergies to diversify and enhance existing operations [62]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025 [41]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market share by 10% [41]. Corporate Governance and Compliance - The company has confirmed that all information in the report is accurate and complete, with no misleading or fraudulent elements [2]. - The board of directors includes independent non-executive directors who have confirmed their independence as per GEM listing rules [66]. - The company has adopted the corporate governance code principles and has complied with the code provisions throughout the year ended December 31, 2020 [118]. - The company has confirmed that all directors have complied with the securities trading code from the listing date to December 31, 2020 [120]. - The company has adopted a clear separation of roles between the chairman and the CEO to ensure a balance of power [119]. Environmental and Social Responsibility - The company emphasizes the importance of stakeholder engagement and regularly collects feedback on its environmental, social, and governance practices [164]. - The company is committed to balancing financial performance with sustainable business development, indicating no dividends will be distributed in the short term due to anticipated investments [159]. - The company has implemented systematic measures to phase out less environmentally friendly trucks and considers fuel efficiency when selecting new vehicles [167]. - The group emphasizes energy efficiency by using energy-saving bulbs and LED lighting systems [181]. - The group participated in community service and received the Caring Company Logo for its efforts [188]. Employee Engagement and Compensation - Employee satisfaction scores improved by 15%, reflecting enhanced workforce engagement initiatives [41]. - The company maintains competitive compensation levels, with employee remuneration linked to performance [71]. - The group encourages employee participation in training and development to enhance personal capabilities [186]. - The group adheres to strict recruitment procedures, prohibiting child labor and forced labor [186]. Audit and Financial Reporting - The audit committee reviewed the annual report and confirmed compliance with applicable accounting standards and adequate disclosures [140]. - The audit opinion is based on sufficient and appropriate audit evidence obtained during the audit process [192]. - The group must prepare financial statements that reflect a true and fair view in accordance with the Hong Kong Financial Reporting Standards [199]. - The group engaged external valuers to assess the fair value of its properties, ensuring the qualifications and capabilities of these valuers were reviewed [195]. Shareholder Information and Dividends - No final dividend was recommended for the year ended December 31, 2020; however, a quarterly dividend of HKD 0.01 per share was declared on October 28, 2020, totaling HKD 14,000,000 [55]. - As of December 31, 2020, the company's distributable reserves amounted to approximately HKD 91,108,000, down from HKD 104,454,000 in 2019 [56]. - The company encourages shareholder participation in meetings and aims to respond promptly to inquiries from shareholders [158].

Revenue Performance - For the nine months ended September 30, 2020, the group recorded revenue of approximately HK$55.1 million, a decrease of about 45.0% compared to approximately HK$100.1 million in the same period last year, primarily due to a significant decline in product demand caused by COVID-19[9] - For the three months ended September 30, 2020, the company reported revenue of HKD 17,343,000, a decrease of 47.1% compared to HKD 32,740,000 for the same period in 2019[29] - For the nine months ended September 30, 2020, the company reported revenue of HKD 55,112,000, a decrease of 45.0% compared to HKD 100,105,000 for the same period in 2019[29] - Revenue from food processing and trading was HKD 49,983,000 for the nine months ended September 30, 2020, down 50% from HKD 99,722,000 in 2019[51] - Restaurant operations generated revenue of HKD 5,765,000 for the nine months ended September 30, 2020, compared to HKD 445,000 in 2019, indicating significant growth[51] Loss and Financial Performance - The group reported a pre-tax loss of approximately HK$6.4 million for the nine months ended September 30, 2020, compared to a pre-tax loss of approximately HK$2.1 million in the same period last year[10] - The group recorded a net loss of approximately HK$6.8 million for the nine months ended September 30, 2020, compared to a net loss of approximately HK$2.8 million in the same period last year[14] - The company incurred a loss before tax of HKD 6,970,000 for the nine months ended September 30, 2020, compared to a loss of HKD 2,557,000 for the same period in 2019[29] - The company reported an operating loss before tax of HKD 6,394,000 for the nine months ended September 30, 2020, compared to a loss of HKD 2,074,000 for the same period in 2019[29] - The company reported a loss of HKD 2,154,000 for the three months ended September 30, 2020, compared to a loss of HKD 530,000 in the same period of 2019, representing an increase in loss of 307%[30] - For the nine months ended September 30, 2020, the loss was HKD 6,802,000, up from a loss of HKD 2,827,000 in 2019, indicating a 141% increase in loss[30] - The total loss attributable to shareholders for the three months ended September 30, 2020, was HKD 2,132,000, compared to HKD 483,000 in the same period of 2019[64] - For the nine months ended September 30, 2020, the total loss attributable to shareholders was HKD 6,978,000, compared to HKD 2,698,000 in 2019, showing a substantial increase in losses[64] Expenses and Costs - The cost of consumed inventory for the nine months ended September 30, 2020, was approximately HK$35.7 million, down from approximately HK$67.2 million in the same period last year, reflecting the decrease in revenue[10] - Employee benefit expenses decreased to approximately HK$13.5 million for the nine months ended September 30, 2020, down from approximately HK$18.4 million in the same period last year, mainly due to a reduction in the number of employees[11] - The company incurred total employee benefit expenses of HKD 13,481,000 for the nine months ended September 30, 2020, down from HKD 18,423,000 in 2019[56] Shareholder Information - The board declared a dividend of HK$0.01 per share, amounting to HK$14 million, compared to no dividend in the previous year[8] - The company declared a quarterly dividend of HKD 0.01 per share, totaling HKD 14,000,000 for the nine months ended September 30, 2020[61] - The company paid dividends of HKD 300,000 during the period, impacting retained earnings[32] Equity and Retained Earnings - The company’s retained earnings as of September 30, 2020, were HKD 22,568,000, down from HKD 29,846,000 at the beginning of the year, a reduction of 24%[32] - The total equity attributable to the owners of the company as of September 30, 2020, was HKD 133,693,000, compared to HKD 139,477,000 at the beginning of the year, a decrease of 4%[32] Compliance and Governance - The company has adopted a code of conduct for securities transactions by directors, which complies with GEM Listing Rules[24] - The company has established an audit committee consisting of three independent non-executive directors to review the report and ensure compliance with applicable accounting standards[27] - The financial data presented is unaudited and prepared in accordance with the GEM Listing Rules and Hong Kong Financial Reporting Standards[39] - The financial statements were approved and authorized for issue by the board of directors on October 28, 2020[65] Tax and Income - Interest income for the nine months ended September 30, 2020, was HKD 925,000, compared to HKD 183,000 in 2019, reflecting an increase[56] - The effective tax rate remained at 16.5% for the nine months ended September 30, 2020, consistent with the previous year[58] Loss Per Share - The basic and diluted loss per share for the nine months ended September 30, 2020, was HKD 0.50, compared to HKD 0.19 for the same period in 2019[29] - The company reported a basic loss per share of HKD (0.15) for the three months ended September 30, 2020, compared to HKD (0.03) for the same period in 2019, indicating a significant increase in losses[64] - The weighted average number of shares used for calculating basic loss per share remained constant at 1,400,000 shares for both periods under review[64]

Financial Performance - The group recorded revenue of approximately HKD 37.8 million for the six months ended June 30, 2020, a decrease of about 43.9% compared to approximately HKD 67.4 million in the same period last year, primarily due to a significant decline in product demand caused by COVID-19[10] - The company reported total comprehensive loss of HKD 3,652,000 for the six months, compared to HKD 2,011,000 in 2019, reflecting a 82% increase in comprehensive losses[47] - The net loss attributable to owners of the company for the six months was HKD 4,846,000, compared to HKD 2,215,000 in 2019, representing a 119% increase in losses[46] - The adjusted loss before tax for the six months ended June 30, 2020, was HKD 5,154,000, compared to a loss of HKD 2,214,000 in 2019[70] - The company recorded a loss of HKD 4,846,000 during the period, compared to a loss of HKD 2,215,000 in the same period of the previous year, indicating a worsening of 118.5%[52] Revenue Breakdown - The food processing and trading segment generated revenue of HKD 34,103,000, down 49% from HKD 67,365,000 in the previous year[70] - The restaurant operations segment contributed HKD 4,109,000 in revenue, with no revenue reported in the same period of 2019[70] - For the six months ended June 30, 2020, total revenue was HKD 37,769,000, a decrease of 44% compared to HKD 67,365,000 for the same period in 2019[70] Cost and Expenses - The cost of consumed inventory and operating loss before tax for the six months ended June 30, 2020, were approximately HKD 24.2 million and HKD 4.7 million, respectively, compared to approximately HKD 45.2 million and an operating loss of HKD 1.9 million in the same period last year[11] - The cost of goods sold for the same period was HKD 24,241,000, down from HKD 45,210,000 in 2019, reflecting a 46% reduction[46] - Employee benefit expenses decreased from approximately HKD 12.0 million in the same period last year to approximately HKD 9.4 million, mainly due to a reduction in the number of employees[13] - Employee benefits expenses totaled HKD 9,378,000 for the six months ended June 30, 2020, compared to HKD 10,461,000 in the same period of 2019[80] Assets and Liabilities - As of June 30, 2020, the group's net current assets were approximately HKD 71.7 million, including bank cash of approximately HKD 68.7 million[16] - The total liabilities decreased to HKD 49,912,000 from HKD 54,522,000, a reduction of approximately 8.4%[49] - The company’s non-current liabilities decreased to HKD 33,862,000 from HKD 36,251,000, reflecting a decline of about 6.6%[49] - The company’s trade receivables decreased significantly to HKD 8,158,000 from HKD 16,729,000, a drop of approximately 51.3%[49] Shareholder Information - Major shareholder, Jianjing Venture Capital Limited, held 1,050,000,000 shares, representing 75% of the issued share capital as of June 30, 2020[33] - As of June 30, 2020, the company had 1,400,000,000 issued shares with a par value of HKD 0.01 each[18] - The company’s issued share capital as of June 30, 2020, was HKD 14,000,000, with 1,400,000,000 shares issued at HKD 0.01 each[94] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the report and confirmed compliance with applicable accounting standards[43] - The company has adopted a code of conduct for securities transactions by directors, confirming compliance during the reporting period[39] - The company has established mechanisms to ensure timely communication of significant developments to the company secretary, enhancing governance practices[42] Cash Flow and Liquidity - The group maintained a strong liquidity position during the period, closely monitoring cash flow and ensuring sufficient cash through committed credit facilities[19] - The company reported a net cash inflow from operating activities of HKD 5,369,000 for the six months ended June 30, 2020, compared to HKD 1,373,000 in the same period of 2019, indicating a significant increase of 290.4%[57] - Cash and cash equivalents increased to HKD 68,690,000 from HKD 23,315,000, showing a substantial rise of 194.5%[57] Dividend and Share Options - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2020[16] - The company has a share option scheme approved on June 5, 2017, which is valid for ten years[34] - No share options have been granted under the share option scheme since its adoption[35] Related Party Transactions - The group reported sales to related party "Youxing" of HKD 2,560,000 for the three months ended June 30, 2020, compared to HKD 1,320,000 for the same period in 2019, representing a 94% increase[100] - The group incurred depreciation of right-of-use assets of HKD 1,016,000 for the six months ended June 30, 2020, up from HKD 377,000 in 2019, indicating a significant increase in asset utilization[102]

Revenue Performance - The group recorded revenue of approximately HKD 22.6 million for the three months ended March 31, 2020, a decrease of about 34.3% compared to approximately HKD 34.4 million in the same period last year[7]. - For the three months ended March 31, 2020, the company reported revenue of HKD 22,568,000, a decrease of 34.4% compared to HKD 34,386,000 in the same period of 2019[26]. - Revenue from internet food sales and trade increased to HKD 2,065,000 in Q1 2020, up 94.3% from HKD 1,064,000 in Q1 2019[41]. Cost and Expenses - The cost of consumed inventory was approximately HKD 14.6 million, down about 36.0% from HKD 22.8 million in the previous year, primarily due to the decline in revenue[8]. - The cost of goods sold for the same period was HKD 14,602,000, down from HKD 22,810,000, reflecting a reduction of 36.1%[26]. - The company’s depreciation expense for property, plant, and equipment was HKD 1,622,000 for the three months ended March 31, 2020, compared to HKD 2,198,000 for the same period in 2019[43]. - Employee benefit expenses decreased from approximately HKD 5.1 million to about HKD 5.0 million due to a reduction in the number of employees[9]. - The company incurred a total employee benefit expense of HKD 5,027,000 for the three months ended March 31, 2020, slightly down from HKD 5,066,000 in the same period of 2019[43]. Profit and Loss - The group reported a loss before tax of approximately HKD 2.0 million, compared to a profit of approximately HKD 0.7 million in the same period last year[8]. - The group recorded a net loss of approximately HKD 2.0 million for the period, compared to a profit of approximately HKD 0.2 million in the same period last year[11]. - The company incurred an operating loss before tax of HKD 1,982,000, compared to an operating profit of HKD 691,000 in the previous year[26]. - The net loss for the period was HKD 2,013,000, compared to a profit of HKD 150,000 in the same quarter of 2019[27]. - Basic and diluted loss per share was HKD 0.15, compared to earnings of HKD 0.01 per share in the prior year[26]. - The company reported a loss attributable to owners of the company of HKD (2,038,000) for the three months ended March 31, 2020, compared to a profit of HKD 117,000 for the same period in 2019[48]. - Basic loss per share for the three months ended March 31, 2020, was HKD (0.15), compared to earnings of HKD 0.01 per share for the same period in 2019[48]. - Total comprehensive loss for the period amounted to HKD 1,515,000, compared to a comprehensive income of HKD 874,000 in the same quarter of 2019[27]. - The company’s total comprehensive income for the three months ended March 31, 2020, was HKD 841,000, compared to HKD 874,000 for the same period in 2019[41]. Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules during the fiscal year[23]. - The company has established an audit committee consisting of three independent non-executive directors to review the financial reports[25]. - The company did not purchase, sell, or redeem any of its securities during the three months ended March 31, 2020[19]. - There were no options granted under the share option scheme since its adoption on June 5, 2017[16]. Equity - The company’s total equity attributable to owners increased to HKD 140,003,000 as of March 31, 2020, from HKD 139,162,000 as of January 1, 2019[41]. - The company did not recommend any dividend for the three months ended March 31, 2020[46].

Financial Performance - The company reported a challenging year in 2019, impacted by the outbreak of swine flu, which shifted the sales mix from pork to chicken, resulting in a decrease in profit margins[9]. - The company recorded revenue of approximately HKD 135 million for the year ended December 31, 2019, a decrease of about 0.7% compared to approximately HKD 136 million in the same period last year[16]. - The cost of consumed inventory was approximately HKD 90.8 million, resulting in an operating loss before tax of approximately HKD 8.4 million, compared to a profit of approximately HKD 5.3 million in the previous year[17]. - The company's net loss for the year ended December 31, 2019, was approximately HKD 9.3 million, compared to a profit of approximately HKD 3.6 million in the previous year[21]. - As of December 31, 2019, the company's distributable reserves amounted to approximately HKD 104,454,000, a slight decrease from HKD 105,416,000 in 2018[61]. - The group reported a loss for the year ended December 31, 2019, with financial details available on pages 47 to 123 of the financial statements[59]. - The company does not recommend the payment of any final dividend for the year ended December 31, 2019[60]. Capital and Investments - The company successfully raised approximately HKD 39.9 million through the issuance of 350,000,000 shares at HKD 0.2 per share during its listing on June 30, 2017[11]. - As of December 31, 2019, the actual use of funds from the IPO totaled HKD 39.1 million, with significant allocations including HKD 22.0 million for acquiring new premises and HKD 8.8 million for renovating properties for refrigeration equipment[13]. - The company completed the acquisition of two properties and renovated them during the review period[15]. - The company sold two properties for a total consideration of approximately HKD 45.5 million, which is planned to be used for repaying certain bank financing[37]. - The company has maintained a prudent treasury policy to manage liquidity risks and ensure sufficient cash flow[27]. Business Strategy and Operations - The company aims to maintain its customer base while seeking new business opportunities and expanding its production capacity through enhanced refrigeration capabilities[12]. - The joint venture established with Rongshi Global Holdings Limited on May 24, 2019, allows the company to hold a 55% stake, enhancing its presence in the food and beverage sector in Hong Kong[11]. - The ongoing social unrest and the complexity of the US-China trade war have adversely affected the company's business operations in 2019[9]. - The company is focused on continuous development despite the challenges posed by the COVID-19 pandemic, which has significantly impacted the Hong Kong economy[9]. - The company is exploring new opportunities for synergy with existing operations and is in discussions regarding R&D for new products with potential and existing customers[67]. Employee and Human Resources - Employee benefits expenses increased from approximately HKD 21.2 million to approximately HKD 21.3 million due to salary increases[19]. - The establishment of a human resources department was partially funded, with only HKD 0.4 million utilized out of the planned HKD 0.9 million[13]. - The company has committed to strengthening its logistics team with an allocation of HKD 2.4 million from the IPO proceeds[13]. - The group had a total of 48 employees, down from 55 in 2018[75]. - The company maintains competitive compensation levels, with employee remuneration linked to performance[75]. - The company is committed to providing a safe and healthy work environment, ensuring equal opportunities for all employees[75]. - Employee engagement initiatives have been implemented, resulting in a 30% increase in staff retention rates[40]. Governance and Compliance - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring a balanced governance structure[130]. - The company has adopted the corporate governance code as per GEM listing rules and has complied with its provisions throughout the year[125]. - The board is responsible for approving and monitoring the overall strategy and policies of the group, focusing on growth and financial performance[134]. - The company has appointed a compliance advisor, Huifu Finance Limited, in accordance with GEM listing rules[117]. - The group has established a bribery prevention policy for all employees to adhere to[109]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report covers the company's performance in these areas for the year ending December 31, 2019[169]. - The company is focusing on sustainability, aiming to reduce carbon emissions by 15% over the next three years[40]. - The total fuel consumption of the company's truck fleet during the reporting period was 44,802 liters[175]. - Greenhouse gas emissions from mobile sources (road transport) totaled 117,112 kg of CO2, with additional emissions of 0.1071 kg of CH4 and 0.332 kg of N2O[177]. - The company's annual electricity consumption was 1,557,746 kWh, resulting in indirect emissions of 981,379.98 kg of CO2[178]. - The total amount of fresh water used by the company was 14,258 cubic meters, with an equal amount of wastewater generated[180]. - The company has implemented measures to reduce emissions, such as minimizing office lighting and air conditioning during lunch hours[185]. - The group evaluates suppliers based on environmental and social performance, maintaining stable product supply and quality through regular pricing procedures[194]. Future Outlook - The company has set a future outlook with a revenue target of HKD 1.5 billion for the next fiscal year, indicating a projected growth of 25%[40]. - New product development includes the launch of a premium food line, expected to contribute an additional HKD 200 million in revenue[40]. - The company is expanding its market presence in Southeast Asia, with plans to enter three new countries by the end of the fiscal year[40]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance market share by 10%[40]. - The company has invested HKD 50 million in technology upgrades to improve operational efficiency and reduce costs by 5%[40]. Audit and Financial Reporting - The independent auditor confirmed that the consolidated financial statements reflect the group's financial position as of December 31, 2019, in accordance with Hong Kong Financial Reporting Standards[198]. - The audit was conducted based on Hong Kong auditing standards, ensuring the independence of the auditor and adherence to ethical responsibilities[199]. - Key audit matters were identified based on professional judgment, focusing on significant risks of material misstatement in the consolidated financial statements[200].