Theme International (990) H2 2025 earnings summary

Executive summary

• Net profit increased to HK$822.6 million for 2025, up from HK$371.9 million in 2024, driven by stable performance in both distribution/trading and financial services segments, and higher share of profits from associates.

• Revenue declined 48% year-over-year to HK$21.4 billion, mainly due to a sharp drop in trading volume of silver and gold ingots after ceasing related operations in H2 2024.

• Gross profit decreased to HK$816 million from HK$1,033 million, reflecting lower trading activity.

• Basic earnings per share rose to HK5.18 cents from HK2.20 cents.

Financial highlights

• Distribution, trading, and processing revenue fell to HK$20.5 billion (2024: HK$40.0 billion); financial services revenue remained stable at HK$847.5 million.

• Segment profit before interest and tax: distribution/trading at HK$490.5 million (2024: HK$171.0 million); financial services at HK$248.0 million (2024: HK$252.9 million).

• Other gains of HK$340.6 million (2024: losses of HK$135.6 million) included government grants, derivative gains, and offsetting customer default and goodwill impairment.

• Share of profits from associates surged to HK$200.4 million (2024: HK$45.7 million), mainly from Green Esteel.

• Net assets increased to HK$8.4 billion (2024: HK$7.2 billion); current ratio stable at 1.39; gearing ratio rose to 0.07.

Outlook and guidance

• Focus remains on expanding both financial services and distribution/trading businesses in 2026.

• Plans include further fund launches in asset management, expansion in Indonesia and Australia, and continued M&A activity in Asia-Pacific.