COMBA reported interim revenue of HK$2.20 billion for the six months ended 30 June 2026, virtually flat year-on-year. International sales rose 8.3% to HK$1.20 billion, lifting their revenue share to 54.5%, while revenue from the three major Mainland telecom operators and China Tower fell 14.3% to HK$700.85 million.

Gross profit increased 8.8% to HK$706.08 million, driven by lower inventory provisions and new product mix, pushing gross margin up 2.6 percentage points to 32.1%. Research and development spending grew 11.7% to HK$180.81 million, equal to 8.2% of revenue, as the group intensified 5G platform investment. Selling & distribution and administrative expenses climbed 7.0% and 13.1% respectively, reflecting market-expansion and compliance costs.

Other income and gains jumped 39.8% to HK$70.14 million on tariff refunds and higher reversals of receivable impairments. Finance costs fell 18.1% to HK$16.29 million, while foreign-exchange-related charges drove other expenses up 28.1% to HK$137.98 million.

Profit attributable to shareholders declined 10.6% to HK$55.24 million, and basic earnings per share slipped to HK1.76 cents from HK2.09 cents. The board declared an interim dividend of HK0.26 cent per share, translating to a 14.7% payout ratio versus 28.7% a year earlier.

By business line, base-station antennas and subsystems generated HK$928.74 million (-3.7%), network systems HK$496.71 million (+8.9%), services HK$418.11 million (+4.8%), and other businesses HK$269.67 million (-9.4%).

COMBA’s financial position remained solid with net current assets of HK$2.18 billion and cash, time deposits and restricted deposits totaling HK$2.31 billion. The gross gearing ratio stood at 11.9%, up from 10.1% at end-2025. Average trade-receivable turnover improved to 171 days from 200 days, while inventory turnover lengthened to 113 days.

Management signaled continued focus on R&D, international expansion and cost control to capture 5G coverage opportunities and strengthen competitiveness.