2024-08-21-港交所-1957_CO._中期业绩报告_2024_34页_5mb

Hong Kong Stock Exchange Growth Enterprise Market (GEM) Overview

• Purpose: Provides a listing platform for small to medium-sized companies.
• Investment Risk: Higher risks compared to the main board due to the nature of these companies.
• Key Points: Investors should be aware of potential risks and make well-considered investment decisions. The market for securities on GEM may be more volatile, and liquidity cannot be guaranteed.

Company Overview

• Name: 1957 & Co. (Hospitality) Limited
• Core Business: Restaurant operations and catering management & consulting services (Hong Kong, Macau, China).
• Focus: Providing various cuisines (Japanese, Thai, Vietnamese, Chinese, Italian) in high-quality settings.

Financial Performance (Unaudited Six-Month Report)

• Revenue: HKD 228.7 million (up 2.4% YoY).
• EBITDA: Loss before taxes of HKD 2.7 million (down from HKD 10.6 million).
• Net Loss: HKD 4.4 million (down from HKD 10.9 million).
• Cash Position: HKD 62.3 million in cash and equivalents.

Key Financial Metrics

1. Revenue Breakdown: Primarily driven by Chinese and Japanese restaurant operations.
2. Cost Structure:
   • Cost of Sales: HKD 57.29 million (25.0% of revenue).
   • Employee Expenses: HKD 87.6 million (38.3%).
3. Funding Costs: HKD 4.793 million (up YoY).
4. Capital Structure:

• Assets: HKD 303.3 million.
• Liabilities: HKD 234.1 million.
• Debt-to-Equity Ratio: 67.6% (down from 71.5%).

Business Highlights

• New Developments:
  • Opened a new Shanghai restaurant (御·家 Shanghai) in Kowloon.
  • Closed a Nikkou restaurant in Tai Po.
• Strategic Focus: Diversifying the "御·家" brand to cater to the大众 market, focusing on value and family-friendly dining.
• Consulting Services: Offering pre-opening and ongoing management consulting for investors.

Risks and Challenges

• Market Volatility: Linked to Hong Kong's economic stability.
• Operational Costs: High due to ingredient, labor, and rental expenses.
• Regulatory Compliance: Adherence to listing regulations and corporate governance standards.

Governance and Compliance

• Follows the corporate governance guidelines under GEM listing rules.
• Independent committees review financial reports.
• Transparent disclosures regarding shareholder stakes and executive compensation.