MasterBeef Group

• MasterBeef Group
• Consumer Services

MB

Offering Team

Pre-IPO Investors

Deal Highlights

Our Group’s revenue decreased by approximately HK$12.7 million or 4.9%, from approximately HK$257.0 million for the six months ended June 30, 2023 to approximately HK$244.3 million (approximately US$31.3 million) for the six months ended June 30, 2024, and increased by approximately HK$75.6 million or 16.6%, from approximately HK$456.7 million for the year ended December 31, 2022 to approximately HK$532.3 million (approximately US$68.1 million) for the year ended December 31, 2023.

We opened one Master Beef restaurant outlet in 2022 and one Master Beef and one Anping Grill restaurant outlet in 2023, respectively, which contributed to approximately 1.9%, 8.2% of revenues for the year ended December 31, 2023, and 2022, respectively. For more details regarding our results of operations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations.”

As at December 31, 2023, apart from the 12 restaurant outlets under the brands of Master Beef and Anping Grill mentioned above, we also operated three Chubby Bento Taiwanese bento outlets and one Bao Pot Taiwanese stone pot outlet. In the first quarter of 2024, we opened two new Taiwanese noodles outlets under the brand of Chubby Noodles. To streamline the Group’s corporate structure and recalibrate business strategies and resources, on May 14, 2024, the Group disposed of its operations in Chubby Bento, Chubby Noodles and Bao Pot to Galaxy Shine Company Limited and Thrivors Holdings Limited, our principal shareholders and related parties. For the pro forma impact of the disposal on our historical financial data, see “Unaudited Pro Forma Condensed Consolidated Financial Information”. As at the date of the prospectus, the Group operates 12 restaurant outlets under the brands of Master Beef and Anping Grill.
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Our Group’s revenue decreased by approximately HK$12.7 million or 4.9%, from approximately HK$257.0 million for the six months ended June 30, 2023 to approximately HK$244.3 million (approximately US$31.3 million) for the six months ended June 30, 2024, and increased by approximately HK$75.6 million or 16.6%, from approximately HK$456.7 million for the year ended December 31, 2022 to approximately HK$532.3 million (approximately US$68.1 million) for the year ended December 3 More

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