Financial Performance - For the three months ended December 31, 2019, the company reported revenue of HKD 84,008,000, a slight decrease of 0.17% compared to HKD 84,151,000 in the same period of 2018[6]. - Gross profit for the nine months ended December 31, 2019, was HKD 44,965,000, representing an increase of 12.4% from HKD 40,123,000 in the same period of 2018[6]. - The net profit attributable to owners for the nine months ended December 31, 2019, was HKD 12,475,000, down 34.8% from HKD 19,139,000 in the same period of 2018[6]. - Basic and diluted earnings per share for the nine months ended December 31, 2019, were HKD 3.12 cents, compared to HKD 4.78 cents in the same period of 2018, reflecting a decrease of 34.7%[6]. - Total revenue for the nine months ended December 31, 2019, was HKD 220.123 million, slightly down from HKD 220.074 million in the same period of 2018[64]. - The total comprehensive income decreased by approximately 34.8% from HKD 19.1 million to HKD 12.5 million, mainly due to reduced foreign exchange gains[99]. Expenses and Costs - The company incurred selling and distribution expenses of HKD 13,113,000 for the nine months ended December 31, 2019, which is an increase of 37.5% from HKD 9,577,000 in the same period of 2018[6]. - Administrative expenses rose from approximately HKD 11.1 million to HKD 12.1 million, mainly due to increased salaries and allowances for directors and staff[96]. - Financing costs increased from approximately HKD 4.0 million to HKD 6.6 million due to higher trust receipt loans[97]. - The financing costs for the three months ended December 31, 2019, amounted to HKD 2.328 million, compared to HKD 1.780 million in the same period of 2018, reflecting a 30.8% increase[70]. - The company reported a total employee cost of HKD 3.385 million for the three months ended December 31, 2019, compared to HKD 2.502 million in the same period of 2018, indicating a 35.3% increase[71]. Revenue Sources - Revenue from wine products for the three months ended December 31, 2019, was HKD 81.446 million, compared to HKD 78.438 million for the same period in 2018, representing an increase of 2.6%[63]. - The company operates solely in Hong Kong, with all revenue generated from the sale and distribution of alcoholic beverages within the region[64]. - The company's revenue remained stable at approximately HKD 220.1 million for the nine months ended December 31, 2019[90]. Assets and Liabilities - The company’s total assets as of December 31, 2019, amounted to HKD 199,702,000, an increase from HKD 173,597,000 as of December 31, 2018[13]. - Cost of sales decreased by approximately 2.7% from HKD 180.0 million to HKD 175.2 million for the nine months ended December 31, 2019[91]. - The company recognized additional lease liabilities and right-of-use assets amounting to HKD 16.4 million upon the initial application of HKFRS 16 on April 1, 2019[58]. Corporate Governance - The company has not declared any dividends for the current period[100]. - The company is committed to high standards of corporate governance to protect shareholder interests[127]. - The Audit Committee was established on December 18, 2017, in accordance with GEM Listing Rules and consists of three independent non-executive directors[130]. - The Audit Committee reviewed the unaudited consolidated performance of the group for the period and confirmed compliance with applicable accounting standards and GEM Listing Rules[130]. Future Outlook and Strategy - The company plans to continue expanding its market presence and product offerings in the wine and alcoholic beverage sector[21]. - The company is focused on enhancing operational efficiency and reducing costs to improve profitability in the upcoming quarters[21]. - Future outlook indicates a cautious approach due to market volatility and potential risks associated with the GEM listing[2]. - The company plans to enhance its warehousing capabilities and is exploring suitable properties for acquisition as part of its expansion strategy[102]. Accounting Standards - The company has adopted HKFRS 16, which replaces HKAS 17, impacting the accounting treatment of leases[34]. - The initial measurement of lease liabilities is based on the present value of unpaid lease payments at the lease commencement date[47]. - The cost of right-of-use assets includes the initial measurement amount of lease liabilities and any lease payments made before the commencement date[42]. - The company recognizes right-of-use assets at the lease commencement date, measured at cost less accumulated depreciation and impairment losses[41]. - Lease payments include fixed payments and variable lease payments based on indices or rates[48]. - The company will remeasure lease liabilities if there are changes in lease terms or assessments of purchase options[51]. - The impact of adopting HKFRS 16 on the financial position and performance of the company is not expected to be significant[33]. - The company will present right-of-use assets as a separate line item in the consolidated financial position statement[45]. - The company applies the exemption for short-term leases, recognizing lease payments as expenses on a straight-line basis over the lease term[40]. - The weighted average incremental borrowing rate applied was 4.7% for the lease liabilities recognized[58]. Shareholding and Securities - The company has a total beneficial interest of 70% held by the controlling shareholder as of January 23, 2020[118]. - As of December 31, 2019, the company had 400,000,000 shares issued, with Shirz Limited holding 168,000,000 shares (42%) and Sunshine Consultancy holding 112,000,000 shares (28%)[115]. - The financing agreement includes a credit facility of up to HKD 110,000,000 and an overdraft facility of up to HKD 3,000,000[117]. - No stock options have been granted, exercised, canceled, or lapsed since the adoption of the stock option plan on December 18, 2017[121]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[122]. - The company has complied with the non-competition agreement established on December 18, 2017, with its major shareholders[125]. - The company has adopted a code of conduct for securities trading, ensuring compliance with GEM Listing Rules[126]. - No interests were reported by the compliance advisor or its associates as of December 31, 2019[129]. - The approximate percentage of shareholdings is calculated based on the total issued shares as of December 31, 2019[115].

Financial Performance - For the six months ended September 30, 2019, the company reported total revenue of HKD 136,115,000, a slight increase from HKD 135,923,000 in the same period of 2018[5]. - Gross profit for the same period was HKD 26,684,000, up from HKD 23,108,000 year-on-year, representing a growth of approximately 15%[5]. - The company's profit before tax decreased to HKD 7,266,000 from HKD 14,905,000, indicating a decline of about 51%[5]. - The net profit attributable to shareholders for the six months was HKD 5,969,000, down from HKD 12,391,000 in the previous year, reflecting a decrease of approximately 52%[5]. - Basic and diluted earnings per share for the period were HKD 1.49, compared to HKD 3.10 in the same period last year, a decline of about 52%[5]. - The company reported a total comprehensive income of HKD 5,969,000 for the period, down from HKD 12,391,000 in the same period of 2018[14]. - The group’s total comprehensive income decreased by approximately 51.8% from HKD 12.4 million to approximately HKD 6.0 million, primarily due to reduced foreign exchange gains[124]. Assets and Liabilities - Total assets as of September 30, 2019, were HKD 415,937,000, an increase from HKD 337,883,000 as of March 31, 2019[6]. - The company's current liabilities increased to HKD 236,481,000 from HKD 159,809,000, indicating a rise of approximately 48%[6]. - The company reported an increase in inventory and trade receivables, indicating potential growth in sales but also increased working capital requirements[21]. - The company has experienced a significant increase in trade payables, which may reflect improved supplier terms or increased purchasing activity[21]. Cash Flow - The net cash flow from operating activities for the six months was negative HKD 67,352,000, compared to negative HKD 87,949,000 in the previous year[20]. - The operating cash flow before changes in working capital was a net outflow of HKD 67,847 thousand, compared to HKD 88,979 thousand in the previous period[21]. - The net cash used in investing activities was HKD 42,335 thousand, while the net cash generated from financing activities was HKD (151,004) thousand[22]. - The cash and cash equivalents at the end of the period decreased to HKD 66,814 thousand from HKD 31,856 thousand[22]. Revenue Breakdown - Wine product sales accounted for HKD 124.9 million in the six months ended September 30, 2019, down from HKD 128.4 million in the same period of 2018, a decrease of 2.8%[72]. - The group reported revenue of HKD 136.1 million for the six months ended September 30, 2019, compared to HKD 135.9 million for the same period in 2018, representing a slight increase of 0.2%[75]. - The cost of sales decreased by approximately 3.0% from HKD 112.8 million for the six months ended September 30, 2018, to approximately HKD 109.4 million for the current period[114]. - Gross profit increased by approximately 15.5% from HKD 23.1 million for the six months ended September 30, 2018, to approximately HKD 26.7 million for the current period, with gross profit margins rising to 19.6%[115]. Expenses - Selling and distribution expenses increased from approximately HKD 5.9 million to HKD 8.5 million, mainly due to higher rent and salaries[119]. - Administrative expenses rose from approximately HKD 7.4 million to HKD 8.5 million, primarily due to increased salaries and allowances for directors and staff[120]. - The total employee costs for the six months ended September 30, 2019, were HKD 6.4 million, compared to HKD 4.4 million for the same period in 2018, an increase of 45%[88]. - Financing costs increased to HKD 4.3 million for the six months ended September 30, 2019, compared to HKD 2.3 million in the same period of 2018, an increase of 89%[84]. Shareholder Information - The company’s major shareholder holds 42% of the equity, indicating a concentrated ownership structure[24]. - Shirz Limited holds 168,000,000 shares, representing 42% of the total issued shares[155]. - Sunshine Consultancy holds 112,000,000 shares, representing 28% of the total issued shares[156]. - Mr. Ding Zhiwei has a controlled interest of 280,000,000 shares, which accounts for 70% of the total issued shares[157]. - The controlling shareholder holds a total beneficial interest of 70% in the company as of the report date[161]. Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules during the reporting period[172]. - The compliance advisor has no interests in the company that require notification under GEM Listing Rules as of September 30, 2019[173]. - The Audit Committee was established on December 18, 2017, in accordance with GEM Listing Rules and Corporate Governance Code[174]. - The Audit Committee consists of three independent non-executive directors, with Mr. Huang Hsien-Jung serving as the chairman[174]. - The Committee reviewed the unaudited consolidated performance for the period and confirmed compliance with applicable accounting standards and GEM Listing Rules[174]. Future Plans and Risks - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[5]. - The board acknowledges the challenges posed by the uncertain global economy and retail environment, which may negatively impact retail operations[142]. - The group is facing risks related to fluctuating property prices in Hong Kong, which may affect future warehouse purchases and rental expenses for flagship stores[150]. - The group is currently seeking suitable properties for acquisition to enhance its warehouse storage capabilities, delaying the use of net proceeds for this purpose[146].

Revenue and Profitability - Revenue for the three months ended June 30, 2019, was HKD 70,629,000, a slight increase from HKD 70,259,000 in the same period of 2018, representing a growth of 0.5%[5] - Gross profit for the same period was HKD 13,922,000, up from HKD 10,750,000 in 2018, indicating a significant increase of 29.9%[5] - The company's net profit attributable to owners for the period was HKD 3,049,000, a decrease of 64.1% compared to HKD 8,427,000 in the previous year[5] - Basic and diluted earnings per share for the period were HKD 0.76, down from HKD 2.11 in the same quarter of 2018, reflecting a decline of 64.0%[5] - The company's profit and total comprehensive income decreased by approximately 63.8% to about HKD 3.0 million for the three months ended June 30, 2019, compared to approximately HKD 8.4 million for the same period in 2018[30] Costs and Expenses - The cost of sales decreased to HKD 56,707,000 from HKD 59,509,000, resulting in improved gross margins[5] - Administrative expenses increased to HKD 4,307,000 from HKD 3,560,000, indicating a rise of 20.9%[5] - Financing costs rose significantly to HKD 2,422,000 from HKD 1,222,000, marking an increase of 98.5%[5] - Sales and distribution expenses increased from approximately HKD 2.9 million to HKD 4.2 million, driven by higher rent and salaries for the sales team[37] - Administrative expenses rose from approximately HKD 3.6 million to HKD 4.3 million, mainly due to increased salaries and allowances for directors and administrative staff[38] - Financing costs doubled from approximately HKD 1.2 million to HKD 2.4 million, primarily due to an increase in trust receipt loans[39] Income and Other Financial Metrics - Other income for the period was HKD 128,000, compared to HKD 9,000 in the same period last year, showing a substantial increase[5] - Other income for the three months ended June 30, 2019, was HKD 924,000, compared to HKD 365,000 for the same period in 2018[18] - The net exchange gain for the three months ended June 30, 2019, was HKD 2.4 million, compared to HKD 1.2 million for the same period in 2018[21] - Overall gross margin increased from approximately 15.3% to 19.7% for the three months ended June 30, 2019, primarily due to increased sales of popular premium red wines[34] - Other income rose significantly from HKD 9,000 to HKD 128,000, mainly due to increased bank interest from bank balances[35] - The group recorded a net exchange gain of approximately HKD 0.5 million and HKD 6.9 million for the respective periods, attributed to foreign currency fluctuations related to trust receipt loans[36] Equity and Dividends - The total equity as of June 30, 2019, was HKD 162,885,000, compared to HKD 190,273,000 at the end of the previous year, reflecting a decrease of 14.4%[6] - The company did not declare or recommend any dividends for the period, consistent with the same period in 2018[28] - The board did not recommend the payment of an interim dividend for the three months ended June 30, 2019[42] Operational Developments - The company has a single operating segment focused on the sale and distribution of alcoholic beverages in Hong Kong[14] - The company has rented new warehouses in Kwai Chung and Kowloon Bay to enhance storage capacity and is seeking suitable properties for acquisition as its own warehouse[41] - The company opened a retail store in Tsim Sha Tsui in December 2018 and is looking for a suitable location for a third retail store in West Kowloon to expand its retail network[41] Compliance and Governance - The audit committee reviewed the group's unaudited consolidated results for the period and confirmed compliance with applicable accounting standards and GEM listing rules[73] - The controlling shareholder holds a total beneficial interest of 70% in the company as of June 30, 2019[60] - The company entered into a financing letter with a maximum financing amount of HKD 90,000,000 for credit facilities and HKD 3,000,000 for overdraft facilities[59] - The company has not issued, exercised, cancelled, or lapsed any share options since the adoption of the share option scheme on December 18, 2017[63] - There were no purchases, sales, or redemptions of the company's listed securities during the reporting period[64] - The company expects that the application of new and revised standards will not have a significant impact on its performance and financial position[13]

Financial Performance - Revenue increased by approximately 3.7% from approximately HK$323.1 million for the year ended March 31, 2018, to approximately HK$335.1 million for the year ended March 31, 2019[22]. - Profit and total comprehensive income for the year ended March 31, 2019, amounted to approximately HK$32.8 million, representing a substantial increase of approximately 183.0% compared to HK$11.6 million in 2018[22]. - The increase in profit was mainly due to higher sales of certain highly sought-after Premium Collectible Red Wine, which provided a relatively higher profit margin[22]. - The Group's gross profit increased by approximately 20.7% from approximately HK$57.9 million for the year ended March 31, 2018, to approximately HK$69.8 million for the year ended March 31, 2019[40]. - The overall gross profit margin increased from 17.9% for the year ended March 31, 2018, to 20.8% for the year ended March 31, 2019[41]. - The profit and total comprehensive income attributable to the owners of the Company for the Year amounted to approximately HK$32.8 million, an increase from HK$11.6 million in 2018[54]. Expenses and Costs - Selling and distribution expenses increased from approximately HK$9.8 million for the year ended March 31, 2018, to approximately HK$14.3 million for the year ended March 31, 2019[50]. - Administrative expenses increased from approximately HK$14.2 million for the year ended March 31, 2018, to approximately HK$16.2 million for the year ended March 31, 2019[51]. - Finance costs increased by approximately 79.6% from approximately HK$3.4 million for the year ended March 31, 2018, to approximately HK$6.1 million for the year ended March 31, 2019[52]. - Income tax expense increased by approximately 79.8% from approximately HK$4.7 million for the year ended March 31, 2018, to approximately HK$8.4 million for the year ended March 31, 2019[53]. - Sales and distribution expenses increased from approximately HK$9.8 million in 2018 to approximately HK$14.3 million in the current year, primarily due to increased rental and salary expenses[56]. - Administrative expenses rose from approximately HK$14.2 million in 2018 to approximately HK$16.2 million, mainly due to higher legal and professional fees and increased salaries for directors and staff[57]. - Financing costs increased by approximately 79.6% from about HK$3.4 million in 2018 to approximately HK$6.1 million, attributed to an increase in trust receipt loans[58]. - Income tax expenses increased by approximately 79.8% from about HK$4.7 million in 2018 to approximately HK$8.4 million, due to higher estimated taxable profits[59]. Operational Developments - The Group is strengthening warehouse storage capability and operational efficiency by leasing new warehouses in Hong Kong and acquiring a professional warehouse management system[23]. - A retail store was established in a prime location in Kowloon at the end of 2018, expected to attract more retail customers and enhance business[23]. - The Group aims to enrich its product portfolio with wineries, particularly from French regions such as Burgundy, to offer more selection to the market[24]. - The Group is looking for expansion opportunities to penetrate market share into different countries worldwide[24]. - The Group is enhancing warehouse storage and operational efficiency, including leasing a new warehouse in Hong Kong and acquiring a specialized warehouse management system[27]. - The Group aims to strengthen its leadership position in the Hong Kong wine industry while seeking expansion opportunities globally[27]. - The Group is collaborating with wineries, particularly in France, to enrich its product portfolio and provide more options to the market[27]. - The Group's net current assets increased from approximately HK$146.3 million in 2018 to approximately HK$178.1 million in 2019, with a current ratio of 2.1[62]. - The Group's gearing ratio improved from approximately 83.1% in 2018 to approximately 76.4% in 2019[63]. - The Group has opened a new retail store in Kowloon at the end of 2018, following the signing of a tenancy agreement in January 2018[115]. - The company opened a retail store in Tsim Sha Tsui in December 2018 and is looking for a location for a third retail shop in West Kowloon to expand its retail network[123]. - The expansion of the retail network is expected to broaden the customer base and strengthen market presence in Hong Kong[123]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance and internal controls[140]. - The company complied with all code provisions in the Corporate Governance Code during the year ended March 31, 2019[193]. - The Board comprises two executive Directors, two non-executive Directors, and three independent non-executive Directors[199]. - The Board conducts at least four regular meetings a year to discuss significant operational and financial matters, including mergers and acquisitions[195]. - The company has a dedicated Audit Committee to ensure financial integrity and compliance[199]. - The Remuneration Committee is responsible for determining the remuneration packages of all Directors and senior management[199]. - The company has established an Investment Management Committee to oversee investment strategies[199]. - The management team has a diverse background in finance, law, and community service, contributing to the company's strategic direction[152]. - The company emphasizes transparency and accountability to shareholders in its governance practices[192]. - The Board oversees the implementation of risk management control systems[194]. Strategic Initiatives - The company is investing in new technology development, allocating E million towards R&D initiatives aimed at enhancing operational efficiency[163]. - Market expansion plans include entering F new markets, with an estimated investment of G million to establish a presence in these regions[163]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the H sector[163]. - A new marketing strategy has been implemented, aiming to increase brand awareness and customer engagement, with a budget of I million allocated for the campaign[163]. - The company reported a strong cash flow position, with cash reserves of J million, providing flexibility for future investments and growth opportunities[163]. - The management team emphasized a commitment to sustainability, with plans to reduce carbon emissions by K% over the next five years[163].

Revenue and Profitability - Revenue for the three months ended December 31, 2018, was HKD 84,151,000, a decrease of 1.4% from HKD 85,327,000 in the same period of 2017[6] - Gross profit for the nine months ended December 31, 2018, increased to HKD 40,123,000, representing a 42.4% increase compared to HKD 28,194,000 in the same period of 2017[6] - The company reported a profit attributable to owners of HKD 19,139,000 for the nine months ended December 31, 2018, compared to a loss of HKD 271,000 in the same period of 2017[6] - Basic and diluted earnings per share for the nine months ended December 31, 2018, was HKD 4.8, compared to a loss per share of HKD 0.1 in the same period of 2017[6] - The total revenue for the nine months ended December 31, 2018, was HKD 220,074,000, down from HKD 226,364,000 in the same period of 2017, indicating a decline of about 2.8%[41] - The company's revenue decreased by approximately 2.8% from HKD 226.4 million for the nine months ended December 31, 2017, to HKD 220.1 million for the current period[69] - The total profit and comprehensive income for the period was approximately HKD 19.1 million, compared to a loss of HKD 0.3 million in the previous period[79] Expenses and Costs - The company’s administrative expenses for the three months ended December 31, 2018, were HKD 3,658,000, an increase from HKD 2,916,000 in the same period of 2017[6] - The company’s sales and distribution expenses for the three months ended December 31, 2018, were HKD 3,645,000, compared to HKD 2,258,000 in the same period of 2017[6] - The total cost of goods sold for the three months ended December 31, 2018, was HKD 67.136 million, compared to HKD 74.248 million for the same period in 2017[51] - The financing costs, including bank borrowings, amounted to HKD 1.775 million for the three months ended December 31, 2018, up from HKD 0.845 million in the same period of 2017[49] - The total employee costs for the nine months ended December 31, 2018, were HKD 6.903 million, compared to HKD 6.236 million for the same period in 2017[51] - Selling and distribution expenses increased from approximately HKD 7.0 million to HKD 9.6 million, primarily due to increased rent and rates for new retail stores[76] - Administrative expenses rose from approximately HKD 9.1 million to HKD 11.1 million, mainly due to increased legal and professional fees[77] - Financing costs increased by approximately 53.7%, from about HKD 2.6 million to approximately HKD 4.0 million, due to higher trust receipt loans[78] Market Strategy and Future Plans - The company plans to continue expanding its market presence and product offerings in the premium wine sector[11] - The company is focused on enhancing operational efficiency and reducing costs to improve profitability in future periods[11] - The focus on selling premium collectible red wines, priced at HKD 1,000 or above per bottle, is part of the company's strategy to enhance profit margins[68] - The company plans to expand its retail network in Hong Kong and has identified suitable locations for new retail stores and flagship stores[82] Financial Reporting and Compliance - The company has adopted HKFRS 9, which introduced new requirements for the classification and measurement of financial assets and liabilities, as well as expected credit losses[25] - The expected credit loss model under HKFRS 9 requires the company to recognize losses based on the probability of default and loss given default, reflecting changes in credit risk since initial recognition[31] - The company assessed that there was no significant financial impact from adopting HKFRS 15, thus no adjustments were made to the opening balance of equity as of April 1, 2018[24] - The company reported that the expected credit loss provisions for financial assets were measured based on 12-month expected credit losses unless there was a significant increase in credit risk since initial recognition[32] - The financial assets measured at amortized cost did not show significant credit risk increase since initial recognition, leading to minimal additional credit loss provisions[41] - The company has implemented a collective assessment approach for expected credit losses for trade receivables and other receivables with significant balances[31] - The audit committee reviewed the unaudited consolidated results for the nine months ended December 31, 2018, and confirmed compliance with applicable accounting standards and GEM listing rules[107] Other Income and Financial Performance - Other income for the nine months ended December 31, 2018, was HKD 25,000, down from HKD 101,000 in the same period of 2017[6] - The company’s other income for the three months ended December 31, 2018, was HKD 10,000, compared to HKD 4,000 for the same period in 2017[47] - Other income remained stable at HKD 25,000 compared to HKD 15,000 in the previous period[74] - The company’s bank interest income for the three months ended December 31, 2018, was HKD 257,000, compared to a loss of HKD 164,000 in the same period of 2017[48] - The group recorded a net exchange loss of HKD 7.7 million, compared to a net gain of HKD 0.4 million in the previous period[75]