HK$0.65 ($0.08)

-0.02 (-2.99%)

Weekly Expected Move ±3.0%

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

HKSE · Industrials · Specialty Business Services · Tech Score Sell · Power 46 · HK$608.1M mcap · 274M float · 0.037% daily turnover

Analysis Technicals Weather Peers

Revenue

$2.0B -7.7% ▼

5Y CAGR: -4.5%

Gross Profit

$258M -16.0% ▼

5Y CAGR: -9.5%

Operating Income

-$138M -293.8% ▼

Net Income

-$79M -82.0% ▼

EPS (Diluted)

$-0.09 -81.2% ▼

EBITDA

-$14M -114.1% ▼

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$3.5B	$3.0B	$2.4B	$2.2B	$2.0B
YoY Growth	+38.2%	-16.4%	-19.1%	-8.0%	-7.7%
Cost of Revenue	$3.1B	$2.5B	$2.0B	$1.9B	$1.8B
Gross Profit	$478M	$420M	$389M	$307M	$258M
Gross Margin	13.6%	14.2%	16.3%	14.0%	12.7%
R&D Expenses	$7M	$5M	$0	$0	$0
SG&A Expenses	$469M	$435M	$386M	$393M	$395M
Operating Expenses	$407M	$338M	$212M	$341M	$395M
Operating Income	$72M	$82M	$177M	-$35M	-$138M
Operating Margin	2.0%	2.8%	7.4%	-1.6%	-6.8%
Interest Expense	$3M	$5M	$9M	$5M	$3M
Income Before Tax	$68M	$75M	$167M	-$39M	-$72M
Tax Expense	$19M	$20M	$36M	$13M	$11M
Net Income	$52M	$66M	$135M	-$43M	-$79M
Net Margin	1.5%	2.2%	5.7%	-2.0%	-3.9%
EPS (Diluted)	$0.06	$0.07	$0.15	$-0.05	$-0.09
EBITDA	$201M	$212M	$302M	$97M	-$14M
Shares Outstanding	905M	905M	907M	906M	907M

Line Item	FY2022 Q4	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2
Revenue	$1.4B	$1.2B	$1.2B	$1.1B	$1.1B	$468M	$1.1B	$1.0B
Cost of Revenue	$1.2B	$987M	$1.0B	$943M	$946M	$415M	$937M	$926M
Gross Profit	$241M	$206M	$182M	$153M	$153M	$53M	$152M	$108M
Gross Margin	17.3%	17.3%	15.3%	14.0%	14.0%	11.2%	14.0%	10.4%
R&D Expenses	$3M	$0	$3M	$0	$0	$0	$6M	$0
SG&A Expenses	$222M	$196M	$190M	$189M	$204M	$95M	$206M	$198M
Operating Expenses	$220M	$196M	$188M	$162M	$180M	$77M	$172M	$198M
Operating Income	$21M	$10M	-$5M	-$8M	-$26M	-$24M	-$20M	-$90M
Operating Margin	1.5%	0.9%	-0.4%	-0.8%	-2.4%	-5.2%	-1.8%	-8.7%
Interest Expense	$3M	$3M	$6M	$3M	$2M	$2M	$1M	$862K
Income Before Tax	$104M	$112M	$56M	-$11M	-$28M	-$25M	-$21M	-$63M
Tax Expense	$20M	$32M	$4M	-$3M	$16M	$1M	$9M	-$2M
Net Income	$89M	$82M	$53M	-$4M	-$39M	-$24M	-$30M	-$61M
Net Margin	6.4%	6.9%	4.4%	-0.4%	-3.5%	-5.2%	-2.8%	-5.9%
EPS (Diluted)	$0.10	$0.09	$0.06	$-0.00	$-0.04	$-0.03	$-0.03	$-0.07
EBITDA	$172M	$174M	$127M	$56M	$30M	$1M	$22M	-$32M
Shares Outstanding	903M	906M	909M	905M	907M	907M	907M	908M

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