Financial Performance - The group recorded revenue of approximately HKD 100.1 million for the nine months ended September 30, 2019, a decrease of about 1.2% compared to approximately HKD 101.3 million in the same period last year [7]. - The group reported a pre-tax loss of approximately HKD 2.1 million for the nine months ended September 30, 2019, compared to a pre-tax profit of approximately HKD 5.1 million in the same period last year [8]. - The group recorded a net loss of approximately HKD 2.8 million for the nine months ended September 30, 2019, compared to a net profit of approximately HKD 3.4 million in the same period last year [12]. - Revenue for the three months ended September 30, 2019, was HKD 32,740,000, a slight increase of 0.8% compared to HKD 32,486,000 in the same period of 2018 [34]. - The company reported a net loss of HKD 530,000 for the three months ended September 30, 2019, compared to a profit of HKD 526,000 in the same period of 2018 [35]. - The basic and diluted loss per share for the three months ended September 30, 2019, was HKD (0.03), compared to earnings of HKD 0.03 per share in the same period of 2018 [34]. - The basic loss per share for the nine months ended September 30, 2019, was HKD (0.19), a decline from a profit of HKD 0.25 in the same period of 2018 [58]. Costs and Expenses - The cost of consumed inventory for the nine months ended September 30, 2019, was approximately HKD 67.2 million, an increase from approximately HKD 65.1 million in the same period last year [8]. - Employee benefit expenses increased to approximately HKD 18.4 million for the nine months ended September 30, 2019, up from approximately HKD 15.8 million in the same period last year [9]. - The cost of goods sold for the three months ended September 30, 2019, was HKD 21,996,000, representing an increase of 5.1% from HKD 20,924,000 in the prior year [34]. - The cost of goods sold for the three months ended September 30, 2019, was HKD 21,996,000, a decrease from HKD 22,522,000 in 2018, reflecting a reduction of 2.3% [50]. - The total tax expense for the nine months ended September 30, 2019, was HKD 270,000, down from HKD 1,262,000 in the same period of 2018, indicating a decrease of 78.6% [52]. - The depreciation expense for the three months ended September 30, 2019, increased to HKD 2,181,000 from HKD 1,182,000 in 2018, representing an increase of 84.5% [50]. - The group’s minimum lease payments for operating leases for the nine months ended September 30, 2019, were HKD 823,000, compared to HKD 450,000 in 2018, an increase of 83.6% [50]. Revenue Sources - The revenue from wholesale processed food for the nine months ended September 30, 2019, was HKD 85,153,000, up from HKD 84,612,000 in 2018, indicating a growth of 0.6% [48]. - The rental income from the properties sold is expected to be HKD 143,736 per month, including property tax, management fees, and ground rent [13]. Shareholder Information - As of September 30, 2019, the major shareholder, Jianjing Venture Capital Limited, holds 1,050,000,000 shares, representing 75% of the issued share capital [20]. - The beneficial ownership of Jianjing Venture Capital Limited includes significant stakes held by directors, with the largest being 24.53% by Lai Jinghua [18]. - No share options have been granted under the share option scheme since its adoption on June 5, 2017 [23]. Corporate Governance - The company has established an audit committee in compliance with GEM listing rules, consisting of three independent non-executive directors [33]. - The company has confirmed compliance with the corporate governance code throughout the review period [31]. - The company has adopted a code of conduct for securities transactions by directors, which complies with GEM listing rules [27]. - As of September 30, 2019, there are no interests held by directors or major shareholders in any competing businesses [28]. - The special resolution regarding related party transactions was approved by independent shareholders at the special general meeting held on September 9, 2019 [15]. Strategic Initiatives - The group aims to adopt a pragmatic and proactive approach to enhance profitability and shareholder value [6]. - The group has a joint venture agreement with a 55% ownership stake, aimed at participating in the food and beverage business in Hong Kong [6]. Other Financial Highlights - Other income for the three months ended September 30, 2019, was HKD 3,244,000, a significant increase from HKD 516,000 in the same period of 2018 [34]. - Total comprehensive income for the three months ended September 30, 2019, was HKD 8,218,000, significantly higher than HKD 1,178,000 in the same period of 2018 [35]. - The company recognized a revaluation surplus of HKD 2,600,000 for the three months ended September 30, 2019, compared to HKD 780,000 in the same period of 2018 [35]. - The company’s financial costs for the three months ended September 30, 2019, were HKD 159,000, an increase from HKD 131,000 in the same period of 2018 [34]. - The group did not declare or pay any dividends during the period from its incorporation to September 30, 2019 [53].

Financial Performance - The group recorded revenue of approximately HKD 67.4 million for the six months ended June 30, 2019, a decrease of about 2.0% compared to approximately HKD 68.8 million in the same period last year[8]. - The cost of consumed inventory was approximately HKD 45.2 million, leading to an operating loss before tax of approximately HKD 1.9 million for the same period, compared to a profit of approximately HKD 4.1 million last year[9]. - Gross profit and gross margin for the six months ended June 30, 2019, were HKD 22.2 million and 32.9%, respectively, down from HKD 24.6 million and 35.8% in 2018[10]. - The group recorded a net loss of approximately HKD 2.3 million for the six months ended June 30, 2019, compared to a net profit of approximately HKD 2.9 million in the same period last year[14]. - The total comprehensive loss for the six months ended June 30, 2019, was HKD 2,011,000, down from a profit of HKD 4,183,000 in the same period of 2018[50]. - The basic and diluted loss per share for the six months ended June 30, 2019, was HKD 0.16, compared to earnings of HKD 0.22 per share in the same period of 2018[49]. - The net loss attributable to owners of the company for the six months ended June 30, 2019, was HKD 2,215,000, compared to a profit of HKD 3,015,000 in the previous year[49]. Expenses and Costs - Employee benefit expenses increased from approximately HKD 10.5 million to approximately HKD 12.0 million due to rising employee costs[11]. - The cost of goods sold for the six months ended June 30, 2019, was HKD 45,210,000, representing an increase of 2.3% from HKD 44,184,000 in the prior year[49]. - The depreciation expense for the six months ended June 30, 2019, was HKD 4,396,000, up from HKD 3,313,000 in the same period of 2018[72]. - Operating expenses were reduced by 5%, contributing to an overall increase in profitability[32]. Assets and Liabilities - As of June 30, 2019, the group's net current assets amounted to approximately HKD 38.6 million, an increase from HKD 37.8 million as of December 31, 2018[16]. - The group's bank borrowings were approximately HKD 26.2 million as of June 30, 2019, down from HKD 27.4 million as of December 31, 2018[16]. - The total equity attributable to the owners of the company decreased to HKD 137,233,000 as of June 30, 2019, from HKD 139,162,000 at the end of 2018, a decline of approximately 1.4%[53]. - The company's total liabilities decreased slightly to HKD 36,563,000 as of June 30, 2019, from HKD 36,760,000 at the end of 2018[53]. Shareholder Information - No interim dividend is recommended for the six months ended June 30, 2019[15]. - The major shareholder, Jianjing Venture Capital Limited, held 75% of the company's issued share capital as of June 30, 2019[36]. - The company has not granted any share options under its share option scheme since its adoption on June 5, 2017[38]. Strategic Initiatives - The group has entered into a joint venture agreement with Rongshi Global Holdings Limited, with ownership interests of 55% and 45%, respectively, to participate in the food and beverage business in Hong Kong[6]. - The group plans to continue adopting a pragmatic and proactive approach to enhance profitability and shareholder value[6]. - The company is exploring potential acquisitions to strengthen its market position, with a target of completing at least one acquisition by the end of 2019[32]. - A new strategic partnership was formed with a leading tech firm, expected to drive innovation and growth in the coming years[32]. Market Performance - The company reported a revenue of HKD 1.2 billion for the first half of 2019, representing a year-on-year increase of 15%[32]. - User data showed a growth in active users by 20%, reaching a total of 5 million users[32]. - The company provided a future outlook with a revenue guidance of HKD 2.5 billion for the second half of 2019, indicating a projected growth of 10%[32]. - New product launches contributed to a 25% increase in sales, with three new products introduced in the first half of 2019[32]. - Market expansion efforts have led to a 30% increase in market share in the Asia-Pacific region[32]. Financial Governance - The company has complied with the corporate governance code as per GEM Listing Rules throughout the review period[47]. - The audit committee, consisting of three independent non-executive directors, has reviewed the financial reporting procedures and internal control systems[48]. Cash Flow and Liquidity - The net cash flow from operating activities for the six months ended June 30, 2019, was HKD 1,373,000, a decrease from HKD 5,438,000 in the same period of 2018[59]. - The company's cash and cash equivalents rose to HKD 23,315,000 as of June 30, 2019, from HKD 21,668,000 at the end of 2018, marking an increase of approximately 7.6%[59]. - The company reported a net increase in cash and cash equivalents of HKD 1,647,000 for the six months ended June 30, 2019, compared to a decrease of HKD 4,628,000 in the same period of 2018[59]. Trade Receivables and Payables - Trade receivables from third-party customers decreased from HKD 16,159,000 in December 2018 to HKD 12,298,000 in June 2019, a decline of approximately 24.1%[79]. - Total trade payables decreased from HKD 6,105,000 in December 2018 to HKD 5,077,000 in June 2019, representing a decline of approximately 16.8%[84]. - The company maintains strict monitoring of trade receivables to minimize credit risk, with overdue balances reviewed regularly by senior management[79].

Revenue Performance - For the three months ended March 31, 2019, the group recorded revenue of approximately HKD 34.4 million, a decrease of about 2.5% compared to approximately HKD 35.3 million in the same period last year[7]. - For the three months ended March 31, 2019, the company's revenue was HKD 34,386,000, a decrease of 2.5% from HKD 35,270,000 in the same period of 2018[29]. - For the three months ended March 31, 2019, the total revenue was HKD 34,386,000, a decrease of 2.5% from HKD 35,270,000 in the same period of 2018[44]. Profitability - The group reported a profit before tax of approximately HKD 0.7 million, down from approximately HKD 2.7 million in the same period last year[8]. - The net profit for the period was approximately HKD 0.2 million, significantly lower than approximately HKD 2.0 million recorded in the same period last year[12]. - The operating profit before tax for the same period was HKD 691,000, down 74.8% from HKD 2,745,000 year-on-year[29]. - The net profit for the period was HKD 150,000, a significant decline of 92.7% compared to HKD 2,044,000 in the previous year[29]. - The profit attributable to owners of the company for the same period was HKD 117,000, significantly down from HKD 2,017,000 in 2018, representing a decline of 94.2%[48]. Cost and Expenses - The cost of consumed inventory for the same period was approximately HKD 22.8 million, an increase of about HKD 0.2 million or 0.9% year-on-year[8]. - The cost of goods sold was HKD 22,810,000, slightly higher than HKD 22,621,000 in the same period last year[29]. - The cost of goods sold for the period was HKD 22,810,000, slightly up from HKD 22,621,000 in 2018, reflecting an increase of 0.8%[46]. - Employee benefit expenses decreased from approximately HKD 5.2 million to approximately HKD 5.1 million due to a reduction in the number of employees[9]. - Employee benefit expenses decreased to HKD 5,066,000 from HKD 5,223,000, showing a reduction of 3.0%[29]. - Employee benefit expenses decreased to HKD 5,066,000 from HKD 5,223,000, a reduction of 3.0%[46]. Taxation - The income tax expense for the period was approximately HKD 0.4 million, down from approximately HKD 0.6 million in the same period last year[11]. - The group’s tax expense for the period was HKD 379,000, down from HKD 567,000 in the previous year, a decrease of 33.2%[47]. Market Conditions - The decline in revenue was attributed to the outbreak of swine flu in China, which affected sales of fresh, frozen, and cooked food products[7]. - The shift in customer purchasing preferences from pork to chicken resulted in a lower average selling price for chicken products compared to pork products[7]. - The group primarily engages in the processing and trading of food products, frozen food, and cooked food, along with providing transportation services in Hong Kong[6]. - The group’s product mix change due to market conditions led to a decrease in gross profit margin[8]. Other Financial Information - Basic and diluted earnings per share were HKD 0.01, down from HKD 0.14 in the same quarter of 2018[29]. - Total comprehensive income for the period was HKD 874,000, compared to HKD 2,696,000 in the prior year, reflecting a decrease of 67.6%[30]. - The company reported other income of HKD 668,000, an increase of 26.6% from HKD 528,000 in the previous year[29]. - The company did not recommend any dividend payment for the three months ended March 31, 2019[47]. - The operating lease minimum payments increased to HKD 195,000 from HKD 150,000, marking a rise of 30.0%[46]. - The company’s total equity attributable to owners as of March 31, 2019, was HKD 125,666,000, compared to HKD 122,997,000 at the beginning of the year, an increase of 2.2%[34]. - There were no purchases, sales, or redemptions of the company's securities during the three months ended March 31, 2019[21]. - The total comprehensive income for the period was HKD 2,696,000, compared to HKD 2,044,000 in the same period last year, showing an increase of 32.0%[44]. - The company has not granted any share options under the share option scheme since its adoption on June 5, 2017[18].

Financial Performance - The group reported revenue of approximately HKD 136 million from the sale of fresh, frozen, and processed foods, representing a 2.3% increase compared to the previous year[9]. - The group recorded revenue of approximately HKD 136 million for the year ended December 31, 2018, an increase of about 2.3% compared to approximately HKD 133 million in the same period last year[16]. - The cost of consumed inventory and operating profit before tax were approximately HKD 88.5 million and HKD 5.3 million, respectively, for the year ended December 31, 2018, compared to approximately HKD 89.0 million and a loss of about HKD 5.5 million in the previous year[17]. - The group recorded a net profit of approximately HKD 3.6 million for the year ended December 31, 2018, compared to a net loss of about HKD 7.8 million in the same period last year[21]. - The group maintained a prudent treasury policy, ensuring a stable liquidity position throughout the period[27]. - The group had no significant capital commitments as of December 31, 2018, compared to HKD 2.1 million on December 31, 2017[30]. - The group did not encounter any significant currency risks as most transactions were denominated in HKD and USD, which are stable against each other[29]. - The company reported no final dividend for the year ended December 31, 2018[56]. - The company has no significant investment or capital asset plans other than those disclosed in the prospectus and the business review section of the report[107]. - The company has no plans to distribute dividends in the short term as funds are expected to be reinvested into business development[161]. IPO and Fund Utilization - The company successfully raised approximately HKD 39.9 million by issuing 350 million shares at HKD 0.2 per share during its IPO[11]. - The actual use of funds from the IPO totaled HKD 38.8 million, with significant allocations for acquiring new properties (HKD 22 million) and renovating facilities for refrigeration equipment (HKD 8.8 million)[13]. Business Development and Strategy - The company plans to closely monitor business performance and adjust strategies in response to potential negative impacts from trade wars and economic downturns in China[9]. - The group aims to maintain customer relationships while seeking new business opportunities through enhanced refrigeration capabilities[12]. - The company has initiated discussions regarding new products with potential and existing customers, indicating a proactive approach to market expansion[15]. - The company is exploring new opportunities for synergy to diversify existing operations and achieve long-term vertical integration strategies[63]. - The group has identified key areas for future business development through regular discussions with stakeholders[165]. Human Resources and Employee Management - The establishment of a human resources department was partially completed, with one administrative assistant hired and ongoing interviews for a human resources manager[15]. - Employee benefit expenses increased from approximately HKD 19.7 million to about HKD 21.2 million due to salary increases[19]. - The group had a total of 55 employees as of December 31, 2018, down from 57 in 2017[73]. - The company maintains competitive employee compensation and benefits, including insurance and medical coverage[73]. - The group encourages employee participation in continuing education and training to develop personal capabilities[194]. - The group has a comprehensive recruitment process and strictly prohibits child labor and forced labor[196]. Governance and Compliance - The company has adopted the corporate governance code principles and has complied with the code provisions throughout the year ended December 31, 2018[120]. - The board of directors is responsible for approving and monitoring the overall strategy and policies of the group, as well as evaluating performance and overseeing management[130]. - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors as of the report date[125]. - The company has appointed Huifu Finance Limited as a compliance advisor, confirming no conflicts of interest with the board or employees[111]. - The company has established a bribery prevention policy for all employees to adhere to[103]. - The company has adopted a policy on board diversity to ensure a varied composition of skills and experience among directors[151]. Environmental and Social Responsibility - The company has confirmed no significant environmental impacts from its operations and compliance with relevant laws and regulations[92]. - The company emphasizes energy efficiency by using energy-saving bulbs and LED lighting systems[181]. - The company is committed to maintaining a safe working environment and complies with applicable laws and regulations regarding occupational health and safety[193]. - The company produced no hazardous waste during the reporting period[173]. - The company has established anti-corruption guidelines and a code of conduct, prohibiting employees from accepting benefits or gifts from suppliers or customers[199]. Logistics and Operations - The logistics team was strengthened with the purchase of three refrigerated vehicles by the end of 2018, aligning with the company's operational goals[15]. - The group primarily engages in the processing and sale of fresh, frozen, and cooked food products, as well as providing transportation services[53]. - The group has a strong focus on business development and operational management, with directors having extensive experience in the food industry[45]. - The production facilities are designed according to HACCP principles to ensure compliance with food safety policies[198]. Risk Management - The group faced significant risks and uncertainties during the review period, which are detailed in the management discussion and analysis section of the annual report[54]. - The board is responsible for the internal control and risk management system, ensuring its effectiveness and adequacy, with annual reviews conducted[153]. - The internal audit department, composed of qualified professionals, evaluates the risk management and internal control systems annually, reporting findings to the board[154].