今米房集团(08300) - 2025 - 年度业绩

Financial Highlights Financial Highlights The Group's total revenue decreased by 48.4% year-on-year, while net loss significantly narrowed by 91.3% due to cost control and a higher prior-year impairment base Key Financial Indicators for FY2025 | Metric | For the Year Ended March 31, 2025 | For the Year Ended March 31, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HK$26.7 Million | Approx. HK$51.7 Million | -48.4% | | Net Loss | Approx. HK$2.8 Million | Approx. HK$32.1 Million | -91.3% | | Basic and Diluted Loss Per Share | Approx. HK$0.13 Cents | Approx. HK$1.15 Cents | -88.7% | Consolidated Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue for FY2025 decreased by 48.4% to HK$26.73 million, yet operating and total annual losses significantly narrowed due to increased other income and the absence of large prior-year impairment losses Consolidated Statement of Profit or Loss Key Data (HK$ Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 26,727 | 51,729 | | Gross Profit | 15,776 | 30,702 | | Operating Loss | (1,479) | (28,503) | | Loss Before Tax | (1,917) | (29,409) | | Loss for the Year | (2,832) | (32,064) | | Loss Attributable to Owners of the Company | (3,515) | (30,374) | Consolidated Statement of Financial Position As of March 31, 2025, the company's net liability position deteriorated, with net current liabilities expanding to HK$14.21 million and total equity decreasing to negative HK$14.01 million, indicating severe financial challenges Consolidated Statement of Financial Position Key Data (HK$ Thousand) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Current Assets | 16,127 | 17,871 | | Current Liabilities | 30,341 | 25,935 | | Net Current Liabilities | (14,214) | (8,064) | | Net Liabilities | (14,013) | (11,035) | | Total Equity | (14,013) | (11,035) | Consolidated Statement of Changes in Equity As of March 31, 2025, total equity decreased from negative HK$11.04 million to negative HK$14.01 million, primarily due to the HK$2.83 million loss for the year and a HK$0.15 million exchange difference - Due to total comprehensive expenses of approximately HK$2.98 million for the year, equity attributable to owners of the company deteriorated from negative HK$9.34 million to negative HK$13.00 million, expanding the total equity deficit[10] Notes to the Financial Statements (Summary) The notes detail company information, accounting policies, and segment performance, notably revealing significant going concern uncertainties, a substantial decline in catering revenue, growth in food and liquor sales, and no dividends declared - The company's English name changed from “Royal Group Holdings International Company Limited” to “JIN MI FANG GROUP HOLDINGS LIMITED”, and its Chinese name from “皇璽集團控股國際有限公司” to “今米房集團控股有限公司”; principal activities include casual dining services in Hong Kong, watch trading, and liquor business in China[12] - The company faces severe going concern issues, recording a net loss of HK$2.83 million in FY2025, with current liabilities exceeding total assets by HK$13.85 million; management is implementing measures such as financial support from directors and related party loans to maintain operations[20][21][22] - The company neither declared nor proposed any dividends for the two years ended March 31, 2025, and 2024[32] Extracts from the Independent Auditor's Report Material Uncertainty Related to Going Concern The auditor issued an unmodified opinion but noted a material uncertainty regarding going concern, citing the Group's net loss and current liabilities exceeding total assets, which casts significant doubt on its ability to continue operations - The auditor noted that as of March 31, 2025, the Group recorded a net loss of approximately HK$2.83 million and its current liabilities exceeded total assets by approximately HK$13.85 million, which casts significant doubt on the Group's ability to continue as a going concern[40] Management Discussion and Analysis Business Review and Outlook The Group shifted its focus to China's liquor supply and online food distribution, planning a new Nanjing restaurant, while terminating Hong Kong restaurant operations due to market downturn, aiming to consolidate its position in the liquor, food, and catering sectors - The Group's new liquor supply business in China, particularly Chinese Baijiu, made a significant contribution to sales for the year[43] - The Group has expanded its business to online platforms for food sales and distribution and plans to open a new restaurant in Nanjing, China, expected to commence operations around July 2025[44][46] - Due to the sluggish catering market in Hong Kong, the Group terminated its restaurant business in Hong Kong in October 2024[48] Financial Review Financial performance was marked by a significant revenue decline from terminated Hong Kong catering operations, but net loss substantially narrowed due to cost control, increased other income, and the absence of prior-year asset impairment losses Revenue Total revenue decreased by 48.4% to HK$26.7 million, primarily due to the termination of Hong Kong restaurant operations, while food and liquor sales revenue increased Revenue Composition Changes | Business Segment | FY2025 Revenue (HK$ Million) | FY2024 Revenue (HK$ Million) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 26.7 | 51.7 | -48.4% | | Food and Liquor Sales | 15.7 | 14.8 | Growth | Gross Profit and Gross Margin Gross profit decreased by 48.5% to HK$15.8 million, aligning with revenue decline, while gross margin remained stable at 59.0%, slightly below the prior year's 59.4% Gross Profit and Gross Margin Changes | Metric | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | Gross Profit | Approx. HK$15.8 Million | Approx. HK$30.7 Million | -48.5% | | Gross Margin | 59.0% | 59.4% | -0.4pp | Operating Expenses and Impairment Losses Operating expenses, including staff costs and depreciation, significantly decreased due to the termination of Hong Kong restaurant operations, with the absence of HK$12.63 million in prior-year impairment losses being a key factor in net loss reduction - Staff costs decreased by 45.5% from HK$21.1 million to HK$11.5 million due to a reduction in employee headcount[52] - Depreciation expense significantly decreased by 97.8% from HK$4.5 million to HK$0.1 million due to large impairment provisions in the prior year[53] Impairment Loss Comparison (HK$ Thousand) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Impairment of Property, Plant and Equipment | – | 4,503 | | Impairment of Right-of-Use Assets | – | 7,875 | | Impairment of Intangible Assets | – | 256 | | Total | – | 12,634 | Loss for the Year Net loss significantly narrowed from HK$32.1 million to HK$2.8 million, primarily due to reduced costs from terminated Hong Kong restaurant operations, increased lease termination gains, and lower selling and administrative expenses - The significant reduction in net loss was primarily due to decreased revenue, increased other income (gains from lease termination), reduced selling expenses, and reduced administrative expenses[62] Liquidity and Financial Resources The company's liquidity is extremely tight, with cash and cash equivalents plummeting by 96.7% to HK$0.3 million, while total interest-bearing borrowings decreased, and the debt-to-equity ratio is inapplicable due to an equity deficit - Cash and cash equivalents significantly decreased by 96.7% from HK$9.1 million to HK$0.3 million, primarily due to working capital needs, costs associated with closing Hong Kong restaurants, and repayment of bank borrowings[70] - Total interest-bearing borrowings, including bank borrowings and lease liabilities, decreased from HK$15.6 million to approximately HK$5.0 million[71] - The debt-to-equity ratio is not applicable as the Group recorded an equity deficit[73] Principal Risks and Uncertainties The Group faces principal risks including cost volatility, reliance on the Chinese market, foreign exchange risk, and credit risk, with some factors beyond its control despite management efforts - Approximately 58.8% of the Group's revenue is derived from food and liquor sales in China, making its business highly susceptible to China's economic conditions and policies[66] - Cost control faces uncertainties, including fluctuations in food ingredient and liquor prices, rising wage levels, and commercial property rental costs[67] - The Group's sales and purchases are primarily denominated in HKD, RMB, and USD, exposing it to exchange rate fluctuation risks, particularly for non-freely convertible currencies like RMB[78] Employees and Remuneration Policy Employee headcount significantly decreased from 93 to 12 following the termination of Hong Kong restaurant operations, with total staff costs falling from HK$20.8 million to HK$11.5 million, reflecting the company's competitive remuneration policy Employee Headcount and Cost Changes | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Employee Headcount | 12 | 93 | | Total Staff Costs | Approx. HK$11.5 Million | Approx. HK$20.8 Million | Other Company Information Corporate Governance and Compliance The company adopted and complied with the GEM Listing Rules' Corporate Governance Code, with annual results reviewed by the Audit Committee, and no listed securities were purchased, sold, or redeemed during the period, nor were there any post-period material events - The company complied with all applicable code provisions of the Corporate Governance Code for the year ended March 31, 2025[93] - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the year[91] - The Board confirmed that, apart from disclosed matters, no other material events occurred after the reporting period[92]