Top Form International Limited (Stock Code: 333) reported sales of HK$236.3 million for the first quarter of Fiscal 2026, representing a 25% year-on-year decline. This result was influenced by cautious inventory management undertaken by brands and retailers in the United States, driven by uncertainties around tariff policies. During the reporting period, the U.S. contributed 74% of the Group’s sales, while Europe and other regions accounted for 10% and 16% respectively. Gross profit margin faced pressure from lower capacity utilization and a shift toward lower-margin product categories.

Overseas production facilities in Asia, excluding China, produced 87% of the Group’s output, with the remaining 13% originating from China. The Group indicated continued efforts to optimize manufacturing capacity in order to reduce operating costs.

As of 30 September 2025, Top Form International Limited reported cash and bank balances of approximately HK$47.3 million, alongside undrawn banking facilities of around HK$6.0 million. Management remains focused on prudently managing capital to meet obligations and invest in potential upcoming opportunities.

In light of prevailing uncertainty around trade policies, fluctuating tariffs, and global geopolitical tensions, the Group expects near-term performance to remain subdued. However, it highlighted early signs of success in new business development and innovation, underscoring anticipation for future growth. The Group maintains strategic priorities centered on cost control, operational vigilance, and a diversified footprint.

According to the Board, the first-quarter Fiscal 2026 operational update is derived from unaudited management accounts. Investors are cautioned not to place undue reliance on this information and are advised to exercise care when dealing in the company’s shares.