Offshore Trust Insight | SKYWORTH GROUP (00751.HK): H1 Net Profit Attributable to Owners Up 399.2% YoY as Founder Holds About 63.48% Through a Trust
- the interim results show that SKYWORTH GROUP's revenue for the first half of 2026 was RMB 38.035 billion, up 4.9% year on year; profit attributable to owners of the company was RMB 624 million, up 399.2% year on year.
- SKYWORTH GROUP is a smart household appliances and new energy enterprise founded in 1988 and listed on the Main Board of the Stock Exchange on April 7, 2000. Its business is divided into four segments, namely smart household appliances, smart systems technology, new energy, and modern services.
NewTimeSpace News: On November 3, 2026, SKYWORTH GROUP closed at HKD 3.175, down 0.63% for the day, with 3.178 million shares traded.
On the shareholding structure, the company's 2026 interim report shows that Target Success Group (PTC) Limited reported an interest in 1,200,958,799 shares in its capacity as trustee, representing approximately 63.48%. Wong Wang Sang, Stephen held 37,300,000 shares as beneficial owner, and reported a further 12,160,382 shares as spouse interest and 1,200,958,799 shares as interest of controlled corporations, amounting to 1,250,419,181 shares, or approximately 66.09%.
According to the 2026 interim report, Target Success acts as trustee of the Skysource Unit Trust, and all units of the trust and all issued shares of Target Success are held by Wong Wang Sang, Stephen. The shareholding chain is as follows: Skysource Unit Trust→Target Success Group (PTC) Limited→1,200,958,799 shares of SKYWORTH GROUP.
On the corporate front, on October 16, 2026, the company published an announcement in relation to the privatisation and the spin-off listing of Skyworth Photovoltaic, stating that the pre-condition for obtaining the approval of Skyworth Photovoltaic shareholders for the distribution and the listing of Skyworth Photovoltaic was fulfilled on June 18, while pre-conditions such as the filing notice from the China Securities Regulatory Commission and the approval in principle from the Stock Exchange have not yet been fulfilled; Skyworth Photovoltaic and its advisers are preparing the listing application document package and intend to submit it to the Stock Exchange in confidential form as soon as practicable.
On the policy front, on July 24, 2026, the Ministry of Finance and the State Taxation Administration jointly issued the Announcement on Matters Concerning Individual Income Tax on Offshore Trusts (Announcement No. 21 of 2026), which brings the establishment, existence and termination of offshore trusts across their entire life cycle into the individual income tax administration system, establishes three look-through points, namely establishment, existence and termination, and applies a uniform tax rate of 20%. The announcement specifies that, during the existence of an offshore trust, income generated by an offshore trust of a resident individual and by offshore entities held or controlled by that trust is subject to individual income tax, whether or not actually distributed, with the resident individual as the taxpayer filing and paying tax on an annual basis.
On the operating front, the interim results show that SKYWORTH GROUP's revenue for the first half of 2026 was RMB 38.035 billion, up 4.9% year on year; profit attributable to owners of the company was RMB 624 million, up 399.2% year on year; gross margin was 13.4%, up 1.1 percentage points year on year. Revenue from overseas markets was RMB 10.298 billion, up 27.9% year on year.
According to public information, SKYWORTH GROUP is a smart household appliances and new energy enterprise founded in 1988 and listed on the Main Board of the Stock Exchange on April 7, 2000. Its business is divided into four segments, namely smart household appliances, smart systems technology, new energy, and modern services, with products covering smart televisions, refrigerators, washing machines and air conditioners, set-top boxes, automotive electronics and distributed photovoltaic systems.
