| 代码 | 名称 | 最新价 | 涨跌幅√ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | MB | 牛大人 | 12.690 | 46.37% | +4.020 | 278.47万 | | PTNM | Pitanium | 2.130 | 32.30% | +0.520 | 2206.45万 | | ANTE | AirNet Technology | 4.210 | 25.30% | +0.850 | 298.69万 | | YGMZ | 明珠货运 | 0.9009 | 21.76% | +0.1610 | 7.62万 | | SNTG | Sentage | 1.996 | 20.97% | +0.346 | 118.65万 | 中概股收盘涨幅前五的个股为：牛大人涨46.37%，Pitanium涨32.3%，AirNet Technology涨25.3%，明珠 货运涨21.76%，Sentage涨20.97%。(格隆汇) ...

本文源自：智通财经网 智通财经获悉，周一，牛大人(MB.US)股价暴涨并触及纳斯达克熔断机制，熔断前该股涨幅为72.68%， 报6.13美元。牛大人是香港一家提供全方位服务的餐厅集团，专门经营台湾火锅和台湾烧烤。公司通过 香港运营子公司，以Master Beef(牛大人)、Anping Grill(安平烧肉)品牌经营12家餐厅。 ...

周一，牛大人(MB.US)股价暴涨并触及纳斯达克熔断机制，熔断前该股涨幅为72.68%，报6.13美元。牛 大人是香港一家提供全方位服务的餐厅集团，专门经营台湾火锅和台湾烧烤。公司通过香港运营子公 司，以Master Beef(牛大人)、Anping Grill(安平烧肉)品牌经营12家餐厅。 ...

智通财经APP获悉，周一，牛大人(MB.US)股价暴涨并触及纳斯达克熔断机制，熔断前该股涨幅为 72.68%，报6.13美元。牛大人是香港一家提供全方位服务的餐厅集团，专门经营台湾火锅和台湾烧烤。 公司通过香港运营子公司，以Master Beef(牛大人)、Anping Grill(安平烧肉)品牌经营12家餐厅。 ...

格隆汇8月15日｜中概股收盘跌幅前五的个股为：牛大人跌39.81%，香颂国际跌31.76%，斯凯蒙太阳能 集团跌28.64%，Rich Sparkle Holdings跌19.6%，大自然药业跌19.06%。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ^ | 涨跌额 | 成交额 | | --- | --- | --- | --- | --- | --- | | MB | 牛大人 | 4.400 | -39.81% | -2.910 | 129.84万 | | CHSV | 香颂国际 | 0.0522 | -31.76% | -0.0243 | 303.04万 | | PN | 斯凯蒙太阳能集团 | 1.520 | -28.64% | -0.610 | 93.05万 | | ANPA | Rich Sparkle Holdings | 32.000 | -19.60% | -7.800 | 228.94万 | | UPC | 大自然药业 | 3.560 | -19.09% | -0.840 | 31.45万 | ...

Market Performance - Today, Hong Kong stocks showed significant movements with various companies experiencing notable gains, including Now Medical Technology (02225) which rose over 5% after a partnership with David Medical to develop "Minimally Invasive 5.0" technology [1] - Semiconductor stocks also saw an uptick, with Huahong Semiconductor (01347) increasing by 4.12%, and SMIC (01347) rising by 3.11% [1][2] - Hong Kong Travel (00308) surged over 14%, doubling its stock price in less than a month, driven by speculation in the tourism industry [1] - Meituan-W (03690) rose over 3% as it led an investment in Star Sea Map, furthering its focus on embodied intelligence [1] - The insurance sector saw broad gains, with China Pacific Insurance (02601) up 4.88% and China Life Insurance (02318) increasing by 3.19% [1] Company-Specific Developments - Alibaba-W (09988) increased over 3%, although its investment in instant retail and delivery services may impact profitability, according to HSBC [2] - Qian Shi International (00381) skyrocketed by over 55% due to a proposed digital economy collaboration involving a stablecoin mechanism [2] - Stablecoin-related stocks rose, with Guotai Junan International (01788) up 9.13% and China Everbright Holdings (00165) increasing by 4.83% [2] - Yadi Holdings (01585) gained over 4% following the announcement of a new electric vehicle replacement program [3] - WuXi AppTec (02359) opened nearly 5% higher after announcing expected revenue exceeding 20 billion yuan and a projected doubling of net profit [3] Industry Trends - The electric vehicle sector is expected to see growth due to a new replacement program, which could accelerate industry expansion [3] - The rare earth sector is also experiencing upward momentum, with Jinli Permanent Magnet (06680) rising over 5% after major players announced price increases [3] - The biotechnology sector is witnessing positive developments, with Xiansheng Pharmaceutical (02096) gaining over 3% after a collaboration with Conade Biopharmaceuticals [2][3]

[PART I](index=5&type=section&id=PART%20I) [Item 3. Key Information](index=5&type=section&id=Item%203.%20Key%20Information) This section outlines the company's holding structure, Hong Kong operations, and key risks including PRC oversight and HFCAA delisting [A. Disclosures Regarding Having Our Operations in Hong Kong](index=5&type=section&id=A.%20Disclosures%20Regarding%20Having%20Our%20Operations%20in%20Hong%20Kong) This section details the company's Cayman Islands holding structure, Hong Kong operations, HFCAA risks, and inter-company cash transfer policies * The company is a Cayman Islands holding company with all operations conducted by Hong Kong subsidiaries, subjecting it to potential **PRC government oversight and intervention**[24](index=24&type=chunk) * The company's auditor, Onestop Assurance PAC, is currently subject to PCAOB inspection, mitigating immediate delisting risk under HFCAA, but future risks exist if work papers become uninspectable[31](index=31&type=chunk)[41](index=41&type=chunk) * The company has not paid any dividends for FY2022-2024 and does not anticipate future dividends, as earnings will be retained for **business expansion**[48](index=48&type=chunk)[53](index=53&type=chunk) Inter-company Cash Transfers (FY 2022-2024, HK$) | Transfer Type | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **Purchase of food ingredients** | 190,154,000 | 187,730,000 | 154,934,000 | | **Management fees** | 161,651,000 | 160,902,000 | 135,812,000 | | **Funding and deposits** | 65,627,000 | 67,719,000 | 8,500,000 | | **Miscellaneous** | 9,945,000 | 7,713,000 | 2,510,000 | [D. Risk Factors](index=11&type=section&id=D.%20Risk%20Factors) This section comprehensively outlines business, industry, Hong Kong operational, legal, regulatory, and public company risks * The company operates in the **highly competitive Hong Kong restaurant industry**, facing competition across Taiwanese cuisine, hotpot, and barbecue segments[59](index=59&type=chunk) * The **PRC government may intervene** in or influence the company's Hong Kong operations at any time, potentially causing a material change in operations and share value[111](index=111&type=chunk) * The **HFCAA poses a significant delisting risk** if the company's auditor cannot be fully inspected by the PCAOB for two consecutive years[130](index=130&type=chunk)[132](index=132&type=chunk) * As a newly public company, it faces enhanced administrative and compliance requirements under SEC and Sarbanes-Oxley Act rules, potentially **increasing costs and straining resources**[169](index=169&type=chunk)[191](index=191&type=chunk) * The company does not anticipate paying dividends in the foreseeable future, requiring investors to rely on **share price appreciation for returns**[181](index=181&type=chunk) [Item 4. Information on the Company](index=37&type=section&id=Item%204.%20Information%20on%20the%20Company) This section details the company's corporate history, structure, business operations, competitive strengths, and strategic plans in the Hong Kong restaurant market [Corporate History and Structure](index=37&type=section&id=Corporate%20History%20and%20Structure) This section outlines the company's Cayman Islands holding structure, its operational history in Hong Kong, recent brand divestitures, and its 2025 Nasdaq IPO * The company is a Cayman Islands holding company with **all restaurant operations conducted through its Hong Kong subsidiaries**[201](index=201&type=chunk)[203](index=203&type=chunk) * On May 14, 2024, the Group **divested its Chubby Bento, Chubby Noodles, and Bao Pot brands** to streamline its corporate structure and focus on core brands[200](index=200&type=chunk)[217](index=217&type=chunk) * The company completed its IPO on April 11, 2025, raising **$8,000,000** by offering **2,000,000 Ordinary Shares at $4.00 per share** on Nasdaq under the symbol 'MB'[208](index=208&type=chunk) [Business of MasterBeef Group](index=39&type=section&id=Business%20of%20MasterBeef%20Group) This section details the company's restaurant operations, market leadership in specialty hotpot, competitive strengths, and future strategies including expansion and digitalization * The company operates **12 restaurant outlets in Hong Kong** under the 'Master Beef' (9) and 'Anping Grill' (3) brands[198](index=198&type=chunk)[213](index=213&type=chunk) * The 'Master Beef' brand ranked **first among specialty hotpot restaurant chains in Hong Kong in 2023 by revenue** according to Frost & Sullivan[198](index=198&type=chunk)[224](index=224&type=chunk) * Business strategies include organic growth, exploring overseas franchising, and enhancing operational efficiency through technology, including **AI-powered robot waiters**[237](index=237&type=chunk)[233](index=233&type=chunk) * The company plans to leverage its central kitchen to produce and sell branded semi-finished food products, such as its signature hotpot soup base, through **retail channels**[235](index=235&type=chunk) Membership Growth | Date | Number of Members | | :--- | :--- | | Dec 31, 2022 | 437,000 | | Dec 31, 2023 | 526,000 | | Dec 31, 2024 | 566,000 | [Regulatory Environment](index=57&type=section&id=Regulatory%20Environment) This section outlines the extensive Hong Kong regulatory framework governing the company's operations, including food safety, environmental, employment, and data privacy laws * Operations require various licenses in Hong Kong, including general restaurant licenses for outlets and a food factory license for its central kitchen, issued by the **FEHD**[299](index=299&type=chunk) * The company is subject to environmental laws like the **WPCO** and employment laws such as the **MPFSO** and **ECO**[309](index=309&type=chunk)[319](index=319&type=chunk)[324](index=324&type=chunk) * The company must comply with the **Personal Data (Privacy) Ordinance (PDPO)** in handling customer data, especially for its membership schemes[339](index=339&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=64&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes the company's financial performance, including revenue trends, profitability drivers, liquidity, cash flows, and critical accounting estimates [Results of Operations](index=65&type=section&id=Results%20of%20Operations) This section details the company's revenue trends and profitability, highlighting the impact of brand disposals and operational costs on net profit or loss Consolidated Results of Operations (HK$ in millions) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **Revenue** | 504.0 | 532.3 | 456.7 | | **Profit/(Loss) before tax** | 35.6 | (29.8) | 37.8 | | **Profit/(Loss) for the year** | 32.9 | (37.4) | 33.4 | * The swing to profitability in FY2024 was mainly driven by a **one-time gain of HK$58.7 million** from the disposal of non-core brands[352](index=352&type=chunk)[377](index=377&type=chunk) * The net loss in FY2023 was primarily due to an **impairment loss of HK$23.5 million** on assets held for sale and increased staff and operating costs from expansion[375](index=375&type=chunk)[388](index=388&type=chunk)[390](index=390&type=chunk) Revenue Breakdown by Brand (HK$ in millions) | Brand | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Master Beef | 397.9 | 425.1 | 373.8 | | Anping Grill | 63.0 | 74.0 | 65.3 | | Chubby Bento & Noodles | 14.1 | 28.8 | 16.1 | | Bao Pot | 3.1 | 4.0 | - | [Liquidity and Capital Resources](index=75&type=section&id=Liquidity%20and%20Capital%20Resources) This section assesses the company's liquidity position, cash flow generation, working capital, and capital expenditure trends Key Balance Sheet and Cash Flow Data (HK$ in millions) | Metric | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | 117.3 | 146.2 | | **Working capital** | (36.3) | (87.0) | | **Total assets** | 308.3 | 393.1 | | **Total liabilities** | 279.8 | 397.5 | | **Total equity/(deficit)** | 28.5 | (4.4) | Consolidated Cash Flows (HK$ in millions) | Cash Flow | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **From Operating Activities** | 60.2 | 83.8 | 141.0 | | **From Investing Activities** | (12.2) | (44.5) | (32.3) | | **From Financing Activities** | (76.8) | (81.6) | 23.0 | * Capital expenditures were **HK$12.0 million in FY2024** and **HK$44.5 million in FY2023**, primarily for leasehold improvements and restaurant renovations[422](index=422&type=chunk)[423](index=423&type=chunk) [Critical Accounting Estimates](index=81&type=section&id=Critical%20Accounting%20Estimates) This section outlines the significant accounting estimates and judgments, including asset useful lives, impairment, revenue recognition, and lease liability measurement * Significant accounting estimates include the **useful lives of property and equipment**, impairment of long-lived assets, and assumptions for right-of-use assets[428](index=428&type=chunk) * Revenue recognition under **IFRS 15** is critical, particularly for the customer loyalty program where future redemption values must be estimated[429](index=429&type=chunk)[792](index=792&type=chunk) * The company uses an **incremental borrowing rate (IBR)** to measure lease liabilities, requiring estimation when observable rates are unavailable[706](index=706&type=chunk) [Item 6. Directors, Senior Management and Employees](index=85&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section introduces the company's leadership team, their compensation, and the composition and responsibilities of the Board's committees * The Board of Directors comprises **seven members**: three executive directors and four independent directors[453](index=453&type=chunk)[476](index=476&type=chunk) * The company has established an **audit committee, compensation committee, and nomination committee**, each composed entirely of independent directors[490](index=490&type=chunk)[491](index=491&type=chunk)[494](index=494&type=chunk) Executive Compensation (Total Salary + Bonus, HK$) | Name | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Oi Wai Chau (Exec. Director) | 1,040,000 | 1,280,000 | 877,871 | | Oi Yee Chau (Exec. Director) | 1,040,000 | 1,280,000 | 731,559 | | Tsz Kiu So (Exec. Director) | 988,852 | 1,280,000 | 857,226 | | Ka Chun Lam (CEO) | 1,040,000 | 1,280,000 | 731,559 | | Shing Yan Lee (COO) | 1,040,000 | 1,280,000 | 731,559 | * The company adopted a **compensation recovery (clawback) policy** as required by Nasdaq, allowing recovery of incentive-based compensation upon financial restatement[504](index=504&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=95&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the company's ownership structure, major shareholders, and significant transactions conducted with related parties Major Shareholders | Shareholder | Shares Beneficially Owned | Percentage of Class | | :--- | :--- | :--- | | Galaxy Shine Company Limited | 9,016,875 | 53.04% | | Thrivors Holdings Limited | 3,448,125 | 20.28% | * Executive Directors Ms. K Chau and Ms. E Chau are deemed to have shared voting power over the **53.04% stake** held by Galaxy Shine Company Limited[513](index=513&type=chunk)[515](index=515&type=chunk) * Significant related party transactions in FY2024 included **HK$11.2 million in food ingredient sales** to related companies and **HK$3.7 million in rental expenses** paid to related companies[516](index=516&type=chunk) [Item 10. Additional Information](index=98&type=section&id=Item%2010.%20Additional%20Information) This section provides supplementary details on the company's securities, corporate governance, and material tax considerations for investors * The company is an exempted company incorporated in the Cayman Islands, governed by the **Cayman Islands Companies Act**[519](index=519&type=chunk) * The company does not expect to be a **Passive Foreign Investment Company (PFIC)** for the current or foreseeable future, though this is an annual fact-intensive determination[602](index=602&type=chunk) * There are **no Cayman Islands taxes** on profits or gains, and Hong Kong does not impose withholding tax on dividends or capital gains from non-trading share sales[592](index=592&type=chunk)[593](index=593&type=chunk) * The company adopted a dividend policy but has no predetermined distribution ratio and does not expect to pay dividends soon, prioritizing **reinvestment for growth**[625](index=625&type=chunk)[626](index=626&type=chunk) [Item 11. Quantitative and Qualitative Disclosures about Market Risk](index=114&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section details the company's exposure to market risks, primarily interest rate risk, and assesses its currency and credit risk exposures * The primary market risk is **interest rate risk** related to long-term bank loans with floating interest rates[631](index=631&type=chunk) * A hypothetical **100 basis point (1%) change in interest rates** would impact the Group's profit after tax by approximately **HK$594,000** as of December 31, 2024[632](index=632&type=chunk) * Currency risk is considered minimal as the functional and presentation currency is the **Hong Kong dollar**, with most transactions denominated in HKD[630](index=630&type=chunk) [PART II](index=115&type=section&id=PART%20II) [Item 15. Controls and Procedures](index=115&type=section&id=Item%2015.%20Controls%20and%20Procedures) This section reports on the ineffectiveness of the company's disclosure controls and internal financial reporting controls due to identified material weaknesses * Management concluded that the company's disclosure controls and procedures were **ineffective** as of December 31, 2024[638](index=638&type=chunk) * The ineffectiveness stemmed from **material weaknesses in internal control over financial reporting**[642](index=642&type=chunk) * Identified material weaknesses include insufficient financial reporting personnel with IFRS/SEC expertise, ineffective risk assessment, and inadequate internal control evaluations[649](index=649&type=chunk) * This annual report does not include an attestation report on internal control over financial reporting, as the company is exempt as a **non-accelerated filer**[644](index=644&type=chunk) [Item 16. Corporate Governance and Other Matters](index=116&type=section&id=Item%2016.%20Corporate%20Governance%20and%20Other%20Matters) This section details the company's corporate governance practices, including audit committee expertise, accountant fees, and adherence to foreign private issuer exemptions * The Board designated Mr. Man Fai Danny Liu as an **"audit committee financial expert"**[646](index=646&type=chunk)[491](index=491&type=chunk) Principal Accountant Fees (FY 2024) | Fee Type | Amount ($) | | :--- | :--- | | Audit Fees | 200,000 | | Audit Related Fees | - | | All Other Fees | 515,875 | | **Total** | **715,875** | * As a foreign private issuer, the company follows home country practices instead of certain Nasdaq rules, such as not requiring regular executive sessions for independent directors[653](index=653&type=chunk)[658](index=658&type=chunk) * The company adopted a **Cybersecurity Policy**, with oversight responsibility assigned to the Audit Committee[657](index=657&type=chunk)[661](index=661&type=chunk) [PART III](index=119&type=section&id=PART%20III) [Item 18. Financial Statements](index=119&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements for 2022-2024, prepared under IFRS, including the auditor's report and detailed notes * The financial statements were audited by **Onestop Assurance PAC**, a PCAOB-registered firm based in Singapore[668](index=668&type=chunk)[673](index=673&type=chunk) * The financial statements were prepared in accordance with **International Financial Reporting Standards (IFRS)** as issued by the IASB[668](index=668&type=chunk)[690](index=690&type=chunk) * Notes to the financial statements indicate a **material uncertainty regarding going concern**, citing a net loss (excluding one-off gains) and working capital deficit, with management planning director financial support[695](index=695&type=chunk)[700](index=700&type=chunk) * On May 14, 2024, the company disposed of its Chubby Bento and Bao Pot brands to principal shareholders for **US$2,000**, resulting in a **HK$58.7 million gain** on disposal[819](index=819&type=chunk)[820](index=820&type=chunk)[821](index=821&type=chunk)