Min Fu International Holding Limited released its FY 2026 (year ended 31 March 2026) annual results, highlighting a sharp rebound in topline growth and a markedly narrower loss as it expanded into agricultural food technology.

Revenue and Profitability • Revenue surged 90.0% year on year to HK$52.89 million (FY 2025: HK$27.83 million), driven by higher equipment sales and the maiden contribution from the newly acquired agricultural food technology unit. • Gross profit leapt to HK$11.54 million, a 3.5-fold increase, lifting gross margin to 21.8% (FY 2025: 9.2%). • The annual net loss narrowed 69.4% to HK$8.35 million (FY 2025: loss of HK$27.33 million). Basic and diluted loss per share improved to HK$0.32 from HK$1.29. • Operating loss reduced to HK$8.26 million (FY 2025: HK$28.36 million), aided by a HK$2.19 million gain on bargain purchase from the August 2025 acquisition of Hunan Province Baisheng Biotechnology.

Segment Performance • Equipment Manufacturing: Revenue climbed 67.8% to HK$44.16 million, while the segment recorded a HK$6.36 million loss (FY 2025: HK$21.27 million loss). • Agricultural Food Technology & Sales: Newly consolidated in August 2025, the segment contributed HK$8.25 million revenue and posted a HK$0.69 million loss. • Burial Services: Revenue fell to HK$0.48 million (FY 2025: HK$1.52 million), delivering a HK$0.08 million profit (FY 2025: HK$2.55 million loss).

Cost and Expense Dynamics • Cost of sales rose 63.6% to HK$41.35 million, broadly in line with revenue expansion. • Administrative expenses declined 22.4% to HK$15.47 million, reflecting lower depreciation, amortisation and professional fees. • Impairment provisions on trade and other receivables totalled HK$5.92 million (FY 2025: HK$5.61 million).

Balance Sheet and Liquidity • Cash and cash equivalents increased to HK$3.89 million (31 March 2025: HK$0.22 million). • Net current assets contracted to HK$1.45 million (31 March 2025: HK$8.90 million), mainly due to higher trade and other payables. • Total equity fell to HK$0.69 million, while the addition of HK$1.00 million in bond payables lifted the net gearing ratio to 487.4% (31 March 2025: 5.4%).

Capital Market Activities • Two equity placings during FY 2026 raised a combined HK$6.86 million in net proceeds, fully applied to general working capital. • A 40-for-1 share consolidation became effective on 3 October 2024, reducing the issued share count to 25.91 million shares at year-end. • Post-balance-sheet event: a third placing completed on 30 April 2026 raised an additional HK$3.56 million net.

Dividend No dividend was declared for FY 2026 (FY 2025: nil).

Strategic Developments Completion of the Baisheng Biotechnology acquisition on 11 August 2025 marked Min Fu’s entry into agricultural food technology and sales, which generated 15.6% of FY 2026 revenue. Management sees substantial growth potential in this segment and is leveraging its smart-manufacturing expertise to serve agricultural food producers.

Outlook The company aims to capitalise on demand for smart manufacturing and agricultural food technology solutions in China. Management reports encouraging discussions with prospective customers and plans to strengthen its organisational capabilities to support the new business line.