Financial Performance - The company's revenue for the year ended December 31, 2020, decreased by approximately SGD 7.28 million or 35.6% to about SGD 13.15 million, down from approximately SGD 20.43 million for the year ended December 31, 2019[13]. - The company recorded a net loss of approximately SGD 2.00 million for the year ended December 31, 2020, primarily due to the impact of COVID-19 and related preventive measures[13]. - The adverse effects on the company's performance were partially offset by subsidies and rent concessions obtained from local government and landlords[13]. - The company experienced a significant decline in business activity during the circuit breaker period, which led to a near halt in consumer activity and retail operations[12]. - Following the easing of the circuit breaker measures on June 1, 2020, the company began to see a recovery in economic activity, although strict safety measures limited restaurant capacity and significantly reduced revenue[12]. - The company benefited from government support measures aimed at preventing layoffs, which included wage subsidies[12]. - The last two months of the fiscal year saw a surprising rebound in consumer spending, contributing to a gradual recovery in business conditions[12]. - The company's revenue decreased by approximately 7.28 million SGD or 35.6% to about 13.15 million SGD for the year ended December 31, 2020, compared to approximately 20.43 million SGD for the year ended December 31, 2019, primarily due to the impact of COVID-19[24]. - Cost of goods sold decreased by approximately 1.87 million SGD or 35.1% to about 3.46 million SGD for the year ended December 31, 2020, aligning with the revenue decline[25]. - Other income increased by approximately 2.64 million SGD or 880.0% to about 2.94 million SGD for the year ended December 31, 2020, mainly due to government subsidies related to COVID-19[26]. - Employee benefits expenses decreased by approximately 1.75 million SGD or 23.6% to about 5.66 million SGD for the year ended December 31, 2020, due to cost-saving measures[27]. - Depreciation of right-of-use assets increased by approximately 0.74 million SGD or 21.4% to about 4.20 million SGD for the year ended December 31, 2020, due to lease renewals[28]. - The group recorded losses of approximately SGD 2.00 million and SGD 2.87 million for the years ended December 31, 2020, and 2019, respectively, primarily due to the impact of COVID-19 on overall revenue[33]. Business Strategy and Operations - The company plans to continue expanding its restaurant business in Singapore and its bakery chain in Malaysia to enhance brand awareness and service quality[21]. - The company has paused all expansion plans due to the long-term weakness in the restaurant industry in Singapore and Malaysia exacerbated by the COVID-19 pandemic[22]. - The company aims to maintain healthy cash flow by closely monitoring expenses during the economic downturn[18]. - The company has adopted more technology, such as QR code menus and ordering systems, to improve operational efficiency[18]. - The company encourages shareholders to remain patient and confident in the management team as it strives to protect stakeholder interests[18]. - Rental and related expenses decreased significantly from approximately SGD 1.43 million in the year ended December 31, 2019, to about SGD 0.24 million for the year ended December 31, 2020, a reduction of approximately SGD 1.19 million or 83.2%[31]. - Other expenses reduced from approximately SGD 3.14 million for the year ended December 31, 2019, to about SGD 2.25 million for the year ended December 31, 2020, a decrease of approximately SGD 0.89 million or 28.3%[32]. - Cash and bank balances as of December 31, 2020, were approximately SGD 4.65 million, compared to SGD 3.33 million as of December 31, 2019, with 82.9% held in Singapore dollars[34]. - Net cash generated from operating activities for the year ended December 31, 2020, was approximately SGD 4.54 million, which would be approximately SGD 1.68 million after adjusting for IFRS 16 impacts[34]. - The capital expenditure for the year ended December 31, 2020, was approximately SGD 0.42 million, primarily for renovations of the new headquarters and existing restaurants[39]. - The capital-to-debt ratio increased to 46% as of December 31, 2020, compared to 19% as of December 31, 2019[38]. - The net cash flow used in financing activities was SGD 2.16 million, which included repayment of bank loans and lease liabilities[36]. - The net proceeds from the share issuance amounted to approximately HKD 23.7 million, with 76.4% allocated for expanding the restaurant business in Singapore[48]. - The company plans to delay the opening of new restaurants in Singapore until the second half of 2021 due to the adverse business environment caused by COVID-19[55]. - The renovation of the new headquarters was completed in early January 2020, and all headquarters staff began working there in mid-January 2020[56]. - The company has fully utilized funds for upgrading the sales points and CCTV systems in restaurants and retail stores[62]. - The company will continue to hire additional staff at the headquarters to improve administrative efficiency[59]. - Marketing activities and brand exposure initiatives have been funded adequately, with ongoing collaboration with marketing consultants[61]. - The company has suspended and delayed its business expansion plans until the second half of 2021 due to the uncertainty surrounding COVID-19[51]. - The actual use of funds will be determined based on the company's future development[51]. - The company has not utilized HKD 0.2 million for enhancing brand awareness in Singapore and Malaysia, as well as for upgrading IT systems[50]. - The board regularly evaluates the company's business objectives and may adjust plans based on market conditions[51]. Corporate Governance - The company has appointed independent non-executive directors to provide independent judgment on strategy, policy, performance, accountability, and key appointments[74]. - The company has a diverse board with members having extensive experience in various industries including finance, law, and management consulting[81]. - The company is focused on enhancing its operational efficiency and strategic decision-making through experienced leadership[74]. - The company is committed to high standards of corporate governance, believing it is crucial for sustainable growth and enhancing shareholder value[85]. - The board of directors is responsible for overseeing the company's overall management and ensuring the implementation of strategic plans to enhance shareholder value[91]. - The company has adopted a code of conduct for directors' securities trading, aligning with GEM Listing Rules[87]. - The company is actively seeking suitable candidates to fill the vacancy left by the resignation of an independent non-executive director, with a target to find a replacement within three months[86]. - The board consists of both executive and independent non-executive directors, ensuring a balance of experience and expertise in decision-making[93]. - The company has not separated the roles of chairman and CEO, which the board believes allows for more effective strategic planning and decision-making[85]. - Independent non-executive directors provide opinions on strategic and key matters, contributing their rich experience and expertise[93]. - The company maintains proper accounting records to ensure accurate disclosure of its financial position[91]. - The board will continue to review the separation of the chairman and CEO roles at an appropriate time[85]. - All independent non-executive directors have confirmed their independence according to GEM Listing Rules[95]. - The company has maintained a governance structure where the roles of Chairman and CEO are held by the same individual, which the board believes enhances internal leadership and strategic planning efficiency[97]. - The Audit Committee, established on April 4, 2018, consists of three independent non-executive directors and is responsible for reviewing the group's quarterly, interim, and annual performance[98]. - The Remuneration Committee evaluates the performance of directors and senior management and determines their compensation[99]. - The Nomination Committee provides recommendations to the board regarding the appointment of directors and senior management members[100]. - As of December 31, 2020, the board comprised three executive directors and three independent non-executive directors, complying with GEM listing rules[107]. - The board has adopted a diversity policy to ensure a balanced mix of professional knowledge, skills, and experience among its members[103]. - The company has arranged appropriate insurance to protect directors against liabilities arising from corporate activities, in accordance with governance codes[104]. - Related party transactions were regularly reviewed and approved by the Audit Committee during the fiscal year ending December 31, 2020[105]. - The board held at least four regular meetings annually, with active participation from the majority of directors[106]. - The board of directors is responsible for preparing financial statements that fairly reflect the group's business status, with no known significant uncertainties affecting the company's ability to continue as a going concern[115]. - The independent auditor's fee for statutory audit services was SGD 170,000 for the year ended December 31, 2020[118]. - The company has established policies and procedures to identify, assess, and manage significant risks, with the board responsible for maintaining effective risk management and internal control systems[120]. - All directors have received training on the latest updates regarding GEM listing rules to ensure compliance and good corporate governance practices[115]. - The company has not established a corporate governance committee, and the board is responsible for executing corporate governance functions[119]. - The company has a designated company secretary to ensure compliance with board procedures and maintain detailed meeting records[123]. - The company emphasizes adherence to insider trading policies and keeps employees updated on regulatory news[120]. Market Position and Shareholder Relations - The company reported that its five largest customers accounted for less than 30% of total revenue for the year ended December 31, 2020[144]. - The largest supplier and the top five suppliers accounted for approximately 12.0% and 40.0% of total purchases, respectively, compared to 11.4% and 36.5% in the previous year[144]. - The board proposed not to declare any dividends for the year ended December 31, 2020, maintaining a balance between sufficient capital for business development and rewarding shareholders[146]. - The company operates primarily in Singapore's full-service restaurant sector and Malaysia's handcrafted bakery chain[138]. - The company emphasizes the importance of brand recognition, stating that any negative publicity could significantly impact business performance[140]. - The competitive landscape in Singapore and Malaysia is intense, with numerous restaurants and bakeries vying for similar customer bases[141]. - The company has adopted a shareholder communication policy to enhance transparency and investor confidence[135]. - No significant charitable donations were made during the year, consistent with the previous year[148]. - The company did not purchase, sell, or redeem any of its listed securities during the year ended December 31, 2020[152]. - The board acknowledges the need to protect and enhance brand value as part of its business strategy[140]. - Liu Yanzhen holds a beneficial interest of 282,000,000 shares, representing 56.4% of the company's total shares[156]. - The company has adopted a share option scheme since April 4, 2018, allowing participants to purchase shares as an incentive for their contributions[159]. - The maximum number of shares that can be issued under the share option scheme is limited to 10% of the company's issued shares, equating to 50,000,000 shares[164]. - No share options were granted, exercised, or cancelled during the year ended December 31, 2020[165]. - Bright Honor Investment International Limited holds 90,500,000 shares, representing 18.1% of the company's total shares[169]. - The company maintained compliance with GEM listing rules regarding public float as of December 31, 2020[178]. - There were no significant investments, acquisitions, or disposals related to subsidiaries, associates, or joint ventures during the year ended December 31, 2020[197]. - The company reported no available distributable reserves as of December 31, 2020, consistent with the previous year[195]. - The independent non-executive directors confirmed their independence in accordance with GEM listing rules[199]. - The company established a remuneration committee to review the remuneration policy based on operational performance and market practices[175]. - There were no related party transactions that required compliance with GEM listing rules during the year[177]. - The company provided a healthy and safe working environment for employees, with no reported strikes or workplace accidents during the year[192]. - The company has not entered into any management contracts for its business operations during the year[187]. - The company confirmed compliance with the disclosure requirements of GEM listing rules regarding related party transactions[176]. - The company has no significant interests in any business that competes directly or indirectly with its operations[179].

| --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | 0 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，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主板上市的公司帶有較 高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作 出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的 市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本報告全部或任何部分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。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關聚利寶控 股有限公司（「本公司」）的資料；本公司董事（「董事」）願就本報告的資料共同及個別地承擔全部責 任。董事 ...

Financial Performance - For the six months ended June 30, 2020, the company reported a revenue of SGD 4,951 thousand, a decrease of 47.7% compared to SGD 9,457 thousand in the same period of 2019[12]. - The gross profit for the same period was SGD 3,546 thousand, down 46.4% from SGD 6,888 thousand year-on-year[12]. - The company incurred a loss before tax of SGD 2,199 thousand, compared to a loss of SGD 1,280 thousand in the previous year, representing an increase in loss of 71.7%[12]. - The net loss for the period was SGD 2,227 thousand, which is a 70.5% increase from SGD 1,306 thousand in the same period of 2019[12]. - The basic loss per share for the period was SGD 0.42, compared to SGD 0.26 in the previous year, indicating a worsening of the company's financial performance[12]. - The company’s total comprehensive loss for the period was SGD 2,114,000, compared to a total comprehensive loss of SGD 1,325,000 in the same period last year, reflecting a worsening of 59.5%[17]. - The company’s accumulated losses increased to SGD 10,076,000 as of June 30, 2020, compared to SGD 4,977,000 at the beginning of the year[17]. - Revenue decreased by approximately SGD 4.51 million or 47.6% to about SGD 4.95 million for the six months ended June 30, 2020, compared to SGD 9.46 million for the same period in 2019, primarily due to the impact of COVID-19[65]. - The group recorded a loss of approximately SGD 2.23 million for the six months ended June 30, 2020, compared to a loss of SGD 1.31 million for the same period in 2019, primarily due to the impact of COVID-19[74]. Revenue Breakdown - Revenue from the restaurant business for the six months ended June 30, 2020, was SGD 3,632,000, a decrease of 48.6% compared to SGD 7,039,000 for the same period in 2019[29]. - Revenue from the artisanal bakery segment for the six months ended June 30, 2020, was SGD 1,309,000, down 45.6% from SGD 2,402,000 in the same period of 2019[29]. - Total revenue for the six months ended June 30, 2020, was SGD 4,951,000, down 48.4% from SGD 9,457,000 in the same period of 2019[29]. Expenses and Cost Management - Employee benefits expenses totaled SGD 2,814 thousand for the six months, significantly higher than SGD 3,512 thousand in the same period of 2019[12]. - The company reported total other expenses of SGD 1,200 thousand, down from SGD 1,457 thousand year-on-year, indicating some cost control measures[12]. - Cost of goods sold decreased by approximately SGD 1.16 million or 45.3% to about SGD 1.41 million for the six months ended June 30, 2020, consistent with the revenue decline[66]. - Employee benefits expenses decreased by approximately SGD 0.70 million or 19.9% to about SGD 2.81 million for the six months ended June 30, 2020, due to cost-saving measures[68]. - Rental and related expenses decreased significantly by approximately SGD 0.69 million or 81.9% to about SGD 0.15 million for the six months ended June 30, 2020, due to reduced contributions from short-term leases[71]. Assets and Liabilities - Total non-current assets decreased to SGD 13,309,000 as of June 30, 2020, down from SGD 14,491,000 as of December 31, 2019, representing a decline of approximately 8.2%[14]. - Current assets totaled SGD 5,106,000, a decrease of 28.7% from SGD 7,165,000 in the previous year[14]. - Total liabilities amounted to SGD 12,443,000, slightly down from SGD 12,570,000 as of December 31, 2019[14]. - The company's equity decreased to SGD 5,972,000 from SGD 8,086,000, a decline of approximately 26.1%[14]. - Cash and cash equivalents decreased to SGD 2,242,000 from SGD 3,328,000, reflecting a reduction of 32.6%[19]. - Trade receivables net amount decreased to SGD 80,000 from SGD 114,000, a reduction of approximately 30%[47]. - Other payables decreased significantly to SGD 419,000 from SGD 1,710,000, a decline of approximately 75%[52]. - Total borrowings decreased to SGD 1,118,000 from SGD 1,512,000, a reduction of about 26%[55]. Cash Flow - Operating cash flow increased to SGD 559,000, up from SGD 476,000 in the previous year, marking a growth of 17.4%[19]. - Net cash flow from operating activities was approximately SGD 0.56 million for the six months ended June 30, 2020, primarily due to adjustments for depreciation of right-of-use assets[76]. - The company had a net cash outflow from financing activities of SGD 2,003,000, compared to SGD 1,868,000 in the previous year, indicating an increase in cash used for financing[19]. - Financing activities used net cash flow of SGD 2.00 million, primarily for repaying bank loans and lease liabilities[77]. Strategic Initiatives - The company is focusing on strategic initiatives to improve operational efficiency and explore new market opportunities moving forward[12]. - The company plans to extend the property handover date for a new restaurant under the "Central Hong Kong Café" brand to the fourth quarter of 2020 due to COVID-19 restrictions[91]. - The company has utilized funds for upgrading IT systems in restaurants and retail stores[106]. - The company has completed renovations for new offices and has begun operations in the new headquarters as of January 2020[100]. Shareholder Information - The company did not recommend any interim dividend for the six months ended June 30, 2020, consistent with the same period in 2019[41]. - The board expresses gratitude to shareholders, business partners, and customers for their ongoing support[129]. - The management team and employees are acknowledged for their efforts and contributions during the reporting period[129]. Employee Information - The company employed 222 full-time employees in Singapore and Malaysia as of June 30, 2020, down from 290 as of December 31, 2019[85].

Financial Performance - For the three months ended March 31, 2020, the company reported revenue of SGD 3,986,000, a decrease from SGD 4,897,000 in the same period of 2019, representing a decline of approximately 18.6%[14] - Gross profit for the same period was SGD 2,894,000, down from SGD 3,582,000 in 2019, indicating a decrease of about 19.2%[14] - The company incurred a loss before tax of SGD 1,392,000, compared to a loss of SGD 308,000 in the prior year, reflecting a significant increase in losses[14] - Total comprehensive loss for the period was SGD 1,227,000, compared to a loss of SGD 346,000 in the same period last year, marking an increase of approximately 254.3%[14] - Basic loss per share for the period was SGD (0.28), compared to SGD (0.07) in the previous year, indicating a worsening of the loss per share[14] - The loss for the period was SGD 1,408,000, compared to a loss of SGD 321,000 in the same period of 2019, representing a significant increase in losses[33] - The basic loss per share for the three months ended March 31, 2020, was SGD 0.28 cents, compared to SGD 0.07 cents for the same period in 2019[33] Revenue Breakdown - Revenue from the restaurant business was SGD 3,025,000, down from SGD 3,694,000 in the previous year, reflecting a decline of 18.1%[26] - Revenue from the bakery business, including sales of bread and pastries, was SGD 953,000, a decrease from SGD 1,151,000 in the prior year, down 17.3%[26] - Revenue decreased by approximately SGD 0.91 million or 18.6% to about SGD 3.99 million for the three months ended March 31, 2020, compared to SGD 4.90 million for the same period in 2019, primarily due to the impact of COVID-19[41] Expenses and Costs - Employee benefits expenses increased to SGD 1,717,000 from SGD 1,656,000, showing a rise of about 3.7%[14] - Depreciation of property, plant, and equipment was SGD 235,000, up from SGD 221,000, reflecting an increase of approximately 6.3%[14] - Marketing and advertising expenses decreased to SGD 8,000 from SGD 20,000, a reduction of approximately 60%[14] - Financial costs rose significantly to SGD 166,000 from SGD 17,000, indicating an increase of about 876.5%[14] - Cost of goods sold decreased by approximately SGD 0.22 million or 17.0% to about SGD 1.09 million for the three months ended March 31, 2020, aligning with the revenue decline[42] - Other expenses increased by approximately SGD 0.20 million to about SGD 0.87 million for the three months ended March 31, 2020, primarily due to increased operating costs from business expansion[46] - Financing costs increased by approximately SGD 0.15 million or 876.5% to about SGD 0.17 million for the three months ended March 31, 2020, due to interest expenses related to lease liabilities[49] Government Support and Grants - The company received government grants totaling SGD 65,000 during the period, compared to SGD 85,000 in the same period of 2019[26] Corporate Governance and Shareholder Information - The company did not recommend any interim dividend for the three months ended March 31, 2020, consistent with the previous year[31] - The company is committed to high standards of corporate governance, although the roles of Chairman and CEO are held by the same individual[72] - The company expressed gratitude to shareholders, business partners, and employees for their support and efforts during the reporting period[79] - As of March 31, 2020, the company had 282 million shares held by Ms. Liu Wan-Zhen, representing a beneficial interest of 56.4%[61] - Bright Honor holds 90,500,000 shares, representing 18.1% of the total issued share capital as of April 18, 2020[66] Business Operations and Future Plans - The company has suspended any expansion plans and is closely monitoring expenses to maintain a healthy cash flow amid the pandemic[39] - The net proceeds from the share offering amounted to approximately HKD 23.7 million, which is expected to assist in implementing business plans and increasing market share[39] - The net proceeds from the share issuance amount to approximately HKD 23.7 million, with 76.4% allocated for expanding the restaurant business in Singapore[51] - The company plans to use approximately HKD 8.4 million originally intended for a new "Greyhound Café" location to open a second restaurant under the "MASA by Black Society" brand[57] - The renovation of the new headquarters was completed in early January 2020, and all headquarters staff began working there in mid-January 2020[54] - The company has completed the renovation of two new restaurants under the "MASA by Black Society" brand, which commenced operations in June and July 2019[53] - The company has begun upgrading its IT systems, including sales points and CCTV systems in restaurants and retail stores[55] - The company plans to continue hiring new staff at the headquarters to improve administrative efficiency[54] Miscellaneous - The company did not purchase, sell, or redeem any listed securities during the three months ending March 31, 2020[68] - No significant investments, acquisitions, or disposals were made during the three months ending March 31, 2020[78] - No related party transactions were recorded for the three months ending March 31, 2020[67] - No stock options were granted, exercised, or cancelled from the adoption of the stock option plan until March 31, 2020[70] - The audit committee reviewed the unaudited first-quarter results for the three months ending March 31, 2020[76] - The unutilized net proceeds are temporarily held in licensed institutions in Hong Kong and Singapore as short-term deposits[56] - The company has no interests in any competing businesses as of March 31, 2020[73]

Financial Performance - The group's revenue for the year ended December 31, 2019, increased by approximately SGD 1.29 million or 6.7% to approximately SGD 20.43 million from approximately SGD 19.14 million for the year ended December 31, 2018[14] - The group recorded a loss of approximately SGD 2.87 million for the year ended December 31, 2019, compared to a loss of approximately SGD 2.52 million for the year ended December 31, 2018[14] - Revenue increased from approximately SGD 19.14 million in the year ended December 31, 2018, to SGD 20.43 million for the year ended December 31, 2019, representing a growth of 6.7%[27] - Cost of goods sold increased from approximately SGD 4.95 million to SGD 5.33 million, an increase of 7.7%[28] - Employee benefits expenses rose from approximately SGD 6.61 million to SGD 7.41 million, marking a 12.1% increase[29] - Rental and related expenses significantly decreased from approximately SGD 4.68 million to SGD 1.43 million, a reduction of 69.4%[31] - Financing costs surged from approximately SGD 0.10 million to SGD 0.57 million, an increase of 470%[34] - Cash and bank balances as of December 31, 2019, were approximately SGD 3.33 million, down from SGD 9.19 million as of December 31, 2018[37] - The net cash inflow from operating activities for the year ended December 31, 2019, was approximately SGD 1.90 million, primarily due to depreciation of right-of-use assets of about SGD 3.46 million[37] - Capital expenditures for the year ended December 31, 2019, amounted to approximately SGD 2.46 million, mainly for property acquisition and renovations for new restaurants[43] - The net cash flow used in investing activities for the year ended December 31, 2019, was approximately SGD 4.51 million[38] - Restricted cash amounted to approximately SGD 0.81 million as of December 31, 2019, compared to SGD 0.16 million as of December 31, 2018[38] - The company reported that its five largest customers accounted for less than 30% of total revenue for the fiscal year ending December 31, 2019[137] - The largest supplier and the top five suppliers accounted for approximately 11.4% and 36.5% of total purchases, respectively, compared to 12.3% and 37.4% for the fiscal year ending December 31, 2018[137] - The company reported no available distributable reserves as of December 31, 2019, consistent with the previous year[185] Business Operations - The increase in revenue was primarily due to the expansion of the dining business in Singapore with the opening of two new restaurants under the Black Society brand[14] - The company opened two handmade dim sum cafes under the new brand "MASA by Black Society" in the Orchard shopping area in the second half of 2019[13] - The company experienced significant pre-opening expenses and operating losses from the two new restaurants during their initial operating phase[14] - The company has paused all expansion plans due to the adverse effects of COVID-19 on the retail sector in Singapore and Malaysia[25] - The company aims to enhance employee training and upgrade existing restaurant operations in Singapore and Malaysia[24] - The company believes its strong brand recognition and diverse customer base position it competitively in the market[22] - The company has begun upgrading its information technology systems, including sales points and CCTV systems in restaurants and retail stores[60] - The company continues to hire new staff at the headquarters to improve administrative efficiency[58] - Marketing activities and brand exposure initiatives have been adequately funded, with ongoing collaboration with market consultants[59] - The company has confirmed the location for a new restaurant under the "Central Hong Kong Café" brand and is in discussions regarding the renovation handover date[56] Corporate Governance - The company is committed to high standards of corporate governance, believing that good governance practices are essential for sustainable growth and enhancing shareholder value[85] - The board of directors is responsible for overseeing the company's overall management and ensuring the implementation of strategic plans to enhance shareholder value[88] - The company has adopted a code of conduct for directors' securities trading, aligning with GEM listing rules, and all directors have confirmed compliance since the listing date[86] - The company has a clear separation of responsibilities among executive directors, with specific oversight of operational areas and execution of board-set strategies[91] - Independent non-executive directors provide valuable insights on strategic and key matters, contributing their rich experience and expertise to the board's operations[90] - The company has not separated the roles of chairman and CEO, believing that this arrangement ensures consistent internal leadership and effective strategic planning[85] - The board will continue to review the appropriateness of separating the roles of chairman and CEO at the right time[85] - All independent non-executive directors have confirmed their independence according to GEM listing rules, ensuring compliance with governance standards[92] - The company has a structured approach to maintaining proper accounting records for accurate financial disclosure and oversight[89] - The board communicates with major stakeholders, including shareholders and regulatory bodies, to ensure transparency and accountability in the company's operations[89] - The company has maintained a governance structure where the roles of Chairman and CEO are held by the same individual, which the board believes enhances internal leadership and strategic planning efficiency[94] - The Audit Committee, established on April 4, 2018, consists of three independent non-executive directors and is responsible for reviewing the group's quarterly, interim, and annual performance[95] - The Remuneration Committee, also formed on April 4, 2018, evaluates the performance of directors and senior management and determines their compensation[96] - The Nomination Committee, established on April 4, 2018, provides recommendations to the board regarding the appointment of directors and senior management members[97] - The board has adopted a diversity policy to ensure a balanced mix of professional knowledge, skills, and experience among its members[99] - The company has arranged appropriate insurance to cover directors' liabilities arising from corporate activities, in compliance with governance codes[100] - Related party transactions were regularly reviewed and approved by the Audit Committee during the year ending December 31, 2019[101] - The board consists of three executive directors and three independent non-executive directors, complying with GEM listing rules regarding board composition[103] - All directors have undergone training to stay updated on GEM listing rules and regulatory requirements, ensuring they understand their responsibilities[107] - The board is responsible for preparing financial statements that fairly reflect the group's business status, with no significant doubts about the company's ability to continue as a going concern[108] - The independent auditor's report confirmed that the financial statements were prepared using appropriate accounting policies and reasonable judgments[111] - The company incurred audit fees of SGD 170,000 for statutory audit services provided by Ernst & Young[113] - The company has established policies and procedures to identify, assess, and manage significant risks, with the board overseeing the effectiveness of these systems[116] - The company has not established a corporate governance committee, and the board is responsible for governance functions, including policy formulation and compliance monitoring[115] - The company secretary is responsible for ensuring compliance with board procedures and maintaining detailed meeting records[117] - The board has no disagreements regarding the appointment or dismissal of external auditors, ensuring transparency in financial reporting[111] Shareholder Information - The board proposed not to declare any dividends for the fiscal year ending December 31, 2019, maintaining a balance between sufficient capital for business development and rewarding shareholders[139] - The company has a diversified board policy that considers various factors when recommending dividends, including overall financial condition and future cash needs[139] - As of December 31, 2019, Ms. Liu Wan-Zhen holds a beneficial interest of 282,000,000 shares, representing 56.4% of the company's ordinary shares[150] - Major shareholder Zhengqi Capital Holdings Limited owns 93,000,000 shares, accounting for 18.6% of the company's ordinary shares[161] - The company has adopted a share option scheme to incentivize and retain talented employees, allowing for the issuance of up to 50,000,000 shares, which is 10% of the total issued shares[157] - No share options were lapsed, granted, exercised, or cancelled during the year ended December 31, 2019[158] - The maximum number of share options that can be granted to each eligible participant is limited to 1% of the total issued shares within any twelve-month period[157] - There were no arrangements made for directors or their family members to benefit from the purchase of shares or debt securities during the year ended December 31, 2019[159] - The company did not disclose any other individuals or entities holding interests in the company's shares that require notification under the Securities and Futures Ordinance as of the report date[162] - The company has not reported any waiver of director remuneration arrangements during the year ended December 31, 2019[163] - The company maintained compliance with GEM listing rules regarding public float as of December 31, 2019[168] Risk Management and Compliance - The company has complied with relevant laws and regulations that significantly impact its business and operations[196] - The consolidated financial statements for the year ended December 31, 2019, have been audited by Ernst & Young[197] - Ernst & Young will resign and is qualified and willing to accept reappointment as the company's auditor[197] - A resolution for the reappointment of Ernst & Young as the company's auditor will be presented at the next annual general meeting[197] - The company nominated Ernst & Young Singapore as the auditor for the group for the year ended December 31, 2019, to fill the vacancy created by the resignation[197] - There have been no other changes to the company's auditor since the listing date up to the report date[198] - The company confirmed that there were no conflicts of interest or competitive businesses involving directors or major shareholders during the year[173] - An independent environmental, social, and governance report is expected to be published within three months after the annual report[178] - The audit committee reviewed the management and accounting principles adopted by the company, discussing internal controls and financial reporting matters[193] Acknowledgments - The board expresses heartfelt thanks to shareholders, business partners, and customers for their continued support[199] - The board also thanks all directors, management, and staff for their hard work and dedication during the period[199] - The report is signed by the Chairman and Executive Director, Liu Wan-Zhen, on March 20, 2020[200]

Financial Performance - For the three months ended September 30, 2019, the company reported revenue of SGD 5,608,000, an increase from SGD 4,715,000 in the same period of 2018, representing a growth of 18.9%[14] - The gross profit for the same period was SGD 4,161,000, compared to SGD 3,425,000 in 2018, indicating a gross margin improvement[14] - The company incurred a loss before tax of SGD 386,000 for the three months ended September 30, 2019, a slight improvement from a loss of SGD 448,000 in the previous year[14] - The net loss for the period was SGD 399,000, compared to a net loss of SGD 481,000 in the same quarter of 2018, reflecting a reduction in losses[14] - For the nine months ended September 30, 2019, total revenue reached SGD 15,065,000, up from SGD 14,311,000 in the same period of 2018, marking a growth of 5.3%[14] - The company reported a net loss of SGD 1,705,000 for the nine months ended September 30, 2019, compared to a loss of SGD 1,927,000 in the previous year, indicating a narrowing of losses[14] - The company’s total comprehensive income for the period was a loss of SGD 1,668,000 for the nine months ended September 30, 2019, compared to a loss of SGD 1,742,000 in the previous year[19] - The group reported a net loss of SGD 6,682,000 as of September 30, 2019, compared to a loss of SGD 4,388,000 in the same period of 2018, indicating a deterioration in financial performance[19] Revenue and Income - The company recognized other income and gains of SGD 218,000 for the nine months ended September 30, 2019, compared to SGD 105,000 in the same period of 2018, showing a significant increase[14] - Revenue for the restaurant and bakery business reached SGD 11,298,000 for the nine months ended September 30, 2019, an increase of 6.4% from SGD 10,614,000 in the same period of 2018[28] - Total revenue for the group, including other income, was SGD 15,065,000 for the nine months ended September 30, 2019, compared to SGD 14,311,000 in the previous year, reflecting a growth of 5.3%[28] - Interest income increased significantly to SGD 97,000 for the nine months ended September 30, 2019, compared to SGD 7,000 in the same period of 2018[28] Expenses - Employee benefits expenses increased to SGD 5,478,000 for the nine months ended September 30, 2019, compared to SGD 4,711,000 in 2018, reflecting a rise of 16.3%[14] - Cost of goods sold increased by approximately SGD 0.43 million or 12.1% to approximately SGD 4.02 million for the nine months ended September 30, 2019, from approximately SGD 3.58 million for the same period in 2018[42] - Rental and related expenses significantly decreased by approximately SGD 2.31 million or 66.2% to approximately SGD 1.18 million for the nine months ended September 30, 2019, from approximately SGD 3.49 million for the same period in 2018[46] Strategic Initiatives - The company continues to focus on market expansion and product development as part of its strategic initiatives moving forward[14] - The company plans to continue expanding its restaurant business in Singapore and its hand-crafted bakery chain in Malaysia to enhance brand awareness and service quality[37] - The company opened two new hand-crafted dim sum cafes under the "MASA by Black Society" brand in June and July 2019, which are expected to have a positive impact on the company[40] Shareholder Information - As of September 30, 2019, Liu Wan-Zhen held a beneficial interest in 282 million shares, representing 56.4% of the company[61] - Cai Da, through a controlled corporation, held 93 million shares, representing 18.6% of the company[62] - As of September 30, 2019, major shareholders held a total of 93,000,000 shares, representing 18.6% of the company's equity[66] Corporate Governance - The company is committed to high standards of corporate governance, with the roles of chairman and CEO currently held by the same individual[74] - The company has maintained compliance with corporate governance codes and principles during the reporting period[74] - The company has not established any arrangements for directors or executives to acquire securities of the company or its affiliates[65] Other Information - The company adopted IFRS 16 from January 1, 2019, which may impact future financial reporting and lease accounting[25] - The economic growth in Singapore slowed to 0.1% in Q3 2019, marking the slowest growth in a decade, which may impact the overall industry[38] - The company has no significant events affecting its operations since the reporting period[34] - The company did not engage in any related party transactions during the nine months ending September 30, 2019[70] - No significant investments, acquisitions, or disposals were made by the group during the nine months ending September 30, 2019[80] - The board does not recommend any interim dividend for the nine months ending September 30, 2019, consistent with the previous year[79] - The company has not granted any share options since the adoption of the share option scheme on April 4, 2018, until September 30, 2019[72] - The audit committee reviewed the unaudited third-quarter results for the nine months ending September 30, 2019[78] - There were no purchases, sales, or redemptions of the company's listed securities from the listing date until September 30, 2019[71] - The actual usage of the net proceeds as of September 30, 2019, was HKD 12.9 million, leaving HKD 10.8 million unutilized[53] - The company plans to use approximately HKD 8.4 million from the net proceeds to open a new restaurant under the "MASA by Black Society" brand instead of the originally planned "Greyhound Café"[57] - The renovation of Black Society (OG) was completed on June 22, 2019, and Black Society (GWC) commenced operations on July 22, 2019[58] - The company confirmed a new office location, with renovation work set to begin in October 2019[58] - The group experienced a slowdown in expansion due to a downturn in the Singapore restaurant market, resulting in deferred usage of approximately HKD 10.8 million of the net proceeds[56]

Financial Performance - For the six months ended June 30, 2019, the company reported revenue of SGD 9,457,000, a decrease of 1.5% compared to SGD 9,596,000 for the same period in 2018[13] - Gross profit for the same period was SGD 6,888,000, down from SGD 7,304,000, reflecting a decline of approximately 5.7% year-over-year[13] - The company incurred a loss before tax of SGD 1,280,000, compared to a loss of SGD 1,377,000 in the previous year, indicating a slight improvement in performance[13] - The net loss for the period was SGD 1,306,000, which is a 9.7% improvement from the net loss of SGD 1,446,000 in the prior year[13] - Basic loss per share for the period was SGD (0.26), an improvement from SGD (0.29) in the previous year[13] - The group reported a loss before tax of SGD 1,280,000 for the six months ended June 30, 2019, compared to a loss of SGD 1,446,000 for the same period in 2018, indicating an improvement of about 11.5%[42] - Basic loss per share for the six months ended June 30, 2019, was 0.26 Singapore cents, compared to a loss of 0.29 Singapore cents for the same period in 2018, showing a reduction in loss per share[46] - The company recorded a loss of approximately SGD 1.31 million for the six months ended June 30, 2019, compared to a loss of SGD 1.45 million for the same period in 2018[87] Revenue Breakdown - Revenue for the restaurant business was SGD 7,039,000 for the six months ended June 30, 2019, compared to SGD 7,166,000 for the same period in 2018, representing a decrease of approximately 1.77%[33] - Revenue from the artisanal bakery segment was SGD 2,402,000 for the six months ended June 30, 2019, slightly down from SGD 2,416,000 in 2018, a decrease of about 0.58%[33] - Total revenue for the group was SGD 9,457,000 for the six months ended June 30, 2019, compared to SGD 9,596,000 in 2018, reflecting a decline of approximately 1.45%[39] Expenses and Costs - Employee benefits expenses increased to SGD 3,512,000 from SGD 3,138,000, reflecting a rise of approximately 12%[13] - Cost of goods sold increased by approximately SGD 0.28 million or 12.1% to SGD 2.57 million for the six months ended June 30, 2019, mainly due to rising raw material costs[80] - Employee costs (excluding directors and key management personnel remuneration) increased to SGD 3,201,000 for the six months ended June 30, 2019, from SGD 2,891,000 in 2018, an increase of approximately 10.73%[42] - Rental and related expenses significantly decreased by SGD 1.50 million or 64.0% to SGD 0.85 million for the six months ended June 30, 2019, due to the adoption of IFRS 16[84] - The overall finance costs increased by SGD 165,000 to approximately SGD 223,000 for the six months ended June 30, 2019, primarily due to the recognition of lease-related depreciation[86] Assets and Liabilities - Total non-current assets amounted to SGD 9,306,000, while current assets totaled SGD 9,792,000, resulting in a net current asset value of SGD 3,103,000[16] - The company reported a total loss for the period of SGD 1,325,000, with retained earnings showing a cumulative loss of SGD 6,283,000[19] - Cash and cash equivalents decreased by SGD 3,007,000, ending the period at SGD 6,179,000[22] - The company’s total liabilities included current liabilities of SGD 6,689,000 and non-current liabilities of SGD 2,771,000[16] - The company’s total assets less current liabilities stood at SGD 12,409,000, compared to SGD 11,109,000 previously[16] - Trade receivables decreased to SGD 314,000 as of June 30, 2019, from SGD 460,000 as of December 31, 2018, representing a decline of 31.65%[52] - Other receivables increased significantly to SGD 1,850,000 as of June 30, 2019, compared to SGD 243,000 as of December 31, 2018, marking a growth of 661.74%[52] - Trade payables rose to SGD 1,129,000 as of June 30, 2019, from SGD 1,025,000 as of December 31, 2018, an increase of 10.13%[57] - Total borrowings decreased to SGD 892,000 as of June 30, 2019, from SGD 1,121,000 as of December 31, 2018, a reduction of 20.43%[63] Cash Flow - Operating activities generated a net cash inflow of SGD 476,000, while investing and financing activities resulted in cash outflows of SGD 1,615,000 and SGD 1,868,000 respectively[23] - As of June 30, 2019, the net cash flow used in investing activities was SGD 1.62 million, primarily from the purchase of property, plant, and equipment amounting to SGD 0.22 million and loans to third parties totaling SGD 1.40 million[90] - The net cash flow used in financing activities was SGD 1.87 million, with SGD 0.41 million for repaying bank loans and finance leases, and SGD 1.46 million for lease liabilities under IFRS 16 adopted on January 1, 2019[90] - Cash and bank balances as of June 30, 2019, were approximately SGD 6.18 million, down from SGD 9.19 million as of December 31, 2018[89] Corporate Governance and Shareholder Information - The company has not entered into any related party transactions during the six months ending June 30, 2019, indicating a focus on maintaining transparency and governance[129] - The board believes that having the same individual serve as both chairman and CEO provides benefits in ensuring internal leadership and effective strategic planning[134] - The company has committed to high standards of corporate governance, with the board continuously reviewing the separation of the roles of chairman and CEO as appropriate[134] - The board confirms that there are no interests in competing businesses held by directors or controlling shareholders as of June 30, 2019, ensuring alignment with the company's business objectives[135] - The board does not recommend the payment of any interim dividend for the six months ended June 30, 2019, consistent with the previous year[139] - There were no significant investments, acquisitions, or disposals by the group from the listing date to June 30, 2019[140] Strategic Initiatives - The company is focused on improving operational efficiency and exploring new market opportunities to enhance future performance[13] - The company plans to expand its market share in Singapore and Malaysia by enhancing its existing restaurant operations and increasing employee training[75] - The company has initiated the upgrade of its information technology systems for restaurants and retail stores[118] - The company has confirmed a new office to centralize headquarters functions and is in discussions for new restaurant locations[115] - The company opened two new restaurants under the "MASA by Black Society" brand within a month, with the first opening on June 22, 2019, and the second on July 22, 2019[78] Share Capital and Equity - The company’s share capital remained at SGD 869,000 throughout the period[19] - The total equity of the company as of June 30, 2019, was SGD 9,638,000, down from SGD 10,963,000 at the beginning of the year[19] - As of June 30, 2019, major shareholders and other individuals (not directors or senior management) hold a total of 93,000,000 shares, representing 18.6% of the company's shares[127] - As of June 30, 2019, Ms. Liu Wan-Zhen holds a beneficial interest in 282,000,000 shares, representing 56.4% of the company's shares, while Mr. Cai Da controls 93,000,000 shares, accounting for 18.6%[123]

Financial Performance - Revenue for the first quarter was SGD 4.897 million, a decrease of 1.3% from SGD 4.962 million in the same period last year[13] - Gross profit for the first quarter was SGD 3.582 million, down from SGD 3.818 million, reflecting a decline of 6.2% year-on-year[13] - The company reported a loss before tax of SGD 0.308 million, an improvement from a loss of SGD 0.390 million in the previous year[13] - The net loss for the period was SGD 0.321 million, compared to a net loss of SGD 0.438 million in the same quarter last year, indicating a 26.7% reduction in losses[13] - Basic loss per share for the first quarter was SGD (0.07), an improvement from SGD (0.11) in the same period last year[13] Expenses - Employee benefits expenses increased to SGD 1.656 million from SGD 1.543 million, representing a rise of 7.4% year-on-year[13] - The cost of goods sold was SGD 1.315 million, up from SGD 1.144 million, reflecting a 14.9% increase compared to the previous year[13] - Marketing and advertising expenses were SGD 0.020 million, slightly up from SGD 0.018 million, indicating a 11.1% increase[13] - Other expenses increased from approximately SGD 0.34 million to SGD 0.67 million, primarily due to increased costs associated with the listing[53] Income and Gains - Other income and gains increased to SGD 0.106 million from SGD 0.064 million, showing a growth of 65.6% year-on-year[13] - The company received government grants amounting to SGD 85,000 during the reporting period, an increase from SGD 63,000 in the previous year[30] Tax and Dividends - The estimated tax expense for the period was SGD 13,000, down from SGD 48,000 in the previous year, indicating a reduction of 72.9%[38] - The company did not recommend any interim dividend for the three months ended March 31, 2019, consistent with the previous year[39] Business Operations - The company continues to focus on its core businesses in Singapore and Malaysia, with no new product launches or significant market expansions reported during this period[21] - The restaurant business generated revenue of SGD 3,694,000, while the bakery segment contributed SGD 1,151,000 from sales of bread and pastry products[30] - The company plans to open a new dim sum café under the Black Society brand in Singapore, with the lease signed at Orchard Gateway Shopping Mall[47] - The company is currently negotiating rental terms for a new restaurant under the Central Hong Kong Café brand[66] - The company is actively seeking suitable locations to open new franchise operations for the "Greyhound Café" brand[68] Corporate Governance - The company is committed to high standards of corporate governance, although the roles of chairman and CEO are held by the same individual[88] - The company has implemented a code of conduct for securities trading by directors, ensuring compliance with the GEM Listing Rules[87] - The audit committee, consisting of independent non-executive directors, reviewed the unaudited first-quarter results for the three months ended March 31, 2019[92] Shareholder Information - As of March 31, 2019, the company’s executive director and CEO, Ms. Liu, holds a beneficial interest in 282,000,000 shares, representing 56.4% of the company[75] - Mr. Cai, a non-executive director, controls a corporation that holds 93,000,000 shares, accounting for 18.6% of the company[76] - The weighted average number of ordinary shares increased to 490,625,000 in 2019 from 387,500,000 in 2018, reflecting a 26.5% increase[41] - As of March 31, 2019, there are no interests held by directors or major shareholders in any competing businesses[90] Financial Reporting - The financial statements were prepared in accordance with International Financial Reporting Standards, ensuring compliance and accuracy in reporting[23] - The company adopted a share option scheme on April 4, 2018, with no options having lapsed, granted, exercised, or cancelled by March 31, 2019[86] - There were no purchases, sales, or redemptions of the company's listed securities during the three months ending March 31, 2019[85] - The company has not entered into any related party transactions during the three months ending March 31, 2019[84]

Financial Performance - The group's revenue for the year ended December 31, 2018, decreased by SGD 0.55 million or 3% to approximately SGD 19.14 million compared to SGD 19.69 million for the year ended December 31, 2017[14]. - The group recorded a loss of approximately SGD 2.52 million for the year ended December 31, 2018, compared to a loss of SGD 2.26 million for the previous year, primarily due to listing-related expenses of approximately SGD 1.57 million and SGD 3.16 million for the respective years[14]. - Excluding non-recurring listing expenses, the group would have recorded a loss of approximately SGD 0.95 million for 2018 and a profit of SGD 0.90 million for 2017[14]. - Revenue for the year ended December 31, 2018, decreased by approximately SGD 0.55 million or 3% to about SGD 19.14 million from approximately SGD 19.69 million for the year ended December 31, 2017[27]. - Other income increased significantly by approximately SGD 0.13 million or 90% to about SGD 0.27 million for the year ended December 31, 2018, primarily due to the reversal of a deposit related to a guarantee to the landlord[28]. - Cost of goods sold increased by approximately SGD 0.35 million or 8% to about SGD 4.95 million for the year ended December 31, 2018, mainly due to rising raw material costs[29]. - Employee benefits expenses rose by approximately SGD 0.72 million or 12% to about SGD 6.61 million for the year ended December 31, 2018, due to one-time bonuses and additional staff costs from the opening of Central (NP) in Singapore[30]. - Rental and related expenses increased by approximately SGD 0.41 million or 10% to about SGD 4.68 million for the year ended December 31, 2018, primarily due to leasing additional properties for Central (NP) opened in January 2018[31]. - The company recorded a loss of approximately SGD 2.52 million for the year ended December 31, 2018, compared to a loss of SGD 2.26 million for the year ended December 31, 2017, mainly due to non-recurring listing expenses[35]. Business Expansion and Strategy - The company opened a new BreadStory outlet in Berjaya Times Square, Kuala Lumpur, in the second half of 2018, and plans to open a dim sum café under the Black Society brand in Singapore in mid-2019[13]. - The company plans to expand its restaurant business in Singapore and its bakery chain in Malaysia to enhance brand awareness and service quality[23]. - A new dessert concept brand "Lady Croissant" was introduced under the BreadStory line in August 2018, offering a variety of croissants[24]. - The company is adopting a more cautious approach to expansion due to labor shortages and intense competition in the restaurant industry in Singapore and Malaysia[24]. - The company aims to strengthen its marketing team to explore new strategies and increase customer loyalty through online platforms and delivery services[24]. - The company anticipates that its expansion plans in Singapore may not be as promising due to labor resource scarcity and government restrictions on foreign employee dependency[17]. Leadership and Governance - Liu Wan-Zhen, the executive director and CEO, has over 16 years of experience in the restaurant industry since founding the group in 2002[64]. - Liu Yao-Xiong, the executive director and general manager, has over 7 years of experience in the restaurant industry and has been overseeing the Greyhound Café since December 2016[66]. - Zhao Jia-Wei, the executive director and group executive chef, has over 42 years of experience in the restaurant industry, joining the group in 2006[69]. - The company has a strong leadership team with diverse backgrounds in various sectors, including energy, real estate, and tourism[73]. - The company is focused on strategic planning and overall business development under the leadership of Liu Wan-Zhen[64]. - The company has a strong board with members holding significant experience in finance, law, and management, enhancing its strategic decision-making capabilities[79]. - The management team is committed to implementing business plans that align with the company's long-term growth objectives[83]. - The company has established a robust governance framework to guide its operations and ensure compliance with regulatory standards[81]. Financial Management and Compliance - The company has a responsibility to maintain proper accounting records to disclose the financial status of the group accurately[97]. - The board communicates with major stakeholders, including shareholders and regulatory bodies, regarding significant transactions and financial goals[97]. - The company has established policies and procedures to identify, assess, and manage significant risks, with the board overseeing the effectiveness of the risk management and internal control systems[130]. - The internal audit function has been outsourced to a professional risk advisory firm, which conducts annual reviews of the group's control environment and key business processes[132]. - The company ensures compliance with all relevant insider trading policies and keeps directors and employees updated on regulatory news[132]. - The company is committed to timely and transparent financial reporting, with quarterly results published within the deadlines set by GEM listing rules[127]. Shareholder Information - As of December 31, 2018, Ms. Liu Wan-Zhen holds a beneficial interest in 282,000,000 shares, representing 56.4% of the company's ordinary shares[170]. - Mr. Cai Da, through his controlled corporation, holds 93,000,000 shares, accounting for 18.6% of the company's ordinary shares[171]. - Major shareholders, including Zhengqi Capital, hold 93,000,000 shares, representing 18.6% of the company's ordinary shares[181]. - Ms. Fan Li, as the spouse of Mr. Cai, is also deemed to have an interest in the 93,000,000 shares held by Zhengqi Capital[182]. - The company has adopted a share option scheme on April 4, 2018, allowing participants to acquire shares as an incentive for their contributions[174]. - The maximum number of shares that can be issued under the share option scheme is limited to 10% of the company's issued shares, which is 50,000,000 shares[176]. - No share options were granted, exercised, or cancelled during the year ended December 31, 2018[178]. - The company has no unexercised share options or similar rights as of December 31, 2018[178]. Market Conditions and Competition - The company continues to face challenges and intense competition in the food and beverage industry, with a 15% decline in tourism-related dining expenditure in the first half of 2018 compared to the same period in 2017[15]. - The group faces intense competition from numerous restaurants and bakery retailers in Singapore and Malaysia, which may negatively impact existing revenue if competitors open new locations nearby[155]. - The company emphasizes the importance of brand reputation, as any negative publicity could significantly affect business performance[154]. Corporate Social Responsibility - The company has not made any charitable donations during the year[161]. - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year ending December 31, 2018[166].