Tycoon Group Holdings Limited released its audited results for the year ended 31 December 2025 (FY2025), highlighting a significant turnaround driven by the full reconsolidation of its e-commerce subsidiary and continued expansion in Southeast Asia.

Revenue and Profitability • Group revenue grew 25.2% year on year to HK$1.10 billion, supported by the reinstatement of the Combo Win Asia e-commerce unit from March 2025. • Net profit rose 156.9% to HK$15.50 million, while operating profit increased 45.1% to HK$43.53 million. • EBITDA (non-HKFRS) gained 52.7% to HK$64.00 million. • Basic and diluted earnings per share improved to HK1.9 cents (FY2024: HK0.4 cent). The board proposed no final dividend.

Margin Analysis • Gross profit advanced 16.1% to HK$270.04 million; gross margin narrowed 2.0 percentage points to 24.6%, reflecting higher procurement costs not fully passed on to customers. • Selling and distribution expenses increased 23.1% to HK$135.30 million, largely owing to the e-commerce consolidation. • General and administrative expenses were flat at HK$95.49 million; share-based payment expenses declined to HK$6.45 million (FY2024: HK$20.57 million).

Segment Performance • Distribution remained the core contributor with external sales of HK$701.57 million (64.0% of group revenue). • E-commerce, reinstated after the 51% buy-back of Combo Win Asia, delivered HK$243.37 million, representing 22.2% of group revenue. • Retail store sales, generated mainly via 70%-owned Hong Ning Hong, stood at HK$151.69 million (13.9% of group revenue).

Geographic Split • Hong Kong revenue declined 4.1% to HK$680.29 million amid muted local retail sentiment. • Mainland China contributed HK$243.37 million following the e-commerce consolidation (nil in FY2024). • Macau sales edged down 1.5% to HK$87.95 million. • Singapore, Malaysia and other markets rose 10.0% to HK$84.98 million, driven by continued Southeast Asian expansion.

Balance Sheet and Liquidity • Cash and cash equivalents doubled to HK$70.34 million. • Interest-bearing bank borrowings increased to HK$310.38 million (FY2024: HK$270.30 million); loans from shareholders expanded to HK$101.88 million (FY2024: HK$50.00 million). • Net gearing ratio climbed to 40.0% (FY2024: 38.3%). • Total equity grew 11.5% to HK$545.23 million.

Capital Actions • In May 2025, Tycoon Group issued 94.00 million new shares at HK$0.50 each to Jacobson Group Treasury, raising net proceeds of HK$46.70 million. Funds were fully deployed by year-end toward inventory purchases (HK$26.00 million), logistics (HK$12.00 million), marketing (HK$5.00 million) and working capital (HK$3.70 million). • All 51% of Combo Win Asia shares previously sold were repurchased for a net HK$46.00 million in February 2025, restoring full ownership of the e-commerce platform.

Outlook Management indicated continued focus on expanding market share in Southeast Asia, leveraging strengthened ties with major shareholder Jacobson Group to accelerate regulatory approvals and channel growth across Vietnam, Indonesia and other ASEAN markets. The company also plans to broaden its self-owned and collaborative product portfolio to support margin improvement.