REF Holdings Limited Issues Significant Profit Warning for FY2025

Key Highlights for Investors

• Profit Warning Issued: REF Holdings Limited expects profit attributable to owners for the year ended 31 December 2025 to decrease by approximately 40% to 50% compared to the previous year.
• Last Year’s Profit: The profit for the corresponding period in 2024 was approximately HK\$5.7 million.
• Primary Cause: The decline in profit is mainly due to a decrease in revenue.
• Financial Results Pending: The figures are preliminary and based on unaudited consolidated management accounts. The final audited results will be published on 5 March 2026.
• Board Meeting Scheduled: The Board of Directors has set a meeting for 5 March 2026 to approve the audited annual results and consider a final dividend, if any.

Detailed Analysis and Implications for Shareholders

REF Holdings Limited (Stock Code: 1631), a company incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange, has issued a profit warning to its shareholders and potential investors. According to the announcement, the company anticipates a substantial decline in its yearly profit, estimating a drop of around 40% to 50% for the financial year ended 31 December 2025.

The profit attributable to owners is expected to fall sharply from HK\$5.7 million recorded in the previous year. This sizable decline is attributed primarily to a reduction in revenue, indicating that the group’s core business operations have faced significant challenges during the year.

It’s important for shareholders to note that these figures are based on the Board’s preliminary review of the unaudited consolidated management accounts. The final numbers may be subject to adjustments as they will undergo further scrutiny by both the independent auditors and the company’s audit committee. The audited consolidated financial results for the period are scheduled to be published on 5 March 2026.

In addition, the Board has announced that a meeting will take place on 5 March 2026. The agenda includes the formal approval of the audited results and a consideration of whether a final dividend will be recommended. The outcome of this meeting may directly influence the company’s share price, especially if a dividend payment is declared or if the final results differ from current expectations.

Key Points for Shareholders and Potential Investors

• Profitability Impact: A 40% to 50% reduction in profit is significant and may result in negative sentiment among investors, potentially leading to share price volatility.
• Revenue Decline: The main driver for the profit warning is a decrease in revenue, which could signal underlying operational challenges or market headwinds.
• Dividend Uncertainty: The declaration of a final dividend remains uncertain and will be decided at the upcoming Board meeting.
• Price Sensitivity: The announcement is considered price sensitive. Investors are urged to exercise caution and closely monitor further updates, especially the audited results and dividend decisions.

Board Composition

As of the announcement date, the Board comprises:

• Ms. Fan Jia Yin – Executive Director
• Mr. Lau Man Tak (Chairman) – Non-Executive Director
• Mr. Lee Hon Man Eric – Independent Non-Executive Director
• Mr. Leung Chi Hung – Independent Non-Executive Director
• Mr. Wong Kun Kau – Independent Non-Executive Director

Investor Advisory

The company advises shareholders and potential investors to exercise caution when dealing in the company’s shares, given the material information disclosed and the possibility of share price fluctuations as a result of this profit warning and the forthcoming results announcement.

Disclaimer: The information provided above is based on the company’s announcement and is intended for informational purposes only. Actual financial results may differ from the estimates provided. Investors are encouraged to perform their own due diligence and consult with professional advisers before making investment decisions.

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