Financial Performance - For the nine months ended December 31, 2021, the group reported total revenue of HKD 497.6 million, an increase of 76.0% compared to HKD 282.6 million for the same period in 2020[6]. - The net profit for the nine months was HKD 41.7 million, compared to HKD 16.7 million in the previous year, representing a growth of 149.7%[6]. - Basic earnings per share for the nine months increased to 11.6 HK cents, up from 7.3 HK cents in the same period last year, reflecting a growth of 58.9%[9]. - The group achieved a total comprehensive income of HKD 42.2 million for the nine months, compared to HKD 17.5 million in the previous year, marking a significant increase of 141.1%[9]. - The group’s gross profit margin improved to 63.5% for the nine months, compared to 54.8% in the same period last year, indicating enhanced operational efficiency[6]. - The company reported a total comprehensive income attributable to owners of the company of HKD 45.1 million for the nine months, compared to HKD 17.8 million in the previous year, an increase of 153.1%[9]. - The group’s other income for the nine months was HKD 1.3 million, compared to HKD 0.5 million in the previous year, reflecting a growth of 160%[6]. - The total expenses for the nine months were HKD 149.9 million, up from HKD 85.9 million in the previous year, representing a 74.5% increase[6]. - The group’s financial costs for the nine months were HKD 6.9 million, compared to HKD 4.9 million in the previous year, indicating an increase of 41.1%[6]. - For the nine months ended December 31, 2021, the company reported a profit attributable to owners of approximately HKD 44,812,000, compared to HKD 17,308,000 for the same period in 2020, representing a growth of 159%[24]. - Net profit attributable to the company's owners for the nine months ended December 31, 2021, was approximately HKD 44,812,000, representing an increase of about 158.9%[66]. - Adjusted net profit attributable to the company's owners increased by approximately HKD 35,824,000 or 398.6% after accounting for government subsidies and listing expenses[67]. Operational Expansion - The company opened seven new restaurants during the nine months ended December 31, 2021, including locations in Tsuen Wan, Shanghai, and Tsim Sha Tsui[26]. - The total number of restaurants as of December 31, 2021, was 36, with a net increase of 3 restaurants compared to the previous quarter[35]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[6]. - The company plans to continue discussions with mall owners for new potential locations in Hong Kong and mainland China for business expansion[76]. - The company opened two new restaurants: "前田燒肉谷" in Tuen Mun with an area of 650 square meters, and "CUE" in Tung Chung with an area of 218.32 square meters, both expected to commence operations in 2022[38]. Customer Engagement - In Q3 of FY2022, the total number of customers served across the restaurants reached 2,342,579, an increase of 721,560 customers or 44.5% compared to the same period in FY2021[41]. - The average spending per customer rose from HKD 174.3 in the same period of 2020 to HKD 212.4 in Q3 FY2022[41]. - The average daily customer count for the Southeast Asian style restaurant was 294,956, with an average spending of HKD 116.6[41]. - The Japanese restaurant segment served 1,178,474 customers with an average spending of HKD 225.1[41]. - The Chinese restaurant segment recorded 725,419 customers with an average spending of HKD 244.0[41]. COVID-19 Impact and Response - The company is subject to COVID-19 social distancing measures, which include a maximum of four people per table and temperature checks for customers[42][45]. - The company plans to expand its restaurant operations despite the ongoing challenges posed by COVID-19 restrictions[46]. - The company has implemented various infection control measures to ensure customer safety and compliance with government regulations[46]. Financial Management - The company had cash and cash equivalents of HKD 109,500,000 as of December 31, 2021, with no significant foreign exchange risk anticipated in the next 12 months[70]. - The company is in a net cash position as of December 31, 2021, with no significant contingent liabilities reported[71]. - The company did not recommend the payment of an interim dividend for the nine months ended December 31, 2021[21]. - The board decided not to declare an interim dividend for the nine months ended December 31, 2021, with a dividend policy of at least 50% of net profit attributable to the owners[73][74]. Compliance and Governance - The company applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial performance and disclosures for the current and prior years[20]. - The estimated tax rate for Hong Kong profits tax is 16.5%, while the tax rate for subsidiaries in China is 25%[20]. - The company has complied with the corporate governance code as per GEM Listing Rules Appendix 15 for the nine months ending December 31, 2021[87]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the nine months ending December 31, 2021, confirming compliance with applicable accounting standards and disclosure requirements[90].

Restaurant Operations - The company opened six new restaurants during the first half of the 2022 fiscal year, including locations in Tsuen Wan, Shanghai, and Tsim Sha Tsui[18]. - The total number of restaurants as of September 30, 2021, was 35, a decrease from 37 in June 2021[21]. - The company decided not to renew leases for several restaurants due to employee shortages, reallocating staff to more efficient locations[19]. - The company plans to open new restaurants in Shanghai and Tuen Mun by the fourth quarter of 2021, with specific lease agreements in place[24]. - The group operated 8 B-type restaurants, 13 C-type restaurants, and 11 D-type restaurants as of the report date, adapting to various social distancing measures[33]. - The group opened new restaurants, which contributed to the revenue growth alongside increased average spending and changes in dining habits due to social distancing measures[35]. Financial Performance - The group recorded revenue of HKD 315,172,000 for the first half of the 2022 fiscal year, representing a 75.9% increase compared to HKD 179,136,000 in the same period of 2020[35]. - The number of customers served across restaurants reached 1,537,633, an increase of 482,354 customers or 45.7% compared to the first half of the 2021 fiscal year[27]. - Average spending per customer increased from HKD 169.8 to HKD 205.0, with a higher average of HKD 208.2 when excluding snack and dessert businesses[27]. - Revenue from Japanese cuisine accounted for 52.6% of total revenue, increasing by 89.9% from the previous year, while Chinese cuisine revenue grew by 156.1%[36]. - The group’s revenue from Southeast Asian cuisine was HKD 23,218,000, accounting for 7.4% of total revenue, which is a 15.0% increase from the previous year[36]. - The dessert segment saw a significant decline, with revenue dropping by 67.6% to HKD 1,142,000 compared to HKD 3,520,000 in the previous year[36]. - The increase in revenue was partially offset by the closure of some restaurants during the reporting period[35]. - The group reported a segment profit of HKD 36,936,000 for the six months ended September 30, 2021, compared to HKD 27,082,000 for the same period in 2020, reflecting a growth of approximately 36%[119]. - For the six months ended September 30, 2021, the company reported a profit attributable to shareholders of HKD 26,466,000, compared to HKD 4,514,000 for the same period in 2020, representing a significant increase[131]. Costs and Expenses - Material and consumable costs increased by approximately 76.3% in the first half of FY2022 compared to FY2021, maintaining a stable percentage of 30.4% of revenue[41]. - Employee costs rose by approximately 81.4% in the first half of FY2022, with employee costs as a percentage of revenue increasing from 27.0% to 27.8%[42]. - Property rental and related expenses grew by approximately 52.1% in the first half of FY2022, while the percentage of revenue decreased from 6.0% to 5.2%[42]. - The company incurred finance costs of HKD 4,517 thousand for the six months ended September 30, 2021, compared to HKD 3,037 thousand for the same period in 2020, reflecting higher borrowing costs[91]. - The company’s employee costs for the six months ended September 30, 2021, were HKD 87,772 thousand, up from HKD 48,386 thousand for the same period in 2020, indicating increased workforce expenses[91]. Dividends and Shareholder Information - The interim cash dividend declared is HKD 0.04 per share for the six months ending September 30, 2021, compared to zero in 2020, totaling approximately HKD 15,477,000[57]. - The payout ratio for the interim dividend is approximately 58.2%, based on a profit attributable to shareholders of approximately HKD 26,596,000 for the same period[57]. - The company’s current dividend policy is to distribute no less than 50% of the profit attributable to shareholders[57]. - Major shareholders, Mr. Wong and Ms. Chan, each hold 260,302,000 shares, representing approximately 67.273% of the equity[60]. - IKEAB Limited, owned by Mr. Wong and Ms. Chan, holds 250,318,000 shares, representing approximately 64.693% of the equity[67]. Cash Flow and Financing - Cash and cash equivalents amounted to HKD 98,700,000 as of September 30, 2021[51]. - The company has an unused available bank financing amounting to HKD 30,500,000, which supports its operational funding needs[109]. - The company recorded a net cash increase of HKD 17,298,000 for the six months ended September 30, 2021, compared to HKD 7,628,000 in the same period of 2020, reflecting improved liquidity[106]. - The company’s cash flow from investing activities for the six months ended September 30, 2021, was a net outflow of HKD 30,658,000, compared to HKD 20,528,000 in the same period of 2020, indicating increased capital expenditures[106]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules Appendix 15 during the six months ended September 30, 2021[79]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2021, and found them compliant with applicable accounting standards and disclosure requirements[83]. - The company has adopted written guidelines regarding securities trading by directors, ensuring compliance with GEM Listing Rules[81]. Future Plans and Strategies - The company plans to continue improving food quality and service as customer dining habits adjust due to social distancing requirements, with a focus on providing value for money[58]. - The company is in discussions for new potential locations in Hong Kong and mainland China, in addition to two committed new leases[58]. - The company plans to utilize the proceeds from the share placement for restaurant business expansion and to provide additional working capital[146].

Financial Performance - Revenue for the three months ended June 30, 2021, was HKD 144.99 million, representing a 47.5% increase from HKD 98.21 million in the same period last year[6]. - Gross profit for the period was HKD 13.98 million, compared to HKD 9.87 million, reflecting a 41.4% increase[6]. - Net profit for the period was HKD 10.99 million, up from HKD 8.39 million, marking a 30.5% increase year-over-year[6]. - Total comprehensive income for the period was HKD 11.14 million, compared to HKD 8.39 million, an increase of 32.8%[6]. - Basic and diluted earnings per share increased to HKD 3.0 cents from HKD 2.2 cents, a rise of 36.4%[8]. - The company reported a profit attributable to owners of the company of HKD 11,482,000 for the three months ended June 30, 2021, compared to HKD 8,385,000 for the same period in 2020, representing an increase of approximately 37.5%[22]. - Net profit for the three months ended June 30, 2021, was approximately HKD 10,993,000, representing an increase of about 31.1% from approximately HKD 8,385,000 in the same period last year[53]. Costs and Expenses - Other income decreased to HKD 0.87 million from HKD 3.89 million, a decline of 77.7%[6]. - The cost of materials and consumables used rose to HKD 44.25 million from HKD 28.73 million, an increase of 54%[6]. - Employee costs increased to HKD 39.56 million from HKD 25.25 million, reflecting a 56.7% rise[6]. - Depreciation of property, plant, and equipment was HKD 4.82 million, slightly up from HKD 4.17 million[6]. - Raw materials and consumables increased by approximately 54.0% compared to Q1 2021, primarily due to new restaurant openings, with the percentage of revenue rising from 29.3% to 30.5%[48]. - Employee costs rose by approximately 56.7% compared to Q1 2021, with the percentage of revenue increasing from 25.7% to 27.3%[49]. - Property rental and related expenses grew by approximately 40.1% compared to Q1 2021, while the percentage of revenue decreased from 5.4% to 5.1%[51]. - Other expenses amounted to approximately HKD 8,030,000, increasing by about 37.6% compared to Q1 2021, with the percentage of revenue slightly increasing from 5.9% to 5.5%[52]. Business Expansion - The company continues to explore market expansion opportunities and new product development strategies[6]. - The company opened two new restaurants during the first quarter of fiscal year 2022, bringing the total number of restaurants to 34 as of June 30, 2021[26]. - The company plans to open additional restaurants, including "Same Same" in Shanghai and "十里湘薈" in 圓方, with expected opening dates in the third quarter of 2021[30]. - The company has a total of 17 Japanese cuisine restaurants as of June 30, 2021, an increase from 15 as of March 31, 2021[28]. - The company opened two new restaurants in May and June 2021, contributing to revenue growth[39]. Customer Metrics - The total number of customers served in Q1 of FY2022 was 721,552, representing an increase of 139,382 customers or 23.9% from the previous year[34]. - Average spending per customer rose from HKD 168.7 to HKD 200.9, with an adjusted average of HKD 206.0 excluding snack and dessert businesses[34]. - The average daily revenue per restaurant in Q1 of FY2022 was 97% of the benchmark set in June 2020, indicating recovery despite ongoing social distancing measures[44]. - The company reported a 50.9% contribution to revenue from Japanese cuisine, amounting to HKD 73,790,000 in Q1 of FY2022[39]. - The dessert business saw a decline of 39.4% in revenue, contributing only HKD 1,142,000 in Q1 of FY2022[39]. - The average spending per transaction at snack kiosks increased by 3.4% to HKD 42.8 in Q1 of FY2022[34]. Financial Position - Total borrowings as of June 30, 2021, were approximately HKD 400,000, a decrease of 50.0% compared to March 31, 2021[55]. - Cash and cash equivalents were approximately HKD 92,000,000 as of June 30, 2021, indicating a stable liquidity position[55]. - The company is in a net cash position as of June 30, 2021, with no significant contingent liabilities reported[56][57]. Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules during the reporting period[69]. - No competition or conflict of interest was reported among directors or major shareholders as of June 30, 2021[71]. - The Audit Committee reviewed the unaudited consolidated financial statements for the three months ending June 30, 2021, confirming compliance with applicable accounting standards and disclosure requirements[72]. - The company expressed gratitude to employees and management for their contributions during the reporting period[73]. Future Outlook - Future business outlook is optimistic, with plans for continued improvement in food quality and service, as well as ongoing discussions for new potential locations in Hong Kong and China[59]. - The company aims to enhance customer dining experiences to ensure perceived value during challenging times[59]. Shareholder Information - As of June 30, 2021, major shareholders hold significant stakes, with Mr. Huang and Ms. Chen each owning 260,302,000 shares, representing 67.273% of the total shares[65]. - IKEAB Limited, beneficially owned by Mr. Huang and Ms. Chen, holds 250,318,000 shares, accounting for 64.693% of the total shares[65]. Dividends - The board of directors has decided to increase the dividend policy from at least 30% to at least 50% starting from the fiscal year beginning April 1, 2021[19]. - The company did not recommend the payment of an interim dividend for the three months ended June 30, 2021[19]. Other Information - The company has no significant investments, acquisitions, or disposals of subsidiaries and associates during the first quarter of fiscal year 2022[32]. - The tax rate for the company's subsidiaries in China is 25%, while the estimated tax rate for Hong Kong profits tax is 16.5%[19]. - The diluted earnings per share calculation included a potential impact from 901 share options for the three months ended June 30, 2021[22]. - The company did not purchase, sell, or redeem any of its listed securities during the three months ending June 30, 2021[68].

Financial Performance - For the fiscal year ending March 31, 2021, the company reported total revenue of HKD 379,023,000, a slight increase of 2% from HKD 370,511,000 in the previous year[6] - The company's profit before tax decreased to HKD 24,758,000, down 29% from HKD 34,930,000 in the prior year[6] - Net profit attributable to the owners of the company was HKD 24,967,000, a decrease of 17% compared to HKD 30,072,000 in the previous year[6] - Total assets increased significantly to HKD 446,204,000, up 37% from HKD 326,969,000 in the previous year[7] - Total liabilities also rose to HKD 288,081,000, an increase of 40% from HKD 205,902,000 in the previous year[7] - The company reported a revenue of HKD 70,124 from Chinese cuisine, with an average spending of HKD 197.3 per customer[43] - The company recorded a revenue of approximately HKD 379,023,000 for the year ended March 31, 2021, representing a 2.3% increase compared to the previous year[61] - The revenue growth was attributed to the opening of new restaurants, including locations in Tung Chung, Tuen Mun, and Shanghai, among others[62] - The average daily revenue per restaurant reached 90% of pre-COVID levels by March 2021, with significant fluctuations due to social distancing measures[66] - The company received a total of HKD 32,000,000 from the Hong Kong government's anti-epidemic fund, recorded as other income in the consolidated income statement[67] - Rent concessions received from landlords amounted to approximately HKD 6,500,000 during the year ended March 31, 2021[68] Customer Engagement and Operations - The total number of customers served in the restaurant operations for the year ended March 31, 2021, was 2,148,294, a decrease of 284,044 customers or 11.7% compared to the previous year[43] - The average spending per customer increased from HKD 152.3 to HKD 176.4, and when excluding snack and dessert businesses, it rose to HKD 184.5[43] - User data indicates a rise in customer engagement, with a 20% increase in repeat customers compared to the previous year[106] - The company faced significant impacts on customer numbers due to COVID-19 restrictions, including limits on table sizes and dining hours[44] Expansion and Development - The group opened six new restaurants during the fiscal year ending March 31, 2021, increasing the total number of restaurants from 28 to 33[34] - The group plans to expand into the Southeast Asian market at an appropriate time to explore overseas opportunities[24] - The group plans to open new restaurants in Shanghai and Hong Kong in 2021, with specific locations and expected opening dates outlined[37] - The company is actively negotiating new potential locations for expansion beyond the three committed new leases[87] - The company is expanding its market presence by opening 10 new locations across Asia in the upcoming year[106] - New product development includes the launch of a premium dining experience, expected to contribute an additional HKD 500 million in revenue[106] - A strategic acquisition of a local restaurant chain is in progress, which is anticipated to enhance market share by 10%[106] Cost Management and Financial Strategy - The company implemented various cost-saving measures and benefited from government relief funds to mitigate financial impacts[23] - The cost of materials and consumables was HKD 115,390,000, accounting for 30.4% of total revenue, an increase of 14.5% from the previous year[69] - Employee costs were HKD 108,724,000, representing 28.7% of total revenue, a slight decrease of 0.5% compared to the previous year[69] - The company plans to utilize the net proceeds from the recent placement for general corporate purposes and restaurant business expansion, particularly in China[61] - The board anticipates that the net proceeds will be utilized within the next twelve months, subject to market conditions[61] Corporate Governance - The board of directors has confirmed the independence of all independent non-executive directors in accordance with GEM listing rules[127] - The company has established service agreements with executive directors for a term of three years, effective from January 17, 2021[127] - The board consists of five members, including two executive directors and three independent non-executive directors[184] - The company has complied with the corporate governance code as per GEM listing rules for the fiscal year ending March 31, 2021[182] - The board is responsible for overseeing the internal control system and risk management functions[194] - The company will continue to promote good corporate governance to attract investments and protect shareholder rights[180] Employee Management and Training - The company has a focus on human resources management, with a general manager responsible for this area since March 2018[109] - Employee training programs have been enhanced, with a focus on improving service quality, which is expected to increase customer satisfaction ratings by 30%[106] - Directors receive regular updates on relevant legal, regulatory, and compliance developments through written training materials[199] Shareholder Information - The proposed final cash dividend is HKD 0.04 per share, with a payout ratio of 42.7% based on adjusted profit attributable to shareholders of approximately HKD 36,258,000[85] - The company reported a cash dividend of HKD 0.04 per share for the fiscal year ending March 31, 2021, compared to HKD 0.015 per share for the previous year[118] - As of March 31, 2021, the company's distributable reserves amounted to HKD 41,208,000, an increase from HKD 29,039,000 in 2020[121] Risk Management - The company has faced potential risks and uncertainties, which are detailed in the consolidated financial statements[117] - The company has not disclosed any related party transactions that required disclosure under GEM listing rules for the year ended March 31, 2021[158]

Financial Performance - Revenue for the nine months ended December 31, 2020, was HKD 282,564,000, a decrease of 4.5% compared to HKD 295,120,000 for the same period in 2019[7] - The net profit for the nine months ended December 31, 2020, was HKD 16,650,000, down 40.1% from HKD 27,707,000 in the previous year[9] - Basic earnings per share for the nine months was HKD 4.5, compared to HKD 7.3 for the same period in 2019, reflecting a decline of 38.4%[14] - Total comprehensive income for the nine months was HKD 17,469,000, a decrease of 37.0% from HKD 27,707,000 in the previous year[7] - The group reported a gross profit of HKD 196,670,000 for the nine months, which is a decrease of 5.5% from HKD 208,496,000 in the same period last year[7] - Employee costs for the nine months were HKD 77,503,000, down 9.0% from HKD 85,196,000 in the previous year[7] - The group incurred finance costs of HKD 4,882,000 for the nine months, an increase of 26.0% compared to HKD 3,870,000 in the previous year[7] - The total income for the three months ended December 31, 2020, was HKD 103,428,000, an increase of 9.4% from HKD 94,093,000 in the same period of 2019[7] - For the nine months ended December 31, 2020, the company reported a profit attributable to owners of the company of HKD 17,308,000, a decrease of 37.5% compared to HKD 27,707,000 for the same period in 2019[32] - The basic earnings per share for the nine months ended December 31, 2020, was HKD 0.045, down from HKD 0.073 for the same period in 2019[32] - The company did not recommend the payment of an interim dividend for the nine months ended December 31, 2020[31] Operational Developments - The company opened six new restaurants during the nine months ended December 31, 2020, increasing the total number of restaurants in Hong Kong from 28 to 32[34] - The company has a total of 9 "Niuqi" restaurants as of December 31, 2020, up from 6 on March 31, 2020[34] - The company confirmed lease agreements for new restaurants, including a location in Shanghai with an expected opening in the second quarter of 2021[36] - The company plans to open two new restaurant leases in China by May 2021, in addition to an existing location in Shanghai[122] - The company opened several new restaurants in 2020, contributing to revenue growth despite overall declines[70] Customer Metrics - As of December 31, 2020, the total number of customers served by the company's restaurants was 1,621,019, a decrease of 343,123 customers or 17.5% compared to the same period in 2019[53] - The company reported a total of 1,268,533 customers served in the nine months ending December 31, 2020, with a significant decline in foot traffic due to COVID-19 restrictions[51] - The average spending per customer increased from HKD 150.3 in 2019 to HKD 174.3 in 2020, while excluding snack kiosks and dessert businesses, the average spending rose to HKD 182.6[53] - The average spending at snack kiosks increased by 6.3% to HKD 41.4, while the average spending in the dessert business rose by 15.4% to HKD 77.9 compared to 2019[53] Impact of COVID-19 - The COVID-19 pandemic significantly impacted customer numbers due to government-imposed social distancing measures, particularly in July, August, and December 2020[59] - The company’s restaurant operations faced restrictions on dine-in services, limiting table sizes and operating hours during various phases of the pandemic[58] - The company experienced significant revenue fluctuations due to COVID-19 restrictions, with a notable rebound in September 2020 following the easing of social distancing measures[104] Financial Position and Funding - The company raised approximately HKD 9,576,000 from the placement and subscription of shares, with a net amount of approximately HKD 9,326,000 after costs[65] - The net proceeds from the share placement are intended for general corporate purposes and expansion of restaurant operations, particularly in China[65] - The company received approximately HKD 21,200,000 and HKD 3,400,000 in subsidies from the Hong Kong government under the Anti-epidemic Fund's second and third phases, respectively[105] - The company obtained approximately HKD 6,200,000 in rent concessions from landlords during the nine months ended December 31, 2020[108] - Total borrowings as of December 31, 2020, were approximately HKD 1,100,000, a decrease of 46.8% from March 31, 2020[117] - Cash and cash equivalents stood at HKD 87,900,000 as of December 31, 2020[117] Strategic Focus - The company plans to continue exploring market expansion opportunities and new product development to enhance future growth[21] - The company’s strategic focus includes enhancing service levels and marketing activities to improve brand recognition amidst challenging market conditions[61] - The company aims to enhance food quality and service while maintaining value for money during challenging times[122] Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules during the nine months ending December 31, 2020[133] - The Audit Committee, consisting of independent non-executive directors, reviewed the unaudited consolidated financial statements for the nine months ending December 31, 2020[134] - No directors or major shareholders engaged in any business that competes with the group as of December 31, 2020[133] - The company confirmed that all directors adhered to the trading standards required by GEM Listing Rules during the reporting period[133] - The company has not disclosed any other interests or short positions in shares or debentures as of December 31, 2020[130] Shareholding Structure - As of December 31, 2020, Mr. Huang and Ms. Chen each hold 260,302,000 shares, representing approximately 67.273% of the company's shares[124] - IKEAB Limited, owned 70% by Mr. Huang and 30% by Ms. Chen, holds 250,318,000 shares, accounting for 64.693% of the company's shares[128] Miscellaneous - The company expressed gratitude to all employees and management for their contributions during the reporting period[136] - The company did not purchase, sell, or redeem any listed securities during the nine months ending December 31, 2020[132] - The company applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial performance and position for the current and prior years[29] - The company’s financial statements for the nine months ended December 31, 2020, were unaudited but reviewed by the audit committee[24] - Depreciation of property, plant, and equipment rose by 42.4% to HKD 13,153,000, accounting for 4.7% of revenue, compared to 3.1% last year[113] - Other expenses increased by 12.2% to HKD 17,598,000, representing 6.2% of revenue, up from 5.3% in the previous year[115]

Restaurant Expansion - The company opened three new restaurants in the first half of the fiscal year 2020/2021, increasing the total number of restaurants from 28 to 31[12]. - As of September 30, 2020, the number of restaurants under the brand "牛氣" increased from 6 to 8[13]. - The company plans to open additional restaurants, including locations in 沙田新城市廣場 and 上海恒隆廣場, with expected opening dates in Q4 2020 and Q2 2021 respectively[16]. - The company plans to open its first restaurant in Shanghai's Hang Lung Plaza in December 2020, leveraging local partnerships for fresh food supplies[72]. Financial Performance - Total revenue for the six months ended September 30, 2020, was approximately HKD 179,136,000, a decrease of 10.9% compared to the same period last year[48]. - The company reported a loss before tax of HKD 5,133,000 for the six months ended September 30, 2020, compared to a profit of HKD 26,760,000 in the same period of 2019[103]. - The total comprehensive loss for the period was HKD 4,459,000, compared to a comprehensive income of HKD 22,294,000 for the same period last year[105]. - Net profit for the six months ended September 30, 2020, was approximately HKD 4,419,000, a decrease of about 80.2% from approximately HKD 22,294,000 in the same period last year[65]. - Basic loss per share for the six months ended September 30, 2020, was HKD (1.0 cents), down from HKD 3.0 cents in the same period of 2019[105]. Customer Metrics - The total number of customers served by the restaurants was 1,055,279 for the six months ending September 30, 2020, a decrease of 294,881 customers or 21.8% compared to the same period in 2019[21]. - Average spending per customer increased from HKD 148.9 in 2019 to HKD 169.8 in 2020, while excluding snack and dessert businesses, the average spending rose to HKD 178.0[21]. - The average daily revenue per restaurant in April 2020 was 59% of the June 2020 baseline, with a significant rebound to 92% in September 2020[53]. Government Support - The group received government subsidies totaling HKD 10,600,000 in June 2020 and another HKD 10,600,000 in October 2020, with an expected additional subsidy of approximately HKD 3,400,000 in November 2020[54]. - The group received a total of HKD 21,218,000 in government subsidies to cover salary expenses for the periods from June to November 2020 due to the impact of the COVID-19 pandemic[120]. Cost Management - Material and consumables costs accounted for 30.4% of revenue, an increase of 3.2% compared to the previous year, primarily due to higher food costs at newly opened restaurants[57]. - Employee costs decreased to 27.0% of revenue from 28.3% in the previous year, attributed to fewer staff needed and management of employee scheduling during social distancing measures[58]. - Property rental and related expenses increased by 27.3% compared to the previous year, now accounting for 6.0% of revenue due to more restaurants in operation[60]. Capital and Financing - A placement and subscription agreement was established on November 3, 2020, for the sale of 7,200,000 shares at a price of HKD 1.33 per share, strengthening the company's capital base[42]. - The net proceeds from the subscription were approximately HKD 9,326,000 after deducting applicable costs and expenses[44]. - The company has identified multiple funding sources to support its operations, with undrawn available bank financing amounting to HKD 29,500,000[118]. Assets and Liabilities - Non-current assets increased to HKD 289,030,000 as of September 30, 2020, up from HKD 249,400,000 as of March 31, 2020, representing a growth of approximately 15.9%[107]. - Current liabilities rose significantly to HKD 35,473,000 as of September 30, 2020, up from HKD 18,747,000 as of March 31, 2020, indicating an increase of about 89.1%[110]. - The total liabilities increased to HKD 148,985,000 as of September 30, 2020, compared to HKD 124,653,000 as of March 31, 2020, indicating an increase of about 19.5%[110]. Corporate Governance - The company has complied with the corporate governance code as set out in Appendix 15 of the GEM Listing Rules for the six months ended September 30, 2020[92]. - The company established an audit committee to oversee financial reporting and internal controls, ensuring compliance with applicable accounting standards[97]. - The external auditor, Deloitte, reviewed the financial statements and found no issues that would lead them to believe the statements were not prepared in accordance with the relevant accounting standards[102]. Stock Options - As of September 30, 2020, the company had 4,470,000 unexercised stock options, representing approximately 1.2% of the company's issued share capital[87]. - The stock option plan was adopted on December 20, 2017, and is effective for 10 years, allowing options to be exercised within a specified period not exceeding 10 years from the grant date[84]. - The company did not grant any stock options during the six months ended September 30, 2020[90].

Financial Performance - The group's revenue for the three months ended June 30, 2020, was HKD 98,209,000, a slight decrease of 0.6% compared to HKD 98,798,000 for the same period in 2019[6]. - The group's profit before tax for the period was HKD 9,870,000, down 24.4% from HKD 13,066,000 in the same quarter of 2019[6]. - The total comprehensive income for the period was HKD 8,385,000, compared to HKD 10,923,000 in the previous year, reflecting a decrease of 23.3%[6]. - Basic and diluted earnings per share for the period were both HKD 0.022, down from HKD 0.029 in the same quarter of 2019[6]. - The company reported a profit attributable to shareholders of HKD 8,385,000 for the three months ended June 30, 2020, a decrease of 23.3% compared to HKD 10,923,000 for the same period in 2019[25]. - Adjusted net profit, excluding listing expenses, was approximately HKD 12,085,000, an increase of 10.6%[68]. Revenue and Customer Metrics - For the three months ended June 30, 2020, the total number of customers served was 582,170, a decrease of 79,662 or 12.0% compared to the same period in 2019[38]. - Revenue from existing restaurants dropped by approximately 27.5% to HKD 63,432,000, while revenue from new restaurants opened in FY2020 decreased by 18.6% to HKD 9,168,000[56][57]. - The number of customers at existing restaurants decreased by approximately 28.7% compared to the three months ended June 30, 2019[43]. - Average spending per customer increased from HKD 149.3 in 2019 to HKD 168.7 in 2020, with a higher average of HKD 176.7 when excluding snack and dessert businesses[38]. - The average spending at snack kiosks increased by 6.0% to HKD 41.4, while dessert business spending rose by 12.3% to HKD 74.9 compared to 2019[38]. Expenses and Costs - Employee costs decreased to HKD 25,245,000 from HKD 27,918,000, a reduction of 9.6%[6]. - Material and consumable costs increased by about 5.1% to HKD 28,730,000, representing 29.3% of total revenue, up from 27.7%[62][63]. - Employee costs decreased by approximately 9.6% to HKD 25,245,000, accounting for 25.7% of revenue, down from 28.3%[62][65]. - Depreciation of property, plant, and equipment increased to HKD 4,172,000 from HKD 2,887,000, marking a rise of 44.6%[6]. - Property, plant, and equipment depreciation rose by approximately 44.5% to HKD 4,172,000, while right-of-use asset depreciation increased by 33.1% to HKD 17,590,000[62][65]. Strategic Initiatives - The company continues to focus on expanding its restaurant operations in Hong Kong, leveraging its brand and market presence[14]. - The company opened two new restaurants during the quarter, increasing the total number of restaurants from 28 to 30[31]. - The new restaurant openings included locations in Tung Chung and Tuen Mun, contributing to the company's market expansion strategy[31]. - The company has entered into new lease agreements for upcoming restaurant openings, with expected operating dates in the third and fourth quarters of 2020[32]. - The company plans to utilize unspent funds of approximately HKD 5,000,000 for the lease deposit and renovation costs of the first "Yama" restaurant, reallocating from previous marketing and renovation plans[46]. - The company plans to leverage joint venture partners for fresh food supplies and local market knowledge in its expansion into China[74]. - The company is actively negotiating new potential locations for business expansion beyond the two new leases already committed[74]. Government Support and Compliance - The company received a subsidy of approximately HKD 10,600,000 from the Hong Kong government, with HKD 3,500,000 recognized as other income[58]. - Rental reductions amounted to approximately HKD 2,900,000, recorded as other income under the revised Hong Kong Financial Reporting Standards[60]. - The company has implemented new accounting policies related to rent concessions due to the COVID-19 pandemic, which will be recognized as variable lease payments[20]. - The company has complied with the corporate governance code as per GEM listing rules during the reporting period[86]. Financial Position - As of June 30, 2020, total borrowings amounted to approximately HKD 1,700,000, a decrease of 15.5% compared to March 31, 2020[70]. - Cash and cash equivalents were approximately HKD 84,100,000, primarily denominated in HKD, with no significant foreign exchange risk anticipated in the next 12 months[70]. - The group was in a net cash position as of June 30, 2020, indicating no net debt[71]. - The group had no significant contingent liabilities as of June 30, 2020[72]. - Outstanding capital commitments were approximately HKD 34,572,000, with about HKD 32,880,000 related to investments in joint ventures[73]. Future Outlook - The company expects adverse impacts on revenues for July and August 2020 due to measures taken in the first quarter of FY2021, but aims to control costs and maintain food quality[74]. - The company did not recommend the payment of an interim dividend for the three months ended June 30, 2020[24]. - The estimated tax rate applied for the period was 16.5% for Hong Kong profits tax[24]. - The company has chosen to early adopt the revised Hong Kong Financial Reporting Standards effective from April 1, 2020, which did not have a significant impact on its financial performance[21]. - The revised standards include changes to the definition of materiality, which may affect the presentation and disclosure in the consolidated financial statements[22]. Corporate Governance - Major shareholders, including Mr. Wong and Ms. Chan, each hold 68.549% of the shares, totaling 260,302,000 shares[81]. - The chairman and CEO, Huang Yishan, leads the board, which includes independent non-executive directors[92]. - The board expresses gratitude to all employees and management for their contributions during the period[91].

Financial Performance - Total revenue for the fiscal year 2020 reached HKD 370,511,000, representing a 20.4% increase from HKD 307,712,000 in the previous year[7]. - Profit before tax for the fiscal year 2020 was HKD 34,930,000, up from HKD 31,674,000 in the previous year, indicating an increase of 7.1%[7]. - Net profit attributable to owners of the company for the fiscal year 2020 was HKD 30,072,000, compared to HKD 27,252,000 in the previous year, reflecting an increase of 10.4%[7]. - Total revenue for the year was HKD 370,511,000, with a daily average revenue of HKD 1,146,198, compared to HKD 307,712,000 and HKD 1,006,877 for the previous year[62]. - Revenue growth was attributed to new restaurants opened during the year, including locations in Tseung Kwan O, Kowloon Bay, and Tsim Sha Tsui[85]. - Revenue from existing restaurants decreased by approximately 17.0%, with declines of 0.8%, 7.1%, and 19.2% in the first three quarters of fiscal year 2020[89]. - The impact of the COVID-19 pandemic led to a revenue decrease of about 43.0% in the fourth quarter compared to the same period last year[89]. - The company received a total of HKD 4,920,000 from the Hong Kong government's anti-epidemic fund, recorded as other income[93]. Assets and Liabilities - Total assets increased significantly to HKD 326,969,000 in 2020 from HKD 132,984,000 in 2019, marking a growth of 145.1%[8]. - Total liabilities rose to HKD 205,902,000 in 2020, up from HKD 30,897,000 in 2019, indicating a substantial increase of 566.5%[8]. - The company's net asset value for 2020 was HKD 121,067,000, compared to HKD 102,087,000 in 2019, showing an increase of 18.6%[8]. - Total borrowings as of March 31, 2020, were approximately HKD 2,000,000, a decrease of 37.8% compared to the previous fiscal year[108]. - Cash and cash equivalents as of March 31, 2020, were HKD 64,200,000, indicating a net cash position for the group[109]. Restaurant Operations - The group opened a total of 8 new restaurants during the fiscal year 2020, increasing the total number of restaurants from 22 on March 31, 2019, to 28 on March 31, 2020[48]. - The number of "牛氣" restaurants increased from 4 on March 31, 2019, to 6 on March 31, 2020, and is projected to reach 8 by the report date[48]. - The group closed two jointly controlled restaurants during the fiscal year, impacting its overall restaurant count[47]. - The total number of customers served by the restaurants reached approximately 2,432,338, an increase of 340,839 customers or 16.3% compared to the previous year[61]. - Average spending per customer increased from HKD 147.1 to HKD 152.3, although it slightly decreased to HKD 161.0 when excluding snack and dessert businesses[61]. - Revenue from new restaurants opened in fiscal year 2020 totaled HKD 72,174,000, with a notable increase in the fourth quarter[89]. Strategic Initiatives - The company is focused on expanding its market presence and enhancing product offerings, although specific new products or technologies were not detailed in the provided content[7]. - The group plans to continue its multi-brand strategy to broaden its customer base and increase market share[42]. - The group aims to expand its competitive brands and may enter the mainland China market[42]. - The group has strengthened its supply chain capabilities by integrating current suppliers and seeking more competitive service providers[43]. - The company plans to enhance brand recognition through renovations and marketing activities across multiple restaurant locations[79]. - The company anticipates recovery in revenue starting from April 2020, following improvements in the COVID-19 situation in Hong Kong[117]. Employee and Governance - Employee demographics indicate a balanced gender representation, with 53% male and 47% female employees, reflecting the company's commitment to diversity[30]. - The company issued a total of 1,920,000 stock options to eligible employees at an exercise price of HKD 0.85 per share, representing approximately 0.5% of the total issued share capital[70]. - The management team includes individuals with extensive backgrounds in finance, law, and operations, enhancing corporate governance[126][131][133]. - The company has a comprehensive risk management policy addressing potential risks and uncertainties[145]. - The company has confirmed compliance with non-competition commitments from major shareholders as of March 31, 2020[190]. Financial Reporting and Compliance - The company has adopted new financial reporting standards from April 1, 2018, which may impact future financial disclosures[9]. - The proposed final cash dividend is HKD 0.015 per share, maintaining the same level as the previous fiscal year, with a payout ratio of 37.9% based on estimated profits[116]. - The final dividend payment is subject to approval at the 2020 annual general meeting and is expected to be paid around August 19, 2020[146]. - The company is not required to pay Hong Kong tax on the dividends distributed[152]. - The company has no related party transactions that require disclosure under GEM listing rules for the fiscal year ending March 31, 2020[188].

Financial Performance - Revenue for the nine months ended December 31, 2019, was HKD 295,120,000, an increase of 34% compared to HKD 220,385,000 for the same period in 2018[5] - Gross profit for the same period was HKD 214,496,000, representing a gross margin of approximately 72.7%[5] - The net profit attributable to owners for the nine months was HKD 27,707,000, up from HKD 17,646,000 in the previous year, marking a 57% increase[5] - The company reported a basic earnings per share of 7.3 HK cents for the nine months, compared to 4.5 HK cents in the previous year[5] - Total other income for the nine months was HKD 1,235,000, significantly higher than HKD 173,000 in the same period last year[5] - The unaudited consolidated financial results for the nine months ended December 31, 2019, showed a profit attributable to owners of the company of HKD 27,707,000, compared to HKD 17,646,000 for the same period in 2018, representing a 57.8% increase[33] - The basic earnings per share for the nine months ended December 31, 2019, was calculated based on a weighted average of 379,732,000 ordinary shares[33] - Net profit attributable to the company's owners for the nine months ended December 31, 2019, was approximately HKD 27,707,000, an increase of about HKD 10,061,000 or 57.0% compared to the previous year[73] Costs and Expenses - Employee costs increased to HKD 85,196,000 from HKD 67,384,000, reflecting a rise of 26.5% year-on-year[5] - Depreciation expenses surged to HKD 54,650,000 from HKD 6,428,000, indicating a substantial increase due to new asset acquisitions[5] - The company incurred financial costs of HKD 3,870,000, compared to HKD 97,000 in the previous year, showing a significant rise[5] - Major cost components included raw materials and consumables at HKD 80,624,000 (27.3% of revenue), employee costs at HKD 85,196,000 (28.9% of revenue), and depreciation and amortization at HKD 54,650,000 (18.5% of revenue)[62] - The company experienced a significant increase in depreciation and amortization costs, rising by 750.2% compared to the previous year[62] - Property rental and related expenses decreased by 71.2% to HKD 12,619,000, reflecting a strategic shift in cost management[62] - Other expenses increased by approximately 19.6% to HKD 15,688,000, with a slight decrease in the percentage of revenue from 6.0% to 5.3% due to better absorption of compliance costs related to GEM listing[71] Market Expansion and Strategy - The company plans to expand its market presence and invest in new product development to drive future growth[5] - The board expressed confidence in achieving positive results in the upcoming quarters, supported by strategic initiatives and market expansion efforts[5] - The company opened eight new restaurants during the nine months ended December 31, 2019, including locations in Tseung Kwan O, Kowloon Bay, and Tsim Sha Tsui[36] - The company plans to open new restaurants in Tuen Mun and Tung Chung in the second quarter of 2020, with seating capacities of 200 and 180, respectively[39] - The company is actively negotiating potential new restaurant locations for opening in the second half of 2020, despite recent business challenges due to social unrest and the COVID-19 outbreak[77] Customer Metrics - The total number of customers served by the company's restaurants reached 1,964,142, representing an increase of 440,842 customers or 28.9% year-over-year[45] - Average spending per customer increased from HKD 144.7 in 2018 to HKD 150.3 in 2019, although it slightly decreased from HKD 161.3 to HKD 159.0 when excluding snack and dessert businesses[45] - Excluding new restaurants, revenue from existing restaurants decreased by approximately 15.4% due to market conditions in Hong Kong[55] Corporate Governance - The company has complied with the GEM Listing Rules regarding corporate governance during the nine months ending December 31, 2019[88] - No directors or major shareholders were found to be engaged in any competing business as of December 31, 2019[89] - The Audit Committee, consisting of independent non-executive directors, reviewed the financial statements for the nine months ending December 31, 2019, ensuring compliance with applicable accounting standards[93] - The company has adopted written guidelines for directors' securities trading, ensuring compliance with GEM Listing Rules[90] Shareholder Information - As of December 31, 2019, major shareholders hold significant stakes, with Mr. Huang and Ms. Chen each owning approximately 68.549% of the shares through IKEAB Limited[84] - IKEAB Limited is owned 70% by Mr. Huang and 30% by Ms. Chen, indicating their substantial influence over the company[86] - The company has no knowledge of any interests or short positions in shares or related securities held by any person other than directors[87] - The company has appointed Dongxing Securities (Hong Kong) Limited as its compliance advisor, confirming no interests in the company's equity by the advisor or its associates[92] Dividend Information - The company did not recommend the payment of an interim dividend for the three months ended December 31, 2019[31] - The company’s interim dividend for the six months ended September 30, 2019, remained unchanged at HKD 0.015 per share[30] Financial Position - Total borrowings as of December 31, 2019, were approximately HKD 2,400,000, a decrease of 28.2% from March 31, 2019[74] - Cash and cash equivalents as of December 31, 2019, amounted to HKD 76,600,000, primarily denominated in Hong Kong dollars, indicating no significant foreign exchange risk[74] - The percentage of property rental and related expenses as a share of revenue decreased significantly from 19.2% to 4.1% due to the current presentation of rental expenses as depreciation of right-of-use assets[70] - The percentage of raw materials and consumables as a share of revenue decreased from 28.2% to 27.3%, primarily due to reduced waste, the impact of new restaurant openings on material costs, and an increase in per capita spending by restaurant guests[64] - Employee costs as a percentage of revenue decreased from 30.6% to 28.9% compared to the same period in 2018, attributed to an increase in restaurants requiring fewer staff and higher per capita spending by guests[64] Acknowledgments - The company expressed gratitude to employees and management for their contributions during the reporting period[94] - The company has not made any significant investments, acquisitions, or disposals of subsidiaries and associates during the nine months ended December 31, 2019[41]

Restaurant Expansion - The company opened five new restaurants during the six months ending September 30, 2019, increasing the total number of restaurants from 22 to 26[10]. - The company entered into a six-year franchise agreement with the French dining brand Tirpse, effective from October 16, 2019[12]. - The new restaurant in Tung Chung is expected to open in late November 2019, with a seating capacity of 120 and an area of 236.90 square meters[13]. - The company reported a total of 5 restaurants under the brand "Rakuraku Ramen," up from 1 restaurant as of March 31, 2019[10]. - The company plans to renovate the new locations in Tung Chung and K11 MUSEA, with operations expected to start in December 2019[14]. - The company has a lease agreement for the new Tirpse restaurant at K11 MUSEA, with an expected opening in the fourth quarter of 2019[13]. - The total number of restaurants as of September 30, 2019, includes 5 for "品越 牛氣," 3 for "稻成," and 1 for "多賀野拉麵"[10]. - The company has confirmed lease agreements for new restaurants, with the latest expected to open by the end of 2019[13]. - The company is actively pursuing new strategies for market expansion through franchising and new restaurant openings[12]. - The company plans to expand its restaurant presence in Hong Kong, with new openings including a beef restaurant in Tseung Kwan O and a rice restaurant in Tung Chung[23]. Financial Performance - The company recorded revenue of approximately HKD 201,027,000 for the six months ended September 30, 2019, representing an increase of 46.2% compared to the same period last year[37]. - Revenue growth was attributed to the opening of new restaurants, including locations in Tseung Kwan O, Kowloon Bay, Taikoo, and Tsim Sha Tsui[40]. - The revenue breakdown by cuisine for the six months ended September 30, 2019, shows Japanese cuisine at HKD 88,912, accounting for 44.2% of total revenue, a 47.2% increase from the previous year[38]. - Total customer visits for the restaurants reached 1,350,160, an increase of 383,567 or 39.7% compared to the same period last year[17]. - Average spending per customer increased from HKD 142.3 to HKD 148.9; however, excluding snack and dessert businesses, it slightly decreased from HKD 160.8 to HKD 158.0[17]. - Net profit for the six months ended September 30, 2019, was approximately HKD 22,294,000, an increase of 118.2% compared to HKD 10,215,000 in the previous period[50]. - Profit before tax for the six months was HKD 26,760,000, up 114.5% from HKD 12,481,000 in the previous year[94]. - Basic and diluted earnings per share for the six months were both HKD 3.0, compared to HKD 1.9 for the same period in 2018[94]. - The group reported a profit attributable to shareholders of HKD 11,372,000 for the three months ended September 30, 2019, compared to HKD 7,512,000 in the same period of 2018, representing a 51% increase[190]. - For the six months ended September 30, 2019, the profit attributable to shareholders was HKD 22,294,000, up from HKD 10,215,000 in 2018, marking a 118% increase[190]. Cost Management - The cost of materials and supplies decreased from 28.3% to 27.2% of revenue, primarily due to reduced waste and economies of scale from new restaurant openings[44]. - Employee costs as a percentage of revenue decreased from 30.8% to 28.3%, attributed to the opening of restaurants requiring fewer staff and increased customer spending[44]. - Other expenses amounted to HKD 10,687,000, a 29.3% increase year-on-year, but as a percentage of revenue, it decreased from 6.0% to 5.3%[50]. - The company reported a significant decrease in property rental and related expenses from HKD 26,418,000 (19.2% of revenue) to HKD 8,417,000 (4.2% of revenue) due to the adoption of HKFRS 16[48]. - Depreciation of right-of-use assets was HKD 29,042,000, reflecting a 100% increase as it was not previously recorded[45]. Shareholder Information - The company issued a total of 1,920,000 share options at an exercise price of HKD 0.85 per share, representing approximately 0.5% of the total issued share capital[19]. - The board declared an interim dividend of HKD 0.015 per share for the six months ended September 30, 2019, totaling approximately HKD 5,696,000[55]. - As of September 30, 2019, major shareholders, including Mr. Huang and Ms. Chan, held 68.549% of the shares, totaling 260,302,000 shares[60]. - IKEAB Limited, a controlled entity, had 250,318,000 shares, representing 65.920% ownership[60]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[62]. Cash Flow and Financial Position - Cash and cash equivalents were HKD 76,000,000, primarily denominated in HKD, with no significant foreign exchange risk anticipated[51]. - The group is in a net cash position as of September 30, 2019, with no significant contingent liabilities reported[52]. - The group’s outstanding capital commitments were approximately HKD 2,277,000 as of September 30, 2019, up from HKD 1,772,000 on March 31, 2019[54]. - The operating cash flow before changes in working capital for the six months ended September 30, 2019, was HKD 64,504 thousand, up from HKD 16,790 thousand in the previous year[115]. - The group reported a current liability exceeding current assets by 3,886,000 HKD as of September 30, 2019[120]. Accounting and Compliance - The application of HKFRS 16 resulted in significant changes in accounting policies, impacting the recognition of lease liabilities and right-of-use assets[125]. - The group confirmed that the application of new and revised Hong Kong Financial Reporting Standards did not have a significant impact on the financial position and performance for the period[124]. - The company has established an audit committee to oversee financial reporting and internal control processes[84]. - The company has complied with the GEM Listing Rules regarding securities trading by directors, confirming adherence to the required standards[82]. - The company complied with the corporate governance code as per GEM Listing Rules Appendix 15 during the six months ended September 30, 2019[80]. Market Outlook - The company anticipates further deterioration in restaurant revenues due to ongoing unrest in Hong Kong, impacting business performance[56]. - The company emphasizes the importance of value for money, high-quality cuisine, and excellent service as key to success during challenging times[56].