Financial Performance - For the six months ended September 30, 2023, the group recorded unaudited revenue of approximately HKD 17,500,000, an increase of about HKD 3,400,000 or 24.1% compared to HKD 14,100,000 for the same period in 2022[6] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 10,900,000, compared to HKD 8,000,000 for the same period in 2022[6] - Basic and diluted loss per share attributable to owners of the company was HKD 0.41, compared to HKD 0.30 for the same period in 2022[6] - The group experienced an operating loss of HKD 10,476,000 for the six months ended September 30, 2023, compared to HKD 7,595,000 for the same period in 2022[7] - The company reported a total comprehensive loss of HKD (11,019,000) for the six months ended April 1, 2023, compared to a loss of HKD (8,074,000) for the previous period[15] - The company incurred a pre-tax loss of HKD (10,955,000) for the six months ended September 30, 2023, compared to a pre-tax loss of HKD (7,970,000) for the same period in 2022[28] - The group recorded a loss of approximately HKD 11,000,000 for the six months ended September 30, 2023, compared to a loss of approximately HKD 8,100,000 in the same period of 2022[89] Revenue Breakdown - For the six months ended September 30, 2023, total revenue was HKD 17,467,000, an increase of 23.8% compared to HKD 14,133,000 for the same period in 2022[35] - The restaurant operations generated revenue of HKD 14,183,000, slightly up from HKD 14,133,000 in the previous year, while the luxury watch trading business contributed HKD 3,284,000, which was not present in the prior period[35] - The group's revenue for the six months ended September 30, 2023, was entirely derived from restaurants in Hong Kong, indicating a reliance on the local market[112] Assets and Liabilities - Total assets less current liabilities decreased to HKD 13,311,000 as of September 30, 2023, from HKD 26,183,000 as of March 31, 2023[9] - Cash and cash equivalents decreased to HKD 15,989,000 as of September 30, 2023, from HKD 26,697,000 as of March 31, 2023[9] - Non-current assets totaled HKD 12,242,000 as of September 30, 2023, down from HKD 13,951,000 as of March 31, 2023[9] - Current liabilities decreased to HKD 24,806,000 as of September 30, 2023, from HKD 27,404,000 as of March 31, 2023[9] - The group’s total equity attributable to owners of the company decreased to HKD 10,152,000 as of September 30, 2023, from HKD 21,045,000 as of March 31, 2023[12] Cash Flow and Expenses - The total net cash used in operating activities for the six months was HKD (4,942,000), a significant improvement from HKD (15,902,000) in the same period last year[18] - Cash and cash equivalents decreased from approximately HKD 26,700,000 to HKD 16,000,000 as of September 30, 2023, primarily due to operational costs and expenses related to new restaurant openings[99] - The financing activities resulted in a net cash outflow of HKD (5,123,000) for the six months ended September 30, 2023, compared to HKD (2,133,000) in the previous year[18] Cost and Expenses Analysis - The cost of goods sold increased significantly to HKD 7,119,000 in 2023 from HKD 3,273,000 in 2022, indicating a 117% rise[39] - Employee benefits expenses rose to HKD 9,320,000 in 2023, up from HKD 8,833,000 in 2022, reflecting a 5.5% increase[39] - Property rental and related expenses surged by approximately 300.0%, increasing from HKD 500,000 to HKD 2,000,000 for the six months ended September 30, 2023[83] - Administrative expenses decreased by approximately 9.5%, from HKD 7,400,000 to HKD 6,700,000 for the six months ended September 30, 2023[86] Shareholder Information - As of September 30, 2023, Mr. Wang Wenwei holds 1,500,000,000 shares (56.75%) through Fortune Round Limited and 162,120,000 shares (6.13%) in his own name[122][124] - Ms. Lin Huijun and Mr. Chen Zetao each hold 20,000,000 shares (0.76%) as beneficial owners under the share option plan[124] - Fortune Round Limited, owned by Mr. Wang Wenwei, has a total of 1,500,000,000 shares (56.75%) in the company[128] - The company completed a transaction on October 3, 2023, involving the sale of 1,250,000,000 shares (approximately 47.29%) from Fortune Round Limited to Tian Dun Investment Limited[134] - Tian Dun Investment Limited also acquired 162,120,000 shares (approximately 6.13%) from Mr. Wang Wenwei and 317,320,000 shares (approximately 12.00%) from Keenfull Investments Limited[134] Corporate Governance - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with GEM Listing Rules[139] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements for the six months ended September 30, 2023[140] - The company has not yet had its interim financial statements audited or reviewed by external auditors[140] - The executive directors as of the report date include Wang Wenwei, Chen Zetao, and Lin Huijun, with independent non-executive directors being Ma Yaohao, Cai Zhenhui, and Wu Shichang[141] Market Outlook - The group aims to strengthen its position in the Hong Kong restaurant sector and explore opportunities for franchise or partnership arrangements[114] - The group maintains a conservative outlook on profitability for the coming months due to uncertainties in the Hong Kong restaurant industry[114] - The minimum wage in Hong Kong increased from HKD 37.5 to HKD 40.0 per hour effective May 1, 2023, which may further impact employee costs[112] - The group will continue to monitor market opportunities to improve financial performance while managing expenses[114]
皇玺集团(08300) - 2024 - 中期财报