Core Viewpoint - Minghui International (03828) reported a decline in revenue and gross profit for the nine months ending September 30, 2025, primarily due to decreased income from healthcare and hygiene products, influenced by U.S. tariff policies prompting clients to relocate production facilities from China to Cambodia [1] Financial Performance - The company's unaudited revenue for the nine months was approximately HKD 1.649 billion, a decrease of 2.3% compared to the same period last year [1] - Gross profit for the same period was approximately HKD 368 million, reflecting a decline of 12.4% year-on-year [1] - The gross profit margin decreased by 2.6 percentage points, attributed to the decline in gross margin from the travel supplies business [1] Operational Insights - The overall revenue decline was mainly due to disruptions in operations caused by clients' adjustments to U.S. tariff policies [1] - The decrease in revenue from healthcare and hygiene products was partially offset by growth in the operational supplies and equipment business [1] - The company faced ongoing manufacturing cost pressures, contributing to the decline in gross profit margin [1]

Core Insights - Minghui International (03828) reported a decrease in revenue and gross profit for the nine months ending September 30, 2025, with unaudited revenue of approximately HKD 1.649 billion and gross profit of HKD 368 million, representing declines of 2.3% and 12.4% respectively compared to the same period last year [1] Revenue Analysis - The overall revenue decline was primarily attributed to a decrease in the healthcare and hygiene products segment, which was impacted by clients relocating certain production facilities from China to Cambodia due to U.S. tariff policies, leading to operational disruptions [1] - This revenue decline was partially offset by growth in the operational supplies and equipment segment during the same period [1] Gross Profit Margin - The gross profit margin decreased by 2.6 percentage points, mainly due to a decline in the gross profit margin of the travel supplies segment compared to the same period in 2024 [1] - The decline in gross profit margin was primarily driven by ongoing manufacturing cost pressures faced by the company during the nine months ending September 30, 2025 [1]

集团于该期间的收入较2024年同期呈整体下降，主要归因于健康护理及卫生用品业务收入减少。此项减 少主要源于客户因应美国关税政策而要求将若干生产设施从中国迁往柬埔寨所导致的营运中断。然而， 此影响部分被营运用品及设备业务于该期间的收入增长所抵销。据此，集团于该期间录得收入轻微减少 约2.3%。集团毛利率下降2.6个百分点，主要源于该期间内，旅游供应品业务毛利率较2024年同期下 降。此项下降主要归因于集团于该期间内承受的制造成本压力持续攀升。 格隆汇11月12日丨明辉国际(03828.HK)发布公告，截至2025年9月30日止九个月，集团的未经审核收入 及毛利分别约16.492亿港元及3.68亿港元，较去年同期分别减少2.3%及12.4%。 ...