Quali-Smart Holdings Limited (Stock Code: 1348) reported unaudited interim results for the six months ended 30 September 2025. Revenue totaled approximately HK$27.8 million, down 52.3% from HK$58.3 million in the corresponding period of 2024. The Toys Division contributed around HK$22.5 million, and the Financial Services Division contributed around HK$5.3 million.
Revenue from the Toys Division declined by HK$25.3 million year-on-year, mainly due to fewer orders from major customers in North America and certain other regions. The Financial Services Division recorded HK$5.3 million in revenue, compared with HK$10.5 million a year earlier, reflecting a 49.5% decrease, mainly attributed to lower investment advisory fees, referral income, and brokerage commissions.
Gross profit from the Toys Division stood at approximately HK$2.5 million, representing a period-on-period decrease of about 50.5%. The Group’s net loss for the reporting period was around HK$10.9 million, similar to the previous interim period. Factors impacting the results included lower revenue from both Toys and Financial Services businesses, reduced other income due to lower office facilities service income, and increased loss on subsidiary disposals. These negatives were partially offset by reduced staff and depreciation costs, along with lower finance expenses.
During the period, the Group disposed of certain subsidiaries related to its Financial Services Division, including Ballas Group Limited and Crosby Asia Limited, to improve capital usage efficiency. The Group continues to assess its overall business strategy, including the future direction of its Toys Division and financial-related services.
The board did not recommend any interim dividend for the six months ended 30 September 2025. As of 30 September 2025, the Group’s current ratio stood at approximately 2.7, with no outstanding bank borrowings. The debt-to-equity ratio was approximately 87.4%, reflecting the partial redemption of promissory notes. No significant capital commitments or contingent liabilities were disclosed.