Hong Kong – Wong’s International Holdings Limited (“Wong's Int'l”) reported a markedly narrower net loss of HK$165.10 million for the year ended 31 December 2025, compared with a HK$837.46 million deficit in 2024. The improvement chiefly reflected a smaller non-cash fair-value contraction in investment properties and completed stock (HK$287.40 million versus HK$984.80 million a year earlier).

Underlying profit – which excludes property revaluation movements – came in at HK$122.40 million, down from HK$147.30 million, dampened by softer Electronic Manufacturing Service (EMS) margins and higher foreign-exchange losses.

Revenue declined 5.06% year on year to HK$2,530.07 million. Operating profit swung to HK$24.62 million from a HK$286.08 million operating loss in 2024.

Segment performance • EMS division: Revenue slipped 5.22% to HK$2,467.20 million. Segment profit fell 11.50% to HK$168.00 million, as lower top-line volume offset tighter materials control and efficiency gains. • Property Holding division: Rental income edged up 1.98% to HK$62.87 million. Segment loss narrowed sharply to HK$207.82 million from HK$916.06 million, due to a less pronounced revaluation decline. Share of joint-venture losses fell to HK$104.38 million (2024: HK$446.75 million).

Financial position Total borrowings dropped 8.37% to HK$1,483.60 million, while cash, short-term deposits and restricted cash rose to HK$1,467.74 million. Net debt was HK$15.86 million, translating into a net gearing ratio of 0.02, versus 0.08 a year earlier. The Group maintained HK$2,627.20 million in available banking facilities as of year-end.

Dividend After paying an interim dividend of HK$0.0275 per share, the Board proposes a final dividend of HK$0.0200 per share (2024: HK$0.0300), subject to shareholder approval. The full-year payout would total HK$22.73 million, down from HK$27.51 million in 2024.

Outlook Management expects the operating environment in 1H 2026 to remain “challenging amid heightened macroeconomic and geopolitical uncertainties” but foresees “a gradual and steady recovery” in core businesses. Based on the current order backlog, EMS revenue for 1H 2026 is projected to be slightly higher than 2H 2025. The Group will continue expanding capacity in Vietnam, focus on cost-competitive sourcing, and maintain near-full occupancy in its Hong Kong commercial properties.