TOP FORM INT'L (00333) announced that the Group is expected to record a net loss of not more than HK$40 million for the six months ending December 31, 2025. This compares to a net loss of HK$15.8 million for the corresponding period in 2024. The Board of Directors attributes the anticipated loss primarily to the following factors: a significant decline in revenue, driven by reduced order volumes from key clients. This reflects more cautious and proactive inventory management by customers against a backdrop of heightened geopolitical uncertainty, volatile global trade conditions, and expectations of price adjustments potentially affecting consumer demand; and a decrease in gross profit margin, mainly due to underutilized capacity leading to insufficient absorption of fixed costs, coupled with a product mix skewed toward lower-margin items.