HK$1.06 ($0.14)

-0.03 (-2.30%)

Weekly Expected Move ±2.8%

HK$1 HK$1 HK$1 HK$1 HK$1

HKSE · Industrials · Conglomerates · Tech Score Sell · Power 38 · HK$638.3M mcap · 153M float · 0.0061% daily turnover

Analysis Technicals Weather Peers

Revenue

$444M +7.2% ▲

5Y CAGR: -6.0%

Gross Profit

$354M +0.0% ▲

5Y CAGR: -8.4%

Operating Income

$211M +23.9% ▲

5Y CAGR: -13.4%

Net Income

-$187M -36.5% ▼

EPS (Diluted)

$-0.31 -34.8% ▼

EBITDA

$147M -40.1% ▼

5Y CAGR: -20.7%

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$531M	$374M	$414M	$414M	$444M
YoY Growth	-12.4%	-29.5%	+10.7%	+0.1%	+7.2%
Cost of Revenue	$85M	$89M	$67M	$60M	$90M
Gross Profit	$452M	$285M	$347M	$354M	$354M
Gross Margin	85.2%	76.2%	83.8%	85.4%	79.7%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$12M	$22M	$8M	$11M	$0
Operating Expenses	$126M	$126M	$176M	$183M	$143M
Operating Income	$326M	$159M	$171M	$170M	$211M
Operating Margin	61.4%	42.5%	41.3%	41.1%	47.6%
Interest Expense	$202M	$261M	$351M	$338M	$292M
Income Before Tax	$129M	-$391M	-$850M	-$138M	-$187M
Tax Expense	$59M	-$7M	$4M	-$950K	$36K
Net Income	$70M	-$384M	-$854M	-$137M	-$187M
Net Margin	13.2%	-102.6%	-206.3%	-33.0%	-42.1%
EPS (Diluted)	$0.11	$-0.64	$-1.42	$-0.23	$-0.31
EBITDA	$343M	-$121M	-$456M	$246M	$147M
Shares Outstanding	619M	602M	602M	602M	602M

Line Item	FY2022 Q4	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2
Revenue	$183M	$203M	$228M	$239M	$219M	$206M	$214M	$224M
Cost of Revenue	$46M	$52M	$58M	$25M	$35M	$0	$45M	$44M
Gross Profit	$138M	$151M	$169M	$214M	$219M	$206M	$169M	$181M
Gross Margin	75.0%	74.3%	74.3%	89.5%	100.0%	100.0%	79.0%	80.5%
R&D Expenses	$678K	$4M	$6M	$0	$0	$0	$0	$0
SG&A Expenses	$39M	$51M	$48M	$49M	$48M	$49M	$0	$0
Operating Expenses	$39M	$51M	$48M	$135M	$48M	$49M	$102M	$83M
Operating Income	$82M	$83M	$237M	-$1M	$171M	$157M	$67M	$97M
Operating Margin	44.9%	40.9%	104.3%	-0.5%	78.2%	76.2%	31.4%	43.5%
Interest Expense	$155M	$174M	$205M	$0	$0	$0	$141M	$131M
Income Before Tax	-$336M	-$444M	-$466M	-$72M	-$59M	-$159M	-$27M	-$137M
Tax Expense	-$16M	$3M	$584K	$519K	-$1M	$0	$36K	$134K
Net Income	-$318M	-$437M	-$417M	-$72M	-$65M	-$159M	-$27M	-$137M
Net Margin	-173.6%	-215.0%	-183.1%	-30.1%	-29.5%	-77.5%	-12.8%	-61.0%
EPS (Diluted)	$-0.53	$-0.73	$-0.69	$-0.12	$-0.11	$-0.26	$-0.05	$-0.23
EBITDA	$103M	$104M	$126M	$114M	$123M	$121M	$135M	$15M
Shares Outstanding	602M	602M	602M	602M	602M	602M	601M	602M

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