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HONMA Golf Announces Interim Results for FY2025/26 Strong Growth in Korea While Other Markets under Pressure
Financial Highlights
- In the face of a slowing global economy, heightened policy uncertainty and intensified competition across the global golf industry, the Group’s revenue for the Period declined by 18.1% year-on-year to JPY7,867.5 million (equivalent to USD53.9 million), on a constant currency basis.
- Korea delivered an exceptional performance, achieving comparable sales growth of 44.9% during the Period. Retail sales in Korea surged by 70.8%, on a constant currency basis, driven by continued improvements in retail operations.
- Outside Korea, sales in China (including Hong Kong and Macau) remained subdued, recording a marginal decline of 0.4% on a constant currency basis. Japan posted a 33.1% decrease on a constant currency basis, reflecting the impact of wholesale channel restructuring.
- Gross profit margin remained resilient, improving by 0.5 percentage points to 53.5% compared with the same period last year, supported by notable margin gains in Korea and China (including Hong Kong and Macau).
- Net operating cash flow remained positive at JPY1922.9 million (equivalent to USD13.2 million).
Major Achievements
During the six months ended 30 September 2025, the golf industry faced intensified competition and shifting dynamics in player participation and purchasing behaviour, driven by a slowing global economy and regional challenges. Despite these headwinds, HONMA remained firmly committed to executing its long-term strategy. The group continued to invest in product innovation, expand its distribution network, and strengthen brand marketing initiatives, while maintaining a robust financial position and healthy cash flow.
Korea Market Bucks Trend with Growth
Despite subdued market conditions and weak sentiment, Korea delivered an exceptional performance during the Period, defying broader industry headwinds. Supported by the Group’s continued success in its DTC operations and the renewal of its distribution arrangement, Korea achieved strong growth across both retail and wholesale channels. Sales from self-operated stores surged by 70.8%, while distributor sales rose by 41.5%, both on a constant currency basis. Enhanced consumer experiences and refined merchandising strategies provided additional momentum, driving a marked improvement in profitability. During the Period, gross profit margin expanded to 65.6%, underscoring the effectiveness of HONMA’s channel strategy and its ability to capture demand in this dynamic, premium-performance golf market.
Newly Launched Products Achieved Good Performance
HONMA’s latest product introductions have resonated strongly with golfers, reinforcing the brand’s reputation for Japanese craftsmanship and product performance. On a constant currency basis, country-specific clubs recorded solid comparable growth of 36.9%, while putter sales rose by 39.0%, reaffirming HONMA’s strong brand equity. The Tour World series also gained traction, with sales in the Chinese Mainland, the US and Europe increasing by 19.3%, 130.4% and 19.1% respectively, all on a constant currency basis. In addition, golf balls achieved notable success in China, posting a 52.3% increase following the launch of a multipack series tailored to consumer preferences. These results underscore HONMA’s ongoing commitment to product innovation and its ability to capture demand across key markets.
Re-defining the HONMA Brand
HONMA continued to implement a range of initiatives to reinforce its global brand positioning and deepen engagement with target consumers. To re-establish HONMA as a dynamic, relevant, and premium golf lifestyle brand among digitally savvy younger golfers, the Group has consistently enhanced its global website and social media presence through regular, high-quality visual and content updates, driving brand awareness and product appeal.
Supported by a full-channel approach and increased investment in digital marketing, HONMA’s e-commerce sales grew by 5.1% in the Chinese Mainland and 25.6% in the Taiwan market.
Business Outlook
In the years ahead, HONMA will continue executing its long-term growth strategy to position itself as a world-leading golf lifestyle brand. This strategy builds on the Group’s rich heritage, expanding distribution network, cutting-edge technologies, and traditional Japanese craftsmanship. Key priorities include enhancing and transforming brand value to strengthen customer loyalty, consolidating leadership in the super-premium segment, and driving meaningful progress in the fast-growing premium-performance category. HONMA also aims to deliver sustainable growth in North America and Europe through an updated product and distribution strategy, while expanding complementary non-club product lines to offer a complete golf lifestyle experience. Additionally, the Group will maintain its focus on product innovation to align with evolving market trends and consumer preferences.
Mr. LIU Jianguo, Chairman of the Board, President, and Executive Director of HONMA Golf Limited, stated: “Despite ongoing market challenges, HONMA has demonstrated resilience, maintained strong gross margins, and expanded its direct-to-consumer channels. By anchoring our strategy around the super-premium and premium-performance segments, enhancing digital capabilities, and optimizing our distribution network, we have established a solid foundation for sustainable growth and are well-positioned to deliver long-term value for our stakeholders.”
Hashtag: #HONMAGolf
The issuer is solely responsible for the content of this announcement.
About HONMA Golf Limited
HONMA is one of the most prestigious and iconic brands in the golfing industry. Founded in 1959, HONMA combines the latest innovative technologies with traditional Japanese craftsmanship to offer golfers around the world premium, high-tech, and high-performance golf clubs, balls, apparel, and accessories.
As the only vertically integrated golf company with extensive in-house design, development, and manufacturing capabilities, as well as a broad retail footprint in Asia, HONMA is perfectly positioned to continuously grow its business in Asia and beyond, benefitting from the return of golfers in mature golf markets such as the US and Japan, and from increased participation in emerging markets such as Korea and China.
In recent years, HONMA has actively undertaken brand and marketing campaigns with the goal of redefining the HONMA brand as a dynamic, relevant, and premium golf lifestyle brand among today’s golfers. HONMA maintains a team of young professional players from Asia who are considered rising stars or upcoming challengers in the golf industry. HONMA has also collaborated extensively with coaches and key opinion leaders in major Asian markets and made significant investments in its retail distribution network and digital capabilities in Japan and China to unify and elevate the consumer experience and purchase journey for its loyal consumers and the younger golfing community.
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Alibaba Group Debuts “Wonder on Ice,” an Immersive AI Experience at Milan’s Sforza Castle for Milano Cortina 2026
Set against the historic backdrop of the Sforza Castle and the commercial artery of Via Dante, AWI turns one of Milan’s most recognizable public spaces into a live demonstration of how digital technologies can intersect with culture, commerce and consumer engagement. Powered by Alibaba’s advanced technology stack, the showcase illustrates how artificial intelligence can enable immersive, interactive digital retail experiences that respond dynamically to individual preferences.
“Alibaba and the IOC share a simple belief together: technology should enable the Olympic Games to be more exciting, accessible, sustainable and connected,” said Joe Tsai, Chairman of Alibaba Group. “With the power of AI, we are moving from “Cloud Olympics” toward “Intelligent Olympics”, as AI helps us work better, make smarter decisions, and connect more meaningfully.”
“I’m delighted to be here at the Alibaba Group Showcase, celebrating nine years of our partnership which represents one of the most significant technological transformations in Olympic history. Building on innovations delivered at recent Games, Milano Cortina 2026 represents a major step forward in cloud-based, AI-enabled broadcasting and operations, setting a new benchmark for future editionsn. Together with Alibaba, we’re not only ensuring the Games remain efficient and sustainable, but also remain engaging through sports media technology to audiences, athletes and fans worldwide”, said Kirsty Coventry, President of the International Olympic Committee (IOC)”
A Personalized Journey Guided by AI
At the core of the installation is an AI-guided journey that brings virtual retail into a physical environment. Upon entry, visitors are invited to share simple preferences—such as their favorite Milano Cortina 2026 sport—with an AI agent, which uses these inputs to curate a personalized journey throughout the space. Visitors may also choose to have their photo taken to generate a real-time digital avatar, further tailoring the journey to the individual.
The AI agent then acts as a virtual stylist, interacting with visitors and offering tailored recommendations for clothing, fragrance, and makeup. As participants make selections, the experience evolves continuously, demonstrating how AI-enabled retail can move beyond static product catalogues towards adaptive, interactive experiences. Each journey culminates in a personalized AI-generated video in which the visitor’s avatar becomes the central character in a digital gala setting.
The experience is supported by Alibaba’s latest AI and cloud technologies, including its Qwen3 series of large language and vision models, Wan 2.2 image-to-video generation model, and Taobao Vision’s immersive shopping solution, and Alibaba Cloud’s global cloud infrastructure.
Architecture Inspired by Ice and Light
Spanning 40 meters, the installation consists of two architectural elements:
- The Snow Globe, a spherical pavilion that serves as an interactive space during the day and transforms into a projection surface for AI-generated visuals in the evening
- The Crystalized Skirt Building, a sculptural structure inspired by the crystalline geometry of frost and snowflakes, which houses the immersive AI-powered virtual retail experience.
Designed with sustainability in mind, the installation uses recyclable materials and leaves no permanent footprint on the historic plaza.
AWI will be open to the public from February 7–22, 2026, during the Olympic Winter Games, and March 6–15, 2026, during the Paralympic Winter Games.
Showcasing the First AI-Generated Olympic Fan Art Collection
The opening of AWI also marked the unveiling of the results of the Alibaba Cloud AIGC Championship @ Milano Cortina 2026, the first Olympic fan engagement initiative of its kind developed in partnership with the International Olympic Committee, the Olympic Museum and the Milano Cortina 2026 Organising Committee.
Using Alibaba’s Wan video generation models, fans from around the world created original video artworks inspired by four winter sports: figure skating, short track speed skating, alpine skiing, and snowboarding.
A curated selection of the top 100 works is now being displayed on the surface of the Snow Globe. This collection represents the first AI-generated artworks to be displayed by the Olympic Museum located in Lausanne, Switzerland. Ten creators will be awarded tickets to attend the Olympic Winter Games in person.
By combining Olympic inspiration with accessible AI technology, Alibaba Wonder on Ice invites fans worldwide to go beyond spectating, allowing them to step into the Games, express their “vibe,” and join the Olympic Movement in an entirely new way.
Hashtag: #Alibaba
The issuer is solely responsible for the content of this announcement.
About Alibaba Group
Alibaba Group is a global technology company focused on e-commerce and cloud computing. We enable merchants, brands and retailers to market, sell and engage with consumers by providing digital and logistics infrastructure, efficiency tools and vast marketing reach. We empower enterprises with our leading cloud infrastructure, services and work collaboration capabilities to facilitate their digital transformation and grow their businesses.
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Skylon Appoints COBNB as Hospitality Partner, Launches COBNB+ with L’Occitane en Provence Hotel Amenities
As part of the COBNB+ rollout, all PLUS-managed residences at Skylon will feature a full upgrade to L’Occitane en Provence hotel amenities, setting a new standard for guest comfort. The partnership reflects COBNB’s strategic move into experience-led hospitality, where design, service, and brand collaboration come together to enhance guest satisfaction and long-term asset value.
COBNB+ represents the highest tier within COBNB’s managed portfolio, designed for guests who value refined living, consistency, and effortless stays. The programme combines curated interiors, elevated operational standards, and technology-enabled hospitality, offering a boutique-hotel experience within a service apartment setting.
L’Occitane en Provence was selected as COBNB+’s premium amenities partner for its strong association with leading hotels and resorts worldwide, its commitment to responsibly sourced ingredients, and its timeless French heritage. The brand’s emphasis on sensorial comfort and craftsmanship aligns naturally with COBNB’s vision of modern, experience-led hospitality.
Skylon’s designation as the first COBNB+ property establishes a new benchmark for managed residences in Malaysia. The collaboration reflects a shared vision between GBD Land and COBNB to operate residential assets at hospitality-grade standards, enhance guest satisfaction and loyalty, and strengthen long-term asset performance.
“At L’Occitane en Provence, we believe everyday rituals can become precious moments. Our partnership with COBNB+ at Skylon reflects a shared vision to elevate the guest experience through sensorial comfort, thoughtful details, and the art of Provençal living — even within a modern service apartment setting,” said Elida Wong, General Manager, Southeast Asia, L’Occitane en Provence.
The launch of COBNB+ at Skylon marks the beginning of a broader premium rollout across selected developments. As COBNB continues to expand its hospitality platform, COBNB+ will serve as its flagship standard for luxury short-stay and serviced living.
At COBNB, luxury is intentional — and it begins with attention to every detail.
Hashtag: #cobnb #cobnb+ #loccitane #skylonresidences
https://www.cobnb.com.my/
https://www.linkedin.com/company/cobnb-sdn-bhd/
https://www.facebook.com/share/1DHQm5k9CA/
https://www.instagram.com/cobnbmsia?igsh=azlnYWhwMXRxdnk0
The issuer is solely responsible for the content of this announcement.
About GBD Land
GBD Land is a forward-looking property developer focused on creating thoughtfully designed residential developments that combine lifestyle, quality, and long-term value.
About L’Occitane en Provence
Founded in the South of France, L’Occitane en Provence is a globally recognised brand known for its natural ingredients, Provençal heritage, and long-standing presence as a preferred amenities partner for premium hotels and resorts worldwide.
About COBNB
COBNB is Malaysia’s leading short-term rental and hospitality management platform, operating at the intersection of technology, design, and service excellence to maximise guest experience and long-term asset performance.
For more information, visit: https://www.cobnb.com.my/cobnb-plus
Skylon Residences:https://skylon.com.my/
The event, supported by the Mission of the People’s Republic of China to ASEAN, the Permanent Mission of Malaysia to ASEAN, and the ASEAN Secretariat, was hosted by the Information Office of the People’s Government of Guangxi Zhuang Autonomous Region, China, and the Department of Culture and Tourism of Guangxi Zhuang Autonomous Region, China, and jointly organized by Guangxi Daily (Guangxi International Communication Center), Guangxi Radio and Television, Guangxi Tourism Development Group, and Guangxi Cultural Industry Group. More than 250 guests attended the event, including envoys from the 11 ASEAN countries and external partners such as Russia, the United Kingdom, Australia, South Korea, and Brazil, senior officials from the ASEAN Secretariat, representatives from mainstream ASEAN media, local university faculty and students, and representatives from Chinese-funded enterprises.
I. A Gathering of Distinguished Guests, Sharing a Common Vision
This marks the first time that Chinese Spring Festival cultural activities have been held at the ASEAN Headquarters. With the deepening of globalization, the traditional festival of Spring Festival is not only a time for family reunions for the Chinese people, but also a new bond for dialogue between different civilizations. The Chinese Spring Festival embodies the philosophy of “harmony and coexistence”, which aligns perfectly with the ASEAN countries’ pursuit of “unity and cooperation”. Furthermore, the sustainable development concept of “rejuvenating the old and welcoming the new” resonates strongly with the ASEAN region’s vision of “common prosperity”.
Kao Kim Hourn, Secretary-General of ASEAN, stated in his video address that over time, the Spring Festival has evolved into a global celebration. Its inscription on the UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity in 2024 underscores the rich significance of this precious human heritage. Within ASEAN, many member states celebrate the Spring Festival, reminding people of the deep emotional bonds that transcend national borders. ASEAN will continue its commitment to fostering a community proud of its identity, actively undertaking the responsibility of protecting, preserving, and creating culture, arts, and traditions, and promoting the development of the cultural and creative industries. As we welcome the Year of the Horse, we hope everyone will embrace the elegance, vitality, and forward momentum that the horse represents, and embark on the new year together with hope, resilience, and unity.
Wang Qing, Chinese Ambassador to ASEAN, stated in his address that the Spring Festival symbolizes reunion, joy, and harmony. Celebrating the holiday together exemplifies the close bonds between the people of China and ASEAN, the integration of our civilizations, and our harmonious coexistence. The China-ASEAN community with a shared future is growing ever closer, demonstrating powerful vitality and setting an exemplary model for building a community with a shared future for mankind. He specifically noted that Guangxi serves as a vital “connection point” and “intersection point” for China-ASEAN friendship, exchanges, and cooperation, functioning as both a “gateway and engine” within the China-ASEAN Comprehensive Strategic Partnership. In the new year, he extended heartfelt wishes for China-ASEAN friendship and cooperation to surge forward like galloping horses, unstoppable in its momentum.
Ambassador Sarah, Permanent Representative of Malaysia to ASEAN, noted in the address that as the Country Coordinator for China-ASEAN Relations, Malaysia has been privileged to witness and foster the flourishing development of the China-ASEAN Comprehensive Strategic Partnership. Cultural celebrations like today’s Spring Festival event vividly demonstrate that our partnership extends far beyond trade agreements and diplomatic protocols. ASEAN and China share a deep, mature, and resilient relationship that will continue to grow and strengthen on the solid foundation of mutual respect, shared interests, and a common vision for peace, stability and prosperity in the region.
Li Pan, Director of the Information Office of the People’s Government of Guangxi Zhuang Autonomous Region, stated in his address that Guangxi is honored to host this event at the ASEAN Headquarters. As the permanent host city of the China-ASEAN Expo, Guangxi serves as an important platform for China-ASEAN economic and trade cooperation and cultural exchanges. Guangxi is working with ASEAN countries to build an artificial intelligence development path of “R&D in Beijing, Shanghai, and Guangzhou + Integration in Guangxi + Application in ASEAN”, and actively creating a new trade chain of “Production in ASEAN + Distribution in Guangxi + Sales in China”. In 2026, Guangxi will work hand in hand with all sectors of ASEAN to forge ahead and strengthen the neighborly bond between China and ASEAN over time.
II. Celebrating the Spring Festival and Savoring the Festive Flavors
The event invited guests from around the world to gather together, celebrating the Spring Festival for the Year of the Horse, savoring the flavors of the Chinese Spring Festival, and appreciating the beauty of the arts. The opening performance, “The Beauty of China: Guangxi’s Zhuang Ethnic Charm”, featured a symbolic dance and connected it with a classic excerpt from the Caidiao Opera “Liu Sanjie”, including the “Antiphonal Song”, creating an artistic masterpiece that blends Eastern poetry with innovative ingenuity. The Chinese instrumental performance, “Chinese Chic Performance for Celebrating the Spring Festival of the Year of the Horse”, featured erhu and suona as the main instruments, playing classic melodies such as the theme song from “Journey to the West” and “Black Myth: Wukong”, converging into a “National Trend IP Music Festival”. When Guangxi ethnic instruments, the maguhu (horse-bone fiddle) and the bolie, met Indonesian gamelan, Chinese and Indonesian musicians jointly performed classics like “Jasmine Flower” and “Folk Songs Like Spring River Water”making the phrase “high mountains and flowing water meet a kindred spirit” more concrete and creating a lasting artistic resonance.
During the event, Guangxi Daily (Guangxi International Communication Center), Guangxi Radio and Television, together with ASEAN media such as TVRI, El John TV, and Harian Inhua, jointly launched the China-ASEAN Spring Festival Short Video Exhibition Week. Using short videos as a link, the event showcased the joyous scenes of China and ASEAN countries celebrating the Spring Festival together from multiple dimensions, inviting netizens around the world to jointly celebrate the Chinese Spring Festival as a global festival through the Internet.
III. Savoring the Cultural Gathering, Welcoming the Prosperous Spring Festival
On the same day, the “Spring Blessings for Success at the Year of the Horse” Chinese Spring Festival Cultural Exhibition and the “Instant Joy Market” Spring Festival Cultural Market were held simultaneously at the ASEAN Headquarters. Guests from various countries experienced the hospitality of “Tea Harmonies the World” through immersive experiences that included playing, appreciating, and tasting, creating “Ancient Charm and Blessings” calligraphy and painting rubbings, admiring the exquisite paper-cutting art, and enjoying a feast of Spring Festival delicacies from all directions.
The most surprising experience for the guests was exploring the smart future using Guangxi’s cutting-edge AI technology. Guests from various countries experienced intelligent translation devices and wore AR glasses, immersing themselves in barrier-free communication and exploring the thousand-year-old legend of the Zuojiang Huashan Rock Art Cultural Landscape. Hardy Chung, a reporter from Harian Inhua, remarked that China’s AI technology not only accurately depicted the beautiful scenery of the Spring Festival but also vividly expressed the touching story of ASEAN and China being connected by mountains and seas and sharing good neighborly friendship, presenting a beautiful picture of cooperation towards the future.
On February 4th, two “Instant Blessings” Pop-Up Events were held at the Halim Station of the Jakarta-Bandung High-Speed Railway and the Mall Central Park in Jakarta, Indonesia, creating a festive atmosphere for the Chinese Spring Festival. Performers from Guangxi presented a variety of acts including song, dance, opera, and puppetry, attracting many locals to participate in interactive activities, join in the “Guangxi Kemusan Dance”, and share the joy of the Spring Festival. Yi Yan, a social media blogger traveling and living in Indonesia, exclaimed, “This year’s Spring Festival atmosphere in Jakarta is different!”
This event attracted more than 20 media outlets, including People’s Daily, Xinhua News Agency, China Media Group, China News Service, TVRI, METRO TV, bolong.id, and Vietnam News Agency to report on the event and widely spread the concepts of peace, amity, and harmony in the Spring Festival to people at home and abroad.
The issuer is solely responsible for the content of this announcement.
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