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]

Group 1 - The core point of the article is that Minghui International (03828.HK) reported a decline in revenue and gross profit for the nine months ending September 30, 2025, with revenue at approximately HKD 1.6492 billion and gross profit at HKD 368 million, representing decreases of 2.3% and 12.4% respectively compared to the same period last year [1] - The decline in revenue is primarily attributed to a decrease in the healthcare and hygiene products business, which was impacted by clients relocating production facilities from China to Cambodia due to U.S. tariff policies, leading to operational disruptions [1] - Despite the overall revenue decline, the operational supplies and equipment business experienced revenue growth during the same period, partially offsetting the losses in other segments [1] Group 2 - The company's gross profit margin decreased by 2.6 percentage points, mainly due to a decline in the gross profit margin of the travel supplies business compared to the same period in 2024 [1] - The decrease in gross profit margin is attributed to ongoing manufacturing cost pressures faced by the company during the reporting period [1]