赏之味(08096) - 2025 - 年度业绩

Financial Performance Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2025, revenue decreased by 19.3% to HKD 30.916 million, while net loss narrowed from HKD 8.126 million to HKD 6.156 million due to reduced operating expenses, improving basic loss per share Summary of Consolidated Statement of Profit or Loss | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 30,916 | 38,288 | -19.3% | | Loss before tax | (6,156) | (8,135) | Loss narrowed by 24.3% | | Loss for the year | (6,156) | (8,126) | Loss narrowed by 24.2% | | Loss attributable to owners of the Company | (6,073) | (8,133) | Loss narrowed by 25.3% | | Basic and diluted loss per share (HK cents) | (3.15) | (7.53) | Loss narrowed | Consolidated Statement of Financial Position As of March 31, 2025, total assets were HKD 29.022 million, with net assets decreasing by 30.5% to HKD 14.003 million, and a shift from net current assets to net current liabilities, indicating increased short-term solvency pressure Summary of Consolidated Statement of Financial Position | Indicator | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Non-current assets | 16,405 | 16,251 | +1.0% | | Current assets | 12,617 | 20,859 | -39.5% | | Current liabilities | 14,743 | 16,757 | -12.0% | | Net current (liabilities)/assets | (2,126) | 4,102 | Shift from positive to negative | | Net assets | 14,003 | 20,161 | -30.5% | | Bank balances and cash | 6,804 | 13,257 | -48.7% | Notes to the Financial Statements General Information and Basis of Presentation The Group primarily operates restaurants in Hong Kong, and despite a net loss and net current liabilities raising going concern doubts, the board deems the going concern basis appropriate due to shareholder support, new financing, and cost controls - The company is an investment holding company, with subsidiaries primarily engaged in restaurant operations in Hong Kong[7] - The financial statements indicate significant uncertainties that may cast substantial doubt on the Group's ability to continue as a going concern, primarily due to an annual loss of approximately HKD 6.156 million and net current liabilities of approximately HKD 2.126 million[10] - The Board believes the Group can continue as a going concern, relying on shareholders' commitment not to demand repayment of HKD 7.27 million, subsequent loan financing of HKD 3 million, and ongoing cost control measures[10] Revenue and Segment Information The Group's revenue primarily derives from Hong Kong restaurant operations, which saw a 16% year-on-year decline, alongside a significant reduction in Macau franchise income, with the Group managed and reported as a single operating segment due to its unitary business nature Revenue by Business Type | Business Type | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hong Kong restaurant operations | 29,363 | 34,941 | -16.0% | | Sales of food and related products | 785 | 2,246 | -65.0% | | Franchise royalty income | 768 | 1,091 | -29.6% | | Total | 30,916 | 38,288 | -19.3% | Revenue by Geographical Region | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hong Kong Special Administrative Region | 29,363 | 34,984 | -16.1% | | Macau Special Administrative Region of China | 1,553 | 3,210 | -51.6% | | China (excluding Hong Kong and Macau) | – | 94 | -100.0% | | Total | 30,916 | 38,288 | -19.3% | Legal Proceedings, Capital Commitments and Post-Reporting Period Events The Group faces a legal claim for unpaid rent of approximately HKD 1.867 million, for which adequate provision has been made, and post-reporting period, it granted operating rights of a Japanese ramen restaurant to a third party to enhance efficiency - The Group faces a legal claim for outstanding rent and related expenses, involving a principal amount of approximately HKD 1.867 million included in other payables, with a provision of approximately HKD 0.235 million made for surcharges and penalties[34] - Subsequent to the reporting period, effective April 1, 2025, the Group granted the operating rights of its Butao TKO restaurant to an independent third party, who will manage daily operations and receive 70% of the restaurant's net profit as a management fee[36] - As of March 31, 2025, the Group had no capital commitments, compared to approximately HKD 4.348 million in renovation commitments under construction in the prior year[35] Management Discussion and Analysis Financial Review This year's revenue declined by 19.3% to HKD 30.9 million due to economic downturn and reduced local customer traffic from outbound travel, yet strict cost controls, particularly a 44.8% cut in staff costs, narrowed the net loss from HKD 8.1 million to HKD 6.1 million - Revenue decreased by 19.3% to HKD 30.9 million, primarily due to the overall economic downturn, weakened consumer purchasing power, and a significant decline in restaurant transactions caused by local consumers traveling abroad[40] - Staff costs significantly decreased by 44.8% from HKD 16.1 million to HKD 8.9 million, mainly attributable to stringent cost control measures including staff reductions and reduced employee benefits[44] - The net loss for the year narrowed from HKD 8.1 million to HKD 6.1 million, primarily due to reduced operating costs, which partially offset the impact of declining revenue[51] Liquidity and Financial Resources The Group's financial position is challenging, with bank balances and cash halved to HKD 6.8 million and the current ratio dropping from 1.2x to 0.9x, indicating increased short-term solvency pressure, while maintaining a 0% gearing ratio with no bank borrowings Key Financial Ratios | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Bank balances and cash | Approx. HKD 6.8 million | Approx. HKD 13.3 million | | Current ratio | Approx. 0.9x | Approx. 1.2x | | Gearing ratio | 0% | 0% | Risk Management The Group faces Renminbi exchange rate fluctuation risk without current hedging policies and has contingent liabilities from rent arrears litigation, for which management deems provisions adequate - The Group's transactions are primarily denominated in Hong Kong Dollars and Renminbi, exposing it to Renminbi exchange rate fluctuation risk, with no current foreign currency hedging policy in place[54] - The Group is involved in litigation concerning outstanding rent and related expenses, constituting a contingent liability; management, based on legal advice, believes that HKD 1.867 million in payables and HKD 0.235 million in provisions for the claims are sufficient, requiring no additional payments[55] Business Operations and Outlook Facing severe challenges in Hong Kong's catering industry, the Group plans to expand its restaurant network with new culinary styles to diversify revenue, while continuing to focus on cost control, operational efficiency, and exploring other business opportunities to enhance shareholder returns, with prior rights issue proceeds of HKD 26.5 million fully utilized for expansion and working capital - As of March 31, 2025, the net proceeds of approximately HKD 26.5 million raised from the 2024 fiscal year rights issue have been fully utilized for their intended purposes, including expanding the restaurant network and general working capital[64] - Future Outlook: Despite challenges in Hong Kong's catering industry such as economic weakness and high costs, the Group plans to open new restaurants offering diverse cuisines in Hong Kong and actively seek other business opportunities to expand revenue streams[65] Other Disclosures Dividends and Share Options The Board does not recommend a final dividend for the year ended March 31, 2025, and no share options were granted, exercised, lapsed, or cancelled during the year - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025 (2024: nil)[57] - During the current year, no share options were granted, exercised, lapsed, or cancelled under the share option scheme[59] Corporate Governance and Audit The company affirms compliance with corporate governance codes, and the Audit Committee has reviewed the annual consolidated financial statements, while the auditor, Evergreen (Hong Kong) CPA Limited, highlighted significant uncertainties regarding going concern in its report - The company has complied with the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules[69] - The Audit Committee has reviewed the annual consolidated financial statements and is satisfied that they have been prepared in accordance with applicable accounting standards[75] - The auditor's report highlights "Material Uncertainty Related to Going Concern," noting that the Group's annual loss and net current liabilities may cast significant doubt on its ability to continue as a going concern, but without modifying the opinion[74]