T 
0.17
+2.38%
Close of 9 Nov 2026, in HKD
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At a glance
Figures in HKD, from our data supplier.
Revenue
HK$1.79bn
FY2016FY2025
Net income
HK$14.4m
FY2016FY2025
Free cash flow
HK$129.2m
FY2016FY2025
Shareholders' equity
HK$3.00bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$1.79bn | HK$1.83bn | HK$1.83bn | HK$1.54bn | HK$1.48bn | HK$1.07bn | HK$1.13bn | HK$1.12bn | HK$1.11bn | HK$1.01bn |
| Gross profit | HK$347.7m | HK$487.4m | HK$501.9m | HK$414.4m | HK$471.3m | HK$284.6m | HK$376.4m | HK$372.6m | HK$362.0m | HK$297.1m |
| Operating income | HK$78.8m | HK$90.6m | HK$102.4m | HK$15.3m | −HK$7.1m | −HK$250.4m | HK$68.9m | HK$119.9m | HK$191.8m | HK$26.2m |
| Net income | HK$14.4m | −HK$203.7m | −HK$194.2m | HK$15.3m | HK$22.0m | −HK$281.0m | HK$10.5m | HK$64.0m | −HK$107.7m | HK$63.5m |
| Diluted earnings per share | 0.00 | -0.03 | -0.03 | 0.00 | 0.00 | -0.04 | 0.00 | 0.01 | -0.01 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$3.95bn | HK$4.13bn | HK$4.50bn | HK$4.75bn | HK$4.73bn | HK$4.58bn | HK$4.74bn | HK$4.63bn | HK$4.68bn | HK$5.16bn |
| Cash and short-term investments | HK$1.28bn | HK$1.40bn | HK$1.20bn | HK$1.35bn | HK$1.89bn | HK$1.82bn | HK$1.85bn | HK$1.73bn | HK$1.47bn | HK$1.67bn |
| Total liabilities | HK$555.8m | HK$746.6m | HK$881.8m | HK$896.1m | HK$504.9m | HK$456.5m | HK$435.6m | HK$289.0m | HK$361.0m | HK$580.9m |
| Debt | HK$147.6m | HK$319.6m | HK$456.9m | HK$475.0m | HK$118.0m | HK$139.9m | HK$147.5m | HK$18.8m | HK$19.8m | HK$20.8m |
| Shareholders' equity | HK$3.00bn | HK$2.98bn | HK$3.24bn | HK$3.49bn | HK$3.86bn | HK$3.81bn | HK$4.02bn | HK$4.07bn | HK$4.04bn | HK$4.37bn |
| Shares outstanding | 6,774m | 6,774m | 6,774m | 7,455m | 7,526m | 7,526m | 7,526m | 7,526m | 7,525m | 7,761m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | HK$147.1m | HK$244.8m | HK$247.5m | HK$31.7m | HK$170.9m | HK$39.1m | HK$215.7m | −HK$42.4m | HK$94.0m | HK$420.8m |
| Capital spending | −HK$17.9m | −HK$38.7m | −HK$17.7m | −HK$37.2m | −HK$19.9m | −HK$35.3m | −HK$55.0m | −HK$79.7m | −HK$82.0m | −HK$88.5m |
| Free cash flow | HK$129.2m | HK$206.1m | HK$229.8m | −HK$5.5m | HK$151.0m | HK$3.8m | HK$160.7m | −HK$122.0m | HK$12.0m | HK$332.3m |
| Dividends paid | −HK$8.1m | −HK$8.1m | −HK$8.1m | −HK$11.3m | — | — | −HK$18.8m | −HK$14.6m | −HK$30.8m | −HK$85.3m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$876.4m | HK$884.6m | HK$900.9m | HK$919.5m | HK$914.3m | HK$916.2m | HK$458.1m | HK$916.8m |
| Gross profit | HK$225.2m | HK$117.5m | HK$230.2m | HK$237.8m | HK$249.6m | HK$188.1m | HK$129.7m | HK$236.8m |
| Operating income | HK$35.1m | HK$41.0m | HK$37.8m | HK$35.7m | HK$55.0m | HK$56.7m | HK$30.0m | HK$46.7m |
| Net income | HK$12.9m | HK$1.6m | HK$12.7m | −HK$156.0m | −HK$47.7m | −HK$215.3m | −HK$107.6m | HK$21.1m |
| Diluted earnings per share | 0.00 | 0.00 | 0.00 | -0.02 | -0.01 | -0.03 | -0.02 | 0.00 |
| Cash from operations | — | HK$99.0m | HK$92.0m | HK$103.0m | HK$159.0m | HK$194.0m | HK$85.0m | HK$100.0m |
| Capital spending | — | −HK$8.0m | −HK$9.0m | −HK$31.0m | −HK$7.0m | −HK$13.0m | −HK$6.0m | −HK$3.0m |
| Free cash flow | — | HK$91.0m | HK$83.0m | HK$72.0m | HK$152.0m | HK$181.0m | HK$79.0m | HK$97.0m |
| Total assets | HK$4.04bn | HK$3.95bn | HK$4.10bn | HK$4.13bn | HK$4.28bn | HK$4.50bn | HK$4.50bn | HK$4.67bn |
| Cash and short-term investments | HK$1.39bn | HK$1.28bn | HK$1.38bn | HK$1.40bn | HK$1.16bn | HK$1.36bn | HK$1.24bn | HK$1.13bn |
| Debt | HK$118.8m | HK$147.6m | HK$262.5m | HK$357.6m | HK$344.2m | HK$456.9m | HK$138.8m | HK$459.8m |
| Shareholders' equity | HK$3.03bn | HK$3.00bn | HK$3.01bn | HK$2.98bn | HK$3.14bn | HK$3.24bn | HK$3.24bn | HK$3.42bn |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2000 | FY1999 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 19.5% | 26.6% | 27.4% | 27.0% | 31.8% | 26.6% | — | — |
| Operating margin | 4.4% | 4.9% | -5.0% | 7.2% | 6.6% | -21.7% | — | — |
| Net margin | 0.8% | -11.1% | -10.6% | 1.0% | 1.5% | -26.3% | — | — |
| Return on equity | 0.5% | -6.8% | -6.0% | 0.4% | 0.6% | -7.4% | — | — |
| Return on assets | 0.4% | -4.9% | -4.3% | 0.3% | 0.5% | -6.1% | — | — |
| Free cash flow yield | 14.9% | 25.7% | 24.0% | 5.7% | 15.6% | 6.1% | — | — |
| Revenue growth | -2.6% | 0.0% | 19.4% | 3.5% | 38.8% | -5.3% | — | — |
| Earnings growth | -107.1% | 4.9% | -1370.3% | -30.5% | -107.8% | -2771.7% | — | — |
| Current ratio | 3.64x | 3.19x | 3.25x | 3.90x | 5.64x | 6.34x | — | — |
| Debt to equity | 0.04x | 0.10x | 0.12x | 0.11x | 0.02x | 0.02x | — | — |
| Equity ratio | 75.8% | 72.1% | 72.0% | 73.5% | 81.5% | 83.2% | — | — |
| Interest coverage | 6.84x | 4.42x | -3.93x | 8.67x | 25.00x | -43.90x | — | — |
| R&D as a share of sales | — | — | — | — | — | — | 0.3% | 0.2% |
| Buybacks as a share of market value | 0.0% | 0.0% | 9.1% | 0.9% | 0.0% | 0.0% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.2% | 10.8% | 4.7% |
| Operating income | 72.6% | — | 2.0% |
| Net income | -2.0% | — | -25.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.1% | 25.1% | 26.3% | 29.2% |
| Operating margin | 4.7% | 4.1% | 0.3% | 3.3% |
| Net margin | -5.2% | -5.3% | -6.6% | -2.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 117.8 | -8.2 | -11.3 | 185.3 | 150.4 | -18.4 | 492.3 | 81.1 | -48.2 | 152.8 |
| Price to sales | 0.9 | 0.9 | 1.2 | 1.8 | 2.2 | 4.8 | 4.6 | 4.6 | 4.7 | 9.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 24 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2019 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.002 | 0.001 | 0.001 | 0.001 | 0.002 | 0.003 | 0.003 | 0.01 |
- 5-for-1 split · 28 May 2014
- 100-to-1 reverse split · 25 May 2009
- 3-for-1 split · 19 Jul 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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