[HK]佳宁娜(00126):二零二四 / 二零二五年中期报告
原标题:佳宁娜:二零二四 / 二零二五年中期报告 HEAD OFFICE AND PRINCIPAL PLACES OF 總辦事處及主要?業地點 BUSINESS 26/F, Phase II Wyler Centre 香 200 Tai Lin Pai Road 新界 Kwai Chung 葵涌 New Territories 大連排道200號 Hong Kong 偉倫中心第二期二十六樓 5/F, Carrianna Friendship Square 中國 2002 Renminnan Road 深圳市 Lo Wu District 羅湖區 Shenzhen 人民南路2002號 China 佳寧娜友誼廣場五樓 PRINCIPAL SHARE REGISTRAR AND 主要股份過戶登記處 TRANSFER OFFICE Ocorian Management (Bermuda) Limited Ocorian Management (Bermuda) LimitedVictoria Place, 5th Floor Victoria Place, 5th Floor 31 Victoria Street 31 Victoria Street Hamilton HM10 Hamilton HM10 Bermuda Bermuda HONG KONG BRANCH SHARE REGISTRAR 香股份過戶登記分處 AND TRANSFER OFFICE Tricor Tengis Limited 卓佳登捷時有限公司 17/F, Far East Finance Centre 香 16 Harcourt Road 夏道16號 Hong Kong 遠東金融中心17樓 SOLICITORS 律師 Michael Li & Co. 李智聰律師事務所 Bird & Bird 鴻鵠律師事務所 K.C. Ho & Fong 何君柱律師樓 LEGAL ADVISERS ON BERMUDA LAW 百慕達法律顧問 Appleby Appleby AUDITOR 核數師 Ernst & Young 安永會計師事務所 Certified Public Accountants 執業會計師 Registered Public Interest Entity Auditor 註冊公眾利益實體核數師PRINCIPAL BANKERS 主要往來銀行 Hang Seng Bank Limited 恒生銀行有限公司 Standard Chartered Bank (Hong Kong) Limited 渣打銀行（香）有限公司The Hongkong & Shanghai Banking Corporation Limited 香上海豐銀行有限公司Nanyang Commercial Bank Limited 南洋商業銀行有限公司 O-Bank Co., Ltd. 王道商業銀行股份有限公司 The Bank of East Asia, Limited 東亞銀行有限公司 OCBC Bank (Hong Kong) Limited 華僑銀行（香）有限公司 Dah Sing Bank, Limited 大新銀行有限公司 Bank of China (Hong Kong) Limited 中國銀行（香）有限公司 Chiyu Banking Corporation Ltd. 集友銀行有限公司 COMPANY WEBSITE 公司網址 http://www.carrianna.com http://www.carrianna.com STOCK CODE 股份代號
STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 September 2024 截至二零二四年九月三十日止六個月For the six months ended 30 September 截至九月三十日止六個月
STATEMENT OF FINANCIAL POSITION (Continued) At 30 September 2024 於二零二四年九月三十日
簡明綜合現金流量表 OF CASH FLOWS For the six months ended 30 September 截至九月三十日止六個月
INFORMATION For management purposes, the Group is organised into 就管理而言，本集團乃按其產品及服務business units based on their products and services and 為基準分為若干業務單位，並有以下兩has two reportable operating segments as follows: 個可報告經?分部：(a) the restaurant, food and hotel segment which (a) 餐飲、食品及酒店分部從事經?酒engages in the operations of hotel, restaurant and 店、酒樓以及食品業務；及food businesses; and (b) the property investment and development segment (b) 物業投資及發展分部括物業發展which comprises the development and sale of 及銷售物業，以及租賃住宅、商業properties and the leasing of residential, commercial 及工業物業。 and industrial properties. Management monitors the results of the Group’s 管理層個別監察本集團經?分部之業績operating segments separately for the purpose of making 以決定資源分配及評估表現。分部表現decisions about resources allocation and performance 按可報告分部溢利而評估，該溢利為經assessment. Segment performance is evaluated based 調整除稅前溢利之計量。經調整除稅前on reportable segment profit, which is a measure of 溢利之計量方法與本集團之除稅前溢利adjusted profit before tax. The adjusted profit before tax is 一致，惟有關計量不括銀行利息收入、measured consistently with the Group’s profit before tax 來自本集團金融工具之若干公平值收益except that bank interest income, certain fair value gains 或虧損、財務成本及企業及未分配支出。 or losses from the Group’s financial instruments, finance costs as well as corporate and unallocated expenses are excluded from such measurement. Intersegment sales and transfers are transacted with 分部間之銷售及轉讓乃參考銷售予第三reference to the selling prices used for sales made to third 方之銷售價或按協定價格進行交易。 parties or at agreed prices.
An analysis of revenue is as follows: 收入分析如下： For the six months ended 30 September 截至九月三十日止六個月
REVENUE FROM CONTRACTS WITH 來自客戶合約之收入（續） CUSTOMERS (Continued) Disaggregated revenue information (Continued) 收入分類資料（續）For the six months ended 30 September 2023 截至二零二三年九月三十日止六個月Property Restaurant, investment food and and hotel development Segments 餐飲、 物業投資及 分部 食品及酒店 發展 ’ ’ HK$ 000 HK$ 000 千元 千元 (Unaudited) (Unaudited) （未經審核） （未經審核） Types of goods or services 貨品或服務種類 Restaurant operations 餐飲經? 168,395 – Bakery operations 麵店經? 64,836 – Sale of food products 食品銷售 64,497 – Hotel operations 酒店經? 14,638 – Sale of properties 物業銷售 – 3,988 Property management services 物業管理服務 – 733 Total revenue from contracts with 來自客戶合約之總收入 customers 312,366 4,721 Geographical markets 地理市場 Hong Kong 香 108,143 – Mainland China 中國內地 204,223 4,721 Total revenue from contracts with 來自客戶合約之總收入 customers 312,366 4,721 Timing of revenue recognition 收入確認時間 At a point in time 於某一時間點 297,728 3,988 Over time 隨時間 14,638 733 Total revenue from contracts with 來自客戶合約之總收入 customers 312,366 4,721
Hong Kong profits tax has been provided at the rate of 香利得稅乃根據期內於香產生之估16.5% (2023: 16.5%) on the estimated assessable profits 計應課稅溢利按16.5%（二零二三年：arising in Hong Kong during the period. Taxes on profits 16.5%）之稅率計算撥備。中國大陸應課assessable in Mainland China have been calculated at the 稅溢利之稅項乃按中國大陸之現行稅率rates of tax prevailing in Mainland China. 計算。 For the six months ended 30 September 截至九月三十日止六個月
8. INTERIM DIVIDEND The Board does not recommend the payment of any 董事會不建議派付截至二零二四年九月interim dividend for the six months ended 30 September 三十日止六個月之任何中期股息（二零2024 (2023: Nil). 二三年：無）。 9. LOSS PER SHARE ATTRIBUTABLE 9. 母公司普通股權持有人應佔 每股虧損 TO ORDINARY EQUITY HOLDERS OF THE PARENT 每股基本虧損金額乃根據未經審核 The calculation of the basic loss per share amount is 母公司普通股權持有人應佔期內虧 based on the unaudited loss for the period attributable to 損及期內已發行普通股之加權平均 ordinary equity holders of the parent, and the weighted 數1,571,359,420股（二零二三年： average number of ordinary shares of 1,571,359,420 1,571,359,420股）計算。 (2023: 1,571,359,420) in issue during the period. 由於本期間本公司之未行使購股權及可 No adjustment has been made to the basic loss per 換股債券對所呈列之每股基本虧損金額 share amount presented for the six months ended 30 沒有攤薄影，因此對截至二零二四年 September 2024 (2023: Nil) in respect of a dilution as 九月三十日止六個月（二零二三年：無） the share options and convertible bonds of the Company 所呈列之每股基本虧損金額沒有作出相 outstanding during the period had no dilutive effect on the 關之攤薄調整。 basic loss per share amount presented.
EQUIPMENT During the six months ended 30 September 2024, the 截至二零二四年九月三十日止六個Group acquired property, plant and equipment with a total 月內，本集團以10,840,000元（截cost of HK$10,840,000 (six months ended 30 September 至二零二三年九月三十日止六個月：2023: HK$10,193,000). 10,193,000元）之總成本購置物業、廠 房及設備。 11. TRADE RECEIVABLES 11. 應收貿易賬款 An ageing analysis of the trade receivables as at the end 於報告期末，應收貿易賬款按發票日期of the reporting period, based on the invoice date and net 及扣除損失撥備之賬齡分析如下：of loss allowance, is as follows:
For restaurant, bakery and hotel operations, the Groups 團與其客戶之貿易條款主要為即時或通 trading terms with its customers are mainly on demand 常需要使用主要的信用卡╱借記卡或電 or settlements by major credit/debit cards or electronic/ 子╱手機支付方式進行結算。就食品銷 mobile payment methods are normally required. For sale 售而言，客戶一般獲授30至90日之信貸 of food products, customers are generally given 30 to 90 期，惟新客戶或若干食品則除外，這些一 days credit terms, except for new customers or certain 般須事先付款。本集團尋求對其尚未償 food products, where payment in advance is normally 還應收貿易賬款結餘實行嚴格監控。高 required. The Group seeks to maintain strict control over 級管理層定期對逾期結餘進行審閱。 its outstanding trade receivables balances. Overdue balances are reviewed regularly by senior management. 應收貿易賬款均為無需附息。 Trade receivables are non-interest-bearing.
During the six months ended 30 September 2024, 截至二零二四年九月三十日止六個月，no options were granted by the Company under the 根據本公司股東於二零一五年八月’ Companys share option scheme adopted by the 二十四日採納的購股權計劃（「二零一五Company’s shareholders on 24 August 2015 (the “2015 年購股權計劃」）沒有授出購股權。於二” Option Scheme ). As at 30 September 2024, the total 零二四年九月三十日，根據二零一五年maximum number of shares that may be issued under 購股權計劃可予發行之股份總數最多為the 2015 Option Scheme was 125,388,753 shares 125,388,753股，佔本公司已發行股本的representing 7.98% of the issued share capital of the 7.98%。 Company. The exercise prices and exercise periods of the share 於報告期末尚未行使之購股權之行使價options outstanding as at the end of the reporting period 及行使期間如下：are as follows: Number of options Exercise price Exercise period 購股權數目 行使價 行使期間 HK$ per share 每股元 2,500,000 0.714 20-2-2020 to 19-2-2025 2,000,000 0.714 3-6-2020 to 2-6-2025 2,500,000 0.714 20-2-2021 to 19-2-2026 2,000,000 0.714 3-6-2021 to 2-6-2026 2,000,000 0.714 3-6-2022 to 2-6-2027 11,000,000 As at 30 September 2024, the number of shares in 於二零二四年九月三十日，根據本公respect of which options had been granted but remaining 司二零一五年購股權計劃授出但尚未outstanding under the 2015 Option Scheme was 行使的購股權所涉及的股份數目為11,000,000 shares. The exercise in full of the outstanding 11,000,000股。根據本公司現行股本結share options would, under the present capital structure 構，全面行使尚未行使之購股權將導致of the Company, result in the issue of 11,000,000 本公司額外發行11,000,000股普通股，additional ordinary shares of the Company and additional 額外股本為1,100,000元，股份溢價為share capital of HK$1,100,000, and share premium of 6,754,000元（扣除發行開支前）。 HK$6,754,000 (before issue expenses). At the date of approval of these interim condensed 於批准此等中期簡明綜合財務報表consolidated financial statements, the Company’s 當日，本公司尚未行使之11,000,00011,000,000 outstanding share options represented 份購股權佔本公司當日已發行股份約approximately 0.70% of the Company’s shares in issue as 0.70%。 at that date.
(Continued) (b) Compensation of key management personnel of the (b) 本集團主要管理人員之薪酬：Group: For the six months ended 30 September 截至九月三十日止六個月
HIERARCHY OF FINANCIAL 層級 INSTRUMENTS ’ The Groups management is responsible for determining 本集團管理層負責釐定金融工具公平值 the policies and procedures for the fair value 計量之政策及程序。於各報告日期，管理 measurement of financial instruments. At each reporting 層分析金融工具之價值變動並釐定估值 date, management analyses the movements in the values 中適用之主要輸入數據。估值由管理層 of financial instruments and determines the major inputs 審閱及批准。 applied in the valuation. The valuation is reviewed and approved by management. The fair value of a financial instrument is the amount at 金融工具的公平值按該工具於當前交易 which the instrument could be exchanged in a current 中雙方自願進行交易（非強制或清算出 transaction between willing parties, other than in a forced 售）可交換的金額入賬。 or liquidation sale. 17. FAIR VALUE AND FAIR VALUE 17. 金融工具之公平值及公平值 HIERARCHY OF FINANCIAL 層級（續） INSTRUMENTS (Continued) FAIR VALUE HIERARCHY 公平值層級 The following tables illustrate the fair value measurement 下表闡明本集團金融工具之公平值計量’ hierarchy of the Groups financial instruments: 層級︰ Financial assets measured at fair value: 按公平值計量之金融資產：As at 30 September 2024 於二零二四年九月三十日
As at 31 March 2024 Fair value measurement using 公平值計量使用 Quoted prices Significant Significant in active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 於活躍市場 重大可觀察 重大不可觀察 之報價 輸入數據 輸入數據 （第一層） （第二層） （第三層） 總額 ’ ’ ’ ’ HK$ 000 HK$ 000 HK$ 000 HK$ 000 千元 千元 千元 千元 Equity investments designated at fair value 指定按公平值列賬及於其他 through other comprehensive income 全面收入處理之權益投資 19,449 – 40,934 60,383 Financial assets at fair value through 按公平值列賬及於損益中 profit or loss 處理之金融資產 28,078 7,231 – 35,309 47,527 7,231 40,934 95,692 MANAGEMENT DISCUSSION AND 管理層討論及分析 ANALYSIS BUSINESS REVIEW AND PROSPECT 業務回顧及展望 OVERALL RESULTS 整體業績 For the six months ended 30 September 2024, the Group’s 截至二零二四年九月三十日止六個月內，turnover was HK$324,050,000 (2023: HK$366,316,000), 本集團的?業額為324,050,000元（二零decreased by 11.5% from the same period last year. The 二三年：366,316,000元），較去年同期減少decrease in turnover was mainly attributable to the decrease 11.5%。?業額減少主要由於期內餐飲、食品in the restaurant, food and hotel business turnover during 及酒店業務?業額減少所致。本集團的股東’ the period. The Groups loss attributable to shareholders was 應佔虧損為109,360,000元，相對去年同期 HK$109,360,000, decreased by 19.1% as compared to a 股東應佔虧損135,216,000元減少19.1%。 loss attributable to shareholders of HK$135,216,000 from 股東應佔虧損減少主要是由於以下因素的綜the same period last year. The decrease in loss attributable 合影：(i)由於按公平值列賬及於損益中處理 to shareholders was mainly due to the combined effect of (i) 之金融資產之公平值變動，淨額增加導致的其 the increase in other income and gains, net due to increase in 他收入及收益，淨額增加；及(ii))由於投資物業 change in fair value of financial assets at fair value through profit 公平值變動，淨額減少而導致的其他開支，淨 or loss, net; and (ii) the decrease in other expenses, net due to 額減少。以上影部份被(i)由於收入減少導致 decrease in change in fair value of investment properties, net 的毛利減少；及(ii)由於國內餐廳數量增加導致 during the period, which was partially offset by (i) the decrease 的銷售和分銷費用增加所抵銷。 of gross profit due to decrease in revenue; and (ii) the increase in selling and distribution expenses due to increase in number of restaurants in the Mainland. PROPERTY 地產 Turnover of property segment for the period ended 30 截至二零二四年九月三十日止期間，物業分September 2024 was HK$53,768,000 (2023: HK$53,950,000), 部?業額為53,768,000元（二零二三年：a slight decrease of 0.3% from the same period last year. The 53,950,000元），較去年同期輕微減少’ Groups rental income from investment properties for the period 0.3%。期內本集團投資物業之租金收入為was HK$52,742,000 (2023: HK$49,229,000), an increase 52,742,000元（二零二三年：49,229,000of 7.1% from the same period last year. There was no major 元），較去年同期增加7.1%。期內本集團之投change in the investment property portfolio and rental income 資物業組合沒有重大變化。租金收入增加主要 of the Group for the period. The increase in rental income 由於相對去年同期人民幣兌元匯價升值產生was mainly due to the exchange effect on the appreciation 的匯兌影所致。期內分部虧損為11,805,000of Renminbi against Hong Kong dollars as compared to 元（二零二三年：65,724,000元），相對去the same period last year. Segment loss for the period 年同期減少53,919,000元。分部虧損減少主was HK$11,805,000 (2023: HK$65,724,000), reduced by 要由於相對去年同期投資物業估值的公平值HK$53,919,000. The decrease in segment loss was mainly due 虧損淨額減少53,972,000元所致。 to the decrease in net fair value loss on investment property valuation of HK$53,972,000 from the same period last year. The Group’s 50% owned Dongguan Home Town project is 本集團擁有50%權益之東莞家廣場項目已in full operation, comprising the east tower of home furniture 完全投入運作，其中括總樓面面積109,000 and building materials centre with a total floor area of 平方米的東座家具及建築材料中心，及面積共109,000 sq.m. and the west and north towers of community 164,000平方米的西座及北座家居生活商場。 and shopping mall with a total area of 164,000 sq.m. The 期內商場引進了新品牌租戶及簽訂多份新租occupancy has improved during the period as new brand 約，商場的租用率因而有所提升。 MANAGEMENT DISCUSSION AND 管理層討論及分析（續） ANALYSIS (Continued) 業務回顧及展望（續） BUSINESS REVIEW AND PROSPECT (Continued) 餐飲、食品及酒店（續） RESTAURANT, FOOD AND HOTEL (Continued) 期內本集團餐飲?業額為136,807,000元 Restaurant turnover for the period was HK$136,807,000 (2023: （二零二三年：168,395,000元），較去年同 HK$168,395,000), a decrease of 18.8% from the same period 期減少18.8%。有關減少主要由於(i)於2023年 last year. The decrease was mainly attributable to (i) the close “ ” 年底前結束餘下的式「茶餐廳」門店；及(ii) of the remaining Hong Kong style Cha Chaan Teng（茶餐 隨著解除COVID-19疫情措施限制及中邊境 廳）restaurants before end of 2023; and (ii) the high base 通關，餐飲業務自二零二三年初出現急劇反 effect of a sharp rebounce of business in both Hong Kong 彈的高基數效應。另外，由於經濟疲弱，市場 and the Mainland following the lifting of COVID-19 pandemic 競爭愈趨激烈，顧客追求更高性價比的產品 restrictions and the re-opening of Hong Kong-Mainland borders 及消費模式有所改變等因素亦對本集團的香 since beginning of 2023. In addition, factors such as economic ’ 及國內餐飲業務造成負面影。管理層已 weakness, increasingly intense market competition, customers 作出多方面策略調整，括研發新菜式、提供 pursuit of products with higher value for money and changes 限時套餐優惠及改善顧客服務質素等以應對 in consumption patterns have also negatively impacted the 此挑戰。 Group’s restaurant business in Hong Kong and the Mainland. The management has implemented various strategic adjustments, including developing new dishes, offering limited-time meal promotions and improving customer service quality, etc. to address the challenges. 期內食品業務之?業額為58,527,000元（二 Food business turnover for the period was HK$58,527,000 零二三年：64,497,000元），較去年同期減 (2023: HK$64,497,000), a decrease of 9.3% from the same 少9.3%。食品業務?業額之減少主要由於今 period last year. The decrease in food business turnover mainly 年消費情低迷導致的月餅銷售下降。先 came from the decrease in moon cake sales due to the slump 進的海南食品廠房佔地面積29,968平方米，總 of consumer sentiment this year. The advanced Hainan food 樓面面積為58,114平方米。先進自動化的月餅 factory has a site area of 29,968 sq.m. and a total floor area of 生產線已全面投入運作。麵生產線亦投入 58,114 sq.m. The advanced automatic moon cake production 運作。此外，廠房亦計劃生產海南風味裝食 line is in full operation. The bread production line is also in 品及裝中式肉製品。管理層認為，食品業務 operation. Besides, the factory is expected to packaged Hainan 將會持續為本集團盈利及增長作出貢獻。 style food and Chinese style dry meat products. Management believes that the food business will continue to contribute to the ’ Groups profitability and growth. 期內香的麵業務的?業額為65,523,000 Hong Kong Bakery business turnover for the period was 元（二零二三年：64,836,000元），較去 HK$65,523,000 (2023: HK$64,836,000), an increase of 1.1% 年同期增加1.1%。管理層會繼續加強產品研 from the same period last year. Management will continue to 發，推出更多新產品以祈增加銷售。同時，對 strengthen product development and introduce more new 部份老舊但具潛力的麵門店進行重新裝修， products with the aim to boost sales. At the same time, some 以吸引新的客戶群並提高?業額。利駿集團 older but promising bakery stores are being renovated to attract 已完成生產部裝修，以及增購設備以擴大其 new customer segments and increase turnover. Profit Smart 產能。 group has undergone a renovation of the production areas and acquisition of additional equipment to increase its production capacity. MANAGEMENT DISCUSSION AND 管理層討論及分析（續） ANALYSIS (Continued) OUTLOOK (Continued) 展望（續） Management will continue to focus its business development in 管理層將繼續聚焦於大灣區的業務發展。管理 the Greater Bay Area. Management is of the view that demand 層認為，該地區的需求及消費能力會仍然保and consumer spending will remain resilience and sustainable 持韌性及可持續。本集團將憑藉已建立的「佳 in the area. The Group will leverage on its established branding 寧娜」潮州菜和「順意」順德菜的品牌美譽， “ ” “ ” and reputation of the Carrianna Chao Zhou and Shun Yi 繼續於該地區穩步擴展其餐飲業務。 Shunde cuisine and will continue to expand its restaurant business steadily in the region. On the property development side, the investment property 物業發展方面，內地及香投資物業組合會繼portfolio in the Mainland and Hong Kong continues to provide 續為本集團帶來穩定收入來源。雖然近期香steady income flow to the Group. While there is recent 地產市場出現緩滯，管理層認為有限的土sluggishness of the Hong Kong property market, management 地供應和剛性的終端用戶置業需求長遠來說believes that the limited land supply and strong end-user 會繼續為香住宅物業市場提供支持。。隨著demand will continue to provide support to the residential 政府於二零二四年二月底宣佈相關香地產’ property market in the long run. With the Hong Kongs property 撤辣措施，本集團擁有50%權益的深水?海壇 relaxation measures announced by the government at end 街重建項目已錄得103個住宅單位的銷售。管’ of February 2024, the Groups 50% owned Haitan Street re- 理層對未來數月內出售餘下12個的住宅單位development project in Shum Shui Po has recorded a total 保持樂觀。 sale of 103 residential units to date. Management is optimistic on the sale of the remaining 12 residential units in the coming months. ’ Building on the solid foundation of the Groups food business 建基本集團食品業務的深厚基礎及生產設施and capacity of the production facilities, the Group will continue 能力，本集團會繼續擴展其於內地市場的食 to expand its food business in the Mainland market. Besides 品業務。除佳寧娜月餅外，先進的海南食品廠 the Carrianna mooncake, the bread production line of the 的麵生產線已在運作。該工廠亦計劃生產advanced Hainan food factory is also in operation. The factory 海南風味裝食品和中式肉製品。本集團將 is also expected to produce packaged Hainan style food and 在該領域推出更多新產品和注入新元素。管Chinese style dry meat products. The Group will introduce 理層認為，食品業務在未來數年將成為本集more new products and elements in the sector. Management 團盈利及增長的另一主要動力。 ’ believes that food business will become the Groups another key driver of profitability and growth in the next few years.The Group anticipates that the prevailing high interest rates 本集團預計當前高利率狀況將持續一段相當 will continue for an extended period, significantly raising its 長時間，會大幅增加集團?運成本。為應對有 operating costs. In response to these ongoing economic 關挑戰，本集團將繼續致力於實施嚴格的?challenges, the Group is focused on implementing stringent 運成本控制措施，以及提高工作流程效率。本cost control measures and improving workflow efficiency 集團將繼續審視市場情況，並因應市場變化across its operations. Furthermore, the Group will actively 調整其業務策略，以提升其競爭能力，實現集 monitor market conditions and adapt its business strategies to 團在香和內地市場的持續業務增長。 align with emerging trends, aiming to enhance competitiveness and sustain growth in its operating markets in Hong Kong and Mainland China. MANAGEMENT DISCUSSION AND 管理層討論及分析（續） ANALYSIS (Continued) FINANCIAL REVIEW (Continued) 財務回顧（續） LIQUIDITY AND FINANCIAL RESOURCES (Continued) 流動資金及財政資源（續）The Group’s gearing ratio, which was defined as the Group’s 本集團之資本負債比率（即本集團附息之銀 interest-bearing bank borrowings and convertible bonds, net 行借貸及可換股債券減現金及銀行結餘及已of cash and bank balances and pledged time deposits as a 抵押定期存款後佔權益總值之百分比）約為’ percentage of the Groups total equity, was approximately 41.2%（二零二四年三月三十一日：42.8%）。 41.2% (31 March 2024: 42.8%). The Group adopts a conservative treasury policy in cash and 本集團於現金及財務管理方面採取審慎庫務’ financial management. The objective of the Groups treasury 政策。本集團的庫務政策目的旨在維持良好policy is to maintain a sound financial position by holding an 的財務狀況，並持有充裕現金水平以應付其 appropriate level of cash to meet its operating requirements 經?需求及長期業務發展需要。 and long-term business development needs. The Group generally funds the operations from internal 本集團一般以內部資源、投資收入及銀行借resources, investment income and bank borrowings. The 貸為其?運提供資金。流動資金需求主要liquidity needs mainly comprise general working capital, 括一般?運資金、資本支出及投資，以及償還capital expenditure and investment, and repayment of bank 銀行借貸及利息。 borrowings and interest. During the period under review, management closely monitored 在回顧期內，管理層緊密監測現金狀況，確保 the cash position of the Group from time to time to ensure 有足夠現金應付不時的財務及?運需要。在現that it was adequate to finance the financial and operational 金結餘增加的情況下，管理層將會根據董事會 requirements. With the increase in the level of cash balance, 的集團策略及方向動用資金作適當的投資。 management will utilize it for appropriate investments in ’ accordance with the Groups strategies and directions from the Board. MATERIAL ACQUISITIONS AND 附屬公司、聯?公司及合?企業 DISPOSALS OF SUBSIDIARIES, 的重大收購及出售 ASSOCIATES AND JOINT VENTURES On 26 April 2024, Carrianna Chinese Food (Hong Kong) 於二零二四年四月二十六日，佳寧娜中式食Limited (“Carrianna (HK)”) (being an indirect wholly-owned 品（香）有限公司（「佳寧娜（香）」）（本 subsidiary of the Company) and 佳寧娜（佛山）企業有限公司 公司的間接全資附屬公司）及佳寧娜（佛山）# (Carrianna (Foshan) Enterprise Co., Ltd. ) (“Carrianna (Foshan)”) 企業有限公司（「佳寧娜（佛山）」）（本公司 (being a direct wholly-owned subsidiary of the Company) (the 的直接全資附屬公司）（作為賣方）、益陽半 “Vendors”), 益陽半島酒店管理有限公司 (Yiyang Bandao Hotel 島酒店管理有限公司（作為買方）、益陽佳寧 # “ ” Management Company Limited) (the Purchaser ), 益陽佳寧 娜國際酒店管理有限公司（一間於中國成立娜國際酒店管理有限公司 (Yiyang Carrianna International Hotel 之有限公司，由佳寧娜（香）及益陽市銀湘 # Management Company Limited ), a company established in the 國有資產投資運?集團有限公司（「益陽市銀PRC with limited liability and is owned as to 90% by Carrianna 湘」）擁有90%及10%權益）（作為出售公司） (HK) and as to 10% by 益陽市銀湘國有資產投資運?集團有 及本公司（作為擔保人）就出售事項訂立買賣限公司 (Yiyang Shi Yinxiang State Owned Assets Investment 協議。根據買賣協議，賣方同意出售而買方同# Operating Group Company Limited ), a state-owned enterprise 意購買注資後出售公司的全部股權（「銷售股 established in the PRC with limited liability (“Yiyang Shi 權」），總代價為人民幣130,000,000元（相當 ” “ ” Yinxiang ) (the Disposal Company ) and the Company as 於約140,200,000元），惟須受買賣協議條款guarantor entered into the Sale and Purchase Agreement in 所規限。 relation to the disposal of the Disposal Company. Pursuant to the Sale and Purchase Agreement, the Vendors agreed to sell, and the Purchaser agreed to purchase, the entire equity interest of the Disposal Company after the Capital Injection (the “Sale ” Equity Interest ) for an aggregate consideration of RMB130 million (equivalent to approximately HK$140.2 million) subject to the terms of the Sale and Purchase Agreement. ’ ’ DIRECTORS AND CHIEF EXECUTIVES 董事及主要行政人員於股份及相 INTERESTS AND SHORT POSITIONS IN 關股份之權益及淡倉 SHARES AND UNDERLYING SHARES As at 30 September 2024, the interests and short positions 於二零二四年九月三十日，本公司之董事及主of the directors and chief executives of the Company in the 要行政人員於本公司或其任何相聯法團（定shares, underlying shares and debentures of the Company or 義見《證券及期貨條例》（「《證券及期貨條any of its associated corporations (within the meaning of Part 例》」）第XV部）之股份、相關股份及債券中擁 “ ” XV of the Securities and Futures Ordinance (the SFO )) as 有之權益及淡倉，須登記於本公司根據《證券recorded in the register required to be kept by the Company 及期貨條例》第352條規定須予存置之登記冊pursuant to Section 352 of the SFO; or as otherwise notified to 內；或根據上市規則之上市公司董事進行證 the Company and the Stock Exchange pursuant to the Model 券交易之標準守則（「標準守則」）須另行知會Code for Securities Transactions by Directors of Listed Issuers 本公司及聯交所之權益及淡倉如下：(the “Model Code”) under the Listing Rules, were as follows:(a) The Company (a) 本公司 Underlying Percentage Number of ordinary shares held shares of the ’ and nature of interests pursuant to Company s Capacity/ Personal Family Other share options issued share Name of director nature of interests interests interests interests (note 1) Total capital根據購股權之 佔本公司 持有普通股股份數目及權益性質 相關股份數目 已發行股本 董事姓名 身份╱權益性質 個人權益 家族權益 其他權益 （附註1） 合共 百份比Ma Kai Cheung Beneficial owner, security 361,283,986 7,050,000 259,129,025 – 627,463,011 (L) 39.93馬介璋 interest in shares, interest (note 2) (note 3) of spouse and beneficiary （附註2） （附註3） of trust 實益擁有人，抵押股份權益， 配偶權益及信託受益人 Ma Kai Yum Beneficial owner, security 204,688,714 3,200,000 101,201,040 – 309,089,754 (L) 19.67馬介欽 interest in shares, interest (note 4) (notes 5 & 6) of spouse and beneficiary （附註4） （附註5和6） of trust 實益擁有人，抵押股份權益， 配偶權益及信託受益人 Ma Hung Ming, John Beneficial owner 476,000 – – 2,000,000 2,476,000 (L) 0.16馬鴻銘 實益擁有人 Chan Francis Ping Kuen Beneficial owner – – – 6,000,000 6,000,000 (L) 0.38陳炳權 實益擁有人 L – Long position 好倉 ’ ’ DIRECTORS AND CHIEF EXECUTIVES 董事及主要行政人員於股份及相 INTERESTS AND SHORT POSITIONS IN 關股份之權益及淡倉（續） SHARES AND UNDERLYING SHARES (Continued) (b) Subsidiaries (b) 附屬公司 Percentage of the subsidiary’s issued share Name of Number of Type of capital (Ordinary Name of subsidiaries directors Capacity shares held (L) shares shares)佔附屬公司 已發行股本百份比 附屬公司名稱 董事姓名 身份 所持股份數目 (L) 股份類別 （普通股份）Ginza Development Ma Kai Cheung Beneficial owner 15 Ordinary 0.68Company Limited 馬介璋 實益擁有人 普通股 金必多發展有限公司 Ginza Development Ma Kai Yum Beneficiary of trust 66 Ordinary 3Company Limited 馬介欽 信託受益人 普通股 金必多發展有限公司 Gartrend Development Ma Kai Cheung Beneficial owner 500,000 Non-voting N/ALimited 馬介璋 實益擁有人 deferred 不適用 嘉堅發展有限公司 無投票權 遞延股份 Gartrend Development Ma Kai Yum Beneficial owner 500,000 Non-voting N/ALimited 馬介欽 實益擁有人 deferred 不適用 嘉堅發展有限公司 無投票權 遞延股份 Tak Sing Alliance Limited Ma Kai Cheung Beneficial owner 9,000 Non-voting N/A馬介璋 實益擁有人 deferred 不適用 無投票權 遞延股份 Tak Sing Alliance Limited Ma Kai Yum Beneficial owner 1,000 Non-voting N/A馬介欽 實益擁有人 deferred 不適用 無投票權 遞延股份 昆明佳寧娜食品有限公司 Ma Kai Cheung Beneficial owner N/A N/A 15馬介璋 實益擁有人 不適用 不適用 L – Long position 好倉 In addition to the above, Ma Kai Cheung and Ma Kai Yum 除以上所述外，馬介璋及馬介欽代本集have non-beneficial personal equity interests in certain 團持有若干附屬公司的非實益個人股本subsidiaries held for the benefit of the Group solely for 權益，此乃僅為符合過往年度公司股東the purpose of complying with their minimum company 數目的最低規定而持有。 membership requirements in prior year. INFORMATION ON SHARE OPTION 有關購股權計劃的資料（續） SCHEME (Continued) 2015 OPTION SCHEME (Continued) 二零一五年購股權計劃（續） 3. Total number of shares available for issue and 3. 可供發行之股份總數及佔二零二四percentage to the issued share capital as at 30 年九月三十日已發行股本之百分比 September 2024 The total number of shares available for issue under 二零一五年購股權計劃中可予發行的股the 2015 Option Scheme was 125,388,753 shares 份數目為125,388,753股股份，佔本公司representing 7.98% of the issued share capital of the 於二零二四年九月三十日已發行股本的Company as at 30 September 2024. 7.98%。 4. Maximum entitlement of each participant 4. 各參與可獲發行之股份數目上限The total number of shares issued and which may fall 於任何十二(12)個月期間內，因行使根據to be issued upon exercise of the options to be granted 二零一五年購股權計劃將予授出之購股under the 2015 Option Scheme (including both exercised 權（括已行使或未行使購股權）而發行and outstanding options) to each eligible participant in any 及可能發行予各合資格參與之股份總twelve (12)-month period shall not exceed one per cent 數，不得超過本公司當時已發行股本之(1%) of the issued share capital of the Company for the 百分之一(1%)（「個別限額」）。凡於截至time being (“Individual Limit”). Any further grant of options 進一步授出日期（括該日）止任何十二 in excess of the Individual Limit in any twelve (12)-month (12)個月期間內進一步授出超過個別限額period up to and including the date of such further 之任何購股權，須向股東刊發通函，並於grant shall be subject to the issue of a circular to the 本公司股東大會取得股東批准，而有關shareholders and the shareholders’ approval in general 合資格參與及其聯繫人須放棄投票。 meeting of the Company with such eligible participant and 授予有關合資格參與之購股權之數目his associates abstaining from voting. The number and 及條款（括行使價）必須於尋求股東terms (including the exercise price) of the options to be 批准前確定，而根據上市規則第17.03Egranted to such eligible participant must be fixed before 條，就計算行使價而言，建議有關進一步the shareholders’ approval and the date of board meeting 授出之董事會會議日期應被視為授出日for proposing such further grant should be taken as the 期。 date of grant for the purpose of calculating the exercise price under Rule 17.03E of the Listing Rules. 5. The period within which the shares must be taken 5. 必須根據購股權認購股份之期限 up under an option The period during which a share option may be exercised 董事可全權酌情決定購股權的行使期，will be determined by the directors at their absolute 惟以購股權獲授出後十年為限。 discretion, save that no share option may be exercised more than 10 years after grant. 6. Payment on acceptance of an option 6. 接納購股權之付款 An option shall be deemed to have been granted and 本公司一經於購股權文件所規定之相關accepted by the grantee and to have taken effect when 接納日期或之前收到由承授人正式簽署the duplicate notice of grant constituting acceptance 構成接納購股權之通知副本，連同付予of the option duly signed by the grantee, together with 本公司之1.00元款項作為授出購股權a remittance in favour of the Company of HK$1.00 by 之代價後，購股權將被視作已授出及已way of consideration for the grant thereof is received by 獲承授人接納並生效。該等款項於任何the Company on or before the relevant acceptance date 情況均不獲退還，亦不應被視作購股權as stipulated in the option documents. Such remittance 行使價之部份付款。 shall in no circumstances be refundable and shall not be INFORMATION ON SHARE OPTION 有關購股權計劃的資料（續） SCHEME (Continued) ’ 下表披露期內本公司根據二零一五年購股權 The following table discloses the movements in the Companys share options outstanding under the 2015 Option Scheme 計劃項下尚未行使之購股權變動：during the period: Number of share options 購股權數目 Closing price Exercise at grant Granted Exercised Forfeited At Date of Exercise price of date of At 1 April during during during the 30 September grant of period of share share2024 the period the period period 2024 share options share options options options(Note 1) (Note 2) HK$ per share HK$ per share 於 於 於購股權 二零二四年 於期內 二零二四年 授出 行使 行使 授出日期 四月一日 於期內授出 於期內行使 失效 九月三十日 購股權日期 購股權期間 購股權價格 之收市價（附註1） （附註2） 每股元 每股元 Executive Directors 執行董事 Ma Hung Ming, John 1,000,000 – – – 1,000,000 20-2-2020 20-2-2020 to 0.714 0.70馬鴻銘 19-2-2025 1,000,000 – – – 1,000,000 20-2-2020 20-2-2021 to 0.714 0.7019-2-2026 Chan Francis Ping Kuen 2,000,000 – – – 2,000,000 20-2-2020 3-6-2020 to 0.714 0.70陳炳權 2-6-2025 2,000,000 – – – 2,000,000 20-2-2020 3-6-2021 to 0.714 0.702-6-2026 2,000,000 – – – 2,000,000 20-2-2020 3-6-2022 to 0.714 0.702-6-2027 8,000,000 – – – 8,000,000 Other continuous contract 1,500,000 – – – 1,500,000 20-2-2020 20-2-2020 to 0.714 0.70employees 19-2-2025 其他連續合約僱員 1,500,000 – – – 1,500,000 20-2-2020 20-2-2021 to 0.714 0.7019-2-2026 3,000,000 – – – 3,000,000 In aggregate 總計 11,000,000 – – – 11,000,000 Notes: 附註： 1. The vesting period of the share options is from the date of the 1. 購股權賦予權利的期限是由授出當日計算 直至行使期的開始日。 grant until the commencement of the exercise period. 2. 購股權的行使價是受到如發行股權股或派送 2. The exercise price of the share options is subject to adjustment in the case of rights or bonus issues, or other similar changes in 紅股，或本公司股本類同的更動而調整。 ’ the Companys share capital. SUBSTANTIAL SHAREHOLDERS (Continued) 主要股東（續） Number of Percentage of the Capacity/ ordinary Company’s issued Name of shareholder nature of interests Notes shares held share capital持有 佔本公司 主要股東 身份╱權益性質 附註 公司普通股數目 已發行股本百份比Golden Yield Holdings Limited Interest in controlled d 259,129,025 (L) 16.49corporations 受控公司權益 Regent World Investments Limited Holding corporation d 184,121,625 (L) 11.72直接控股公司 Wealthy Platform Limited Interest in controlled e 101,201,040 (L) 6.44corporations 受控公司權益 Bond Well Investments Limited Holding corporation d 75,007,400 (L) 4.77直接控股公司 Grand Wealth Investments Limited Holding corporation e 74,651,040 (L) 4.75直接控股公司 L – Long position 好倉 S – Short position 淡倉 Notes: 附註： a. The 627,463,011 shares comprised: a. 該627,463,011股股份括：i. 361,283,986 shares owned by Ma Kai Cheung; i. 由馬介璋擁有的361,283,986股股份；ii. interest in 7,050,000 shares owned by Cheung Lin Kiu, the ii. 由馬介璋的妻子張蓮嬌擁有的spouse of Ma Kai Cheung; and 7,050,000股股份之權益；及 iii. interest in 259,129,025 shares indirectly held by a iii. 由馬介璋及其家人為受益人的全權信discretionary trust of which Ma Kai Cheung and his family 托間接持有的259,129,025股股份之權are the beneficiaries (same block of shares disclosed in (d) 益（為下文(d)所披露的同一批股份）。 below). b. The 309,089,754 shares comprised: b. 該309,089,754股股份括：i. 204,688,714 shares owned by Ma Kai Yum; i. 由馬介欽擁有的204,688,714股股份；ii. interest in 3,200,000 shares owned by Kwok Kit Mei, the ii. 由馬介欽的妻子郭潔薇擁有的spouse of Ma Kai Yum; and 3,200,000股股份之權益；及 iii. interest in 101,201,040 shares indirectly held by a iii. 由馬介欽及其家人為受益人的全權信discretionary trust of which Ma Kai Yum and his family are 托間接持有的101,201,040股股份之權the beneficiaries (same block of shares disclosed in (e) 益（為下文(e)所披露的同一批股份）。 below). CONTINUING DISCLOSURE 上市規則之持續披露責任 OBLIGATIONS OF THE LISTING RULES LOAN AGREEMENT WITH COVENANTS 貸款協議截有關於控股股東須履行RELATING TO SPECIFIC PERFORMANCE 特定責任的條件（第十三章第13.18OBLIGATION OF THE CONTROLLING 條） SHAREHOLDERS (RULE 13.18 OF CHAPTER 13) The agreement for the following loan to the Group imposes 下列給予本集團貸款之協議規定本公司之控specific performance obligations on the controlling shareholders 股股東須履行特定責任：of the Company: Outstanding balance of Specific bank facilities as at Final maturity performance 30 September 2024 of bank facilities obligations (HK$’000) 於二零二四年九月三十日 銀行貸款最後到期日 須履行特定責任 未償還銀行貸款餘額 （千元） 86,518 19 May 2027 (Note) 二零二七年五月十九日 （附註） Note: 附註： Mr. Ma Kai Cheung, the Honorary Chairman and the controlling 本公司之名譽主席及控股股東馬介璋先生持有本 shareholder of the Company, holds 39.93% shareholding interest in the 公司39.93%之股本權益，及本公司之主席馬介欽先 Company, and Mr. Ma Kai Yum, the Chairman of the Company, holds 生持有本公司19.67%之股本權益，其承諾將保持其 19.67% shareholding interest in the Company, undertake to maintain a 持股量合共不少於本公司股份42%。 total of at least 42% of the shares of the Company. AUDIT COMMITTEE 審核委員會 The Audit Committee comprises three independent non- 審核委員會由本公司三名獨立非執行董事勞executive directors of the Company, namely Mr. Lo Ming Chi, 明智先生（主席）、黃思競先生及張華峰先生 Charles (Chairman), Mr. Wong See King and Mr. Cheung Wah 組成。（未完）  |