MAN WAH HLDGS (01999) fell more than 5% again. At the time of writing, the stock was down 5.04% to HK$3.77, with a turnover of HK$751.168 million.

The decline follows the company's recent release of its final results for the fiscal year ended March 31, 2026. The group reported total revenue of HK$16.751 billion, a year-on-year decrease of 2.89%. Profit attributable to shareholders was HK$1.812 billion, marking a 12.13% decline compared to the previous year.

According to the company's announcement, the decrease in profit was primarily due to a reduction in operating revenue, a decline in gross profit margin, and an increase in selling and distribution expenses. Despite a volatile external environment, the group maintained relative operational resilience through continuous optimization of production efficiency, adjustments to its product mix, and strengthened channel management.

Analysis suggests that while the company's revenue has shown resilience—supported by a focus on online channels domestically and a combination of organic growth and expansion overseas—its profitability is facing pressure. This is attributed to factors including rising costs associated with domestic online sales expansion, as well as external challenges in overseas markets such as tariffs, raw material costs, and foreign exchange impacts, which resulted in a full-year loss of approximately HK$40 million.

Looking ahead, while the negative impacts from tariffs and foreign exchange are expected to diminish, pressure from elevated raw material costs is anticipated to persist. Consequently, the company's profitability is likely to remain under pressure in the near term.