Win Hanverky Holdings Limited · HKEX:3322
Win Hanverky — FY2025 Earnings Presentation
22 slides from Win Hanverky's earnings presentation, March 2026
Slide 1: 2025 Annual Results Corporate Presentation
2025 Annual Results Corporate Presentation 1
Slide 2: Executive Summary
Executive Summary Revenue decreased by 5.2% to HK$3,418.4 million primarily due to the drop in revenue from Manufacturing Business, partially offset by the increase in revenue from Fashion Brands and Licensing Business. Gross profit increased by 0.4% to HK$592.9 million; while gross profit margi
Slide 3: Executive Summary
Executive Summary The Board has resolved to cease High-end Fashion Retailing Business due to the persistent market downturn and subdued consumer demand in Hong Kong and Chinese Mainland. Related operations have been classified as discontinued operations, resulting in a loss of HK$165.8 million (20
Slide 4: Financial Highlights
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Slide 5: Results Highlights
Results Highlights Year ended 31 December (HK$ million) 2025 2024 Change Drop in revenue from Manufacturing Continuing operations Business, partially offset by increase in revenue from Fashion Brands and Revenue 3,418.4 3,607.6 -5.2% Licensing Business. Gross profit 592.9 590.3 +0.4% Mainly contribu
Slide 6: Breakdown of Revenue - By Business Lines
Breakdown of Revenue - By Business Lines Fashion Brands and Licensing $424.0 million 12.4% ▲ 48.0% 2025 Manufacturing $2,994.4 million ▼ 9.8% 87.6% Fashion Brands and Licensing $286.5 million 7.9% 2024 Manufacturing $3,321.0 million 92.1% 6
Slide 7: Breakdown of Revenue - By Location
Breakdown of Revenue - By Location Revenue breakdown by geographical location Region 2025 2024 Greater China Europe 33% 34% Greater China 32% 36% Europe Other Asian Countries 14% 14% North America 14% 11% North America Others 7% 5% Total 100% 100% Other Asian Countries 7
Slide 8: Balance Sheet
Balance Sheet As at 31 December (HK$ million) 2025 2024 Change Net Assets 1,190.0 1,345.2 - 11.5% Cash and Bank Balances 264.4 250.3 + 5.6% Inventories 703.9 716.4 - 1.7% Trade and Bills Receivable 487.3 526.5 - 7.4% Net Gearing Ratio * 18.8% 16.0% + 2.8% pt Current Ratio 1.3 times 1.4 times remaine
Slide 9: Key Operating Matrix
Key Operating Matrix As at 31 December 2025 2024 Change Return on Shareholders’ Equity - 15.2% - 5.1% - 10.1% AR Turnover Days 50 days 45 days increased Inventory Turnover Days 74 days 67 days increased 9
Slide 10: Manufacturing Business
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Slide 11: Sportswear Manufacturing Business Review
Manufacturing Business Sportswear Manufacturing Business Review Segmental revenue decreased by 3.9% to HK$2,361.0 million. Operating loss was HK$31.5 million (2024: operating profit of HK$16.0 million) due to: production facilities in Southeast Asia encountered raw materials issues during the
Slide 12: High-end Functional Outerwear Manufacturing Business Review
Manufacturing Business High-end Functional Outerwear Manufacturing Business Review Segmental revenue decreased by 26.7% to HK$633.4 million due to: the Group underwent a strategic adjustment, reducing reliance on outsourced garment manufacturers while gradually increasing in-house production cap
Slide 13: New Operating Segment: Fashion Brands and Licensing Business
New Operating Segment Fashion Brands and Licensing Business 13
Slide 14: Fashion Brands and Licensing Business Review
New Operating Segment Fashion Brands and Licensing Business Business Review During 2H 2024, the Group strategically introduced franchise stores alongside its directly operated stores for “Barbour”, a rapidly growing brand. The success of “Barbour” inspired us the creation of a new business model a
Slide 15: Fashion Brands and Licensing Business Review
New Operating Segment Fashion Brands and Licensing Business Business Review Segmental revenue increased by 48.0% to HK$424.0 million. Significantly turnaround to operating profit of HK$60.8 million in 2025 from operating loss of HK$29.3 million in 2024 due to: revenue growth and effective cost
Slide 16: Fashion Brands and Licensing Business Prospects
New Operating Segment Fashion Brands and Licensing Business Prospects Successfully transitioned to the asset-light Fashion Brands and Licensing Business segment in 2025 eliminated ongoing loss from high-end fashion retailing, released working capital and enabled resources reallocation to higher-
Slide 17: Discontinued Operations: High-end Fashion Retailing Business
Discontinued Operations High-end Fashion Retailing Business 17
Slide 18: High-end Fashion Retailing Business Review
Discontinued Operations High-end Fashion Retailing Business Business Review Following a comprehensive strategic review in late 2025, the Board has resolved to cease High-end Fashion Retailing Business due to the persistent market downturn and subdued consumer demand in Hong Kong and Chinese Mainla
Slide 19: Brands
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Slide 20: Brands Updates: Barbour
Brands Updates Barbour Barbour X Kaptain Sunshine Barbour X Paul Smith Barbour X Levis Barbour Tartan POP-UP Chengdu 20
Slide 21: Brands Updates: D-mop
Brands Updates D-mop Kimhekim Hed Mayner Magliano Martine Rose The Egonlab Prank Project 21
Slide 22: Brands Updates: J-01
Brands Updates J-01 PUMA New Balance ROA CROCS x Pokemon On Autry x Maison MIHARA YASUHIRO 22