Masterbeef Group (NASDAQ: MB)

MasterBeef Group is a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue. As of the date of this Annual Report, through its Hong Kong Operating Subsidiaries, the company operates 12 restaurant outlets under its Master Beef and Anping Grill brands. These outlets generated approximately 94.1% of the company's revenue for the financial year ended December 31, 2025. MasterBeef Group focuses on delivering quality and value-for-money Taiwanese cuisine to customers in Hong Kong.

MasterBeef Group generates revenue primarily through dine-in restaurant sales at its Master Beef and Anping Grill outlets. The company operates on an all-you-can-eat model, charging customers a fixed price for dining within a stipulated time period of two to three hours. Revenue is also derived from a standard service fee of 10% recognized by its Hong Kong Operating Subsidiaries. Additional revenue streams include the retail sale of packaged signature hotpot soup base and other semi-finished food products produced in its central kitchen.

The company operates through the following segments: Master Beef and Anping Grill.

• Master Beef: This segment operates all-you-can-eat hotpot restaurants specializing in authentic Taiwanese hotpot soup and hotpot dishes. The brand offers a wide mix of ingredients to create various hotpot soup bases served with sliced meat dishes such as beef, pork, and chicken. Customers can choose from different buffet set menus based on beef quality and food variety, and enjoy Taiwanese street food and drinks at the restaurant outlets. Master Beef（牛大人） is a registered trademark in Hong Kong, Japan, Republic of Korea, Malaysia, Singapore, and Taiwan.

• Anping Grill: This segment operates all-you-can-eat barbecue restaurants specializing in Taiwanese barbecue with high-quality meat and classic Taiwanese night market snacks. The brand offers freshly prepared drinks and special sauces, providing an authentic Taiwanese barbecue experience. Customers can choose from different buffet set menus based on beef quality and food variety, with signature dishes including authentic Taiwanese barbecue with beef slices and seafood. Anping Grill（安平燒肉） is a registered trademark in Hong Kong and Taiwan.

MasterBeef Group holds a leading position in Hong Kong's Taiwanese cuisine market, with its Master Beef brand ranked first among specialty and Taiwanese hotpot restaurant chains in terms of revenue in 2023 according to the Frost & Sullivan Report. The group, comprising Master Beef and Anping Grill brands, ranked first in the overall Taiwanese cuisine market in Hong Kong with a market share of approximately 9.7% in terms of revenue. Competitive advantages include a strong brand identity, consistent food quality through centralized kitchen operations, menu innovation, and an experienced management team with over 10 years of industry experience on average.

MasterBeef Group serves retail customers from the general public in Hong Kong. The company's customer base consists of individuals seeking authentic Taiwanese hotpot and barbecue dining experiences. As of December 31, 2025, the company had approximately 597,000 members in its membership schemes for Master Beef and Anping Grill, demonstrating customer loyalty and repeat patronage. No single customer accounted for 5% or more of the group's total revenue during the three years ended December 31, 2023, 2024, and 2025.