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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Top Form International
Top Form International (333) investor relations material
Top Form International H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary29 Sep, 2026
Executive summary
Revenue declined 17.3% year-over-year to HK$1,005.9 million, mainly due to lower US sales amid global economic and geopolitical uncertainties.
Net loss widened to HK$86.7 million from HK$28.0 million last year, driven by reduced order volumes and lower gross margin.
Gross profit margin decreased to 18.4% from 19.9%, reflecting under-absorption of fixed costs and a shift to lower-margin products.
No final or interim dividend was declared for the year.
Financial highlights
Revenue: HK$1,005.9 million (down 17.3% year-over-year).
Gross profit: HK$184.9 million (down from HK$242.0 million); gross margin: 18.4%.
Net loss: HK$86.7 million (vs. HK$28.0 million loss last year).
Other net income: HK$16.8 million (up from HK$15.9 million).
Finance costs: HK$15.7 million (down from HK$21.5 million).
Outlook and guidance
Operating environment expected to remain challenging due to macroeconomic and geopolitical uncertainties.
Demand visibility remains limited, but new customer onboarding and signs of order recovery from a major customer noted in Q4 FY2026.
Focus remains on cost management, operational efficiency, and financial flexibility.
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Latest events from Top Form International
- Q3 2026 sales fell 21.8% year-over-year, with lower U.S. demand and ongoing market challenges.333
Q3 2026 - Revenue fell 22.1% and net loss widened as macroeconomic and geopolitical headwinds persisted.333H1 2026
- Sales dropped 25% year-on-year as US trade volatility pressured demand and margins.333Q1 2026
- Revenue up 7.6% but net loss of HK$28.0M; margin and outlook pressured by global headwinds.333H2 2025
- Q3 sales up 2.5% year-over-year, but gross margin pressured by changing mix and trade volatility.333Q3 2025
- Q1 FY2025 sales surged 37% year-over-year, but margins and costs were impacted by operational shifts.333Q1 2025
- Revenue up 12.2% and net profit positive, driven by US demand and improved margins.333H2 2024
- Q3 sales up 11.9% year-over-year, driven by US demand and higher gross margins.333Q3 2024
- Revenue up 25%, but net loss widened due to one-off plant suspension costs.333H1 2025
Next Top Form International earnings date
Q1 202725 Nov, 2026
Top Form International
Next Top Form International earnings date
Q1 202725 Nov, 2026
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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.