C 
2.16
+3.35%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$6.87bn
FY2016FY2025
Net income
HK$452.8m
FY2016FY2025
Free cash flow
−HK$984.8m
FY2016FY2025
Shareholders' equity
HK$4.56bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$6.87bn | HK$8.62bn | HK$7.36bn | HK$3.65bn | HK$3.86bn | HK$2.86bn | HK$2.08bn | HK$1.63bn | HK$372.8m | HK$707.7m |
| Gross profit | HK$68.9m | −HK$66.1m | HK$131.9m | HK$148.0m | HK$88.3m | HK$202.8m | HK$143.9m | HK$131.8m | HK$119.0m | HK$423.5m |
| Operating income | HK$12.0m | −HK$80.3m | HK$61.1m | HK$86.3m | HK$32.9m | HK$186.9m | HK$98.6m | HK$81.6m | HK$87.7m | HK$387.5m |
| Net income | HK$452.8m | HK$342.0m | HK$497.1m | HK$514.9m | HK$178.5m | HK$155.2m | HK$160.0m | HK$101.4m | HK$52.1m | HK$389.1m |
| Diluted earnings per share | 0.06 | 0.04 | 0.07 | 0.07 | 0.03 | 0.02 | 0.02 | 0.02 | 0.01 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$8.71bn | HK$7.84bn | HK$6.75bn | HK$6.87bn | HK$6.35bn | HK$4.19bn | HK$3.10bn | HK$2.67bn | HK$1.91bn | HK$1.89bn |
| Cash and short-term investments | HK$944.3m | HK$1.15bn | HK$1.02bn | HK$52.4m | HK$81.3m | HK$1.17bn | HK$676.8m | HK$1.12bn | HK$1.02bn | HK$40.9m |
| Total liabilities | HK$4.15bn | HK$3.92bn | HK$2.87bn | HK$3.52bn | HK$4.19bn | HK$2.16bn | HK$1.15bn | HK$810.1m | HK$120.5m | HK$70.0m |
| Debt | HK$3.05bn | HK$2.92bn | HK$1.76bn | HK$2.40bn | HK$3.03bn | HK$1.96bn | HK$1.07bn | HK$743.9m | — | — |
| Shareholders' equity | HK$4.56bn | HK$3.92bn | HK$3.88bn | HK$3.35bn | HK$2.16bn | HK$2.03bn | HK$1.94bn | HK$1.86bn | HK$1.79bn | HK$1.82bn |
| Shares outstanding | 7,601m | 7,601m | 7,601m | 7,601m | 6,601m | 6,601m | 6,601m | 6,601m | 6,601m | 6,015m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$984.7m | −HK$903.4m | HK$1.04bn | HK$464.3m | HK$242.7m | −HK$326.6m | −HK$667.0m | HK$151.1m | HK$4.5m | HK$416.1m |
| Capital spending | −HK$65,000 | −HK$57,000 | −HK$36,000 | −HK$594,000 | −HK$393,000 | −HK$524,000 | −HK$82,000 | −HK$57,000 | −HK$50,000 | −HK$5,000 |
| Free cash flow | −HK$984.8m | −HK$903.4m | HK$1.04bn | HK$463.7m | HK$242.3m | −HK$327.1m | −HK$667.1m | HK$151.0m | HK$4.5m | HK$416.1m |
| Dividends paid | −HK$53.2m | −HK$22.8m | — | — | −HK$33.0m | −HK$66.0m | −HK$33.0m | −HK$13.2m | −HK$132.0m | −HK$132.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$2.02bn | HK$5.16bn | HK$1.71bn | HK$4.55bn | HK$4.07bn | HK$4.43bn | HK$2.93bn | HK$1.24bn |
| Gross profit | −HK$119.0m | HK$315.7m | −HK$246.8m | −HK$9.7m | −HK$56.4m | −HK$54.7m | HK$186.7m | −HK$47.6m |
| Operating income | −HK$138.4m | HK$277.7m | −HK$265.7m | −HK$50.0m | −HK$87.7m | −HK$95.3m | HK$156.5m | −HK$85.2m |
| Net income | −HK$80.1m | HK$520.3m | −HK$67.6m | HK$228.9m | HK$113.1m | HK$317.4m | HK$179.7m | HK$159.8m |
| Diluted earnings per share | -0.01 | 0.07 | -0.01 | 0.03 | 0.01 | 0.04 | 0.02 | 0.02 |
| Cash from operations | — | −HK$76.0m | −HK$236.0m | −HK$171.0m | −HK$303.0m | HK$934.0m | HK$612.0m | −HK$517.0m |
| Total assets | HK$7.76bn | HK$8.71bn | HK$8.58bn | HK$7.84bn | HK$7.68bn | HK$6.75bn | HK$7.09bn | HK$6.87bn |
| Cash and short-term investments | HK$1.32bn | HK$944.3m | HK$1.37bn | HK$1.15bn | HK$1.14bn | HK$1.02bn | HK$516.1m | HK$52.4m |
| Debt | HK$2.54bn | HK$3.05bn | HK$3.33bn | HK$2.92bn | HK$2.74bn | HK$1.76bn | HK$2.47bn | HK$2.40bn |
| Shareholders' equity | HK$4.48bn | HK$4.56bn | HK$3.87bn | HK$3.92bn | HK$3.95bn | HK$3.88bn | HK$3.55bn | HK$3.35bn |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 1.0% | -0.8% | 1.8% | 4.1% | 2.3% | 7.1% | — | — | — | — | — | — |
| Operating margin | 0.2% | -0.9% | 0.8% | 2.4% | 0.9% | 6.5% | — | — | — | — | — | — |
| Net margin | 6.6% | 4.0% | 6.8% | 14.1% | 4.6% | 5.4% | — | — | — | — | — | — |
| Return on equity | 9.9% | 8.7% | 12.8% | 15.4% | 8.3% | 7.7% | — | — | — | — | — | — |
| Return on assets | 5.2% | 4.4% | 7.4% | 7.5% | 2.8% | 3.7% | — | — | — | — | — | — |
| Free cash flow yield | -5.7% | -5.2% | 6.0% | 2.7% | 1.6% | -2.2% | — | — | — | — | — | — |
| Revenue growth | -20.3% | 17.1% | 101.8% | -5.5% | 34.8% | 37.8% | — | — | — | — | — | — |
| Earnings growth | 32.4% | -31.2% | -3.5% | 188.5% | 15.0% | -3.0% | — | — | — | — | — | — |
| Current ratio | 1.08x | 0.92x | 1.59x | 1.19x | 0.51x | 2.73x | — | — | — | — | — | — |
| Debt to equity | 0.67x | 0.74x | 0.45x | 0.72x | 1.40x | 0.97x | — | — | — | — | — | — |
| Equity ratio | 52.4% | 50.0% | 57.5% | 48.8% | 33.9% | 48.4% | — | — | — | — | — | — |
| Interest coverage | 0.07x | -0.66x | 0.47x | 1.40x | 0.66x | 4.57x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.1% | 0.0% | 0.1% | 0.5% | 0.1% | 0.3% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | -15.1% | 0.0% | 0.0% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 23.5% | 19.1% | 25.6% |
| Operating income | -48.1% | -42.2% | -26.4% |
| Net income | -4.2% | 23.9% | 8.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 0.0% | 1.1% | 1.7% | 4.3% |
| Operating margin | -0.4% | 0.3% | 0.9% | 3.1% |
| Net margin | 5.1% | 6.8% | 6.4% | 7.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 52.2 | 36.9 | 26.3 | 12.0 | 28.8 | 15.3 | 12.6 | 15.6 | 79.8 | 9.1 |
| Price to sales | 3.4 | 1.5 | 1.8 | 1.7 | 1.3 | 0.8 | 1.0 | 1.0 | 11.2 | 5.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 23 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.014 | 0.007 | 0.006 | 0.005 | 0.01 | 0.005 | 0.002 | 0.02 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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