Top Standard Corporation released unaudited results for the six months ended 30 June 2026, showing a year-on-year revenue contraction and a deeper net loss.

Revenue and Segment Performance • Consolidated revenue declined 12.3 % to HK$9.10 million from HK$10.39 million a year earlier, reflecting softer restaurant sales in Malaysia. • Catering services remained the main contributor, generating HK$9.07 million (-12.1 % y-o-y). Online wine sales fell to HK$0.03 million (-51.5 %). • Segment results: catering delivered a HK$0.71 million profit (vs. HK$1.44 million in 1H 2025), while online wine sales posted a HK$0.32 million loss (vs. HK$0.26 million loss).

Profitability • Loss attributable to owners widened to HK$0.75 million, compared with HK$0.56 million in 1H 2025. • Group loss before tax increased to HK$0.60 million from HK$0.29 million. • Basic and diluted loss per share reached 0.31 Hong Kong cents (1H 2025: 0.28 cents).

Cost Structure and Expenses • Raw materials and consumables fell 24.3 % to HK$3.34 million, mirroring lower sales volume. • Staff costs were largely unchanged at HK$3.27 million (-0.9 % y-o-y). • Other expenses expanded 30.7 % to HK$2.46 million, driven by higher legal, professional, advertising and entertainment spending. • Finance costs dropped 37.7 % to HK$0.34 million following debt repayments in 2025.

Balance Sheet and Liquidity • As of 30 June 2026, current liabilities exceeded current assets by HK$16.78 million, leading to a current ratio of 0.30. • Total liabilities surpassed total assets by HK$19.65 million, resulting in negative equity for shareholders of HK$11.53 million. • Cash and cash equivalents stood at HK$1.68 million, broadly flat versus end-2025. • Net cash outflow from operating activities was HK$1.48 million; overall cash increased marginally by HK$0.08 million due to HK$3.97 million of related-party repayments, partly offset by HK$2.41 million net financing outflows.

Strategic and Financing Updates • Management plans to expand the catering footprint and establish an event-management arm to diversify revenue streams. • The Group is exploring additional financing solutions, including potential investments and restructuring, to alleviate liquidity pressure. • On 5 December 2025, the company raised HK$3.94 million (net) via a share subscription, of which HK$3.50 million was utilised by 30 June 2026. • A further share subscription agreement, announced on 1 June 2026, proposes issuing 62.50 million new shares for expected net proceeds of approximately HK$9.90 million, subject to shareholder approval at the 24 September 2026 EGM.

Outlook Management intends to maintain a cautious approach, focusing on operational efficiency, expanding its Malaysian restaurant operations, and developing a wild-mushroom cultivation and processing venture in Yunnan to broaden revenue sources and control ingredient costs.