Also trades as: SWPFF (OTC) · $vol 0M

HK$23.50 ($2.99)

-0.54 (-2.25%)

Weekly Expected Move ±2.4%

HK$23 HK$23 HK$24 HK$25 HK$25

HKSE · Real Estate · Real Estate - Development · Tech Score Neutral · Power 51 · HK$138.4B mcap · 961M float · 0.305% daily turnover

Revenue

$16.0B +11.2% ▲

5Y CAGR: +3.7%

Gross Profit

$10.1B -1.0% ▼

5Y CAGR: +0.2%

Operating Income

$8.1B +375.3% ▲

5Y CAGR: +8.0%

Net Income

-$1.5B -100.1% ▼

EPS (Diluted)

$-0.27 -107.7% ▼

EBITDA

$1.6B -47.2% ▼

5Y CAGR: -24.8%

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$16.4B	$13.9B	$15.5B	$14.4B	$16.0B
YoY Growth	+22.6%	-15.2%	+11.6%	-6.9%	+11.2%
Cost of Revenue	$5.8B	$4.3B	$4.3B	$4.3B	$6.0B
Gross Profit	$10.6B	$9.6B	$15.5B	$10.2B	$10.1B
Gross Margin	64.6%	69.0%	100.0%	70.5%	62.8%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$1.9B	$1.7B	$2.1B	$2.2B	$0
Operating Expenses	$2.1B	$1.9B	$10.3B	$8.5B	$2.0B
Operating Income	$7.8B	$9.0B	$5.2B	$1.7B	$8.1B
Operating Margin	47.9%	65.0%	33.4%	11.8%	50.4%
Interest Expense	$397M	$196M	$1.5B	$1.0B	$1.3B
Income Before Tax	$9.2B	$10.3B	$4.4B	$1.5B	-$254M
Tax Expense	$2.0B	$2.1B	$1.6B	$2.1B	$1.3B
Net Income	$7.1B	$8.0B	$2.6B	-$766M	-$1.5B
Net Margin	43.4%	57.5%	17.0%	-5.3%	-9.6%
EPS (Diluted)	$1.22	$1.36	$0.45	$-0.13	$-0.27
EBITDA	$8.9B	$10.9B	-$837M	$3.1B	$1.6B
Shares Outstanding	5.85B	5.85B	5.85B	5.85B	5.77B

Line Item	FY2022 Q4	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2
Revenue	$7.2B	$7.3B	$7.4B	$7.6B	$8.1B	$8.2B	$7.5B	$9.4B
Cost of Revenue	$2.6B	$2.0B	$2.3B	$2.0B	$2.3B	$0	$2.6B	$4.1B
Gross Profit	$4.5B	$5.4B	$5.1B	$5.6B	$8.1B	$8.2B	$4.8B	$5.3B
Gross Margin	63.5%	73.1%	68.8%	73.7%	100.0%	100.0%	64.6%	56.5%
R&D Expenses	$83M	$92M	$126M	$0	$0	$0	$0	$0
SG&A Expenses	$885M	$951M	$1.1B	$1.0B	$1.2B	$1.1B	$0	$0
Operating Expenses	$2.4B	$4.5B	$5.4B	-$1.1B	$9.6B	$7.8B	$1.1B	$814M
Operating Income	$3.6B	$4.3B	$3.9B	$3.2B	-$1.5B	$355M	$3.8B	$4.5B
Operating Margin	50.1%	58.7%	52.5%	42.2%	-18.8%	4.3%	50.4%	47.9%
Interest Expense	$443M	$619M	$886M	$0	$0	$0	$670M	$652M
Income Before Tax	$4.1B	$2.7B	$1.1B	$3.1B	-$2.0B	-$591M	$337M	$4.5B
Tax Expense	$1.2B	$954M	$663M	$1.2B	$930M	$610M	$687M	$880M
Net Income	$3.7B	$2.2B	$414M	$1.8B	-$2.6B	-$1.2B	-$331M	$3.6B
Net Margin	51.1%	30.4%	5.6%	23.5%	-31.7%	-14.7%	-4.4%	38.6%
EPS (Diluted)	$0.63	$0.38	$0.07	$0.31	$-0.44	$-0.21	$-0.06	$0.63
EBITDA	$3.8B	$4.6B	$4.1B	$4.5B	-$1.4B	$4.7B	$1.3B	$5.4B
Shares Outstanding	5.85B	5.85B	5.85B	5.85B	5.84B	5.78B	5.77B	5.76B

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