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Top Form International (333) investor relations material

Top Form International H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary25 Sep, 2025

Executive summary

  • Revenue rose 7.6% year-over-year to HK$1,215.7 million, driven by higher sales in the U.S. and Europe.

  • Net loss of HK$28.0 million, compared to a profit of HK$1.5 million last year, mainly due to increased costs and operational disruptions.

  • Adjusted net loss, excluding exceptional items, was HK$0.9 million.

  • No dividend declared for the year.

Financial highlights

  • Gross profit decreased to HK$242.0 million from HK$255.5 million; gross margin fell from 22.6% to 19.9%.

  • Other net income dropped to HK$15.9 million, impacted by lower government grants and fair value losses.

  • Selling and distribution expenses increased to HK$44.2 million, mainly due to additional delivery costs.

  • General and administrative expenses remained stable at HK$222.0 million.

  • Finance costs rose to HK$21.5 million, primarily from higher bank charges.

Outlook and guidance

  • Persistent global economic uncertainties, trade conflicts, and inflationary pressures expected to continue.

  • Focus remains on innovation, supply chain agility, and operational efficiency to navigate volatility.

  • Disciplined execution and diversification efforts to support sustainable growth.

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Frequently asked questions

Top Form International Limited is a Hong Kong-based company engaged in the design, manufacture, and distribution of intimate apparel. The company produces bras, panties, shapewear, and related undergarments, primarily as an original equipment manufacturer (OEM) and original design manufacturer (ODM) for global lingerie brands. It operates manufacturing facilities in various Asian countries and serves clients in North America, Europe, and Asia. Top Form International also manages its own branded products and retail operations in select markets. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.

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