Top Form International Limited provided group earnings guidance for the six months ended 31 December 2022. The board of directors of the Company informed the shareholders of the Company and the potential investors that based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the six months ended 31 December 2022 (the "Period"), the Group is expected to record a net loss of not more than HKD 18 million for the Period as compared to the consolidated net profit of HKD 4.4 million for the six months ended 31 December 2021. The Board considered that the estimated loss of the Group was mainly attributable to the significantly lower sales for the Period.

Based on the preliminary assessment of the unaudited consolidated management accounts, sales for the Period is expected to be approximately 34% lower than the corresponding period of last year which was driven by the significant drop in demand from its major customers in the U.S. which was impacted by high inventory level and declining consumer demand.