股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年8月1日 FF301 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 威揚酒業國際控股有限公司 （ 於開曼群島註冊成立之有限公司） I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08509 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | | 10,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | ...

WINE'S LINK INTERNATIONAL HOLDINGS LIMITED Stock Code | 股份代號：8509 威揚酒業國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） 年報 WINE'S LINK INTERNATIONAL HOLDINGS LIMITED 26/ Floor, AIA Financial Centre, 712 Prince Edward Road East, San Po Kong, Kowloon, Hong Kong 香港九龍新蒲崗太子道東712號友邦九龍金融中心26樓 T (852) 2317 1100 F (852) 2317 1032 E general@wines-link.com W wines-link.com 威揚酒業國際控股有限公司 WINE'S LINK INTERNATIONAL HOLDINGS LIMITED 威揚酒業國際控股有限公司 This report, for which the directors (the ...

[Company Information and Regulatory Statements](index=1&type=section&id=Company%20Information%20and%20Regulatory%20Statements) [Company Overview](index=1&type=section&id=Company%20Overview) Wine's Link International Holdings Limited (Stock Code: 8509) is a company incorporated in the Cayman Islands, with its shares listed on GEM of the Hong Kong Stock Exchange, and this announcement presents its annual results for the year ended March 31, 2025 - Company Name: **Wine's Link International Holdings Limited**[2](index=2&type=chunk) - Stock Code: **8509**[2](index=2&type=chunk) - Listing Venue: **GEM of The Stock Exchange of Hong Kong Limited**[2](index=2&type=chunk) [GEM Listing Features and Directors' Responsibilities](index=1&type=section&id=GEM%20Listing%20Features%20and%20Directors'%20Responsibilities) The GEM market provides a listing platform for small and medium-sized companies, which typically involve higher investment risks and market volatility, and the company's directors bear full responsibility for the accuracy, completeness, and non-misleading nature of this announcement's content - GEM Market Positioning: Provides a listing market for small and medium-sized companies, with **higher investment risks and market volatility**[2](index=2&type=chunk) - Directors' Responsibilities: Directors jointly and severally assume full responsibility for the content of this announcement, confirming the information is **accurate, complete, and free from misleading or fraudulent elements**[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2025, the company's revenue significantly increased by 72.7% to HKD 373,985 thousand, profit for the year grew by 27.6% to HKD 39,751 thousand, and basic earnings per share rose to 9.94 HK cents Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 373,985 | 216,553 | 72.7% | | Cost of sales | (288,092) | (139,800) | 106.1% | | Gross profit | 85,893 | 76,753 | 11.9% | | Profit before tax | 49,681 | 39,357 | 26.2% | | Income tax expense | (9,930) | (8,198) | 21.1% | | Profit for the year | 39,751 | 31,159 | 27.6% | | Profit for the year attributable to owners of the Company | 39,758 | 31,201 | 27.4% | | Basic and diluted earnings per share (HK Cents) | 9.94 | 7.80 | 27.4% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the company's total assets less current liabilities increased to HKD 334,461 thousand, primarily due to a significant improvement in net current assets, especially a substantial increase in cash and cash equivalents Consolidated Statement of Financial Position Summary | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change (HKD Thousand) | | :--- | :--- | :--- | :--- | | Non-current assets | 141,934 | 149,038 | (7,104) | | Current assets | 341,113 | 299,089 | 42,024 | | Current liabilities | 148,586 | 153,645 | (5,059) | | Net current assets | 192,527 | 145,444 | 47,083 | | Total assets less current liabilities | 334,461 | 294,482 | 39,979 | | Net assets | 334,226 | 294,474 | 39,752 | | Equity attributable to owners of the Company | 335,593 | 295,834 | 39,759 | - Cash and cash equivalents significantly increased from **HKD 2,889 thousand in 2024 to HKD 129,082 thousand in 2025**[4](index=4&type=chunk) - Inventories decreased from **HKD 152,822 thousand in 2024 to HKD 121,214 thousand in 2025**[4](index=4&type=chunk) [Consolidated Statement of Changes in Equity](index=5&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the year ended March 31, 2025, total equity attributable to owners of the Company increased to HKD 335,593 thousand, primarily driven by the profit for the year Consolidated Statement of Changes in Equity Summary | Indicator | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Share capital | 4,000 | 4,000 | | Share premium | 76,298 | 76,298 | | Exchange fluctuation reserve | 18 | 17 | | Other reserves | 27,458 | 27,458 | | Accumulated profits | 227,819 | 188,061 | | Total equity attributable to owners of the Company | 335,593 | 295,834 | | Non-controlling interests | (1,367) | (1,360) | | Total equity | 334,226 | 294,474 | - Profit for the year attributable to owners of the Company was **HKD 39,758 thousand**, contributing to the equity growth[6](index=6&type=chunk) [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [General Information](index=6&type=section&id=General%20Information) Wine's Link International Holdings Limited is incorporated in the Cayman Islands and primarily engages in the trading of wine products and other alcoholic beverages, with Ms. Wang Zilu, through Shirz Limited, holding a 70% stake as the controlling shareholder - Place of Incorporation: **Cayman Islands**, Date of Incorporation: **September 22, 2016**[7](index=7&type=chunk) - Principal Business: **Trading of wine products and other alcoholic beverages**[7](index=7&type=chunk) - Controlling Shareholder: **Shirz Limited** (wholly owned by Ms. Wang Zilu), holding **70% equity interest** in the Company[7](index=7&type=chunk) - Functional Currency: **Hong Kong Dollars**[8](index=8&type=chunk) [Application of Accounting Standards](index=6&type=section&id=Application%20of%20Accounting%20Standards) The Group has adopted all new and revised Hong Kong Financial Reporting Standards effective from April 1, 2024, with no significant changes to accounting policies or financial statement presentation for the current and prior years - All new and revised Hong Kong Financial Reporting Standards effective from **April 1, 2024**, have been adopted[9](index=9&type=chunk) - The adoption of new standards resulted in **no significant changes** to the Group's accounting policies, financial statement presentation, or reported amounts for the current and prior years[9](index=9&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) Revenue for the year significantly increased by 72.7% to HKD 373,985 thousand, primarily from wine product sales, with all revenue generated from the Hong Kong market, and the company operates in a single operating segment Revenue from Contracts with Customers by Category | Product Category | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Wine products | 302,510 | 126,415 | 139.3% | | Other alcoholic beverages | 69,900 | 89,707 | (22.1%) | | Wine accessories | 1,575 | 431 | 265.4% | | **Total Revenue** | **373,985** | **216,553** | **72.7%** | Revenue by Geographical Market | Region | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Hong Kong | 373,985 | 216,486 | | China | – | 67 | | **Total Revenue** | **373,985** | **216,553** | - Revenue is recognized when **control of the goods is transferred**, which occurs when the goods are delivered to the customer's designated location[11](index=11&type=chunk) - The Group has **only one single operating segment**, primarily engaged in the sale and distribution of wine products, other alcoholic beverages, and wine accessories in Hong Kong[12](index=12&type=chunk) - **No individual customer** accounted for more than 10% of the Group's total revenue in either year[14](index=14&type=chunk) [Key Expenses](index=8&type=section&id=Key%20Expenses) Finance costs decreased this year, while major expenses such as cost of inventories, depreciation, and staff costs are disclosed in detail Finance Costs | Category | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Interest on bank borrowings and overdrafts | 8,578 | 9,147 | | Interest on lease liabilities | 50 | 147 | | **Total Finance Costs** | **8,628** | **9,294** | Items Deducted from Profit Before Tax | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Auditor's remuneration | 740 | 743 | | Cost of inventories recognized as expense | 288,092 | 139,800 | | Depreciation of property and equipment | 6,258 | 6,552 | | Depreciation of investment properties | 820 | – | | Depreciation of right-of-use assets | 1,103 | 2,661 | | Directors' remuneration | 1,918 | 1,848 | | Other staff costs (salaries and benefits) | 7,405 | 8,215 | | Contributions to retirement benefit schemes | 285 | 312 | | **Total Staff Costs** | **9,608** | **10,375** | [Income Tax Expense](index=9&type=section&id=Income%20Tax%20Expense) Income tax expense increased by 21.1% to HKD 9,930 thousand this year, primarily due to an increase in estimated assessable profits, with Hong Kong profits tax applying a two-tiered tax rate system Income Tax Expense | Category | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Hong Kong Profits Tax – Current tax | 9,827 | 7,389 | | Hong Kong Profits Tax – Over-provision in prior years | – | (6) | | Deferred tax expense | 103 | 815 | | **Total Income Tax Expense** | **9,930** | **8,198** | - Hong Kong Profits Tax rates: **8.25% for the first HKD 2 million** and **16.5% for profits exceeding HKD 2 million**[18](index=18&type=chunk) [Earnings Per Share and Dividends](index=9&type=section&id=Earnings%20Per%20Share%20and%20Dividends) Basic earnings per share for the year was 9.94 HK cents, an increase from the previous year, and the company neither paid nor proposed any dividends in both years Earnings Per Share | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the year attributable to owners of the Company (HKD Thousand) | 39,758 | 31,201 | | Number of ordinary shares (Thousand shares) | 400,000 | 400,000 | | **Basic and diluted earnings per share (HK Cents)** | **9.94** | **7.80** | - **No dividends** were paid or proposed for either year[20](index=20&type=chunk) [Trade Receivables and Payables](index=10&type=section&id=Trade%20Receivables%20and%20Payables) As of March 31, 2025, total trade receivables slightly decreased, but the aging analysis shows an increased proportion of receivables aged 91-180 days and over 365 days, while trade payables significantly reduced with a notable improvement in aging structure Aging Analysis of Trade Receivables | Aging | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 12,460 | 26,603 | | 31 to 60 days | 11,933 | 13,879 | | 61 to 90 days | 6,272 | 500 | | 91 to 180 days | 19,582 | 7,687 | | 181 to 365 days | 143 | 3,607 | | Over 365 days | 145 | 28 | | **Total** | **50,535** | **52,304** | Aging Analysis of Trade Payables | Aging | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 24 | 15 | | 31 to 60 days | 19 | – | | 61 to 90 days | – | – | | 91 to 180 days | – | 130 | | 181 to 365 days | 6 | 17 | | Over 365 days | 158 | 3,440 | | **Total** | **207** | **3,602** | - The credit period for trade receivables ranges from **0 to 120 days**[21](index=21&type=chunk) - The credit period for trade payables is a maximum of **90 days**[22](index=22&type=chunk) [Related Party Transactions](index=11&type=section&id=Related%20Party%20Transactions) The company had no sales of goods transactions with related parties Mr. Ding Zhiwei and Ms. Wang Zilu this year, compared to minor transactions in the previous year Sales of Goods to Related Parties | Related Party | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Mr. Ding Zhiwei | – | 96 | | Ms. Wang Zilu | – | 24 | | **Total** | **–** | **120** | - Mr. Ding Zhiwei ceased to be a related party of the Group since **November 2023**[23](index=23&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=12&type=section&id=Business%20Review) The Group primarily engages in the wholesale and retail of wine and other alcoholic beverages in Hong Kong with a diverse product portfolio, benefiting from global economic recovery and increased demand for premium vintage wines, while actively exploring new business opportunities such as marketing services and cost optimization - Principal Business: **Wholesale and retail of wine products and other alcoholic beverages in Hong Kong**[24](index=24&type=chunk) - Product Portfolio: Includes **premium vintage wines, selected red and white wines, champagne, whisky, Chinese spirits, sake, and wine accessories**[24](index=24&type=chunk) - Business Development: Actively exploring providing **promotion and marketing services** for alcoholic beverage brands and **optimizing cost-effectiveness** of business operations[24](index=24&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) This year, the company experienced significant revenue growth, but gross margin declined due to changes in product mix, while administrative expenses and finance costs decreased through cost-saving measures, ultimately driving a substantial increase in profit for the year [Revenue](index=12&type=section&id=Revenue) The Group's revenue increased by 72.7% from approximately HKD 216.6 million in FY2024 to approximately HKD 374.0 million this year, primarily driven by increased demand for wine products Revenue Changes | Year | Revenue (HKD Million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | 2025 | 374.0 | 72.7% | | 2024 | 216.6 | - | - The increase in revenue was primarily due to **higher demand for wine products**[25](index=25&type=chunk) [Cost of Sales](index=12&type=section&id=Cost%20of%20Sales) Cost of sales increased by 106.1% year-on-year to approximately HKD 288.1 million, directly correlating with the revenue growth for the year Cost of Sales Changes | Year | Cost of Sales (HKD Million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | 2025 | 288.1 | 106.1% | | 2024 | 139.8 | - | - The increase in cost of sales is **directly related to the increase in revenue** for the year[26](index=26&type=chunk) [Gross Profit and Gross Margin](index=12&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit increased by 11.9% year-on-year to approximately HKD 85.9 million, but the gross margin decreased from 35.4% to 23.0%, mainly due to a change in product mix with a higher proportion of lower-margin premium vintage wines and quality wines Gross Profit and Gross Margin Changes | Year | Gross Profit (HKD Million) | Gross Margin (%) | Year-on-Year Change (Gross Profit %) | | :--- | :--- | :--- | :--- | | 2025 | 85.9 | 23.0% | 11.9% | | 2024 | 76.8 | 35.4% | - | - The decrease in gross margin was primarily due to a **change in product mix**, with a higher proportion of sales of lower-margin premium vintage wines and quality wines[28](index=28&type=chunk) [Other Income](index=13&type=section&id=Other%20Income) Other income significantly increased to approximately HKD 599 thousand, primarily contributed by an increase in rental income Other Income Changes | Year | Other Income (HKD Thousand) | | :--- | :--- | | 2025 | 599 | | 2024 | 127 | - The increase in other income was primarily contributed by an **increase in rental income** for the year[29](index=29&type=chunk) [Net Other Gains and Losses](index=13&type=section&id=Net%20Other%20Gains%20and%20Losses) This year recorded a net gain of approximately HKD 559 thousand, a significant improvement from last year's net loss of approximately HKD 956 thousand, primarily influenced by gains on disposal of property and equipment, write-off of property and equipment, and net foreign exchange gains or losses Net Other Gains and Losses Changes | Year | Net Gain/Loss (HKD Thousand) | | :--- | :--- | | 2025 | 559 (Gain) | | 2024 | (956) (Loss) | - Net gains or losses include **gains or losses on disposal of property and equipment, write-off of property and equipment, and net foreign exchange gains or losses** arising from currency fluctuations[30](index=30&type=chunk) [Selling and Distribution Expenses](index=13&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased to approximately HKD 13.4 million, mainly due to increased depreciation, partially offset by cost-saving measures Selling and Distribution Expenses Changes | Year | Selling and Distribution Expenses (HKD Million) | | :--- | :--- | | 2025 | 13.4 | | 2024 | 10.9 | - The increase was primarily due to **increased depreciation**, partially offset by cost-saving measures[31](index=31&type=chunk) [Administrative Expenses](index=13&type=section&id=Administrative%20Expenses) Administrative expenses decreased to approximately HKD 15.1 million, mainly attributable to reduced depreciation and the continued implementation of cost-saving measures Administrative Expenses Changes | Year | Administrative Expenses (HKD Million) | | :--- | :--- | | 2025 | 15.1 | | 2024 | 16.4 | - The decrease was primarily attributable to **reduced depreciation** and the **continued implementation of cost-saving measures**[32](index=32&type=chunk) [Finance Costs](index=13&type=section&id=Finance%20Costs) Finance costs decreased to approximately HKD 8.6 million, primarily due to a reduction in interest on bank borrowings Finance Costs Changes | Year | Finance Costs (HKD Million) | | :--- | :--- | | 2025 | 8.6 | | 2024 | 9.3 | - The decrease was primarily due to a **reduction in interest on bank borrowings** compared to the previous year[33](index=33&type=chunk) [Income Tax Expense](index=14&type=section&id=Income%20Tax%20Expense) Income tax expense increased by 21.1% to approximately HKD 9.9 million, primarily due to an increase in estimated assessable profits for the current year Income Tax Expense Changes | Year | Income Tax Expense (HKD Million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | 2025 | 9.9 | 21.1% | | 2024 | 8.2 | - | - The increase was primarily due to an **increase in estimated assessable profits** for the current year compared to the year ended March 31, 2024[34](index=34&type=chunk) [Profit for the Year and Total Comprehensive Income](index=14&type=section&id=Profit%20for%20the%20Year%20and%20Total%20Comprehensive%20Income) Profit for the year and total comprehensive income attributable to owners of the Company both increased to approximately HKD 39.8 million, primarily driven by higher revenue, lower administrative expenses, and reduced finance costs, partially offset by increased selling and distribution expenses and income tax expense Profit for the Year and Total Comprehensive Income Changes | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | | :--- | :--- | :--- | | Profit for the year | 39.8 | 31.2 | | Profit for the year attributable to owners of the Company | 39.8 | 31.2 | | Total comprehensive income attributable to owners of the Company | 39.8 | 31.2 | - The growth was primarily due to **increased revenue, decreased administrative expenses, and reduced finance costs**, partially offset by increased selling and distribution expenses and income tax expense[35](index=35&type=chunk) [Dividend Policy](index=14&type=section&id=Dividend%20Policy) The Board does not recommend the payment of a final dividend for the current year, consistent with the previous year - The Board does not recommend the payment of a final dividend for the current year (2024: **nil**)[36](index=36&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's liquidity position significantly improved, with both net current assets and current ratio increasing, primarily due to a substantial rise in cash and cash equivalents, while the gearing ratio decreased, indicating lower financial leverage Liquidity Indicators | Indicator | 2025 (HKD Million) | 2024 (HKD Million) | | :--- | :--- | :--- | | Net current assets | 192.5 | 145.4 | | Cash and cash equivalents | 129.1 | 2.9 | | Current ratio | 2.3 | 1.9 | | Gearing ratio | 41.0% | 45.6% | - The increase in current ratio was primarily due to the **combined effect of increased cash and cash equivalents, decreased inventories, and reduced other receivables, deposits, and prepayments**[38](index=38&type=chunk) [Treasury Policy and Capital Structure](index=15&type=section&id=Treasury%20Policy%20and%20Capital%20Structure) The Group adopts a prudent treasury policy, continuously assessing customer credit risk and closely monitoring its liquidity position, with no changes to its capital structure this year, having 400,000,000 ordinary shares in issue - Treasury Policy: Adopts a **prudent policy**, continuously conducting **customer credit assessments**, and closely monitoring its **liquidity position**[40](index=40&type=chunk) - Capital Structure: **No changes** for the current year, share capital consists solely of ordinary shares, with **400,000,000 shares in issue**[42](index=42&type=chunk) [Material Investments and Acquisitions/Disposals](index=15&type=section&id=Material%20Investments%20and%20Acquisitions%2FDisposals) As of the date of this announcement, the Group held no material investments and had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - As of March 31, 2025, the Group held **no material investments**[43](index=43&type=chunk) - As of March 31, 2025, and up to the date of this announcement, the Group had **no material acquisitions or disposals of subsidiaries, associates, or joint ventures**[44](index=44&type=chunk) - During the year, **neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities**[45](index=45&type=chunk) [Contingent Liabilities and Pledged Assets](index=16&type=section&id=Contingent%20Liabilities%20and%20Pledged%20Assets) The Group had no material contingent liabilities, and as of March 31, 2025, properties with a carrying value of approximately HKD 117.6 million were pledged as security for bank borrowings - As of March 31, 2025, and March 31, 2024, the Group had **no material contingent liabilities**[46](index=46&type=chunk) - As of March 31, 2025, properties with a carrying value of approximately **HKD 117.6 million were pledged as security for the Group's bank borrowings of approximately HKD 127.4 million**[47](index=47&type=chunk) [Foreign Exchange Risk Management](index=16&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group faces significant foreign exchange risk primarily from overseas purchases settled in foreign currencies, managing this risk by closely monitoring exchange rates and adjusting procurement strategies, but currently has no foreign currency hedging policy - The Group is exposed to **significant foreign exchange risk** due to purchasing wine products from overseas suppliers in Hong Kong settled in foreign currencies[48](index=48&type=chunk) - Management measures include: **ceased holding pledged bank deposits denominated in foreign currencies since October 2016**; **closely monitoring foreign currency exchange rates** and regularly assessing net foreign exchange risk; **adjusting procurement strategies** (e.g., sourcing French wine products from non-French suppliers when the Euro appreciates)[48](index=48&type=chunk) - The Group currently has **no foreign currency hedging policy**[48](index=48&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the total number of employees increased to 33, with total employee benefit expenses for the year being approximately HKD 9.6 million, and remuneration and benefits are determined based on employee qualifications, position, and years of service, assessed annually for competitiveness Employees and Remuneration | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total number of employees | 33 | 24 | | Total employee benefit expenses (HKD Million) | 9.6 | 10.4 | - Remuneration and benefits include **basic salaries, discretionary bonuses, medical coverage, and retirement scheme contributions**, determined based on employee qualifications, position, and years of service, and **assessed annually**[49](index=49&type=chunk)[50](index=50&type=chunk) [Future Prospects](index=17&type=section&id=Future%20Prospects) The company's GEM listing has enhanced its corporate visibility and market recognition, strengthening its bargaining power and providing access to financing channels, and the Group will continue to optimize operations, expand its alcoholic beverage portfolio, offer marketing services, and improve cost efficiency to address market challenges and achieve sustainable development - GEM Listing Benefits: Enhances **corporate visibility and market recognition**, improves **credit reliability**, gains **greater bargaining power**, and provides **direct access to capital markets for fundraising**[51](index=51&type=chunk) - Future Strategies: **Optimize and expand operations**, **diversify and create new sales channels**, **broaden the alcoholic beverage portfolio**, **provide promotion and marketing planning services**, and **optimize operational cost efficiency**[51](index=51&type=chunk) - Addressing Challenges: **Closely monitor business development**, adopt a **prudent approach**, and **adjust business strategies as needed** to respond to the rapidly changing environment[51](index=51&type=chunk) [Loan Agreements and Specific Performance Covenants](index=17&type=section&id=Loan%20Agreements%20and%20Specific%20Performance%20Covenants) [Chong Hing Bank Limited Financing](index=17&type=section&id=Chong%20Hing%20Bank%20Limited%20Financing) The Group's bank financing agreement with Chong Hing Bank Limited has been renewed and updated multiple times, increasing the total financing from an initial HKD 63 million to HKD 98 million, including overdraft facilities, and contains a specific performance covenant requiring controlling shareholder Ms. Wang Zilu to remain the single largest shareholder with no less than 50% beneficial interest - August 11, 2023: Accepted Facility Letter A, totaling up to **HKD 63 million** (term loan and trade finance) and **HKD 3 million** overdraft facility[52](index=52&type=chunk) - February 16, 2024: Trade finance amount updated, increasing total amount to up to **HKD 70 million**[53](index=53&type=chunk) - May 3, 2024: Accepted renewed Facility Letter A, increasing total amount to up to **HKD 73 million**[54](index=54&type=chunk) - September 10, 2024: Accepted updated Facility Letter II, increasing total amount to up to **HKD 98 million** (including bills purchased, letters of credit, and trust receipt loan facilities, etc)[55](index=55&type=chunk) - Specific Performance Covenant: Controlling shareholder Ms. Wang Zilu must **continue to be the single largest shareholder**, holding **no less than 50% beneficial interest** in the Company, and **shall not pledge the Company's shares**[52](index=52&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - As of the date of this announcement, Ms. Wang Zilu holds **70% equity interest** in the Company[56](index=56&type=chunk) [Fubon Bank (Hong Kong) Limited Financing](index=19&type=section&id=Fubon%20Bank%20(Hong%20Kong)%20Limited%20Financing) On October 31, 2023, the Group accepted Facility Letter B from Fubon Bank (Hong Kong) Limited, including up to HKD 18 million in trade finance and revolving loans, as well as other loans and credit cards, with the agreement also requiring controlling shareholder Ms. Wang Zilu to remain the single largest shareholder and provide a personal guarantee - October 31, 2023: Accepted Facility Letter B, totaling up to **HKD 18 million** in trade finance and revolving loans, as well as other loans and credit cards[57](index=57&type=chunk) - Specific Performance Covenant: Controlling shareholder Ms. Wang Zilu must **continue to be the single largest shareholder**, holding **no less than 50% beneficial interest** in the Company, and provide a **personal guarantee of no less than HKD 18 million** for the trade finance and revolving loans[57](index=57&type=chunk) - As of the date of this announcement, Ms. Wang Zilu holds **70% equity interest** in the Company[58](index=58&type=chunk) [Other Disclosures](index=19&type=section&id=Other%20Disclosures) [Events After Reporting Period](index=19&type=section&id=Events%20After%20Reporting%20Period) The Board is not aware of any disclosable material events occurring after March 31, 2025, and up to the date of this announcement - The Board is **not aware of any disclosable material events** occurring after March 31, 2025, and up to the date of this announcement[59](index=59&type=chunk) [Competing Business and Non-Compete Undertaking](index=19&type=section&id=Competing%20Business%20and%20Non-Compete%20Undertaking) During the year, no directors, controlling shareholders, or substantial shareholders and their close associates were deemed to have any interests that compete with the Group's business, and controlling shareholder Ms. Wang Zilu and Shirz Limited have fully complied with their non-compete undertakings - **No directors, controlling shareholders, or substantial shareholders** had any interests in businesses that compete or may compete with the Group's business[60](index=60&type=chunk) - Controlling shareholder Ms. Wang Zilu and Shirz Limited have **fully complied with and enforced their respective non-compete undertakings**[61](index=61&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) The company has adopted a code of conduct for directors' securities transactions and confirmed compliance by all directors, and while the company complied with all code provisions of the Corporate Governance Code during the year, the combined roles of Chairman and Chief Executive Officer held by Ms. Wang Zilu deviate from code provision C.2.1, which the Board believes facilitates strategy execution and maintains a balanced power distribution - The company has adopted a **code of conduct for directors' securities transactions** and confirmed **compliance by all directors**[62](index=62&type=chunk) - The Company has complied with **all code provisions of the Corporate Governance Code** during the year, except for a deviation from code provision C.2.1 (which states that the roles of Chairman and Chief Executive Officer should be separate)[63](index=63&type=chunk) - Ms. Wang Zilu holds both the roles of Chairman and Chief Executive Officer, which the Board believes facilitates **more effective planning and execution of business strategies** and ensures a **balanced distribution of power**[64](index=64&type=chunk) [Auditor's Scope of Work](index=21&type=section&id=Auditor's%20Scope%20of%20Work) The Group's audited consolidated financial statements for the year have been reviewed by the Audit Committee and found to comply with applicable accounting standards, and the auditor, ZHONGHUI ANDA CPA Limited, has agreed to the financial figures presented in this announcement, but their work does not constitute an assurance engagement, thus no opinion or assurance conclusion is provided on this announcement - The Audit Committee has reviewed the Group's audited consolidated financial statements for the year and found them to comply with **applicable accounting standards, GEM Listing Rules, and legal requirements**[65](index=65&type=chunk) - The auditor, ZHONGHUI ANDA CPA Limited, has **agreed to the financial figures** contained in this announcement, but their work does not constitute an assurance engagement, and therefore **no opinion or assurance conclusion is provided** on this announcement[66](index=66&type=chunk)

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 157,836,000, an increase of 23.4% compared to HKD 127,699,000 for the same period in 2023[7] - Gross profit for the period was HKD 30,137,000, representing a gross margin of 19.1%, up from HKD 23,898,000 in the previous year[7] - Profit before tax increased to HKD 13,983,000, a significant rise of 160.5% from HKD 5,370,000 in the prior year[7] - Net profit for the period was HKD 11,004,000, compared to HKD 3,710,000 in the same period last year, marking an increase of 195.4%[7] - Basic and diluted earnings per share were HKD 2.75, up from HKD 0.94 in the previous year, reflecting a growth of 193.6%[9] - Total revenue for wine products reached HKD 134,875,000, up 61.6% from HKD 83,399,000 in the same period of 2023[32] - Revenue from other alcoholic beverages surged to HKD 21,650,000, compared to HKD 1,175,000 in the previous year, marking an increase of 1745.3%[32] - For the six months ended September 30, 2024, the company reported a pre-tax profit of 11,006 thousand HKD, compared to 3,743 thousand HKD for the same period in 2023, representing an increase of approximately 194%[47] - The cost of goods sold for the period was 127,699 thousand HKD, significantly higher than 60,776 thousand HKD in the previous year, indicating a substantial increase in operational costs[44] - Gross profit increased by approximately 26.1% from about HKD 23.9 million to approximately HKD 30.1 million, with a gross margin of approximately 19.1% for the current period[66] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 316,170,000, compared to HKD 299,089,000 as of March 31, 2024, indicating a growth of 5.7%[12] - The company's cash and cash equivalents increased to HKD 1,016,000 from HKD 2,889,000, showing a significant improvement in liquidity[12] - Non-current assets decreased to HKD 144,890,000 from HKD 149,038,000, a decline of 2.8%[12] - The total equity attributable to owners of the company rose to HKD 306,854,000 from HKD 295,834,000, reflecting an increase of 3.7%[13] - The total cash and cash equivalents decreased by HKD 4,869,000, with an ending balance of HKD 1,986,000 as of September 30, 2024[22] - Trade receivables as of September 30, 2024, amounted to 53,465 thousand HKD, slightly up from 52,304 thousand HKD as of March 31, 2024[55] Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2024, was HKD 2,321,000, compared to HKD 16,262,000 in the previous year, indicating a decrease of 86.7%[22] - The company reported a net cash outflow from financing activities of HKD 7,266,000 for the six months ended September 30, 2024, an improvement from HKD 21,445,000 in the same period of 2023[22] - The company’s cash flow from investing activities was HKD 76,000, a recovery from a cash outflow of HKD 307,000 in the previous year[22] Corporate Governance - The company has adopted all applicable principles of the corporate governance code as per GEM Listing Rules Appendix C1, except for the separation of roles between the Chairman and the CEO, which is currently held by Ms. Wang Zilu[123] - The board consists of one non-executive director and three independent non-executive directors, ensuring a balanced distribution of power and adequate safeguards[125] - The Audit Committee, established on December 18, 2017, is composed of three independent non-executive directors and is responsible for reviewing the financial statements and monitoring the integrity of financial reporting[126] - The company emphasizes that significant decisions are made collectively by the board and relevant committees, ensuring that power is not concentrated in one individual[123] - The company will continue to review the effectiveness of its corporate governance structure and may consider separating the roles of Chairman and CEO if necessary[125] Shareholder Information - As of September 30, 2024, the major shareholder Shirz Limited holds 280,000,000 shares, representing 70% of the issued share capital[102] - The company’s major shareholder, Ms. Wang Zilu, holds a 70% stake in the company as of the report date[112] Financing Activities - The company accepted a bank financing letter from Lender A on August 11, 2023, for a total financing amount of up to HKD 63,000,000, which includes a new three-year term loan and other trade financing[107] - The updated financing letter I increased the trade financing amount by HKD 7,000,000, bringing the total financing to a maximum of HKD 70,000,000, effective until May 3, 2024[108] - On May 3, 2024, the company accepted a renewed financing letter from Lender A, with a total financing amount of up to HKD 73,000,000, including a three-year term loan and other trade financing[110] - The updated financing letter II on September 10, 2024, increased the total financing to a maximum of HKD 98,000,000, which includes various forms of trade and loan financing[111] - The company accepted a financing letter from Lender B on October 31, 2023, for a total amount of up to HKD 18,000,000 for trade financing and revolving loans[115] Operational Insights - The company is focused on optimizing operational cost efficiency and diversifying its business portfolio to support sustainable long-term development[96] - The company is actively seeking additional business opportunities, including the sale of other alcoholic beverages and providing marketing services for new alcoholic beverage brands[96] - The company has established a tracking and reporting system to monitor foreign exchange rate fluctuations, allowing for effective risk management and procurement strategy adjustments[90] - The company currently has no foreign currency hedging policy but is prepared to implement appropriate measures if foreign exchange risks increase[90] - The company has ceased holding any foreign currency-denominated collateral bank deposits since October 2016 to manage foreign exchange risk[88] Employee Information - The total employee costs for the period were 4,756 thousand HKD, down from 5,510 thousand HKD in the previous year, showing a decrease of approximately 13.7%[44] - The total number of employees increased from 24 to 28 between March 31, 2024, and September 30, 2024, with total employee benefits expenses reaching approximately HKD 5.5 million and HKD 4.8 million for the six months ending September 30, 2023, and the current period, respectively[92] Other Information - The company did not declare any dividends for the current period, consistent with the previous year[49] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[119] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[85] - The company recorded a loss of approximately 62 thousand HKD from the sale of property and equipment, compared to a gain of 165 thousand HKD in the same period of 2023[50] - The company’s bank interest income and rental income were not specified but are part of the other income category, which accounted for less than 10% of total revenue[37] - The report will be published on the Hong Kong Stock Exchange website and the company's website for at least seven days from the publication date[127]

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 157,836,000, representing an increase of 86.3% compared to HKD 84,674,000 for the same period in 2023[4] - Gross profit for the same period was HKD 30,137,000, up 26.0% from HKD 23,898,000 year-over-year[4] - Profit before tax increased to HKD 13,983,000, a significant rise of 160.5% from HKD 5,370,000 in the previous year[4] - Net profit for the period was HKD 11,004,000, compared to HKD 3,710,000 in the prior year, marking an increase of 195.4%[4] - Basic and diluted earnings per share rose to HKD 2.75, up from HKD 0.94, reflecting a growth of 193.6%[6] - The company reported a total comprehensive income of HKD 10,998,000 for the period, compared to HKD 3,723,000 in the previous year, an increase of 195.5%[6] - The net profit for the six months ended September 30, 2024, was HKD 11,006,000, compared to HKD 3,743,000 for the same period in 2023, representing an increase of about 194%[12] - The total comprehensive income for the six months ended September 30, 2024, was HKD 11,020,000, significantly higher than HKD 3,781,000 for the same period in 2023, marking an increase of about 192%[12] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 316,170,000, compared to HKD 299,089,000 as of March 31, 2024, indicating an increase of 5.7%[8] - Inventory increased to HKD 184,392,000 from HKD 152,822,000, representing a rise of 20.6%[8] - Non-current assets decreased to HKD 144,890,000 from HKD 149,038,000, a decline of 2.4%[8] - Current liabilities increased to HKD 155,445,000 from HKD 153,645,000, reflecting a rise of 1.2%[10] - As of September 30, 2024, total equity increased to HKD 305,472,000 from HKD 263,304,000 as of March 31, 2023, reflecting a growth of approximately 16%[12] - The company’s total liabilities decreased from HKD 1,292,000 to HKD 1,382,000 in the same period, indicating a reduction in non-controlling interests[12] Cash Flow and Financing - Operating cash flow before tax profit for the six months ended September 30, 2024, was HKD 23,054,000, up from HKD 14,214,000 in 2023, indicating a growth of approximately 62%[15] - The company raised new bank loans amounting to HKD 74,976,000 during the financing activities for the six months ended September 30, 2024, compared to HKD 40,652,000 in the previous year[17] - The company reported a decrease in cash and cash equivalents of HKD 4,869,000 for the six months ended September 30, 2024, compared to a decrease of HKD 5,490,000 in the same period of 2023[17] - Financing costs increased to HKD 4,673,000 for the six months ended September 30, 2024, compared to HKD 4,372,000 in 2023, representing an increase of 6.9%[31] Revenue Sources - Revenue from wine products increased to HKD 134,875,000 for the six months ended September 30, 2024, compared to HKD 83,399,000 in the same period of 2023, representing a growth of 61.5%[25] - The cost of goods sold for the six months ended September 30, 2024, was HKD 127,699,000, compared to HKD 60,776,000 in 2023, reflecting a rise of 109.7%[33] - The cost of sales rose by approximately 110.1% to about HKD 127.7 million, directly related to the increase in revenue[49] Corporate Governance and Shareholder Information - The company is committed to maintaining high levels of corporate governance to protect shareholder interests and enhance company value[97] - The company has complied with all provisions of the corporate governance code, except for the separation of roles between the Chairman and the CEO, which is currently held by Ms. Wang Zilu[98] - The Board believes that the dual role of the Chairman and CEO will enhance the effectiveness of business strategy planning and execution[98] - As of the announcement date, the major shareholder, Ms. Wang Zilu, holds a 70% stake in the company[88] Employee and Operational Information - The total employee count increased from 24 to 28 between March 31, 2024, and September 30, 2024[74] - Employee benefits expenses for the six months ending September 30, 2023, were approximately HKD 5.5 million, while for the current period, it was about HKD 4.8 million[74] Strategic Initiatives - The company is actively seeking additional business opportunities, including the sale of other alcoholic beverages and marketing services for new product lines[75] - The company has not reported any new product launches or significant market expansion strategies during the current period[24] - The company has no significant investments or acquisitions during the reporting period[66][68] Financing Agreements - The financing agreement with Lender A includes a total financing amount of up to HKD 63,000,000, which consists of a new three-year term loan and other trade financing[83] - The updated financing agreement increased the trade financing amount by HKD 7,000,000, bringing the total to a maximum of HKD 70,000,000[85] - The renewed financing agreement allows for a total financing amount of up to HKD 73,000,000, including a three-year term loan and other trade financing[86] - The latest financing agreement allows for a maximum financing amount of up to HKD 98,000,000, which includes various forms of trade and loan financing[87]

Business Strategy and Market Expansion - The Group is focused on diversifying and creating new sales channels while enhancing operational efficiency through optimized processes[17]. - The Group aims to expand its customer base and supply channels, targeting both existing and emerging markets[17]. - The Group is actively exploring additional business opportunities, including selling other liquor products and providing related promotion and marketing services[17]. - The Group's strategy includes ongoing development of its wine and alcoholic beverage operations to strengthen its leading position in Hong Kong's wine industry[17]. - The Group is committed to driving further market expansion globally[17]. - Future strategies include expanding the customer base and supply channels, diversifying the business, and capitalizing on opportunities in existing and emerging markets[29]. - The Group aims to strengthen its leadership position in the Hong Kong wine industry and expand into global markets[29]. - The company is focusing on expanding its market presence and enhancing its product offerings through new strategies and technologies[105]. - The company is exploring potential mergers and acquisitions to enhance its market position and expand its product portfolio[105]. - The company plans to establish distribution points in the Guangdong-Hong Kong-Macao Greater Bay Area over the next few years[120]. - The company envisions diversifying and expanding its business over the next decade[120]. Financial Performance - The Group's revenue increased by approximately 46.6% from approximately HK$147.7 million for the year ended March 31, 2023, to approximately HK$216.6 million for the year ended March 31, 2024[26]. - Profit for the year amounted to approximately HK$31.2 million, representing an increase of approximately 90.7% from approximately HK$16.3 million in the previous year[26]. - The increase in revenue was primarily driven by improved demand for wine products, while profit growth was supported by reduced selling and distribution expenses and administrative expenses due to cost reduction measures[26]. - The Group's gross profit increased by approximately 28.5% from approximately HK$59.7 million for the year ended March 31, 2023, to approximately HK$76.8 million for the Year, with a gross profit margin of approximately 35.4%[66]. - The increase in profit was mainly due to higher revenue, decreased selling and distribution expenses, and administrative expenses, partially offset by increased finance costs[82]. - The Group's current ratio improved from approximately 1.7 as at March 31, 2023, to approximately 1.9 as at March 31, 2024, due to increased inventories and trade receivables[66]. - The gearing ratio decreased from approximately 54.9% as at March 31, 2023, to approximately 45.6% as at March 31, 2024, indicating improved financial stability[66]. - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[131]. - The company provided an optimistic outlook for the next fiscal year, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[131]. Cost Management and Operational Efficiency - The Group's operational efficiency is being enhanced through process optimization and the creation of new sales channels[29]. - Selling and distribution expenses decreased from approximately HK$12.4 million for the year ended March 31, 2023, to approximately HK$10.9 million for the Year, attributed to cost reduction measures[66]. - Administrative expenses decreased from approximately HK$21.7 million for the year ended March 31, 2023, to approximately HK$16.4 million for the Year, mainly due to reduced depreciation and cost efficiency measures[67]. - The Group aims to optimise operational cost efficiency as part of its strategy for sustainable long-term performance[49]. - The company has implemented new technology solutions aimed at improving operational efficiency, projected to reduce costs by 5% annually[131]. Corporate Governance and Compliance - The company is committed to corporate governance and internal control to ensure operational efficiency[106]. - The company has adhered to all provisions of the corporate governance code during the year, except for specific deviations explained in the corporate governance report[121]. - The Board has reviewed the Shareholders' Communication Policy and confirmed its appropriateness and effective implementation for the Year[150]. - The Company recognizes the importance of timely disclosure of corporate information to enable shareholders to make informed investment decisions[150]. - The Board encourages shareholders to attend general meetings to raise concerns directly with management[150]. - The Company provides shareholders with contact details for inquiries, including a telephone hotline and email address[150]. Environmental, Social, and Governance (ESG) Initiatives - The Group actively responds to environmental policies such as carbon neutrality, energy conservation, and waste reduction[158]. - The Board is responsible for the Group's ESG strategies, management approach, and reporting, ensuring effective ESG risk management[159]. - The Group has set targets for material ESG issues, including greenhouse gas emissions, waste management, energy consumption, and water consumption[158]. - The Group's environmental policy aims to manage its environmental footprint across its operating markets, with no material non-compliance reported regarding air and GHG emissions[172]. - The Group is committed to minimizing adverse environmental impacts by improving existing policies and incorporating green practices in daily operations[172]. - The Group has set a goal to conduct two recycling activities annually starting from the year ending 31 March 2023 to raise employee awareness on waste reduction[177]. - The gender ratio in the workforce, including senior management, is 50% female and 50% male, reflecting adherence to gender equality principles[196]. - The Group has been awarded the Caring Company Logo for the seventh consecutive year, recognizing its contributions to community services and donations[166]. Employee and Management Information - Total employee benefit expenses amounted to approximately HK$12.2 million and HK$10.4 million for the years ended March 31, 2023, and 2024, respectively[100]. - The Group's total number of employees decreased from 30 to 24 between March 31, 2023, and 2024[100]. - The remuneration package for employees is assessed annually to ensure competitiveness[100]. - The management team is focused on executing board policies and strategies to achieve the group's strategic objectives[138]. - The company has a strong leadership team with extensive experience in the wine industry and financial management[115].

Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 216,553,000, a 46.7% increase from HKD 147,727,000 in the previous year[4] - Gross profit for the same period was HKD 76,753,000, up 28.5% from HKD 59,728,000 year-on-year[4] - The company's net profit for the year was HKD 31,159,000, representing a significant increase of 91.0% compared to HKD 16,335,000 in the prior year[4] - Basic and diluted earnings per share rose to HKD 7.80, compared to HKD 4.15 in the previous year, marking an increase of 87.7%[4] - The company reported a total comprehensive income of HKD 31,170,000 for the year, compared to HKD 16,356,000 in the previous year, an increase of 91.0%[4] - Profit before tax increased to HKD 31,201 thousand in 2024, up from HKD 16,599 thousand in 2023, reflecting an increase of 88.1%[24] - The group recorded a net profit of approximately HKD 31.2 million for the year, compared to HKD 16.3 million for the previous year, driven by increased revenue and cost-saving measures[41] Revenue and Sales - Revenue from wine products increased to HKD 126,415 thousand in 2024, up from HKD 70,069 thousand in 2023, representing an increase of 80.5%[15] - Total revenue for the year reached HKD 216,553 thousand, compared to HKD 147,727 thousand in the previous year, marking a growth of 46.6%[15] - The group's revenue increased by approximately 46.6% from about HKD 147.7 million to approximately HKD 216.6 million for the year ending March 31, 2024[31] Costs and Expenses - The cost of goods sold for the year was HKD 139,800 thousand, up from HKD 87,999 thousand in the previous year, an increase of 58.7%[21] - Financing costs rose to HKD 9,294 thousand in 2024 from HKD 5,789 thousand in 2023, an increase of 60.5%[20] - Administrative expenses decreased from about HKD 21.7 million to approximately HKD 16.4 million, mainly due to reduced depreciation and ongoing cost-saving measures[38] - The company’s total employee costs decreased to HKD 10,375 thousand in 2024 from HKD 12,196 thousand in 2023, a reduction of 14.9%[21] Assets and Liabilities - Total assets as of March 31, 2024, were HKD 294,482,000, an increase from HKD 264,815,000 in the previous year[6] - The company's cash and cash equivalents decreased to HKD 2,889,000 from HKD 5,754,000, indicating a reduction in liquidity[5] - Inventory levels increased to HKD 152,822,000 from HKD 138,765,000, reflecting a 10.1% rise year-on-year[5] - Trade receivables rose to HKD 52,304,000, up from HKD 44,804,000, indicating a 16.3% increase[5] - The current ratio improved from approximately 1.7 to 1.9, attributed to increases in inventory and trade receivables, along with a decrease in bank borrowings[44] - The debt-to-equity ratio decreased from approximately 54.9% to 45.6%[44] Dividends and Shareholder Information - The company did not declare or propose any dividends for both years, maintaining a consistent policy[25] - The board did not recommend a final dividend for the year, consistent with the previous year[42] - As of the announcement date, Ms. Wang Zilu holds a 70% stake in the company[63] - The company confirms that all directors and major shareholders have complied with their non-competition agreements during the year[65] Financing and Investments - The group has secured a financing letter from Chuang Hing Bank for a total amount of up to HKD 70 million, which includes a new three-year term loan and trade financing[59] - The group has entered into a financing letter with Fubon Bank for a total amount of up to HKD 18 million for trade financing and revolving loans[60] - The company has accepted a new bank financing letter from Lender A, totaling up to HKD 73,000,000, which includes a three-year term loan and other trade and loan financing[61] - An overdraft facility of up to HKD 3,000,000 is also included in the renewed financing letter, subject to Lender A's approval[61] Operational Strategies - The company plans to continue expanding its market presence and investing in new product development to drive future growth[11] - The group is actively seeking additional business opportunities, including the sale of other alcoholic beverages and providing marketing services for new product divisions[56] - The group is focused on optimizing operational cost efficiency and diversifying its business portfolio for sustainable long-term development[56] - The group has established a tracking and reporting system to monitor foreign exchange rate fluctuations and adjust procurement strategies accordingly[54] - The group has ceased holding any foreign currency-denominated collateral bank deposits since October 2016 to manage foreign exchange risks[54] - The group believes that its listing on the GEM enhances its corporate visibility and market recognition, improving its bargaining power with suppliers[56] Compliance and Audit - The audit committee has reviewed the audited consolidated financial statements for the year, confirming compliance with applicable accounting standards and GEM listing rules[70] - The company has begun evaluating the impact of new and revised Hong Kong Financial Reporting Standards but has not determined any significant effects on its operational performance[13] - The group has not reported any significant contingent liabilities as of March 31, 2024, and March 31, 2023[52]

Financial Performance - For the six months ended September 30, 2023, the company reported revenue of HKD 84,674,000, a 38.3% increase compared to HKD 61,197,000 for the same period in 2022[5] - Gross profit for the six months was HKD 23,898,000, representing a slight increase of 3.8% from HKD 23,019,000 in the previous year[5] - The company achieved a profit before tax of HKD 5,370,000, up 47.0% from HKD 3,656,000 in the same period last year[5] - Net profit attributable to owners of the company for the six months was HKD 3,743,000, an increase of 49.1% compared to HKD 2,509,000 in 2022[7] - Basic and diluted earnings per share for the six months were HKD 0.94, compared to HKD 0.63 for the same period in 2022, reflecting a 49.2% increase[7] - The company reported a total comprehensive income of HKD 3,723,000 for the six months, up from HKD 2,339,000 in the previous year[7] - The company reported a net profit of HKD 3,743,000 for the six months ended September 30, 2023, compared to HKD 2,509,000 for the same period in 2022, representing a year-on-year increase of 49.0%[12] - The company’s total comprehensive income for the six months ended September 30, 2023, was HKD 3,781,000, compared to HKD 2,509,000 in the previous year, reflecting a growth of 50.7%[12] Assets and Liabilities - The company’s total assets as of September 30, 2023, were HKD 269,082,000, a decrease from HKD 276,840,000 as of March 31, 2023[9] - The company’s cash and cash equivalents decreased significantly to HKD 105,000 from HKD 5,754,000 at the end of the previous reporting period[9] - The company’s inventory increased to HKD 144,167,000 from HKD 138,765,000, indicating a 3.0% rise[9] - The company’s non-current assets increased to HKD 154,296,000 from HKD 154,524,000, showing a slight decrease[9] - Total equity as of September 30, 2023, was HKD 267,027,000, up from HKD 246,948,000 as of March 31, 2022, indicating a growth of 8.2%[12] - The company’s total liabilities decreased from HKD 1,069,000 to HKD 1,350,000, indicating a reduction in financial obligations[12] Cash Flow and Financing - Operating cash flow before changes in working capital for the six months ended September 30, 2023, was HKD 14,214,000, an increase of 25.5% from HKD 11,339,000 in the same period of 2022[13] - The company raised new bank borrowings of HKD 40,652,000 during the six months ended September 30, 2023, slightly down from HKD 41,709,000 in the same period of 2022[14] - The net cash used in investing activities was HKD 307,000 for the six months ended September 30, 2023, compared to HKD 33,000 in the previous year[14] - The company reported a decrease in cash and cash equivalents of HKD 5,490,000 for the period, compared to a decrease of HKD 226,000 in the same period of 2022[14] - Financing costs for the six months ended September 30, 2023, totaled HKD 4,372,000, up from HKD 2,162,000 in the same period of 2022, marking an increase of 102%[29] Revenue Sources - For the three months ended September 30, 2023, total customer contract revenue was HKD 45,818,000, a significant increase from HKD 27,950,000 in the same period of 2022, representing a growth of 64%[23] - Wine product sales accounted for HKD 45,037,000 for the three months ended September 30, 2023, compared to HKD 3,707,000 in the same period of 2022, indicating a substantial increase of 1,115%[23] - The total revenue from other income for the six months ended September 30, 2023, was HKD 30,000, down from HKD 373,000 in the same period of 2022, indicating a decline of 92%[26] Expenses - Selling and distribution expenses decreased from about HKD 7.0 million to about HKD 5.9 million due to ongoing cost reduction efforts[51] - Administrative expenses reduced from about HKD 10.9 million to about HKD 8.1 million, mainly due to decreased employee costs and depreciation[53] - The company’s total employee costs for the six months ended September 30, 2023, were HKD 5,510,000, a decrease from HKD 7,030,000 in the same period of 2022, representing a reduction of 22%[30] - Income tax expenses rose by approximately 26.0% from about HKD 1.3 million to about HKD 1.7 million due to increased taxable profits[55] Corporate Governance - The company has adopted all applicable principles of the corporate governance code as per GEM Listing Rules Appendix 15, except for the separation of roles between the Chairman and the CEO, which is currently held by Ms. Wang Zilu[92] - Ms. Wang Zilu was appointed as the Chairman of the Board and CEO on September 14, 2023, which deviates from the corporate governance code[92] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated results for the period and confirmed compliance with applicable accounting standards and GEM Listing Rules[95] - The company is committed to maintaining a high level of corporate governance to protect shareholder interests and enhance company value[92] Shareholder Information - As of September 30, 2023, the company has a total of 400,000,000 shares issued, with major shareholders holding 70% of the shares[78] - Ms. Wang Zilu and Mr. Ding Zhiwei collectively hold 280,000,000 shares, representing 70% of the company's issued share capital[80] - The company is committed to ensuring that its major shareholders maintain at least 50% beneficial ownership[82] Future Outlook - The company is exploring collaborations with other alcoholic beverage brands to expand revenue sources and achieve synergies with existing operations[76] - The company aims to enhance its business portfolio and believes that ongoing developments will drive sustainable growth in the long term[76]

Wine’s Link International Holdings Limited 威 揚 酒 業 國 際 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號： 8509） 截至二零二三年九月三十日止六個月之中期業績公告 GEM 香港聯合交易所有限公司（「聯交所」） 之特色 GEM之定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市之公 司帶有較高投資風險。有意投資者應了解投資於該等公司之潛在風險，並應經過審慎周詳之 考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於主板買賣之證券承受較 大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 本公告載有遵照聯交所GEM證券上市規則（「GEM上市規則」）而提供有關威揚酒業國際控股有 限公司（「本公司」）之資料，本公司之董事（「董事」）願就本公告共同及個別承擔全部責任。董 事在作出 ...

Financial Performance - Revenue for the first quarter of 2023 was HKD 38,856,000, an increase of 16% compared to HKD 33,247,000 in the same period of 2022[5] - Gross profit for the first quarter was HKD 11,535,000, slightly down by 2% from HKD 11,786,000 year-on-year[5] - Profit before tax increased to HKD 2,316,000, up 12% from HKD 2,070,000 in the previous year[5] - Net profit for the period was HKD 1,664,000, representing a 13% increase from HKD 1,473,000 in the same quarter of 2022[5] - Basic earnings per share rose to HKD 0.42, compared to HKD 0.39 in the first quarter of 2022[5] - Total comprehensive income for the period was HKD 1,675,000, up from HKD 1,473,000 year-on-year[5] Expenses and Costs - The company reported a financing cost of HKD 2,209,000, which increased significantly from HKD 787,000 in the previous year[5] - Administrative expenses decreased to HKD 4,825,000 from HKD 5,539,000, reflecting a reduction of 13%[5] - Sales and distribution expenses were reduced to HKD 2,321,000, down from HKD 3,814,000, indicating a 39% decrease[5] - The cost of sales increased by approximately 27.3% from about HKD 21.5 million in Q2 2022 to about HKD 27.3 million in Q2 2023, directly related to the increase in revenue[32] - Financing costs rose to HKD 2,209 thousand in Q2 2023 from HKD 787 thousand in Q2 2022, primarily due to increased bank borrowings[21] - Other income decreased significantly from HKD 268 thousand in Q2 2022 to HKD 14 thousand in Q2 2023, primarily due to the absence of government grants[17] Shareholder Information - The company’s total equity as of June 30, 2023, was HKD 264,979,000, compared to HKD 246,948,000 as of June 30, 2022[6] - As of June 30, 2023, the major shareholders collectively hold 70% of the company's equity[45] - As of June 30, 2023, the company has issued a total of 400,000,000 shares, with Shirz Limited and Mr. Ding Zhiwei collectively holding 280,000,000 shares, representing 70% ownership[53] Business Development - The company is actively exploring new business opportunities, including promotional and marketing services for wine brands and products[30] - The company has developed its own brand of alcoholic beverages, enhancing its product portfolio[30] - The company is exploring opportunities to provide marketing consultancy services to assist Chinese liquor brands in entering the Hong Kong and other markets, aiming to diversify revenue sources[49] - The company has secured a financing letter for up to HKD 63 million to support future expansion and operations[44] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated results for the period and confirmed compliance with applicable accounting standards[68] - The company did not declare any dividends for the current period, consistent with the previous year[28] - The company does not recommend any dividend payment for the current period[42] Stock and Financing - The financing agreement established on November 26, 2021, includes trade financing of HKD 48,000,000, a term loan of HKD 20,000,000, and an overdraft facility of HKD 3,000,000[55] - The company has a stock option plan that allows for the issuance of up to 40,000,000 shares, which constitutes 10% of the total issued share capital as of the report date[59] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the reporting period[61]