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]

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） 截至二零二三年六月三十日止三個月之第一季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM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聯交所主板買賣之證券 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份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 ...

Financial Performance - The Group's revenue decreased by approximately 33.6% from approximately HK$222.4 million for the year ended 31 March 2022 to approximately HK$147.7 million for the year ended 31 March 2023[20]. - Profit for the year amounted to approximately HK$16.3 million, representing a decrease of approximately 20.6% from HK$20.6 million in the previous year[20]. - Profit attributable to owners of the Company was approximately HK$16.6 million, down from HK$21.2 million in 2022[20]. - The decline in revenue and profit was primarily due to decreased demand for products caused by external challenges, including the global economic downturn and tightening monetary policies[20]. - The gross profit decreased by approximately 10.3% from approximately HK$66.6 million for the year ended March 31, 2022, to approximately HK$59.7 million for the Year[37]. - Other income decreased from approximately HK$3.4 million for the year ended March 31, 2022, to approximately HK$0.9 million for the Year[39]. - Selling and distribution expenses decreased from approximately HK$16.9 million for the year ended March 31, 2022, to approximately HK$12.4 million for the Year[41]. - Administrative expenses decreased from approximately HK$23.6 million to approximately HK$21.7 million, attributed to a decrease in legal and professional fees[47]. - Finance costs increased from approximately HK$2.7 million to approximately HK$5.8 million, primarily due to increased interest on bank borrowings[48]. - Income tax expense decreased by approximately 11.2% from approximately HK$5.7 million to approximately HK$5.0 million, mainly due to a decrease in estimated assessable profit[49]. Business Strategy and Market Position - The Group aims to adapt its strategies in response to the ongoing economic challenges and market conditions[20]. - Future outlook includes potential market expansion and product development to enhance revenue streams[20]. - The Group aims to strengthen its leading position in the wine industry in Hong Kong while expanding its market share globally[25]. - The Group is focusing on developing products under its self-owned brands to seize opportunities in the wine industry[31]. - The Group has established a retail store in a prime location in Kowloon and is enriching its product portfolio with wineries, particularly from French regions[24]. - The Group has focused on diversifying its income streams by developing self-owned brands alongside trading well-known wine products[107]. - The company is adapting its business strategies to address external challenges and uncertainties in the market[108]. - The Group emphasizes the creation of new sales channels and geographical expansion to enhance its business[109]. - The company aims to expand sustainable global trade in wine and spirits distribution, focusing on partnerships that understand market needs and share a passion for wine[162]. - The distribution network plans to establish a presence in the Guangdong-Hong Kong-Macao Greater Bay Area in the coming years[162]. Corporate Governance and Management - The Group has complied with all relevant laws and regulations in Hong Kong during the year, ensuring adherence to GEM Listing Rules and the Securities and Futures Ordinance[88][89]. - The Board has resolved to change the unutilized net proceeds to general working capital as of June 10, 2022[106]. - The Board consists of two executive Directors, one non-executive Director, and three independent non-executive Directors[168]. - The Company has at least one independent non-executive Director with appropriate professional qualifications or accounting expertise, satisfying GEM Listing Rules[177]. - The Board is responsible for major policy matters, strategies, budgets, and significant operational matters of the Company[180]. - Daily operations and management are delegated to executive Directors and senior management, who report periodically to the Board[181]. - The Board meets at least four times a year, with additional meetings as necessary[165]. - The appointment of Directors is recommended by the Remuneration and Nomination Committees and approved by the Board[178]. - The Company maintains a balanced composition of executive, non-executive, and independent non-executive Directors to ensure effective management[175]. - The Board of Directors is responsible for leading and controlling the company, ensuring sound internal controls and risk management systems[185]. Employee and Operational Metrics - As of March 31, 2023, the total number of employees decreased to 30 from 45 in the previous year, with total employee benefit expenses amounting to approximately HK$12.2 million, down from HK$14.9 million in 2022[83][85]. - The current ratio increased from approximately 1.6 to approximately 1.7, mainly due to a decrease in inventories and an increase in deposits paid to suppliers[58]. - Gearing ratio increased from approximately 53.4% to approximately 54.9% as of March 31, 2022, and 2023, respectively[59]. Risk Management and Compliance - The Group has established a tracking and reporting system to monitor foreign currency exchange risks, particularly related to purchases from suppliers outside Hong Kong[82][84]. - The Group has not implemented a foreign currency hedging policy but will consider it if exposure to foreign currency risk increases[82]. - The management team is tasked with implementing board policies and strategies, as well as handling daily administrative matters[163]. - The company is focused on risk management and ensuring a robust control system is in place[163]. - Directors are required to act in good faith and in the best interests of the company and its shareholders, focusing on business strategy and financial performance[196]. Leadership and Board Composition - Ms. Yeung has been the director and general manager of Dynasty International Group Holdings Limited since its founding in November 2006, overseeing corporate governance and internal control[123]. - Ms. Chan Man Ki has been an independent non-executive director since June 2019, serving on the Audit Committee and Remuneration Committee[134]. - Mr. Chan Cham Man Simon was appointed as an independent non-executive director on December 1, 2021, and is the chairman of the Investment Management Committee[130]. - The company has received annual confirmations of independence from all independent non-executive Directors, affirming their independence[193]. - Regular board meetings are held with at least 14 days' notice, and board papers are sent at least three days prior to meetings[192].

香港交易及結算所有限公司及香港聯合交易所有限公司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 部份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。 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） 截至二零二三年三月三十一日止年度業績公告 香港聯合交易所有限公司（「聯交所」）GEM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聯交所主 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。 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 ...

香港聯合交易所有限公司（「聯交所」）GEM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報告之內容概不負責， 對其準確性或完整性亦不發 表任何聲明， 並明確表示， 概不就因本報告全部或任何部份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。 本報告載有遵照聯交所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」）願就本報告共同及個別承擔全部責任。 董事在作出一切合理查詢後確認， 就彼等所深知及確信， 本報告所載資料在所有重大方面均 屬準確及完整， 亦無誤導或欺詐成分， 且本報告並無遺漏任何其他事宜而致使當中任何陳述 產生誤導。 1 威揚酒業國際控股有限公司 2022年第三季度報告 目錄 ...

Financial Performance - For the six months ended September 30, 2022, the company reported total revenue of HKD 108,742,000, an increase of 29.1% compared to HKD 84,244,000 for the same period in 2021[6] - Gross profit for the same period was HKD 23,019,000, representing a gross margin of 21.2%, compared to HKD 17,034,000 and a gross margin of 20.2% in the previous year[6] - The company achieved a net profit attributable to owners of HKD 2,509,000 for the six months, compared to HKD 170,000 in the prior year, marking a significant increase[6] - Basic and diluted earnings per share for the period were HKD 0.63 and HKD 0.63 respectively, compared to HKD 0.88 and HKD 0.88 in the same period last year[6] - The company reported a decrease in pre-tax profit to HKD 3,656,000 for the six months ended September 30, 2022, from HKD 5,825,000 in the same period of 2021[18] - The company reported a pre-tax profit of HKD 38,178 thousand for the six months ended September 30, 2022, compared to HKD 84,244 thousand for the same period in 2021[6] - Profit attributable to owners of the company was approximately HKD 2.5 million, down from HKD 3.5 million in the same period of 2021[72] Assets and Liabilities - As of September 30, 2022, total assets amounted to HKD 253,458,000, a slight increase from HKD 248,644,000 as of March 31, 2022[10] - The company's total liabilities were HKD 155,864,000, resulting in a net asset value of HKD 97,594,000[10] - Trade receivables as of September 30, 2022, amounted to HKD 47,605 thousand, a decrease from HKD 49,138 thousand as of March 31, 2022[54] - Trade payables as of September 30, 2022, were HKD 2,298 thousand, an increase from HKD 1,546 thousand as of March 31, 2022[57] - The current ratio remained stable at approximately 1.6 as of March 31, 2022, and September 30, 2022, with net current assets of approximately HKD 96.8 million and HKD 92.4 million, respectively[76] - The debt-to-equity ratio increased from approximately 53.4% as of March 31, 2022, to 56.3% as of September 30, 2022[76] Cash Flow - The operating cash flow for the six months ended September 30, 2022, was HKD 14,830,000, compared to HKD 5,532,000 for the same period in 2021, representing a significant increase[18] - The net cash generated from operating activities was HKD 8,505,000 for the six months ended September 30, 2022, up from HKD 6,624,000 in the previous year[18] - The net cash used in investing activities was HKD 33,000 for the six months ended September 30, 2022, compared to a net cash outflow of HKD 18,872,000 in the same period of 2021[20] - The net cash used in financing activities was HKD 8,764,000 for the six months ended September 30, 2022, compared to HKD 11,052,000 in the previous year[20] - The cash and cash equivalents decreased to HKD 473,000 at the end of the period, down from HKD 25,145,000 in the previous year[20] Revenue Breakdown - The total revenue for wine products was HKD 34,908,000 for the six months ended September 30, 2022, compared to HKD 102,403,000 in the same period of 2021, indicating a decline[31] - The revenue from other alcoholic beverages was HKD 25,930,000 for the six months ended September 30, 2022, down from HKD 5,521,000 in the previous year[31] - The company's revenue decreased by approximately 43.7% from about HKD 108.7 million for the six months ended September 30, 2021, to about HKD 61.2 million for the current period[60] - The cost of sales decreased by approximately 54.7% from about HKD 84.2 million for the six months ended September 30, 2021, to about HKD 38.2 million for the current period[61] - Gross profit decreased by approximately 6.0% from about HKD 24.5 million for the six months ended September 30, 2021, to about HKD 23.0 million for the current period[64] - The overall gross profit margin increased to approximately 37.6% for the six months ended September 30, 2022, compared to approximately 22.5% for the same period in 2021[64] Operational Highlights - The company plans to expand its market presence and enhance product offerings in the upcoming quarters, focusing on new product development and technology advancements[6] - The company is committed to maintaining a strong financial position while exploring potential mergers and acquisitions to drive growth[6] - The company is focusing on developing its own brand products in response to external challenges affecting consumer demand[59] - The company aims to expand its business footprint by diversifying and creating new sales channels[94] - The company has created its own brand to diversify revenue sources and achieve synergies with existing businesses[94] Corporate Governance - The board of directors confirmed that the financial information presented is accurate and complete, with no misleading elements[2] - The company has maintained a high level of corporate governance to protect shareholder interests and enhance company value[123] - The company has complied with all provisions of the corporate governance code, except for the insurance for legal actions against directors, which was not obtained during the reporting period[123] - The audit committee, established on December 18, 2017, reviewed the unaudited consolidated results for the period and confirmed compliance with applicable accounting standards and GEM listing rules[126] - The company has adopted a code of conduct for securities transactions by directors, ensuring compliance during the reporting period[122] Employee and Cost Management - The total employee costs for the six months ended September 30, 2022, were HKD 7,030 thousand, compared to HKD 7,324 thousand for the same period in 2021[6] - The total number of employees decreased from 45 as of March 31, 2022, to 26 as of September 30, 2022, with total employee benefits expenses of approximately HKD 7.0 million for the six months ended September 30, 2022[92] - Sales and distribution expenses decreased from approximately HKD 8.3 million for the six months ended September 30, 2021, to approximately HKD 7.0 million in the current period, attributed to reduced frontline sales and marketing expenses[67] - Administrative expenses slightly decreased from approximately HKD 11.7 million for the six months ended September 30, 2021, to approximately HKD 10.9 million in the current period, mainly due to a reduction in legal and professional fees[69] - Financing costs increased from approximately HKD 1.4 million for the six months ended September 30, 2021, to approximately HKD 2.2 million in the current period, primarily due to increased mortgage loan interest[70] - Income tax expenses decreased from approximately HKD 2.6 million for the six months ended September 30, 2021, to approximately HKD 1.3 million in the current period, mainly due to a reduction in estimated taxable profits[71] Shareholder Information - As of September 30, 2022, the company had a total of 400 million shares issued, with a major shareholder holding 70% of the shares[100][106] - The company is committed to ensuring that its major shareholders maintain at least 50% beneficial ownership[110][112] - The company has adopted a share option scheme since December 18, 2017, with no options granted, exercised, cancelled, or lapsed since its adoption[116] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the reporting period[117] - The company has not reported any changes in director information since the last annual report, except for specific appointments and resignations[124] Future Outlook - The company is closely monitoring external challenges and uncertainties, adjusting its business strategy prudently[94] - The company believes that its ongoing developments will optimize its business portfolio and promote sustainable growth in the long term[94] - The company has secured financing agreements with banks, including a revolving loan of HKD 50 million and a credit facility of HKD 30 million[110][112] - The company allocated HKD 38.9 million for increasing warehouse storage capacity, and HKD 23.3 million for establishing new retail stores in Hong Kong[95]

Financial Performance - For the three months ended June 30, 2022, the company reported revenue of HKD 33,247,000, a decrease of 45.4% compared to HKD 60,778,000 for the same period in 2021[7] - Gross profit for the same period was HKD 11,786,000, down 22.5% from HKD 15,184,000 year-over-year[7] - The net profit for the period was HKD 1,473,000, representing a decline of 26.9% compared to HKD 2,014,000 in the previous year[7] - Basic and diluted earnings per share were HKD 0.39, down from HKD 0.56 in the same quarter of 2021[7] - Other income decreased significantly to HKD 268,000 from HKD 36,000 in the prior year, indicating a decline of 25.6%[7] - The company incurred finance costs of HKD 787,000, an increase of 32.5% compared to HKD 594,000 in the previous year[7] - Total comprehensive income attributable to owners of the company was HKD 1,566,000, down from HKD 2,240,000 in the same period last year[7] - The company's revenue decreased by approximately 45.3% from about HKD 60.8 million to approximately HKD 33.2 million for the three months ended June 30, 2022, primarily due to recent waves of COVID-19 and global economic recession[40] - The pre-tax profit for the three months ended June 30, 2022, was HKD 21.5 million, down from HKD 45.6 million in the same period of 2021[31] - The total profit and comprehensive income attributable to the company’s owners was approximately HKD 1.6 million, down from HKD 2.2 million in the previous year[51] Expenses and Costs - The cost of sales decreased by approximately 52.9% from about HKD 45.6 million to approximately HKD 21.5 million, directly related to the decline in revenue[41] - Administrative expenses were HKD 5,539,000, a decrease of 17.0% from HKD 6,665,000 in the previous year[7] - The total employee costs increased to HKD 3.93 million in 2022 from HKD 3.74 million in 2021, reflecting a rise in salaries and benefits[31] - Gross profit decreased by approximately 22.4% from about HKD 15.2 million to about HKD 11.8 million, with gross margin for the periods being approximately 25.0% and 35.5% respectively[43] - Administrative expenses decreased from approximately HKD 6.7 million to about HKD 5.5 million, attributed to reduced legal and professional fees[49] - Financing costs increased from approximately HKD 0.6 million to about HKD 0.8 million, mainly due to increased mortgage loan interest[50] Business Strategy and Operations - The company aims to enhance its market presence and explore new product lines in the upcoming quarters[7] - The company has shifted its focus to developing proprietary formula and branded products in response to declining demand and intense market competition[39] - The company has been optimizing and expanding its business, focusing on diversification and creating new products and sales channels[55] - The company is closely monitoring the development of the COVID-19 pandemic and the global economic environment, adjusting its business strategies accordingly[55] Corporate Governance - The board of directors confirmed that the financial information presented is accurate and complete, with no misleading elements[7] - The company has complied with all corporate governance code provisions, except for the insurance for legal actions against directors, which was not obtained during the reporting period[80] - 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[83] - The company has adopted a stock trading code for directors, ensuring compliance with GEM listing rules[77] - The company has established a non-competition agreement with its major shareholders, ensuring compliance throughout the reporting period[76] Shareholder Information - The company’s major shareholders, Ms. Wang Zilu and Mr. Ding Zhiwei, collectively hold 70% of the company's equity through their spousal relationship[67] - The company aims to maintain at least 50% beneficial ownership by its major shareholders[66][68] Financing Activities - The company has established a loan agreement with Hang Seng Bank for a total financing amount of HKD 50 million, HKD 30 million, and HKD 100,000 under financing letter A[66] - A second financing letter with Chuang Hing Bank was established, providing trade financing of up to HKD 48 million, term loan of HKD 20 million, and overdraft financing of HKD 3 million[68] Dividend Policy - The company did not declare any dividends for the current period, consistent with the previous year[36] - The company did not recommend any interim dividend for the period, consistent with the previous year[52] Market Presence - The company operates solely in Hong Kong, with all revenue generated from the sale and distribution of alcoholic beverages within the region[24] - There were no individual customers accounting for more than 10% of total revenue during the reporting period[25] Compliance and Reporting - The company has begun evaluating the impact of new and revised Hong Kong Financial Reporting Standards but has not yet determined if they will significantly affect its operational performance and financial position[19] - The company has not granted, exercised, canceled, or allowed any stock options since the adoption of the stock option plan in December 2017[73] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[74]

Financial Performance - The Group's revenue decreased by approximately 25.8% from approximately HK$299.6 million in the year ended March 31, 2021, to approximately HK$222.4 million for the year ended March 31, 2022[18]. - Profit and total comprehensive income for the year amounted to approximately HK$21.2 million, representing a decrease of approximately 23.2% from HK$27.6 million in 2021[18]. - The decrease in revenue was primarily due to reduced demand for products caused by the COVID-19 pandemic, particularly during the fifth wave in early 2022[18]. - The strict control measures imposed during the pandemic significantly impacted sales during the first quarter of 2022[18]. - Revenue decreased by approximately 25.8% from approximately HK$299.6 million for the year ended 31 March 2021 to approximately HK$222.4 million for the Year[21]. - Profit and total comprehensive income for the Year reached approximately HK$21.2 million, a decrease of about 23.2% compared to HK$27.6 million for the year ended 31 March 2021[21]. - The Group's gross profit decreased by approximately 7.6% from approximately HK$72.1 million for the year ended 31 March 2021 to approximately HK$66.6 million for the year ended 31 March 2022[38]. - The overall gross profit margin increased from approximately 24.1% in 2021 to approximately 29.9% in 2022, attributed to higher margins on certain self-owned alcoholic beverage brands[38]. - Other income slightly increased from approximately HK$3.1 million in 2021 to approximately HK$3.4 million in 2022, mainly from service provision[38]. - Selling and distribution expenses rose from approximately HK$15.1 million in 2021 to approximately HK$16.9 million in 2022, primarily due to the absence of rental concessions[38]. - Administrative expenses increased from approximately HK$20.2 million in 2021 to approximately HK$23.6 million in 2022, mainly due to higher legal and professional fees[40]. - Finance costs decreased by approximately 52.9% from approximately HK$5.7 million in 2021 to approximately HK$2.7 million in 2022, due to a reduction in trust receipt loans[41]. - Income tax expense decreased by approximately 17.2% from approximately HK$6.8 million in 2021 to approximately HK$5.7 million in 2022, attributed to lower estimated assessable profit[42]. - Profit attributable to owners of the Company for the year amounted to approximately HK$21.2 million, down from approximately HK$27.6 million in 2021[43]. Business Operations and Strategy - The Group focuses on the wholesale and retail of premium collectible red wine, defined as red wine priced at or above HK$1,000 per bottle[17]. - The Group's business operations are primarily located in Hong Kong, specializing in a wide spectrum of wine products and other alcoholic beverages[17]. - The Company has acknowledged the challenges posed by the pandemic and is strategizing to adapt to changing market conditions[18]. - Future outlook includes potential recovery as pandemic restrictions ease, with a focus on regaining market demand[18]. - The Group is committed to maintaining product quality and expanding its premium wine offerings to attract discerning customers[18]. - The Company continues to monitor market trends and consumer preferences to inform its business strategies moving forward[18]. - The Group is enhancing warehouse storage capacity and operational efficiency by establishing new warehouses in Hong Kong and implementing a professional warehouse management system tailored for the wine industry[22]. - The Group aims to strengthen its leading position in the wine industry in Hong Kong while seeking expansion opportunities to increase market share in different countries worldwide[25]. - The Group has launched online products to capture customer demand during the pandemic, adapting to changing market trends[31]. - The Group's product portfolio includes Premium Collectible Red Wine, fine red wine, white wine, and other alcoholic beverages, as well as wine accessory products[30]. - The establishment of a retail store in a prime location in Kowloon at the end of 2018 continues to support the Group's market presence[22]. - The Group is closely monitoring the development of the COVID-19 pandemic and will adjust its business strategies as necessary[24]. - The Group's strategic focus includes increasing storage capacity, diversifying sales channels, and expanding its business footprint[102]. - The Group is focused on developing business strategies to enhance sales and marketing activities in the wholesale sector[154]. Corporate Governance - The company has seen a strategic focus on corporate governance and internal control, particularly under the leadership of Ms. Yeung[121]. - The company is actively involved in various committees, enhancing its governance and strategic direction[130]. - The board composition reflects a commitment to effective governance and strategic oversight, with members having significant experience in their respective fields[120]. - The company has a strong governance structure with independent non-executive directors leading key committees[137]. - The management team includes professionals with extensive backgrounds in law, finance, and corporate governance[138]. - The company is focused on maintaining high standards of corporate governance and compliance[139]. - The board is actively involved in strategic decision-making and oversight of the company's operations[140]. - The company aims to leverage its management's expertise to enhance its market position and drive growth[141]. - The company has complied with all provisions of the Corporate Governance Code during the year, except for code provision C.1.8 regarding insurance cover for directors[164]. - The board consists of two executive directors, one non-executive director, and three independent non-executive directors[171]. - The company is in the process of arranging Directors' and officers' liability insurance as required by the Corporate Governance Code[164]. - The board conducts at least four regular meetings a year to oversee significant operational and financial matters[166]. - The company is committed to maintaining high standards of corporate governance to safeguard shareholder interests[162]. - The board has reserved decision-making on strategic objectives, significant operational matters, and risk management[165]. - The company has established various committees, including Audit, Remuneration, Nomination, and Investment Management Committees, to assist in governance[171]. - The new Corporate Governance Code requirements came into effect on January 1, 2022, and will apply to the company's governance report for the financial year starting thereafter[163]. - The company has not arranged appropriate insurance cover for legal actions against its directors during the year[164]. - All Directors are subject to retirement by rotation at least once every three years, ensuring a balanced composition of executive, non-executive, and independent non-executive Directors[179]. - The Company complies with GEM Listing Rules by having at least one independent non-executive Director with appropriate professional qualifications or financial management expertise[180]. - The Board is collectively responsible for directing and supervising the Company's affairs, including monitoring operational and financial performance[182]. - Major matters such as policy, strategies, and financial information are reserved for the Board's decision, ensuring effective governance[183]. - Daily operations and management are delegated to executive Directors and senior management, who report periodically to the Board[184]. - Directors have full access to Group information and can obtain independent professional advice as necessary[193]. - The Company Secretary ensures compliance with procedures and regulations, maintaining minutes of Board meetings for inspection[192]. - Independent non-executive Directors have confirmed their independence annually, and the Company considers all of them to be independent[196]. - Any material transaction involving a conflict of interest is addressed at Board meetings with the presence of independent non-executive Directors[195]. - Directors act in good faith and with due diligence to ensure the best interests of the Company and its shareholders[200]. - Regular board meetings focus on business strategy, operational issues, and financial performance[200]. - Monitoring the quality and reliability of internal and external reporting is a key responsibility[200]. - Management of potential conflicts of interest, including misuse of corporate assets, is prioritized[200]. - Processes are in place to maintain the overall integrity of the Company, including financial statements and stakeholder relationships[200]. - Compliance with all laws and ethics is a critical aspect of corporate governance[200]. Management and Leadership - Mr. Chan Cham Man Simon was appointed as independent non-executive Director on December 1, 2021, and serves as the chairman of the Investment Management Committee[127]. - Ms. Chan Man Ki Maggie M.H. was appointed as independent non-executive Director on June 13, 2019, and is a member of the Audit Committee and the Remuneration Committee[131]. - Ms. Yeung Chi Hung has been a non-executive Director since January 3, 2017, and is responsible for advising on the strategy, performance, and resources of the Group[120]. - Mr. Simon Chan holds a bachelor's degree in Science (Business Administration) from the University of Southern California and has extensive experience in business development and sales operations[128]. - The company emphasizes the importance of legal advice and services, with Ms. Chan having over 27 years of experience as a solicitor in Hong Kong[131]. - The leadership team has a diverse background in various industries, contributing to the company's strategic planning and operational management[127]. - The company has a strong focus on investment management and business development, as evidenced by the roles of its independent directors[128]. - Mr. Wong has over 30 years of experience in corporate management, investment management, and finance[142]. - Mr. Wong is currently an independent non-executive director for multiple listed companies, including CRCC High-Tech Equipment Corporation and Jiangxi Bank[147]. - Ms. Chan has held various community positions and received honors such as the Medal of Honor in 2012 and Justice of the Peace in 2015[136]. - Ms. Kralj joined the Group in October 2018 as Vice President of Technology, Strategy, and R&D, overseeing technological development[149]. - Mr. Leung joined the Group in July 2021 as Senior Vice President of Business Development, responsible for business strategies and overseeing sales and marketing activities[152]. - Mr. Loong has been with the Group since September 2013, currently serving as Vice President of Trade Business Development, focusing on wholesale business strategies[154]. - Ms. Kralj holds a bachelor's degree in Technical Communication and a master's degree in Learning and Organizational Change, enhancing her expertise in technology and strategy[152]. - Mr. Leung has extensive experience in sourcing and promoting premium fine wine, having worked at Watsons' Wine for over 11 years[152]. - Mr. Loong previously worked as a wine sales manager and has significant experience in planning marketing and promotional activities in the wine industry[155]. - Ms. Kralj completed a comprehensive distilling course in South Africa in 2017, furthering her qualifications in the spirits industry[152]. - Mr. Loong obtained the WSET Level 3 Advanced Certificate in Wines and Spirits in November 2009, showcasing his expertise in the field[156]. - The management team brings a diverse background in technology, marketing, and wine expertise, positioning the Group for future growth[149].

Financial Performance - For the nine months ended December 31, 2021, the company reported total revenue of HKD 181,166,000, a decrease of 11.3% compared to HKD 204,341,000 for the same period in 2020[5] - Gross profit for the nine months was HKD 44,657,000, down 9.3% from HKD 49,342,000 in the previous year[5] - The company recorded a net profit attributable to owners of HKD 12,588,000 for the nine months, a decrease of 26.5% compared to HKD 17,118,000 in the same period last year[5] - Basic and diluted earnings per share for the nine months were HKD 3.14, down from HKD 4.28 in the previous year, representing a decline of 26.6%[5] - The company reported a total comprehensive income of HKD 12,092,000 for the nine months, compared to HKD 16,918,000 in the same period last year, reflecting a decrease of 28.4%[6] - Revenue from wine products for the three months ended December 31, 2021, was HKD 68,544,000, a decrease of 12.4% from HKD 78,483,000 in the same period of 2020[16] - Other alcoholic beverages revenue for the three months ended December 31, 2021, was HKD 3,766,000, a decline of 67.5% compared to HKD 11,580,000 in the same period of 2020[16] - The company recorded a pre-tax profit of HKD 9,054,000 for the three months ended December 31, 2021, compared to HKD 12,596,000 in the same period of 2020, representing a decrease of 28.5%[28] - Basic earnings per share for the three months ended December 31, 2021, was HKD 0.0226, down from HKD 0.0315 in the same period of 2020[28] - The profit attributable to the company's owners for the period was approximately HKD 12.6 million, down from HKD 17.1 million in the previous year[45] Income and Expenses - The company’s other income for the nine months increased significantly to HKD 3,313,000 from HKD 2,567,000 in the previous year, marking a growth of 29.0%[5] - The cost of goods sold for the three months ended December 31, 2021, was HKD 52,265,000, down 17.6% from HKD 63,426,000 in the same period of 2020[26] - The cost of sales fell by about 11.9% from approximately HKD 155.0 million to about HKD 136.5 million, directly related to the decrease in revenue[38] - Selling and distribution expenses rose from approximately HKD 11.5 million to about HKD 13.6 million, attributed to increased depreciation and reduced rental income due to COVID-19[42] - Administrative expenses increased from approximately HKD 11.9 million to about HKD 15.9 million, mainly due to higher legal and professional fees[43] - Total financing costs for the three months ended December 31, 2021, were HKD 445,000, a decrease of 65.8% from HKD 1,304,000 in the same period of 2020[24] - Financing costs decreased from approximately HKD 4.2 million to about HKD 1.9 million, primarily due to a reduction in trust receipt loans during the period[44] Assets and Financing - The total assets of the company as of December 31, 2021, were HKD 239,361,000, compared to HKD 199,168,000 as of December 31, 2020, indicating an increase of 20.2%[6] - The company has established a bank financing agreement with Hang Seng Bank for a maximum financing amount of HKD 50,000,000, HKD 30,000,000, and HKD 100,000 for various credit facilities[62] - A second bank financing agreement with Chuang Hing Bank was established for a maximum financing amount of HKD 48,000,000, HKD 20,000,000, and HKD 3,000,000 for trade financing, term loans, and overdraft facilities[64] Market Strategy and Operations - The company plans to continue expanding its market presence and product offerings in the coming quarters, focusing on enhancing its distribution channels[9] - The company has not reported any significant new product launches or technological advancements during this period[9] - The management remains cautious about market conditions and potential risks associated with the ongoing economic environment[9] - The company has expanded its business by establishing an e-commerce platform and launching an online auction platform to enhance sales of high-end wines priced at HKD 10,000 or above[50] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests and enhance company value[75] - The Audit Committee was established on December 18, 2017, in accordance with GEM Listing Rules and Corporate Governance Code[76] - The Audit Committee consists of three independent non-executive directors, with Mr. Huang Hsien-Jung as the chairman[76] - The Audit Committee reviewed the unaudited consolidated performance of the group and confirmed compliance with applicable accounting standards and GEM Listing Rules[76] - The company has confirmed compliance with a non-competition agreement established on December 18, 2017, involving key stakeholders[73] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[74] Shareholder Information - As of December 31, 2021, the total issued shares of the company were 400,000,000[60] - Wang Zilu and Ding Zhiwei collectively hold 70% of the company's equity through their spousal relationship, amounting to 280,000,000 shares each[58][63] - The company has not issued, exercised, canceled, or allowed any stock options since the adoption of its stock option plan on December 18, 2017[68] - There were no purchases, sales, or redemptions of the company's listed securities during the reporting period[69] - The report will be published on the GEM website and the company's website for at least seven days from the publication date[77] - The company is located at 26/Floor, AIA Financial Centre, 712 Prince Edward Road East, San Po Kong, Kowloon, Hong Kong[79]

Financial Performance - For the six months ended September 30, 2021, the company reported total revenue of HKD 108,742,000, a decrease of 5.5% compared to HKD 114,176,000 for the same period in 2020[6] - Gross profit for the same period was HKD 24,498,000, representing an increase of 8.4% from HKD 22,603,000 in the previous year[6] - The company recorded a net profit attributable to owners of HKD 3,534,000 for the six months ended September 30, 2021, compared to HKD 4,522,000 for the same period in 2020, reflecting a decrease of 21.8%[6] - Basic and diluted earnings per share for the six months were HKD 0.88, down from HKD 1.13 in the previous year, indicating a decline of 22.1%[6] - The company reported other income of HKD 3,210,000 for the six months ended September 30, 2021, compared to HKD 1,770,000 in the previous year, marking an increase of 81.1%[6] - The company reported a pre-tax profit of HKD 5,825,000 for the six months ended September 30, 2021, compared to HKD 5,468,000 in the same period of 2020, representing an increase of 6.5%[7] - The company reported a net loss for the six months ended September 30, 2021, was approximately HKD 0.5 million, compared to HKD 1.4 million for the same period in 2020, mainly due to foreign exchange losses[46] - Total comprehensive income attributable to owners was approximately HKD 3.5 million, down from HKD 4.5 million in 2020[52] Revenue Breakdown - Revenue from wine products for the six months ended September 30, 2021, was HKD 102,403,000, a decrease of 2.5% from HKD 105,262,000 in the same period of 2020[24] - Revenue from other alcoholic beverages decreased to HKD 5,521,000 from HKD 8,757,000, reflecting a decline of 37.5%[24] - The company's revenue decreased by approximately 4.8% from about HKD 114.2 million to approximately HKD 108.7 million due to reduced product demand caused by the COVID-19 pandemic[41] Expenses and Costs - Administrative expenses increased to HKD 11,667,000 for the six months ended September 30, 2021, from HKD 7,071,000 in the same period last year, reflecting a rise of 65.5%[6] - Total employee costs increased from HKD 6,458 thousand in the six months ended September 30, 2020, to HKD 7,324 thousand in the same period of 2021[30] - Selling and distribution expenses rose from approximately HKD 7.5 million to HKD 8.3 million, attributed to rental concessions during the COVID-19 pandemic[47] - Financing costs decreased significantly to HKD 1,410,000 from HKD 2,900,000, a reduction of 51.3%[28] - Income tax expenses increased over 1.5 times from approximately HKD 1.0 million to HKD 2.6 million, due to higher estimated taxable profits[51] Assets and Liabilities - Total assets as of September 30, 2021, were HKD 229,582,000, compared to HKD 228,315,000 as of March 31, 2021, showing a slight increase[7] - The company's current liabilities amounted to HKD 116,805,000 as of September 30, 2021, down from HKD 121,355,000 as of March 31, 2021, indicating improved liquidity[7] - The company experienced a decrease in inventory, which reduced by HKD 19,978,000 compared to HKD 13,858,000 in the previous year[7] - The total cash and cash equivalents at the end of the period were HKD 23,998,000[17] Strategic Initiatives - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[5] - The company continues to focus on enhancing operational efficiency and exploring strategic partnerships to drive future growth[5] - The company aims to strengthen its market position in the wine industry while seeking expansion opportunities in other markets[39] - The company is enhancing warehouse storage and operational efficiency, including leasing a new warehouse in Hong Kong and acquiring a specialized warehouse management system[40] - The company has successfully implemented an e-commerce platform and launched an online auction platform to enhance sales of premium wines priced at HKD 10,000 or above[73] - The company has expanded its business footprint by establishing an office in Shanghai, China, to promote its products through various marketing and sales activities[73] Corporate Governance - The company is committed to high levels of corporate governance and has complied with the GEM Listing Rules and corporate governance code during the reporting period[99] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated results for the period and found them compliant with applicable accounting standards[100] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the GEM Listing Rules[98] Shareholder Information - As of September 30, 2021, the company’s major shareholder holds 70% of the issued share capital, amounting to 280 million shares[81] - As of September 30, 2021, the company has issued 400,000,000 shares[87] - The major shareholders, Ms. Wang Zilu and Mr. Ding Zhiwei, collectively hold 70% of the company's equity[89] Financing Activities - The company has secured a loan agreement with Hang Seng Bank for a maximum financing amount of HKD 50,000,000, HKD 30,000,000, and HKD 100,000 for a revolving loan, credit financing, and corporate credit card respectively[88] - The company has entered into a loan agreement with Chuangxing Bank for trade financing and overdraft financing with maximum amounts of HKD 35,000,000 and HKD 3,000,000 respectively[91] Market Conditions - The company continues to monitor the impact of the COVID-19 pandemic on its financial condition and operational performance[40] - The company is cautious about expanding its retail network due to uncertainties in the Hong Kong retail environment caused by the COVID-19 pandemic[76] - The expected timeline for utilizing unutilized net proceeds is subject to change based on current and future market conditions[76] - The company faces risks related to property price fluctuations that may adversely affect its financial condition and future rental expenses for flagship stores[78]