C 
0.89
+0.56%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$4.57bn
FY2016FY2025
Net income
HK$35.0m
FY2016FY2025
Free cash flow
HK$462.4m
FY2016FY2025
Shareholders' equity
HK$3.20bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$4.57bn | HK$4.53bn | HK$5.98bn | HK$6.36bn | HK$5.87bn | HK$5.06bn | HK$5.78bn | HK$5.66bn | HK$5.56bn | HK$5.95bn |
| Gross profit | HK$1.31bn | HK$1.17bn | HK$1.66bn | HK$1.87bn | HK$1.42bn | HK$1.45bn | HK$1.78bn | HK$1.46bn | HK$1.44bn | HK$1.73bn |
| Research and development | HK$331.7m | HK$409.4m | HK$446.1m | HK$515.8m | HK$608.9m | HK$471.1m | HK$346.8m | HK$353.1m | HK$331.3m | HK$227.6m |
| Operating income | HK$226.8m | −HK$536.7m | HK$108.6m | HK$120.4m | −HK$761.7m | −HK$338.0m | HK$221.6m | −HK$89.9m | HK$82.4m | HK$299.2m |
| Net income | HK$35.0m | −HK$564.2m | HK$6.7m | HK$190.2m | −HK$592.6m | −HK$194.1m | HK$68.8m | −HK$171.4m | HK$27.4m | HK$152.3m |
| Diluted earnings per share | 0.01 | -0.21 | 0.00 | 0.07 | -0.21 | -0.07 | 0.03 | -0.07 | 0.01 | 0.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$7.22bn | HK$7.44bn | HK$9.41bn | HK$10.58bn | HK$11.51bn | HK$11.33bn | HK$11.18bn | HK$11.30bn | HK$10.89bn | HK$8.95bn |
| Cash and short-term investments | HK$2.02bn | HK$1.63bn | HK$1.52bn | HK$1.66bn | HK$1.90bn | HK$1.72bn | HK$1.87bn | HK$1.89bn | HK$1.18bn | HK$1.42bn |
| Total liabilities | HK$3.93bn | HK$4.73bn | HK$5.58bn | HK$6.61bn | HK$7.33bn | HK$6.78bn | HK$7.28bn | HK$7.50bn | HK$6.56bn | HK$5.46bn |
| Debt | HK$766.0m | HK$910.3m | HK$878.3m | HK$1.70bn | HK$1.88bn | HK$1.65bn | HK$1.85bn | HK$2.00bn | HK$1.58bn | HK$1.37bn |
| Shareholders' equity | HK$3.20bn | HK$2.65bn | HK$3.58bn | HK$3.73bn | HK$3.77bn | HK$4.11bn | HK$3.46bn | HK$3.28bn | HK$3.77bn | HK$3.44bn |
| Shares outstanding | 3,124m | 2,746m | 2,749m | 2,764m | 2,762m | 2,734m | 2,484m | 2,394m | 2,453m | 2,444m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$527.9m | HK$339.4m | HK$492.7m | HK$499.5m | HK$374.6m | −HK$334.5m | HK$709.6m | HK$825.6m | HK$322.3m | HK$411.7m |
| Capital spending | −HK$65.4m | −HK$223.2m | −HK$216.0m | −HK$300.8m | −HK$334.3m | −HK$356.4m | −HK$494.6m | −HK$388.8m | −HK$274.8m | −HK$129.7m |
| Free cash flow | HK$462.4m | HK$116.2m | HK$276.8m | HK$198.7m | HK$40.3m | −HK$690.9m | HK$215.0m | HK$436.8m | HK$47.5m | HK$282.0m |
| Dividends paid | −HK$18.7m | — | −HK$63.7m | −HK$27.8m | — | −HK$52.1m | −HK$24.8m | −HK$24.8m | −HK$19.7m | −HK$70.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$2.20bn | HK$2.37bn | HK$2.20bn | HK$2.18bn | HK$2.34bn | HK$2.75bn | HK$3.23bn | HK$3.32bn |
| Gross profit | HK$642.0m | HK$664.5m | HK$648.8m | HK$548.5m | HK$622.6m | HK$737.5m | HK$759.9m | HK$888.4m |
| Operating income | HK$188.4m | HK$99.8m | HK$127.1m | −HK$284.4m | −HK$70.0m | −HK$110.0m | HK$48.2m | HK$85.1m |
| Net income | HK$55.2m | −HK$26.8m | HK$61.8m | −HK$405.8m | −HK$158.4m | −HK$105.5m | HK$112.2m | HK$99.9m |
| Diluted earnings per share | 0.02 | -0.01 | 0.02 | -0.15 | -0.06 | -0.04 | 0.04 | 0.04 |
| Cash from operations | — | HK$79.0m | HK$448.0m | HK$180.0m | HK$157.0m | −HK$34.0m | HK$512.0m | HK$392.0m |
| Capital spending | — | −HK$38.0m | −HK$26.0m | −HK$18.0m | −HK$23.0m | −HK$43.0m | −HK$98.0m | −HK$192.0m |
| Free cash flow | — | HK$41.0m | HK$422.0m | HK$162.0m | HK$134.0m | −HK$77.0m | HK$414.0m | HK$200.0m |
| Total assets | HK$7.82bn | HK$7.22bn | HK$7.70bn | HK$7.44bn | HK$8.73bn | HK$9.04bn | HK$9.99bn | HK$10.58bn |
| Cash and short-term investments | HK$2.41bn | HK$2.02bn | HK$2.18bn | HK$1.63bn | HK$1.66bn | HK$1.52bn | HK$1.73bn | HK$1.66bn |
| Debt | HK$639.3m | HK$871.2m | HK$1.02bn | HK$1.08bn | HK$1.18bn | HK$1.12bn | HK$1.27bn | HK$1.70bn |
| Shareholders' equity | HK$3.45bn | HK$3.20bn | HK$3.19bn | HK$2.65bn | HK$3.27bn | HK$3.36bn | HK$3.63bn | HK$3.73bn |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 28.7% | 25.9% | 27.8% | 29.4% | 24.2% | 28.6% |
| Operating margin | 0.4% | -11.2% | 1.8% | 5.5% | -10.6% | -4.0% |
| Net margin | 0.8% | -12.5% | 0.1% | 3.0% | -10.1% | -3.8% |
| Return on equity | 1.1% | -21.3% | 0.2% | 5.1% | -15.7% | -4.7% |
| Return on assets | 0.5% | -7.6% | 0.1% | 1.8% | -5.1% | -1.7% |
| Free cash flow yield | 19.1% | 20.6% | 25.9% | 29.1% | 25.8% | 0.8% |
| Revenue growth | 0.9% | -24.3% | -6.0% | 8.4% | 16.1% | -12.5% |
| Earnings growth | -106.2% | -8525.8% | -96.5% | -132.1% | 205.3% | -382.0% |
| Current ratio | 1.69x | 1.34x | 1.30x | 1.38x | 1.38x | 1.37x |
| Debt to equity | 0.24x | 0.39x | 0.23x | 0.44x | 0.39x | 0.34x |
| Equity ratio | 44.3% | 35.7% | 38.1% | 35.3% | 32.8% | 36.3% |
| Interest coverage | 0.44x | -16.23x | 1.99x | 5.84x | -14.19x | -2.88x |
| R&D as a share of sales | 7.3% | 9.0% | 7.5% | 8.1% | 10.4% | 9.3% |
| Buybacks as a share of market value | -13.8% | 0.1% | 0.5% | -0.0% | -1.0% | -10.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.4% | -2.0% | -3.9% |
| Operating income | 23.5% | — | -5.4% |
| Net income | -43.1% | — | -16.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.3% | 28.1% | 27.5% | 27.7% |
| Operating margin | -3.4% | -0.4% | -3.6% | -0.4% |
| Net margin | -5.8% | -1.5% | -3.5% | -1.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 217.7 | -5.7 | 336.7 | 19.5 | -8.4 | -32.0 | 78.3 | -18.0 | 134.4 | 22.2 |
| Price to sales | 1.7 | 0.7 | 0.4 | 0.6 | 0.8 | 1.2 | 0.9 | 0.6 | 0.7 | 0.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 3 Sept 2026.
| FY2026 | FY2025 | FY2023 | FY2022 | FY2020 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.003 | 0.006 | 0.023 | 0.01 | 0.019 | 0.01 | 0.008 | 0.029 |
- 11-for-10 split · 13 Oct 2016
- 11-for-10 split · 31 May 2016
- 11-for-10 split · 15 Oct 2015
- 11-for-10 split · 5 Jun 2015
- 11-for-10 split · 10 Oct 2014
- 11-for-10 split · 18 May 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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