Playmates Toys reported interim revenue of HK$186.12 million for the six months ended 30 June 2026, virtually unchanged from HK$185.51 million a year earlier. Lower shipments of Miraculous, MonsterVerse and Teenage Mutant Ninja Turtles products were largely offset by wider distribution of the Power Rangers line.
Gross profit expanded 35.5 % to HK$107.51 million, lifting the gross margin to 57.8 % (1H 2025: 42.8 %). Management attributed the improvement mainly to HK$12 million in US tariff-related provision reversals and refunds and reduced clearance costs on discontinued items.
Operating expenses climbed 15 % year on year, reflecting higher selling costs and unfulfilled royalty charges, while administration expenses were broadly stable. Consequently, the operating loss narrowed to HK$26.67 million from HK$45.29 million. A HK$3 million loss on listed equity investments and lower interest income (HK$14.95 million vs HK$21.15 million) reduced other net income to HK$12.12 million (1H 2025: HK$30.72 million). Loss before tax was HK$15.82 million; net loss attributable to shareholders improved to HK$17.66 million from HK$25.61 million. No interim dividend was declared, compared with HK$0.01 per share a year earlier.
The balance sheet remained solid. Cash and bank deposits rose to HK$1.00 billion at period-end (31 Dec 2025: HK$969.39 million), underpinning a current ratio of 5.9. Trade receivables fell to HK$43.12 million as seasonal collections progressed, while inventories increased to HK$49.71 million to support upcoming launches. The group held HK$96.13 million in listed equities, representing 7.5 % of total assets; top positions included NVIDIA, Alphabet, Amazon, Disney, Goldman Sachs, Microsoft, Netflix, Apple, Tencent and Alibaba.
During the half, Playmates Toys repurchased 43.83 million shares for HK$20.89 million and cancelled 31.58 million of them; 12.25 million additional repurchased shares were cancelled on 14 July 2026.
Management termed 2026 a “transition year” but expects second-half momentum from new brand introductions—including Dungeon Crawler Carl and Paris & Pups—and initial shipments tied to the March 2027 film Godzilla x Kong: Supernova. Since 1 July 2026 the company has received a further HK$11 million in tariff refunds, though ongoing U.S. trade measures are expected to weigh on long-term profitability.
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