Top Spring International Issues Profit Warning: Significant Increase in Net Loss for 2025

Key Points of the Announcement

• Expected Net Loss: Top Spring International Holdings Limited (“Top Spring” or the “Company”) anticipates recording a net loss of approximately HK\$3.0 billion for the financial year ended 31 December 2025. This marks a considerable increase compared to the net loss of HK\$1.9 billion recorded in 2024.
• Main Causes for Losses: The company attributes the widening loss primarily to:
  • Fair value losses on investment properties
  • Fair value losses on certain financial assets measured at fair value through profit or loss
  • Impairment losses of certain inventories
• Preliminary and Unaudited Figures: The figures provided are based on unaudited consolidated management accounts and have not yet been reviewed or audited by the Company’s auditors or confirmed by the audit committee.
• Final Results Pending: The overall financial results for the year will only be confirmed after the finalisation of all relevant results and accounting treatments. The official audited annual results will be published on 30 March 2026.

Critical Information for Shareholders and Investors

• Potential Share Price Impact: The significant increase in net loss, especially driven by fair value and impairment losses, is highly price-sensitive and may negatively impact investor sentiment and the Company’s share value.
• Uncertainty of Final Results: As the results are still preliminary and unaudited, there is a possibility that the final audited results could differ from the current estimates. Investors should be cautious and not place undue reliance on the unaudited figures.
• Upcoming Disclosure: The Company is expected to release its audited annual results on 30 March 2026, which will provide more detailed and verified financial information.
• Professional Advice Recommended: Shareholders and potential investors are strongly advised to exercise caution when dealing in the Company’s securities and to seek professional or financial advice if in doubt.

Board and Management Update

As of the announcement date, the Board comprises:

• Executive Directors: Mr. WONG Chun Hong, Ms. LAM Mei Ka (Shirley), and Mr. WONG Sze Yuen
• Non-Executive Directors: Mr. YIP Hoong Mun and Mr. KUI Qiang
• Independent Non-Executive Directors: Professor WU Si Zong, Mr. CHAN Yee Herman, and Mr. CHAN So Kuen

The Company Secretary is Mr. WONG Tak Chun.

Conclusion

The announcement of a substantially increased net loss is a material development for Top Spring International and is likely to be closely watched by investors. The detailed causes of the loss—particularly fair value and impairment charges—suggest ongoing challenges in the Company’s investment property and financial assets portfolios. As the results remain unaudited and subject to change, investors should remain vigilant for the official audited results at the end of March 2026.

Disclaimer: The information presented above is based on the Company’s official profit warning announcement and is intended for informational purposes only. The financial data referenced is preliminary, unaudited, and may be subject to change. Investors should exercise caution and seek professional advice before making any investment decisions.