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Financial Performance - The group's revenue decreased by 9% to $991.1 million, primarily due to declines in all regions [2][4] - Gross profit reduced by 8.1% to $315.8 million, but gross profit margin improved from 31.5% to 31.9% due to lower material costs and favorable product mix [2][3] - Operating profit decreased by 10.8% to $92.9 million, with operating profit margin slightly down from 9.6% to 9.4% [3][4] - Profit attributable to shareholders fell by 14.5% to $74.7 million, with net profit margin decreasing from 8% to 7.5% [4] Business Line Performance - North America sales decreased by 12.1% to $398.3 million, driven by lower sales of electronic learning products (ELP) and telecom products [4][8] - European sales decreased by 7.2% to $429 million, with ELP revenue increasing by 5.5% to $144.6 million, offset by lower contract manufacturing services (CMS) sales [5][12] - Asia-Pacific revenue fell by 5.6% to $150 million, with declines across all product lines [17] - Other regions saw a revenue decrease of 11.3% to $13.4 million, primarily due to lower telecom product sales [5] Market Performance - North America accounted for 40.2% of group revenues, with ELP revenue down 25.4% due to tariff policy changes [8][11] - Europe remains the largest market, contributing 43.3% of revenue, with strong performance in telecom products [12][14] - Asia-Pacific represented 15.2% of overall revenue, with declines in ELP and telecom products [17] Company Strategy and Industry Competition - The company is expanding manufacturing capacity in Malaysia and exploring ODM opportunities to mitigate risks associated with geopolitical tensions and tariffs [20][30] - New product launches, including LeapMove and LeapStart Reading Buddies, are expected to drive sales growth in the second half of the financial year [20][21] - The company aims to maintain its leadership in electronic learning toys and telecom products despite challenging market conditions [8][12] Management Comments on Operating Environment and Future Outlook - The management noted that global business conditions remain challenging due to geopolitical tensions and fragile consumer confidence, leading to cautious order placements [19] - Full financial year revenue is still forecasted to decline, but second-half sales are expected to improve, particularly in ELPs and telecom products [20][21] - The company is optimistic about the performance of new products and the potential for recovery in lost sales from the first half [28][45] Other Important Information - The company declared an interim dividend of $17, unchanged from the previous year [4] - The net cash balance as of September 30, 2025, was $147.9 million, a decrease of 1.5% from the previous year [6] Q&A Session Summary Question: Growth prospects of new electronic learning products - Management expects new ELP products like LeapMove to drive higher growth in the future, with plans for numerous new product launches [22][23] Question: Integration of AI in future products - The company is exploring AI integration in product development, with ongoing projects in the development stage [24][25] Question: Recovery of lost sales in the US - Management indicated that while recovery is expected, overall ELP sales for the full year are still anticipated to be lower than last year [28][45] Question: Impact of tariffs and production shift to Malaysia - The current tariff rate for products from China to the US is 20%, with production in Malaysia providing a backup option [30][33] Question: Capital expenditure guidance - Capital expenditure for the first half of the fiscal year was $17 million, with a full-year forecast of $42 million [37] Question: M&A appetite post-Gigaset acquisition - The company remains open to M&A opportunities that enhance product breadth and technology [37] Question: Margin implications of dual production in China and Malaysia - The impact on margins from operating parallel facilities is minimal, with productivity differences being the main concern [38][41] Question: Capacity comparison between Malaysia and China - The Malaysian plant is expected to account for 25%-30% of total group capacity when fully operational [42]

（原标题：VTECH HOLDINGS(00303)将于12月19日派发中期股息每股0.17美元） 智通财经APP讯，VTECH HOLDINGS(00303)发布公告，将于2025年12月19日派发截至2025年9月30日 止6个月的中期股息每股0.17美元。 ...

VTECH HOLDINGS(00303)发布公告，将于2025年12月19日派发截至2025年9月30日止6个月的中期股息 每股0.17美元。 ...

於本公告日期，本公司之執行董事為黃子欣博士（主席兼集團行政總裁）、彭景輝博士及梁漢光先生 ; 非執行董事為黃以禮先生 ; 及獨立非執行董事為馮國綸博士、甘洁教授、高秉強教授、汪穗中博士及黃啟民先生。 第 1 頁 共 2 頁 v 1.1.1 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | --- | | 發行人所發行上市權證/可轉換債券 不適用 | | 其他信息 | | 中期股息以美元派發，惟註冊地址在香港之合資格股東將可收取等值港元之股息，等值港元之股息將以二零二五年十二月十日香港 上海滙豐銀行有限公司向偉易達集團*提供之中位匯率計算。預計中期股息支票將於二零二五年十二月十九日寄發予合資格股東。 | | * 僅供識別 | | 發行人董事 | EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 股票發行人現金股息公告 | | | 發行人名稱 | VTech Holdings ...

公告称，溢利下跌是由于收入减少、经营费用总额占集团收入的百分比增加，以及集团实际所得税率上 升。期内，毛利率取得轻微改善。 VTECH HOLDINGS(00303)发布截至2025年9月30日止6个月业绩，该集团取得收入9.91亿美元，同比减 少9.05%;公司股东应占溢利7470万美元，同比减少14.53%;每股盈利29.5美仙，拟派发中期股息每股17美 仙。 ...

公告称，溢利下跌是由于收入减少、经营费用总额占集团收入的百分比增加，以及集团实际所得税率上 升。期内，毛利率取得轻微改善。 智通财经APP讯，VTECH HOLDINGS(00303)发布截至2025年9月30日止6个月业绩，该集团取得收入 9.91亿美元，同比减少9.05%;公司股东应占溢利7470万美元，同比减少14.53%;每股盈利29.5美仙，拟派 发中期股息每股17美仙。 ...

Financial Performance - VTech's revenue decreased by 90% to $9911 million from $10897 million[5] - Gross profit decreased by 81% to $3158 million[5] - Profit attributable to shareholders of the company decreased by 145% to $747 million[5] - Basic earnings per share decreased by 147% to 295 US cents[5] Regional Revenue - North America revenue decreased by 121% to $3983 million, accounting for 402% of group revenue[7] - Europe revenue decreased by 72% to $4290 million, representing 433% of group revenue[7] - Asia Pacific revenue decreased by 56% to $1504 million, making up 152% of group revenue[7] - Other Regions revenue decreased by 113% to $134 million, which is 13% of group revenue[7] Product Line Performance in North America - ELPs revenue fell 254% to $1670 million[17] - TEL products revenue fell 80% to $848 million[23] - CMS revenue increased 69% to $1465 million[27] Product Line Performance in Europe - ELPs revenue increased by 55% to $1446 million[30] - TEL products revenue increased 245% to $1052 million[40] - CMS revenue decreased 255% to $1792 million[44] Product Line Performance in Asia Pacific - ELPs revenue decreased 56% to $334 million[50] - TEL products revenue decreased 82% to $89 million[50] - CMS revenue fell 54% to $1081 million[54]

Financial Performance - Revenue decreased by 9.0% to $991.1 million compared to the previous period[4] - Profit attributable to shareholders decreased by 14.5% to $74.7 million[4] - Basic earnings per share was 29.5 cents, down from 34.6 cents[3] - Total comprehensive income for the period was $83.6 million, compared to $103.5 million in the previous period[5] - The total operating profit for the six months ended September 30, 2025, was $92.9 million, compared to $104.2 million in 2024, indicating a decrease of approximately 10.9%[19] - The profit attributable to shareholders fell by 14.5% to $74.7 million, primarily due to the decrease in revenue and an increase in operating expenses as a percentage of revenue[35] - Operating profit fell to $92.9 million, down $11.3 million or 10.8%, with the operating margin decreasing to 9.4% from 9.6%[70] - Net profit attributable to shareholders was $74.7 million, a decline of $12.7 million or 14.5%, resulting in a net profit margin decrease to 7.5% from 8.0%[71] Revenue Breakdown - North America generated $398.3 million in revenue for the six months ended September 30, 2025, down from $453.1 million in 2024, a decline of about 12.1%[19] - Europe reported revenue of $429.0 million for the six months ended September 30, 2025, compared to $462.1 million in 2024, reflecting a decrease of approximately 7.2%[19] - The Asia-Pacific region's revenue was $150.4 million for the six months ended September 30, 2025, slightly down from $159.4 million in 2024, a decline of about 5.6%[19] - For the six months ended September 30, 2025, the group's revenue decreased by 9.0% to $999.1 million from $1,089.7 million in the same period last year[35] Asset and Liability Management - Non-current assets totaled $286.9 million, with tangible assets at $95.6 million[6] - Current assets amounted to $1,109.5 million, with inventory at $451.0 million[6] - The net asset value was $616.8 million, down from $627.0 million[6] - The total amount of accounts receivable, deposits, and prepayments was $505.5 million, compared to $331.2 million as of March 31, 2025[29] - The total amount of accounts payable and accrued expenses was $585.8 million, compared to $486.1 million as of March 31, 2025[31] - The group reported a total of $1,321.6 million in segment assets as of September 30, 2025, an increase from $1,247.7 million as of March 31, 2025[20] - The total segment liabilities as of September 30, 2025, were $(749.8) million, compared to $(655.9) million as of March 31, 2025, indicating an increase in liabilities[20] Dividend and Shareholder Returns - The company maintained an interim dividend of 17.0 cents per share[4] - The board declared an interim dividend of 17.0 cents per share, consistent with the interim dividend declared for the first half of the fiscal year 2025[37] - The company announced an interim dividend of $0.17 per share, totaling an estimated $43 million[72] Cost Management - The cost of goods sold for the six months ended September 30, 2025, was $675.3 million, down from $746.2 million in 2024, a decrease of approximately 9.5%[21] - Research and development expenses decreased to $41.4 million, down 9.8% from the previous year, maintaining a ratio of 4.2% of total revenue[70] - Employee-related costs for the six months ended September 30, 2025, were approximately $198.6 million, compared to $204.4 million in the same period last fiscal year[79] Market Performance and Product Development - The group launched several new products, including the VTech Baby® 4-in-1 Steps & Stages Activity Center™ and LeapFrog's Strum & Count Wooden Guitar™, aimed at enhancing children's learning and play experiences[41] - In Europe, the group's revenue decreased by 7.2% to $429 million, with electronic learning product revenue increasing by 5.5% to $144.6 million, driven by new product launches and a stronger Euro[48] - The group achieved a 6.9% increase in revenue from contract manufacturing services in North America, reaching $146.5 million, driven by strong orders for professional speakers[47] - The group reported a decline in sales for its KidiZoom® Smartwatch and Touch & Learn Activity Desk, impacting overall performance in the electronic learning product category[49] Future Outlook - The group expects a decline in overall revenue for the fiscal year 2026, but anticipates improved sales in the second half driven by growth in electronic learning and telecommunications products[62] - Sales in the Asia-Pacific region are expected to slightly decline for the fiscal year, but improvements are anticipated in China with new product launches[63] Awards and Recognition - The group received multiple awards for its products, including three awards at the "2025 Toy Grand Prix" in France[50] - The group remains the number one baby monitor brand in the U.S. and Canada, with a notable recognition in the "Women's Choice Award 2025" for its baby monitors[45] Risk Management - The group maintained a strong financial position with no bank borrowings as of September 30, 2025[73] - The group’s financial policy aims to mitigate foreign exchange risks through the use of foreign exchange futures contracts[75] - The group’s risk management and internal control mechanisms were deemed effective and sufficient as of September 30, 2025[84]

Core Viewpoint - Shuguang Co., Ltd. has announced the termination of its planned private placement of shares, citing a comprehensive consideration of the current external environment and the company's actual situation and development plans as reasons for the decision [4][5]. Group 1: Termination of Private Placement - The company held a board meeting on November 10, 2025, where it approved the termination of the private placement plan originally proposed on November 14, 2024, which aimed to raise up to 339 million yuan for working capital [2][4]. - The application for the private placement was accepted by the Shanghai Stock Exchange on July 17, 2025, but the company failed to respond to the exchange's inquiry letter for over three months before announcing the termination [5]. Group 2: Financial Situation - Shuguang Co., Ltd. has been facing financial difficulties, with a reported cash balance of only 135 million yuan against short-term borrowings and current liabilities exceeding 600 million yuan [5][6]. - The company has experienced continuous losses, with a net profit of -340.8 million yuan for the year ending December 31, 2024, and a cumulative net loss of over 2 billion yuan in the first three quarters of 2025 [7]. Group 3: Shareholder Dynamics - The company's two main shareholders, born in the 1990s, have maintained a low control ratio of 14.32% since acquiring control in June 2023, which could have increased to 29.62% if the private placement had proceeded [5][6]. - The termination of the private placement is seen as a missed opportunity for both the controlling shareholders and the company, as it would have provided much-needed liquidity [6].