THAC Group (Holdings) Limited, trading as CLASSIFIED GP (08232), released its unaudited results for the twelve months ended 31 December 2025. Key figures and operational highlights are as follows:

• Revenue climbed 21.00% year-on-year to HK$43.25 million (2024: HK$35.74 million), driven by the launch of the new Chinese casual dining brand “Jasmine Harbour”, which contributed HK$16.63 million. Western casual brand “Classified” generated HK$26.63 million, a 25.50% decline due to store closures at lease expiry.

• Loss attributable to owners increased to HK$8.69 million (2024: HK$8.31 million); basic loss per share widened to 15.58 HK cents (2024: 14.91 HK cents).

• Segment performance: Chinese Casual recorded a profit of HK$0.97 million, partially offsetting a HK$0.67 million loss in Western Casual. Unallocated corporate expenses and other items totalled HK$8.62 million.

• Gross cost pressures persisted: raw materials and consumables surged 36.59% to HK$12.18 million; staff costs rose 8.69% to HK$20.31 million; depreciation nearly doubled to HK$4.19 million following restaurant expansion.

Balance Sheet and Liquidity

• Cash and cash equivalents improved to HK$3.80 million (31 Dec 2024: HK$0.82 million) after net operating cash inflow of HK$13.15 million.

• Capital expenditure reached HK$6.92 million, mainly for new restaurant fit-outs; proceeds of HK$0.80 million from asset disposals partly offset this outlay.

• Lease liabilities ballooned to HK$31.74 million (31 Dec 2024: HK$2.40 million) reflecting additional right-of-use assets of HK$32.22 million.

• Current ratio deteriorated to 0.47 (31 Dec 2024: 1.46) and net current liabilities stood at HK$11.65 million, versus net current assets of HK$8.28 million a year earlier. Net assets dropped to HK$0.82 million (31 Dec 2024: HK$9.51 million).

Capital Structure and Dividends

• Issued share capital remained unchanged at 55.75 million shares; no dividend was declared for the period.

Operational Developments

• One Western casual outlet and several under-performing locations were closed, while “Jasmine Harbour” in Tuen Mun commenced operations in September 2025.

• Two additional restaurants are scheduled to open in 1Q 2026, according to announcements dated 23 and 29 December 2025.

Outlook

Management cites ongoing challenges from rising input costs, labour shortages and the trend of Hong Kong residents spending weekends in Mainland China. Strategic responses include supply-chain restructuring, takeaway product expansion, and diversification into different dining formats to stabilise earnings.