A 
0.15
+0.65%
Close of 5 Nov 2026, in HKD
At a glance
Figures in HKD, from our data supplier.
Revenue
HK$977.9m
FY2016FY2025
Net income
−HK$130.7m
FY2016FY2025
Free cash flow
−HK$240.1m
FY2016FY2025
Shareholders' equity
HK$504.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | HK$977.9m | HK$1.19bn | HK$3.97bn | HK$3.59bn | HK$2.72bn | HK$1.42bn | HK$1.62bn | HK$2.27bn | HK$1.99bn | HK$2.83bn |
| Gross profit | HK$81.2m | HK$152.0m | HK$450.7m | HK$437.9m | HK$264.6m | HK$159.5m | HK$188.7m | HK$252.1m | HK$229.1m | HK$272.6m |
| Operating income | −HK$68.0m | −HK$44.7m | HK$29.3m | HK$85.7m | HK$54.3m | HK$12.0m | −HK$24.8m | HK$26.7m | HK$23.9m | HK$18.1m |
| Net income | −HK$130.7m | −HK$111.4m | −HK$94.7m | HK$45.0m | −HK$7.1m | −HK$34.4m | HK$26.1m | HK$33.2m | HK$17.1m | HK$16.6m |
| Diluted earnings per share | -0.22 | -0.19 | -0.16 | 0.08 | -0.01 | -0.06 | 0.04 | 0.06 | 0.03 | 0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | HK$1.70bn | HK$1.47bn | HK$2.04bn | HK$2.92bn | HK$2.67bn | HK$2.35bn | HK$2.33bn | HK$1.72bn | HK$1.36bn | HK$1.36bn |
| Cash and short-term investments | HK$63.6m | HK$53.6m | HK$271.5m | HK$109.5m | HK$74.0m | HK$211.6m | HK$153.7m | HK$159.1m | HK$166.0m | HK$194.3m |
| Total liabilities | HK$1.19bn | HK$856.8m | HK$1.29bn | HK$2.05bn | HK$1.84bn | HK$1.52bn | HK$1.46bn | HK$869.2m | HK$561.9m | HK$581.4m |
| Debt | HK$879.4m | HK$571.9m | HK$961.3m | HK$1.69bn | HK$1.46bn | HK$1.15bn | HK$1.06bn | HK$746.2m | HK$470.6m | HK$481.9m |
| Shareholders' equity | HK$504.6m | HK$610.7m | HK$751.7m | HK$872.2m | HK$829.6m | HK$833.6m | HK$874.9m | HK$846.4m | HK$796.9m | HK$781.1m |
| Shares outstanding | 585m | 585m | 585m | 585m | 585m | 585m | 585m | 585m | 585m | 585m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −HK$204.3m | HK$251.0m | HK$675.6m | −HK$153.4m | −HK$225.9m | −HK$55.4m | HK$515.9m | −HK$257.3m | −HK$3.7m | HK$448.3m |
| Capital spending | −HK$35.8m | −HK$2.1m | −HK$5.6m | −HK$4.1m | −HK$3.4m | −HK$3.2m | −HK$3.9m | −HK$980,000 | −HK$2.7m | −HK$3.8m |
| Free cash flow | −HK$240.1m | HK$248.9m | HK$670.0m | −HK$157.4m | −HK$229.3m | −HK$58.7m | HK$512.0m | −HK$258.3m | −HK$6.5m | HK$444.5m |
Latest quarters
By quarter end
| Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Sept 2022 | Mar 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | HK$848.4m | HK$528.7m | HK$449.2m | HK$336.8m | HK$856.3m | HK$1.86bn | HK$2.11bn | HK$2.05bn |
| Gross profit | HK$93.7m | HK$47.1m | HK$34.0m | HK$71.2m | HK$80.9m | HK$204.5m | HK$246.2m | HK$254.1m |
| Operating income | HK$43.7m | −HK$69.8m | HK$1.7m | −HK$81.2m | HK$36.5m | −HK$29.9m | HK$59.2m | HK$54.8m |
| Net income | HK$10.1m | −HK$121.7m | −HK$9.0m | −HK$127.8m | HK$16.4m | −HK$128.8m | HK$34.1m | HK$21.2m |
| Diluted earnings per share | 0.02 | -0.21 | -0.02 | -0.22 | 0.03 | -0.22 | 0.06 | 0.04 |
| Total assets | HK$1.18bn | HK$1.70bn | HK$1.27bn | HK$1.47bn | HK$1.48bn | HK$2.04bn | HK$2.14bn | HK$2.92bn |
| Cash and short-term investments | HK$46.8m | HK$63.6m | HK$121.9m | HK$53.6m | HK$97.9m | HK$271.5m | HK$126.1m | HK$109.5m |
| Debt | — | — | HK$404.0m | HK$404.0m | HK$412.0m | HK$412.0m | HK$478.0m | HK$675.0m |
| Shareholders' equity | HK$513.2m | HK$504.6m | HK$598.2m | HK$610.7m | HK$760.5m | HK$751.7m | HK$897.1m | HK$872.2m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -35.1% | -7.2% | -12.5% |
| Net income | — | 30.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.7% | 11.5% | 11.2% | 11.5% |
| Operating margin | -5.2% | 0.0% | 0.5% | 1.1% |
| Net margin | -11.2% | -3.0% | -2.4% | -0.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.7 | -0.3 | -0.5 | 1.9 | -14.3 | -3.0 | 4.3 | 5.3 | 12.6 | 10.5 |
| Price to sales | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 21 Sept 2015.
| FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.055 | 0.05 | 0.013 | 0.013 | 0.04 | 0.082 | 0.04 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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