W 
32.62
+0.25%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$12.81bn
FY2016FY2025
Net income
−HK$4.26bn
FY2016FY2025
Free cash flow
HK$6.73bn
FY2016FY2025
Shareholders' equity
HK$181.71bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$12.81bn | HK$12.91bn | HK$13.31bn | HK$12.41bn | HK$16.04bn | HK$15.52bn | HK$16.16bn | HK$16.48bn | HK$20.90bn | HK$16.85bn |
| Gross profit | HK$10.03bn | HK$10.34bn | HK$10.68bn | HK$9.65bn | HK$10.38bn | HK$10.84bn | HK$13.44bn | HK$13.60bn | HK$16.41bn | HK$12.60bn |
| Research and development | — | — | HK$0 | HK$1 | HK$0 | HK$0 | HK$0 | HK$1 | HK$1 | HK$1 |
| Operating income | HK$9.35bn | HK$9.69bn | HK$9.99bn | HK$8.84bn | HK$9.04bn | HK$9.97bn | HK$12.82bn | HK$12.72bn | HK$15.44bn | HK$11.82bn |
| Net income | −HK$4.26bn | HK$891.0m | HK$4.77bn | −HK$8.86bn | HK$4.39bn | −HK$7.85bn | HK$3.93bn | HK$18.03bn | HK$17.22bn | HK$9.92bn |
| Diluted earnings per share | -1.40 | 0.29 | 1.57 | -2.92 | 1.45 | -2.59 | 1.29 | 5.94 | 5.67 | 3.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$229.69bn | HK$238.07bn | HK$245.32bn | HK$255.25bn | HK$272.27bn | HK$277.91bn | HK$284.34bn | HK$280.36bn | HK$272.68bn | HK$265.46bn |
| Cash and short-term investments | HK$2.03bn | HK$1.31bn | HK$1.12bn | HK$1.34bn | HK$1.80bn | HK$2.26bn | HK$2.91bn | HK$2.67bn | HK$3.08bn | HK$5.21bn |
| Total liabilities | HK$43.63bn | HK$46.09bn | HK$49.72bn | HK$60.37bn | HK$61.39bn | HK$68.50bn | HK$62.93bn | HK$56.02bn | HK$59.71bn | HK$61.33bn |
| Debt | HK$34.01bn | HK$35.54bn | HK$37.42bn | HK$46.49bn | HK$49.33bn | HK$54.28bn | HK$45.54bn | HK$42.10bn | HK$45.55bn | HK$35.36bn |
| Shareholders' equity | HK$181.71bn | HK$187.82bn | HK$191.41bn | HK$190.36bn | HK$206.11bn | HK$204.55bn | HK$216.16bn | HK$218.80bn | HK$207.32bn | HK$198.91bn |
| Shares outstanding | 3,036m | 3,036m | 3,036m | 3,036m | 3,036m | 3,036m | 3,036m | 3,036m | 3,036m | 3,036m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$6.77bn | HK$6.34bn | HK$5.87bn | HK$6.69bn | HK$7.97bn | HK$4.82bn | HK$12.02bn | HK$9.50bn | HK$9.65bn | HK$11.37bn |
| Capital spending | −HK$41.0m | −HK$41.0m | −HK$50.0m | −HK$35.0m | −HK$196.0m | −HK$173.0m | −HK$65.0m | −HK$43.0m | −HK$1.65bn | −HK$1.02bn |
| Free cash flow | HK$6.73bn | HK$6.30bn | HK$5.82bn | HK$6.65bn | HK$7.77bn | HK$4.65bn | HK$11.96bn | HK$9.46bn | HK$8.00bn | HK$10.35bn |
| Dividends paid | −HK$3.83bn | −HK$3.79bn | −HK$3.89bn | −HK$4.07bn | −HK$4.13bn | −HK$5.19bn | −HK$6.53bn | −HK$6.07bn | −HK$10.21bn | −HK$15.75bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$6.34bn | HK$6.41bn | HK$6.41bn | HK$6.41bn | HK$6.50bn | HK$6.83bn | HK$6.47bn | HK$6.25bn |
| Gross profit | HK$4.74bn | HK$4.98bn | HK$5.05bn | HK$5.04bn | HK$5.30bn | HK$5.50bn | HK$5.19bn | HK$4.86bn |
| Operating income | HK$4.60bn | HK$4.67bn | HK$4.68bn | HK$4.78bn | HK$4.92bn | HK$5.05bn | HK$4.94bn | HK$4.39bn |
| Net income | −HK$176.0m | −HK$1.85bn | −HK$2.41bn | HK$1.94bn | −HK$1.05bn | HK$2.96bn | HK$1.80bn | −HK$7.39bn |
| Diluted earnings per share | -0.06 | -0.61 | -0.79 | 0.64 | -0.35 | 0.98 | 0.59 | -2.43 |
| Cash from operations | — | HK$3.38bn | HK$3.38bn | HK$3.08bn | HK$3.26bn | HK$2.69bn | HK$3.17bn | HK$3.13bn |
| Capital spending | — | −HK$10.0m | −HK$51.0m | −HK$53.0m | −HK$94.0m | −HK$28.0m | −HK$78.0m | −HK$363.0m |
| Free cash flow | — | HK$3.37bn | HK$3.33bn | HK$3.02bn | HK$3.17bn | HK$2.66bn | HK$3.10bn | HK$2.76bn |
| Total assets | HK$225.25bn | HK$229.69bn | HK$234.22bn | HK$238.07bn | HK$238.94bn | HK$245.32bn | HK$248.62bn | HK$255.25bn |
| Cash and short-term investments | HK$2.00bn | HK$2.03bn | HK$1.37bn | HK$1.31bn | HK$972.0m | HK$1.12bn | HK$977.0m | HK$1.34bn |
| Debt | HK$7.99bn | HK$34.01bn | HK$34.73bn | HK$35.54bn | HK$36.03bn | HK$37.42bn | HK$40.11bn | HK$46.49bn |
| Shareholders' equity | HK$179.85bn | HK$181.71bn | HK$185.23bn | HK$187.82bn | HK$187.51bn | HK$191.41bn | HK$190.56bn | HK$190.36bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 78.3% | 80.1% | 80.3% | 77.8% | 64.7% | 69.9% | — | — |
| Operating margin | 73.0% | 75.1% | 75.1% | 71.2% | 56.3% | 64.3% | — | — |
| Net margin | -33.2% | 6.9% | 35.8% | -71.4% | 27.4% | -50.6% | — | — |
| Return on equity | -2.3% | 0.5% | 2.5% | -4.7% | 2.1% | -3.8% | — | — |
| Return on assets | -1.9% | 0.4% | 1.9% | -3.5% | 1.6% | -2.8% | — | — |
| Free cash flow yield | 7.2% | 6.7% | 6.2% | 7.1% | 8.6% | 5.3% | — | — |
| Revenue growth | -0.8% | -3.0% | 7.2% | -22.6% | 3.4% | -4.0% | — | — |
| Earnings growth | -577.8% | -81.3% | -153.8% | -301.7% | -155.9% | -299.9% | — | — |
| Current ratio | 0.27x | 0.20x | 0.24x | 0.43x | 0.41x | 0.54x | — | — |
| Debt to equity | 0.19x | 0.19x | 0.20x | 0.24x | 0.24x | 0.27x | — | — |
| Equity ratio | 79.1% | 78.9% | 78.0% | 74.6% | 75.7% | 73.6% | — | — |
| Interest coverage | 6.52x | 4.79x | 4.42x | 7.20x | 12.22x | 10.00x | — | — |
| R&D as a share of sales | — | — | 0.0% | 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 | 1.1% | -3.8% | -3.1% |
| Operating income | 1.9% | -1.3% | -2.3% |
| Net income | -21.7% | -11.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 79.2% | 79.1% | 74.6% | 76.4% |
| Operating margin | 74.0% | 73.6% | 68.5% | 71.0% |
| Net margin | -13.1% | -14.5% | -13.2% | 30.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -17.5 | 67.7 | 16.8 | -15.6 | 27.4 | -15.6 | 36.8 | 7.9 | 9.2 |
| Price to sales | 5.8 | 4.7 | 6.0 | 11.1 | 7.5 | 7.9 | 8.9 | 8.6 | 7.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 8 years. Last went ex-dividend on 25 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.60 | 1.26 | 1.33 | 1.28 | 1.34 | 1.36 | 1.71 | 2.15 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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