C 
2.31
+1.32%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$2.26bn
FY2016FY2025
Net income
−HK$3.27bn
FY2016FY2025
Free cash flow
HK$736.9m
FY2016FY2025
Shareholders' equity
HK$39.60bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$2.26bn | HK$2.46bn | HK$2.51bn | HK$2.65bn | HK$2.85bn | HK$2.97bn | HK$3.12bn | HK$2.96bn | HK$2.70bn | HK$2.56bn |
| Gross profit | HK$1.46bn | HK$1.82bn | HK$1.67bn | HK$1.79bn | HK$1.99bn | HK$2.09bn | HK$2.20bn | HK$2.13bn | HK$1.93bn | HK$1.81bn |
| Research and development | — | — | HK$0 | HK$0 | HK$0 | HK$4 | HK$0 | — | — | — |
| Operating income | HK$1.41bn | HK$1.63bn | HK$1.62bn | HK$1.72bn | HK$1.91bn | HK$2.04bn | HK$1.71bn | HK$3.78bn | HK$1.89bn | HK$3.19bn |
| Net income | −HK$3.27bn | −HK$2.09bn | HK$220.6m | −HK$749.3m | −HK$831.4m | −HK$12.50bn | −HK$570.3m | HK$7.81bn | HK$11.14bn | HK$3.18bn |
| Diluted earnings per share | -0.53 | -0.34 | 0.04 | -0.13 | -0.14 | -2.12 | -0.10 | 1.34 | 1.91 | 0.54 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$57.30bn | HK$61.35bn | HK$64.47bn | HK$65.23bn | HK$67.87bn | HK$71.69bn | HK$83.68bn | HK$85.29bn | HK$78.45bn | HK$68.37bn |
| Cash and short-term investments | HK$625.6m | HK$726.2m | HK$980.6m | HK$734.9m | HK$1.63bn | HK$1.83bn | HK$1.96bn | HK$1.40bn | HK$1.19bn | HK$957.5m |
| Total liabilities | HK$17.70bn | HK$17.80bn | HK$18.05bn | HK$18.00bn | HK$18.91bn | HK$20.84bn | HK$18.84bn | HK$18.53bn | HK$18.10bn | HK$17.84bn |
| Debt | HK$14.39bn | HK$14.37bn | HK$14.51bn | HK$14.52bn | HK$15.29bn | HK$16.40bn | HK$14.97bn | HK$15.00bn | HK$14.78bn | HK$14.74bn |
| Shareholders' equity | HK$39.60bn | HK$43.55bn | HK$46.42bn | HK$47.23bn | HK$48.96bn | HK$50.86bn | HK$64.83bn | HK$66.76bn | HK$60.35bn | HK$50.53bn |
| Shares outstanding | 6,123m | 6,067m | 6,003m | 5,962m | 5,933m | 5,899m | 5,870m | 5,843m | 5,838m | 5,898m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$736.9m | HK$872.4m | HK$1.17bn | HK$1.29bn | HK$1.50bn | HK$1.08bn | HK$2.03bn | HK$1.68bn | HK$1.61bn | HK$1.37bn |
| Capital spending | — | — | — | — | — | — | −HK$37.4m | −HK$19.4m | −HK$12.3m | −HK$56.6m |
| Free cash flow | HK$736.9m | HK$872.4m | HK$1.17bn | HK$1.29bn | HK$1.50bn | HK$1.08bn | HK$2.00bn | HK$1.66bn | HK$1.59bn | HK$1.32bn |
| Dividends paid | −HK$804.6m | −HK$949.3m | −HK$1.09bn | −HK$1.28bn | −HK$1.46bn | −HK$1.51bn | −HK$1.58bn | −HK$1.46bn | −HK$1.38bn | −HK$1.23bn |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$1.10bn | HK$1.10bn | HK$1.16bn | HK$1.23bn | HK$1.28bn | HK$1.30bn | HK$1.32bn | HK$646.8m |
| Gross profit | HK$691.4m | HK$687.5m | HK$767.6m | HK$770.0m | HK$857.6m | HK$783.2m | HK$885.4m | HK$441.0m |
| Operating income | HK$691.4m | HK$656.8m | HK$751.7m | HK$770.0m | HK$857.6m | HK$853.8m | HK$885.4m | HK$288.7m |
| Net income | HK$548.1m | −HK$1.62bn | −HK$1.64bn | −HK$985.8m | −HK$1.10bn | HK$153.9m | HK$66.7m | HK$33.3m |
| Diluted earnings per share | 0.09 | -0.27 | -0.27 | -0.16 | -0.18 | 0.03 | 0.01 | 0.01 |
| Cash from operations | — | HK$314.0m | HK$422.0m | HK$295.0m | HK$625.0m | HK$606.0m | HK$607.0m | HK$292.0m |
| Total assets | HK$57.76bn | HK$57.30bn | HK$59.40bn | HK$61.35bn | HK$62.82bn | HK$64.47bn | HK$64.82bn | — |
| Cash and short-term investments | HK$844.5m | HK$625.6m | HK$739.2m | HK$726.2m | HK$888.6m | HK$980.6m | HK$893.6m | — |
| Debt | HK$5.82bn | HK$14.39bn | HK$14.39bn | HK$14.37bn | HK$14.29bn | HK$14.51bn | HK$14.52bn | — |
| Shareholders' equity | HK$39.87bn | HK$39.60bn | HK$41.48bn | HK$43.55bn | HK$44.86bn | HK$46.42bn | HK$46.77bn | — |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 64.3% | 74.0% | 66.4% | 67.5% | 69.9% | 70.4% | — | — | — | — | — | — |
| Operating margin | 62.2% | 66.2% | 64.6% | 64.7% | 67.1% | 68.6% | — | — | — | — | — | — |
| Net margin | -144.3% | -84.9% | 8.8% | -28.3% | -29.2% | -420.1% | — | — | — | — | — | — |
| Return on equity | -8.2% | -4.8% | 0.5% | -1.6% | -1.7% | -24.6% | — | — | — | — | — | — |
| Return on assets | -5.7% | -3.4% | 0.3% | -1.1% | -1.2% | -17.4% | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | 17.3% | 14.3% | 13.6% | 11.9% | 10.8% | 11.2% |
| Revenue growth | -7.9% | -1.9% | -5.5% | -7.0% | -4.2% | -4.7% | — | — | — | — | — | — |
| Earnings growth | 56.5% | -1045.8% | -129.4% | -9.9% | -93.3% | 2091.2% | — | — | — | — | — | — |
| Current ratio | 0.34x | 0.22x | 0.16x | 0.15x | 0.39x | 0.30x | — | — | — | — | — | — |
| Debt to equity | 0.36x | 0.33x | 0.31x | 0.30x | 0.31x | 0.32x | — | — | — | — | — | — |
| Equity ratio | 69.1% | 71.0% | 72.0% | 72.4% | 72.1% | 70.9% | — | — | — | — | — | — |
| Interest coverage | 2.42x | 2.43x | 2.61x | 3.83x | 4.44x | 4.31x | — | — | — | — | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Buybacks as a share of market value | -0.9% | -1.1% | -0.7% | -0.5% | -0.6% | -0.5% | — | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.1% | -5.3% | -0.1% |
| Operating income | -6.4% | -7.1% | -1.0% |
| Net income | 63.4% | -23.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 69.3% | 68.1% | 68.9% | 69.8% |
| Operating margin | 64.3% | 64.5% | 65.7% | 76.5% |
| Net margin | -113.4% | -59.5% | -122.3% | 19.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.8 | -5.0 | 66.7 | -24.5 | -28.5 | -2.1 | -53.0 | 4.0 | 3.0 | 7.8 |
| Price to sales | 6.9 | 4.3 | 5.9 | 6.9 | 8.3 | 9.0 | 9.7 | 10.6 | 12.4 | 9.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 19 years. Last went ex-dividend on 21 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.12 | 0.141 | 0.177 | 0.182 | 0.214 | 0.248 | 0.256 | 0.27 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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