C 
0.72
+1.41%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$6.73bn
FY2016FY2025
Net income
HK$168.8m
FY2016FY2025
Free cash flow
HK$2.99bn
FY2016FY2025
Shareholders' equity
HK$9.51bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$6.73bn | HK$6.98bn | HK$7.59bn | HK$8.05bn | HK$8.45bn | HK$9.84bn | HK$9.28bn | HK$7.00bn | HK$4.58bn | HK$3.00bn |
| Gross profit | HK$1.53bn | HK$1.46bn | HK$1.72bn | HK$1.68bn | HK$2.35bn | HK$3.01bn | HK$2.80bn | HK$2.07bn | HK$1.44bn | HK$991.5m |
| Research and development | — | HK$1.7m | — | HK$1.8m | HK$1.8m | HK$1.7m | HK$1.7m | — | — | — |
| Operating income | HK$726.8m | HK$978.0m | HK$1.11bn | HK$1.23bn | HK$1.79bn | HK$2.54bn | HK$2.48bn | HK$1.87bn | HK$1.31bn | HK$852.0m |
| Net income | HK$168.8m | −HK$415.4m | −HK$301.7m | HK$356.2m | HK$1.11bn | HK$1.50bn | HK$1.62bn | HK$1.32bn | HK$953.8m | HK$629.2m |
| Diluted earnings per share | 0.08 | -0.20 | -0.15 | 0.17 | 0.54 | 0.73 | 0.78 | 0.64 | 0.46 | 0.37 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$34.60bn | HK$36.33bn | HK$39.76bn | HK$39.16bn | HK$40.54bn | HK$35.26bn | HK$26.26bn | HK$18.60bn | HK$14.43bn | HK$7.46bn |
| Cash and short-term investments | HK$2.34bn | HK$1.66bn | HK$2.33bn | HK$1.93bn | HK$2.48bn | HK$2.51bn | HK$2.71bn | HK$2.06bn | HK$3.14bn | HK$903.3m |
| Total liabilities | HK$24.94bn | HK$24.67bn | HK$27.40bn | HK$25.62bn | HK$26.39bn | HK$22.40bn | HK$15.67bn | HK$9.17bn | HK$5.67bn | HK$3.26bn |
| Debt | HK$18.43bn | HK$21.03bn | HK$23.17bn | HK$20.76bn | HK$20.58bn | HK$16.94bn | HK$11.11bn | HK$6.01bn | HK$3.49bn | HK$1.97bn |
| Shareholders' equity | HK$9.51bn | HK$11.51bn | HK$12.08bn | HK$13.19bn | HK$13.76bn | HK$12.52bn | HK$10.35bn | HK$9.34bn | HK$8.75bn | HK$4.19bn |
| Shares outstanding | 2,066m | 2,066m | 2,066m | 2,066m | 2,066m | 2,066m | 2,066m | 2,066m | 2,070m | 1,720m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$3.46bn | HK$1.47bn | −HK$125.6m | −HK$419.8m | HK$426.7m | −HK$887.8m | −HK$137.7m | −HK$240.9m | −HK$80.0m | HK$500.5m |
| Capital spending | −HK$463.3m | −HK$597.1m | −HK$1.36bn | −HK$1.55bn | −HK$2.82bn | −HK$3.16bn | −HK$4.00bn | −HK$2.94bn | −HK$2.11bn | −HK$323.9m |
| Free cash flow | HK$2.99bn | HK$873.2m | −HK$1.49bn | −HK$1.97bn | −HK$2.39bn | −HK$4.05bn | −HK$4.14bn | −HK$3.18bn | −HK$2.19bn | HK$176.5m |
| Dividends paid | −HK$57.9m | −HK$28.9m | −HK$51.7m | −HK$157.0m | −HK$289.3m | −HK$330.6m | −HK$299.6m | −HK$309.9m | −HK$309.9m | −HK$309.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$3.49bn | HK$3.33bn | HK$3.40bn | HK$3.47bn | HK$1.74bn | HK$3.51bn | HK$1.75bn | HK$3.60bn |
| Gross profit | HK$763.7m | HK$721.4m | HK$856.8m | HK$778.8m | HK$389.4m | HK$681.1m | HK$340.6m | HK$638.1m |
| Operating income | HK$524.0m | HK$667.4m | HK$540.2m | HK$519.3m | HK$259.7m | HK$458.7m | HK$229.3m | HK$408.7m |
| Net income | HK$261.3m | −HK$43.2m | HK$190.8m | −HK$559.3m | −HK$279.7m | HK$143.9m | HK$72.0m | −HK$565.6m |
| Diluted earnings per share | 0.13 | -0.02 | 0.09 | -0.27 | -0.14 | 0.07 | 0.03 | -0.27 |
| Cash from operations | — | HK$2.38bn | HK$1.02bn | HK$468.0m | — | HK$1.00bn | HK$500.0m | HK$16.0m |
| Capital spending | — | −HK$155.0m | −HK$211.0m | −HK$274.0m | — | −HK$145.0m | −HK$72.0m | −HK$152.0m |
| Free cash flow | — | HK$2.22bn | HK$811.0m | HK$194.0m | — | HK$856.0m | HK$428.0m | −HK$136.0m |
| Total assets | HK$35.57bn | HK$34.60bn | HK$37.74bn | HK$36.33bn | HK$36.33bn | HK$38.89bn | HK$38.89bn | HK$39.76bn |
| Cash and short-term investments | HK$2.27bn | HK$2.34bn | HK$2.58bn | HK$1.66bn | HK$1.66bn | HK$2.01bn | HK$2.01bn | HK$2.33bn |
| Debt | HK$7.87bn | HK$18.43bn | HK$21.94bn | HK$21.03bn | HK$7.73bn | HK$22.48bn | HK$7.85bn | HK$23.17bn |
| Shareholders' equity | HK$10.50bn | HK$9.51bn | HK$12.32bn | HK$11.51bn | HK$11.51bn | HK$12.23bn | HK$12.23bn | HK$12.08bn |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 22.8% | 20.9% | 22.7% | 20.9% | 27.8% | 30.6% | — |
| Operating margin | 20.0% | 1.4% | 6.4% | 15.5% | 23.6% | 25.3% | — |
| Net margin | 2.5% | -6.0% | -4.0% | 4.4% | 13.1% | 15.3% | — |
| Return on equity | 1.8% | -3.6% | -2.5% | 2.7% | 8.1% | 12.0% | — |
| Return on assets | 0.5% | -1.1% | -0.8% | 0.9% | 2.7% | 4.3% | — |
| Free cash flow yield | 259.8% | 137.1% | 81.9% | 75.2% | 215.1% | 150.6% | — |
| Revenue growth | -3.5% | -8.1% | -5.7% | -4.7% | -14.1% | 6.0% | — |
| Earnings growth | -140.6% | 37.7% | -184.7% | -67.9% | -26.1% | -7.3% | — |
| Current ratio | 1.30x | 1.25x | 1.12x | 1.37x | 1.38x | 1.56x | — |
| Debt to equity | 1.94x | 1.83x | 1.92x | 1.57x | 1.49x | 1.35x | — |
| Equity ratio | 27.5% | 31.7% | 30.4% | 33.7% | 33.9% | 35.5% | — |
| Interest coverage | 2.44x | 0.12x | 0.59x | 1.69x | 2.69x | 4.58x | — |
| R&D as a share of sales | — | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.8% | -7.3% | 18.8% |
| Operating income | -16.1% | -22.1% | 7.0% |
| Net income | -22.0% | -35.4% | -4.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.8% | 21.8% | 24.7% | 26.8% |
| Operating margin | 12.4% | 13.8% | 17.6% | 21.0% |
| Net margin | -1.8% | -0.7% | 5.1% | 9.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 12.5 | -4.9 | -8.9 | 12.2 | 5.5 | 4.7 | 5.4 | 8.7 | 15.6 |
| Price to sales | 0.3 | 0.3 | 0.3 | 0.5 | 0.7 | 0.7 | 0.9 | 1.6 | 3.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 16 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.057 | 0.028 | 0.014 | 0.025 | 0.076 | 0.14 | 0.16 | 0.145 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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