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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對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的任何損失承擔任何責任。 董事會欣然公佈，刊載於股東週年大會通告內的所有提呈普通決議案（「提呈決議案」）， 已於二零二五年股東週年大會上，以按股數投票表決方式獲股東正式通過。 於二零二五年股東週年大會當日，有400,000,000股已發行股份賦予股東權利出席二零二 五年股東週年大會並於會上就提呈決議案投贊成或反對票。概無股份賦予股東權利出席 二零二五年股東週年大會並須根據GEM上市規則第17.47A條所載在二零二五年股東週年 大會上就提呈決議案放棄投贊成票。 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） 於二零二五年九月十一日舉行之股東週年大會 按股數投票表決結果 刊載於股東週年大會通告內的所有提呈決議案已於二零二五年股東週年大會上以按股 數投票表決方式獲 ...

Group 1 - The article provides a list of Hong Kong listed companies along with their upcoming shareholder meeting dates and earnings announcement dates [1][2][3] - Companies mentioned include Jiangnan Buyi, Zhongguancun Technology Leasing, Huatai Ruilin, and many others, indicating a diverse range of sectors represented [3][4] - Dividend distribution dates are highlighted for several companies, such as Beijing Waterworks Group and Evergrande Group, which may attract investor interest [3][4] Group 2 - The document outlines specific companies that will have their earnings announced or shareholder meetings scheduled, which is crucial for investors tracking performance [3][4] - The inclusion of dividend payment dates for companies like NetEase and Hong Kong Electric indicates potential income opportunities for shareholders [3][4] - The information serves as a resource for investors to plan their investment strategies based on upcoming corporate events [1][2][3]

FF301 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 截至月份: 2025年8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） 呈交日期: 2025年9月1日 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 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「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。 Wine's Link International Holdings Limited 8509 威揚酒業國際控股有限公司 主席兼執行董事 更改香港總辦事處及 主要營業地點之地址、電話及傳真號碼 威揚酒業國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，自二零二 五年八月十六日起，本公司之香港總辦事處及主要營業地點之地址、電話及傳真號碼更 改為： 地址： 香港九龍尖沙咀梳士巴利道3號星光行1911至1912室 承董事會命 王姿潞 香港，二零二五年八月十五日 於本公告日期，執行董事為王姿潞女士及陳詩桐先生；非執行董事為楊志紅女士， S.B.S., B.B.S., J.P. ；及獨立非執行董事為陳曼琪女士， M.H., J.P. 、陳湛文先生及劉健威先生。 - 1 - 電話： (852) 3753 5623 傳真： (852) 3563 6625 本公告載有遵照聯交所GEM ...

Company Overview - Wiyang International Holdings Limited (stock code: 8509) is a leading player in the Hong Kong wine industry, aiming to bridge the gap between the Asia-Pacific region and wine-producing areas [2] - The company was established in 2008, seizing the opportunity when the Hong Kong government lifted customs and administrative controls on wine [2] Business Segments - The company's operations are primarily focused on the wholesale and retail of various alcoholic beverages, with a specific emphasis on wine [4] - Wiyang's wine business is currently the sole business segment and is divided into three main areas [3] Financial Performance - As of March 31, 2025, Wiyang reported total revenue of 345 million yuan, representing a year-on-year growth of 72.7% [1] - The net profit attributable to shareholders was approximately 36.69 million yuan, with a year-on-year increase of 27.43% [1] - The gross profit margin stood at 22.97%, and the debt-to-asset ratio was 30.81% [1] Market Position - Wiyang's price-to-earnings (P/E) ratio is 6.84, ranking fourth in the food and beverage industry, which has an average P/E ratio of 24.47 [1] - Other companies in the same sector have P/E ratios ranging from 5.2 to 7.32, indicating Wiyang's competitive valuation [1]

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 | | ...

Financial Performance - Revenue increased by approximately 72.7% from approximately HK$216.6 million for the year ended March 31, 2024, to approximately HK$374.0 million for the year ended March 31, 2025[22]. - Profit for the year amounted to approximately HK$39.8 million, representing an increase of approximately 27.6% from HK$31.2 million in 2024[22]. - The increase in revenue was mainly due to higher demand for wine products[22]. - The cost of sales increased by approximately 106.1% from approximately HK$139.8 million for the year ended March 31, 2024 to approximately HK$288.1 million for the Year, directly correlating with the revenue increase[33]. - Gross profit increased by approximately 11.9% from approximately HK$76.8 million for the year ended March 31, 2024 to approximately HK$85.9 million for the Year[37]. - Profit for the Year increased to approximately HK$39.8 million, up from approximately HK$31.2 million in 2024, representing a growth of 27.5%[50]. - The Group's revenue growth was a key factor in the increase in profit, alongside a decrease in administrative expenses and finance costs[51]. Expenses and Cost Management - The Group implemented cost reduction and efficiency enhancement measures, leading to a decrease in administrative expenses and finance costs[22]. - Selling and distribution expenses and income tax expenses increased during the year[22]. - Selling and distribution expenses rose from approximately HK$10.9 million for the year ended March 31, 2024 to approximately HK$13.4 million for the Year[42]. - Administrative expenses decreased from approximately HK$16.4 million for the year ended March 31, 2024 to approximately HK$15.1 million for the Year[47]. - Finance costs decreased from approximately HK$9.3 million for the year ended March 31, 2024 to approximately HK$8.6 million for the Year, attributed to lower interest on bank borrowings[48]. - Income tax expense rose by approximately 21.1% from approximately HK$8.2 million in 2024 to approximately HK$9.9 million due to increased estimated assessable profit[54]. Operational Efficiency and Future Outlook - Future outlook includes continued focus on expanding product offerings and enhancing operational efficiency[22]. - The Group aims to leverage market demand for premium alcoholic beverages to drive growth[22]. - The Group aims to expand its customer base and supply channels while exploring new business opportunities, including expanding its liquor product portfolio and enhancing operational efficiency[25]. - The Group has made steady progress in refining and expanding its operations, focusing on diversifying and creating new sales channels[93]. Corporate Governance and Board Structure - The board consists of two executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced composition for effective management[145]. - The company has complied with all provisions of the Corporate Governance Code, except for a deviation explained in the report[136]. - The board conducts at least four regular meetings annually, with additional meetings as required[142]. - Each director is subject to retirement by rotation at least once every three years, as per the company's articles of association[150]. - The company has satisfied GEM Listing Rules by having at least one independent non-executive director with appropriate professional qualifications in accounting or related financial management expertise[151]. - The board composition is regularly assessed to ensure a balanced mix of skills and experience, complying with GEM listing rules[153]. - Directors are responsible for the leadership and control of the company, overseeing operational and financial performance[156]. Employee and Workforce Management - Total employee benefit expenses decreased from approximately HK$10.4 million in 2024 to approximately HK$9.6 million in 2025, a reduction of about 7.7%[79]. - The total number of employees increased from 24 as of March 31, 2024, to 33 as of March 31, 2025, indicating growth in workforce[79]. - As of March 31, 2025, the gender ratio in the workforce is 55% female and 45% male, reflecting adherence to gender equality principles[184]. - The Company has not identified any challenges in maintaining gender diversity in the workforce so far[187]. Environmental and Regulatory Compliance - The Group recognizes its responsibility to protect the environment and continually seeks to manage environmental impacts from its operations[90]. - The Group complies with all relevant laws and regulations in Hong Kong, including GEM Listing Rules and the Securities and Futures Ordinance[84]. Management and Leadership - Mr. Chan Sze Tung has been promoted to Chief Operating Officer effective December 1, 2021, overseeing operations management and strategic planning[100]. - Ms. Yeung Chi Hung has served as a non-executive Director since January 3, 2017, advising on strategy, performance, and resources of the Group[104]. - The Audit Committee held two meetings during the year to review the interim and annual results, financial reporting, and internal control systems[196]. - The Audit Committee is responsible for recommending the appointment and removal of the external auditor and monitoring the integrity of financial statements[195].

[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]