Evergreen PG (Evergreen Products Group Limited) reported solid first-half results for the six months ended 30 June 2026, driven by robust demand for wigs and a recovery in high-end human-hair extensions.
Financial Highlights • Revenue climbed 24.2% year on year to HK$578.20 million, supported by a 22.6% rise in wigs, hair accessories and related items to HK$518.92 million, and a 67.7% rebound in high-end human-hair extensions to HK$36.48 million. • Gross profit increased 20.4% to HK$135.72 million; gross margin eased 0.7 percentage points to 23.5% amid higher labour costs. • Net profit advanced 30.4% to HK$24.55 million, lifting net margin to 4.3% (1H 2025: 4.0%), helped by lower tax expenses. • Basic earnings per share rose to HK$0.04 (1H 2025: HK$0.022).
Cost & Expense Dynamics • Cost of goods sold rose 25.4% to HK$442.48 million, broadly in line with top-line expansion. • Administrative expenses grew 19.0% to HK$76.34 million on higher staffing and professional fees, while distribution and selling expenses fell 4.7% to HK$13.25 million. • Finance costs edged down 4.9% to HK$16.71 million as interest rates moderated. • Other gains swung to a HK$2.66 million loss, primarily due to HK$6.62 million in foreign-exchange losses.
Balance Sheet & Liquidity • Cash and bank balances increased 31.4% since year-end to HK$129.25 million; pledged deposits declined to HK$51.94 million. • Total borrowings rose to HK$672.90 million, lifting the gearing ratio to 84.2% (31 Dec 2025: 77.2%). The Group held HK$1.02 billion in banking facilities, with HK$256.30 million undrawn. • Trade and other receivables grew 3.3% to HK$346.10 million, reflecting higher shipment volumes. • Capital expenditure doubled to HK$34.10 million, focused on maintaining manufacturing capacity in Bangladesh.
Dividend An interim dividend of HK$0.034 per share has been declared, up from HK$0.020 a year earlier, representing an 85.3% payout ratio. The dividend will be distributed on 23 September 2026 to shareholders on record as of 11 September 2026 (books close 9–11 September).
Operational & Geographic Mix • Products manufactured in Bangladesh contributed 98.3% of group revenue. • The United States remained the core market, accounting for 85.6% of sales (1H 2025: 90.5%).
Strategic Outlook Management plans to boost operational efficiency, broaden its digital presence via additional cross-border e-commerce stores, and expand the core sales team to capture new markets. The Board expressed confidence in resilient demand for wig and hair-related products despite ongoing global trade uncertainties.
Governance Updates During the period, Evergreen PG appointed Ms Wong So Ying as an executive director (effective 1 August 2026) and added two independent non-executive directors, Mr Tseung Yuk Hei Kenneth and Mr Cheng Man Tak Richard, following the retirement of two predecessors.
Headcount & ESG Total employees reached 38,668 (30 June 2025: 23,692) with staff costs up 24.6% to HK$229.50 million. The Group maintains defined contribution retirement schemes in its operating regions.
No material post-balance-sheet events or significant acquisitions were reported up to 31 August 2026.