敏华控股发盈警：截至2026年9月止六个月归母净利预计同比大跌约70%–90%

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announcement.

MAN WAH HOLDINGS LIMITED
敏華控股有限公司
(Incorporated in Bermuda with limited liability)

(Stock Code: 01999)

INSIDE INFORMATION
PROFIT WARNING
This announcement is made by Man Wah Holdings Limited (the “Company” and together
with its subsidiaries, the “Group”) pursuant to the Inside Information Provisions under Part
XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and
Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited.
The board of directors of the Company (the “Board”) wishes to inform the shareholders (the
“Shareholders”) and potential investors of the Company that based on a preliminary review
of the unaudited consolidated financial statements of the Group for the six months ended 30
September 2026 (the “Period”), the Group is expected to record a significant decrease of
approximately 70% to 90% in its profit attributable to owners of the Company (the “Profit”)
for the Period, as compared with the Profit of approximately HKD1,145.6 million for the
corresponding period in 2025.
Based on the Group’s currently available information, although the Group’s revenue remained
stable as compared with the corresponding period of last year, the aforementioned decline in
Profit was primarily attributable to:
(1)

Since the outbreak of the Middle East conflict, prices of key raw materials in the
chemical sector have continued to surge, driving up the production costs of the Group.
Meanwhile, competition within the industry has intensified, and there has been a lag in
product prices adjustment, failing to fully offset the increase in raw material costs and
causing the Group’s overall gross profit margin to drop. The Group’s revenue remained
largely stable during the Period, Profit was primarily impacted by cost pressures.

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(2)

the operating loss from the US business that was acquired in December 2025 due to
the rising cost of raw materials and weak market demand, and Southern Motion, Inc.,
a direct wholly-owned subsidiary of the acquired company, has filed for Chapter 11
bankruptcy proceedings in the US. There were impairment losses on goodwill and
other intangible assets in relation to the acquisition recognised during the Period. For
further details of the acquisition and the bankruptcy proceedings of Southern Motion,
Inc., please refer to the announcements of the Company dated 18 December 2025, 24
December 2025 and 31 August 2026.

Despite the Group’s Profit has fallen sharply due to the aforementioned one-off factors and
cost pressures, the fundamentals of the Group’s principal business remained solid and revenue
remained stable. The Group’s management will continue to implement various measures to
hedge against the impact of fluctuations in raw material prices, optimise global production
footprint, press ahead with the restructuring of the acquired US business, strictly control all
operating costs and enhance operational efficiency. The Group remains confident in its overall
development in the medium to long term.
The information contained in this announcement is only based on a preliminary assessment by
the Board with reference to the unaudited consolidated financial statements of the Group for
the Period currently available which have not been reviewed or audited by the external auditor
of the Company or reviewed by the audit committee of the Board. The above information may
be subject to possible adjustments upon further review.
The Board expects to publish the unaudited consolidated results announcement of the Group
for the Period on 16 November 2026.
Shareholders and prospective investors of the Company are advised to exercise caution
when dealing in the shares of the Company.
By order of the Board
Man Wah Holdings Limited
Wong Man Li
Chairman
Hong Kong, 12 October 2026
As at the date of this announcement, the executive Directors are Mr. Wong Man Li, Ms. Hui
Wai Hing, Mr. Alan Marnie, Mr. Dai Quanfa and Ms. Wong Ying Ying; and the independent
non-executive Directors are Mr. Ding Yuan, Mr. Yang Siu Shun, Mr. Lam Yin Shing, Donald
and Mr. Chan Hak Kan.

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