MIKO INTL Returns to Profit in 1H 2026 as Disposal Gains Offset 29.9% Revenue Decline

Bulletin Express
Sep 29

MIKO International Holdings Limited (MIKO INTL) reported a turnaround for the six months ended 30 June 2026, booking a RMB 23.82 million profit after a RMB 4.52 million loss in the prior-year period.

Revenue fell 29.9% year on year to RMB 203.31 million, reflecting weaker mainland consumer demand and a sharp contraction in the supply-chain management division. Gross profit increased 24.2% to RMB 13.42 million, lifting gross margin to 6.6% (1H 2025: 3.7%) on a more favourable product mix.

Segment performance • Wholesale children’s apparel and related products delivered RMB 94.93 million, up 86.9% and accounting for 46.7% of group revenue. • Supply-chain management revenue dropped 54.7% to RMB 108.37 million, representing 53.3% of the total.

Cost trends and expenses • Cost of sales declined 32.0% to RMB 189.89 million. • Selling and distribution expenses fell 61.7% to RMB 3.07 million, or 1.5% of revenue. • Administrative and other operating expenses rose 21.5% to RMB 9.39 million, equal to 4.6% of revenue. • A RMB 16.83 million impairment charge on receivables was recognised versus a small reversal last year.

Disposal gains and finance costs • Sale of Quanzhou Hungyu and Proper Sharp subsidiaries generated a RMB 39.54 million gain, the key driver of the earnings rebound. • Finance costs were broadly flat at RMB 0.08 million.

Liquidity and balance sheet • Cash and cash equivalents more than doubled to RMB 114.52 million. • Net current assets strengthened to RMB 119.77 million, pushing the current ratio to 3.4-times (31 December 2025: 1.6-times). • Gearing stood at 7.14% with RMB 10.00 million of secured bank borrowings.

Use of prior-year placement proceeds Of the HK$ 41.90 million raised in June 2025, HK$ 32.00 million (76.4%) had been deployed by end-June 2026, mainly for platform development and working capital.

Capital commitments, dividend and post-period events The group reported no material capital commitments or contingent liabilities and declared no interim dividend. A board leadership change on 17 July 2026 had no financial impact.

Outlook Management plans to expand supply-chain management into bulk commodity import-export and continue exploring apparel-related opportunities while focusing on cost control and operational efficiency amid China’s subdued consumer environment.

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