<div id="readability-page-1"><div><h2>TOM Group FY 2025 earnings: losses continue but margin picture is shifting</h2> <p>TOM Group (SEHK:2383) has reported its FY 2025 first half results with revenue of HK$338.7 million and a basic EPS loss of HK$0.024, while net income excluding extra items came in at a loss of HK$95.0 million, keeping the group in the red. The company has seen revenue move from HK$334.9 million in 1H 2024 to HK$404.7 million in 2H 2024 and HK$338.7 million in 1H 2025, alongside a series of half year EPS losses from HK$0.0347 to HK$0.0279 and now HK$0.024. This sets up an earnings story that is increasingly about how quickly margins can stabilize rather than whether the business can grow the top line. Overall, this set of numbers points to a business still working through loss making operations, with investors likely to focus on how efficiently each extra dollar of revenue is being converted toward breakeven margins.</p> <p>See our full analysis for TOM Group.</p><p>With the headline figures on the table, the next step is to see how these results line up against the widely held market narratives around TOM Group's growth prospects, profitability path and risk profile, and where those stories might need a rethink.</p> <p>Curious how numbers become stories that shape markets? Explore Community Narratives</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/86302d48-3c55-45b4-8d5c-7365f25ea2f9/chart/revenue-and-expenses-breakdown/query-ZGF0ZT0yMDI2LTAzLTE0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/86302d48-3c55-45b4-8d5c-7365f25ea2f9/chart/revenue-and-expenses-breakdown/query-ZGF0ZT0yMDI2LTAzLTE0"/><figcaption>SEHK:2383 Revenue &amp; Expenses Breakdown as at Mar 2026</figcaption></figure> <h2>HK$201 million trailing loss still defines the story</h2> <ul> <li>Over the trailing twelve months, TOM Group reported total revenue of HK$735.4 million and a net loss excluding extra items of HK$201.3 million, so the latest half year loss of HK$95.0 million sits within a longer run of loss making results.</li> <li>What stands out for a more optimistic take is that the company reports its losses have been improving at about 30.9% per year over the past five years, yet:     <ul> <li>Investors who lean bullish might point to this multi year loss reduction alongside the 1H 2025 loss of HK$95.0 million as evidence of gradual progress toward breakeven.</li> <li>The tension is that, even with this trend, the trailing twelve month loss of HK$201.3 million shows the business is still a long way from generating positive earnings.</li> </ul> </li> </ul> <h2>Price to sales of 2.2x sits between industry and peers</h2> <ul> <li>TOM Group trades on a P/S of 2.2x, compared with about 1.0x for the broader Hong Kong Media industry and around 4.2x for its listed peer group, so the shares sit between a basic industry read and a tighter peer comparison.</li> <li>Critics who are cautious on the stock often highlight valuation, and the current sales multiple gives them mixed evidence to work with:     <ul> <li>On one hand, paying 2.2x sales for a company that is loss making over the last twelve months can look demanding next to an industry average of 1.0x.</li> <li>On the other hand, trading at a discount to peers on sales while still reporting HK$735.4 million in trailing revenue can be used to argue the shares are not priced like the most expensive name in its immediate group.</li> </ul> </li> </ul> <h2>Half year revenue steady, but EPS still negative</h2> <ul> <li>Across the last three half year periods, revenue has stayed in a relatively tight band, from HK$334.9 million in 1H 2024 to HK$404.7 million in 2H 2024 and HK$338.7 million in 1H 2025, while basic EPS over those same halves remained in loss territory between HK$0.0347 and HK$0.024 per share.</li> <li>Supporters who focus on the business mix across e commerce, mobile internet, social network, publishing and advertising might argue there is long term potential in that spread, but the recent numbers keep that idea in check:     <ul> <li>Revenue of HK$338.7 million in 1H 2025 shows the company is still generating a meaningful top line from its various segments, consistent with the idea of a diversified digital and media platform.</li> <li>At the same time, the 1H 2025 basic EPS loss of HK$0.024 and trailing twelve month EPS of about HK$0.0509 loss per share underline that the current business mix has not yet translated into positive per share results.</li> </ul> </li> </ul> <p>To see how other investors are connecting these numbers to a longer term story for TOM Group, it is worth looking at what the wider community is saying about the company right now: <strong>📊 Read the what the Community is saying about TOM Group.</strong></p> <h2>Next Steps</h2> <p>Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on TOM Group's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.</p> <p>If this all feels mixed, it is a good prompt to look at the numbers yourself and decide how they stack up for you. To help you weigh the upside that others are seeing, take a moment to review 1 key reward.</p> <h2>See What Else Is Out There</h2> <p>TOM Group is still reporting HK$201.3 million in trailing losses and negative EPS, so the path to sustainable profitability and margin improvement remains uncertain.</p> <p>If you want ideas where the market price may already reflect stronger fundamentals, take a few minutes to run through our 225 high quality undervalued stocks that could offer a more appealing balance between risk and potential return.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3>Valuation is complex, but we're here to simplify it.</h3><p>Discover if TOM Group might be undervalued or overvalued with our detailed analysis, featuring <strong>fair value estimates, potential risks, dividends, insider trades, and its financial condition.</strong></p><p>Access Free Analysis</p></div></div></div>

516190

02383

159805

512980

517770

<p>TOM Group (SEHK:2383) reported its FY 2025 first half results, showing a revenue of HK$338.7 million and a basic EPS loss of HK$0.024. Despite a series of losses, the company has seen a gradual improvement in margins, with losses decreasing by 30.9% annually over the past five years. The trailing twelve-month loss stands at HK$201.3 million, indicating ongoing challenges in achieving profitability. TOM Group trades at a P/S of 2.2x, which is higher than the industry average of 1.0x but lower than its peers. Investors are focused on the potential for breakeven as the company continues to diversify its revenue streams.</p>

TOM Group EPS Loss Narrows Again Reinforcing Gradual Profitability Narrative