According to the Zhitong Finance App, Baiyue Group (08545) announced results for the six months ended September 30, 2026, with revenue of HK$757.63 million, a year-on-year decrease of 17.3%; loss attributable to the company owner of HK$1,659 million, profit of HK$1.16 million for the same period last year; basic loss per share of HK$0.14 cents.

The decline in revenue was mainly due to: i) The decline in ODM toy sales volume, mainly due to the tightening of corporate strategies and operational bottlenecks. Brand licensors often experience delays in approving product designs, packaging specifications, or production prototypes, which directly causes production plans to stall and delays in batch delivery. ii) The decline in the distribution of imported toys is mainly due to the temporary lack of high-profile animation, movie derivatives or popular product releases by licensees, so wholesale buyers are unable to obtain guaranteed “hot selling” products that can generate pre-orders. This situation coincided with a decline in retail sales due to a decline in consumer interest in existing imported character series. Downstream wholesale customers therefore cut back on high-volume restocking. As a result, due to recent weak end consumer demand, B2B distributors implement strict inventory control to avoid making large pre-commitments on imported product lines.

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