NASDAQ : NCI
Neo-Concept International Group Holdings Limited — Financial statements
Consumer Discretionary · Apparel Manufacturing · Hong Kong
Last price 0.714 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.02M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Neo-Concept International Group Holdings Limited (NCI) reported revenue of 137.25M HKD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 137.25M | 137.25M | 235.67M | 174.20M | 347.45M | 240.54M |
| Cost of Revenue | 86.56M | 86.56M | 186.22M | 139.15M | 305.62M | 217.94M |
| Gross Profit | 50.69M | 50.69M | 49.44M | 35.05M | 41.83M | 22.59M |
| Selling, General & Admin | 46.79M | 46.79M | 34.45M | 24.47M | 19.56M | 15.63M |
| Amortization of Goodwill & Intangibles | 2.50M | 2.50M | 1.48M | 112.05K | 137.36K | |
| Operating Expenses | 48.88M | 48.88M | 37.87M | 26.00M | 22.90M | 18.12M |
| Operating Income | 1.80M | 1.80M | 11.57M | 9.05M | 18.94M | 4.47M |
| Interest Expense | -1.35M | -1.35M | -3.76M | -5.76M | -6.13M | -2.49M |
| Interest & Investment Income | 31.95K | 92.95K | 1.00 | 1.00 | ||
| Currency Exchange Gain (Loss) | -25.61K | -25.61K | -168.36K | -7.44K | -5.95K | |
| Other Non Operating Income (Expenses) | 1.35M | 1.35M | 1.30M | 2.53M | 2.59M | 5.22M |
| Pretax Income | 1.78M | 1.78M | 9.15M | 5.74M | 15.38M | 7.19M |
| Income Tax Expense | 1.45M | 1.45M | 1.09M | 1.33M | 2.98M | 1.74M |
| Net Income | 331.68K | 331.68K | 8.06M | 4.41M | 12.40M | 5.45M |
| Net Income to Common | 331.68K | 331.68K | 8.06M | 4.41M | 12.40M | 5.45M |
| Shares Outstanding (Basic) | 508.00K | 508.00K | 490.09K | 450.00K | 450.00K | 450.00K |
| Shares Outstanding (Diluted) | 508.00K | 508.00K | 490.09K | 450.00K | 450.00K | 450.00K |
| EPS (Basic) | 0.65 | 0.65 | 16.45 | 9.81 | 27.56 | 12.11 |
| EPS (Diluted) | 0.65 | 0.65 | 16.45 | 9.81 | 27.56 | 12.11 |
| Free Cash Flow | 17.37M | 17.37M | -3.72M | -50.29M | -42.83M | 10.19M |
| Free Cash Flow Per Share | 34.19 | 34.19 | -7.58 | -111.76 | -95.19 | 22.65 |
| Gross Margin | 36.93% | 36.93% | 20.98% | 20.12% | 12.04% | 9.39% |
| Operating Margin | 1.31% | 1.31% | 4.91% | 5.19% | 5.45% | 1.86% |
| Profit Margin | 0.24% | 0.24% | 3.42% | 2.53% | 3.57% | 2.27% |
| Free Cash Flow Margin | 12.65% | 12.65% | -1.58% | -28.87% | -12.33% | 4.24% |
| EBITDA | 6.04M | 6.04M | 13.74M | 9.08M | 19.08M | 4.61M |
| EBITDA Margin | 4.40% | 4.40% | 5.83% | 5.21% | 5.49% | 1.92% |
| D&A For EBITDA | 4.23M | 4.23M | 2.17M | 33.09K | 148.47K | 136.24K |
| EBIT | 1.80M | 1.80M | 11.57M | 9.05M | 18.94M | 4.47M |
| EBIT Margin | 1.31% | 1.31% | 4.91% | 5.19% | 5.45% | 1.86% |
| Effective Tax Rate | 81.35% | 81.35% | 11.87% | 23.09% | 19.38% | 24.22% |
Balance sheet
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.33M | 2.33M | 9.17M | 5.85M | 8.59M | 1.43M |
| Cash & Short-Term Investments | 2.33M | 2.33M | 9.17M | 5.85M | 8.59M | 1.43M |
| Accounts Receivable | 7.29M | 7.29M | 34.17M | 32.34M | 10.34M | 29.71M |
| Other Receivables | 1.44M | 1.44M | 994.95K | 16.27M | 7.34M | |
| Receivables | 8.73M | 8.73M | 35.16M | 32.34M | 26.61M | 37.05M |
| Inventory | 12.11M | 12.11M | 3.62M | 5.32M | 1.30M | 680.02K |
| Prepaid Expenses | 12.02M | 129.23K | ||||
| Other Current Assets | 29.39M | 29.39M | 24.39M | 8.20M | 4.25M | 584.03K |
| Total Current Assets | 52.57M | 52.57M | 72.34M | 63.74M | 40.89M | 39.74M |
| Property, Plant & Equipment | 49.12M | 49.12M | 47.24M | 25.18M | 708.27K | 21.77K |
| Long-Term Investments | 318.13K | 318.13K | ||||
| Other Intangible Assets | 11.04M | 11.04M | 13.54M | 112.05K | 274.69K | |
| Long-Term Deferred Tax Assets | 72.59K | 72.59K | 206.81K | 7.88K | 7.88K | |
| Other Long-Term Assets | 2.51M | 2.51M | 2.33M | 1.70M | 159.40K | 178.71K |
| Total Assets | 115.63M | 115.63M | 135.65M | 90.62M | 41.87M | 40.23M |
| Accounts Payable | 10.43M | 84.61M | ||||
| Accrued Expenses | 8.18M | 8.18M | 5.89M | 3.07M | 2.24M | 1.32M |
| Short-Term Debt | 4.76M | 4.76M | 27.11M | 30.75M | 83.96M | 27.47M |
| Current Portion of Leases | 4.81M | 4.81M | 3.89M | 708.83K | 653.34K | |
| Current Income Taxes Payable | 718.39K | 718.39K | 372.49K | 916.44K | 4.89M | 1.88M |
| Other Current Liabilities | 1.68M | 1.68M | 2.04M | 34.38M | ||
| Total Current Liabilities | 20.15M | 20.15M | 39.30M | 69.83M | 102.17M | 115.29M |
| Long-Term Debt | 375.06K | 525.62K | ||||
| Long-Term Leases | 36.87M | 36.87M | 38.60M | 23.18M | ||
| Long-Term Deferred Tax Liabilities | 2.01M | 2.01M | 920.14K | |||
| Total Liabilities | 59.03M | 59.03M | 78.82M | 93.00M | 102.55M | 115.82M |
| Common Stock | 9.91K | 9.91K | 9.91K | 8.78K | 8.78K | 8.78K |
| Additional Paid-In Capital | 106.09M | 106.09M | 106.09M | 55.09M | 91.22K | 91.22K |
| Retained Earnings | -49.94M | -49.94M | -50.27M | -58.33M | -62.75M | -75.15M |
| Comprehensive Income & Other | 440.22K | 440.22K | 998.97K | 844.79K | 1.97M | -543.42K |
| Shareholders' Equity | 56.60M | 56.60M | 56.83M | -2.39M | -60.68M | -75.59M |
| Total Liabilities & Equity | 115.63M | 115.63M | 135.65M | 90.62M | 41.87M | 40.23M |
| Total Debt | 46.44M | 46.44M | 69.60M | 54.64M | 84.99M | 28.00M |
| Net Cash (Debt) | -44.11M | -44.11M | -60.43M | -48.79M | -76.40M | -26.57M |
| Net Cash Per Share | -86.82 | -86.82 | -123.31 | -108.42 | -169.77 | -59.04 |
| Filing Date Shares Outstanding | 508.00K | 508.00K | 508.00K | 450.00K | 450.00K | 450.00K |
| Total Common Shares Outstanding | 508.00K | 508.00K | 508.00K | 450.00K | 450.00K | 450.00K |
| Working Capital | 32.42M | 32.42M | 33.04M | -6.09M | -61.29M | -75.55M |
| Book Value Per Share | 111.42 | 111.42 | 111.86 | -5.30 | -134.83 | -167.98 |
| Tangible Book Value | 45.55M | 45.55M | 43.29M | -2.39M | -60.79M | -75.86M |
| Tangible Book Value Per Share | 89.67 | 89.67 | 85.21 | -5.30 | -135.08 | -168.59 |
| Machinery | 3.73M | 3.73M | 858.30K | 603.08K | 556.99K | 579.39K |
| Leasehold Improvements | 7.76M | 7.76M | 6.00M | 2.17M |
Cash flow statement
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 331.68K | 331.68K | 8.06M | 4.41M | 12.40M | 5.45M |
| Depreciation & Amortization | 4.23M | 4.23M | 2.17M | 33.09K | 148.47K | 136.24K |
| Other Amortization | 112.05K | 151.63K | ||||
| Provision & Write-off of Bad Debts | -2.14M | -2.14M | 1.25M | 1.38M | ||
| Other Operating Activities | 1.16M | 1.16M | 736.92K | 76.41K | ||
| Change in Accounts Receivable | 29.13M | 29.13M | -3.08M | -23.39M | 19.37M | -29.74M |
| Change in Inventory | -8.08M | -8.08M | 1.68M | -4.09M | -619.88K | 646.29K |
| Change in Accounts Payable | -10.43M | -74.18M | 32.55M | |||
| Change in Income Taxes | 1.31M | 1.31M | -1.54M | -3.97M | 3.00M | 1.74M |
| Change in Other Net Operating Assets | -4.57M | -4.57M | -8.85M | -13.16M | -2.88M | -666.40K |
| Operating Cash Flow | 21.37M | 21.37M | 428.24K | -49.01M | -42.76M | 10.27M |
| Capital Expenditures | -4.01M | -4.01M | -4.14M | -1.28M | -73.53K | -78.19K |
| Sale (Purchase) of Intangibles | -15.02M | |||||
| Investing Cash Flow | -4.01M | -4.01M | -19.17M | -1.28M | -73.53K | -78.19K |
| Short-Term Debt Issued | 114.07M | 114.07M | 222.50M | 199.88M | 508.72M | 243.09M |
| Total Debt Issued | 114.07M | 114.07M | 222.50M | 199.88M | 508.72M | 243.09M |
| Short-Term Debt Repaid | -89.59M | -89.59M | -226.15M | -168.60M | -452.38M | -220.37M |
| Total Debt Repaid | -89.59M | -89.59M | -226.15M | -168.60M | -452.38M | -220.37M |
| Net Debt Issued (Repaid) | 24.47M | 24.47M | -3.65M | 31.27M | 56.34M | 22.72M |
| Issuance of Common Stock | 65.64M | |||||
| Common Dividends Paid | -266.56K | |||||
| Other Financing Activities | -47.30M | -47.30M | -40.10M | 16.27M | -6.34M | -31.64M |
| Financing Cash Flow | -22.83M | -22.83M | 21.89M | 47.55M | 50.00M | -9.19M |
| Foreign Exchange Rate Adjustments | -1.37M | -1.37M | 164.50K | |||
| Net Cash Flow | -6.83M | -6.83M | 3.32M | -2.74M | 7.16M | 1.01M |
| Free Cash Flow | 17.37M | 17.37M | -3.72M | -50.29M | -42.83M | 10.19M |
| Free Cash Flow Margin | 12.65% | 12.65% | -1.58% | -28.87% | -12.33% | 4.24% |
| Free Cash Flow Per Share | 34.19 | 34.19 | -7.58 | -111.76 | -95.19 | 22.65 |
| Levered Free Cash Flow | 15.72M | 15.72M | -47.46M | -3.87M | -56.16M | 28.20M |
| Unlevered Free Cash Flow | 16.56M | 16.56M | -45.11M | -266.18K | -52.33M | 29.75M |
| Cash Interest Paid | 1.35M | 1.35M | 3.31M | 6.13M | 6.10M | 2.89M |
| Cash Income Tax Paid | -80.93K | -80.93K | 1.89M | 3.31M | 22.00K | |
| Change in Working Capital | 17.79M | 17.79M | -11.79M | -55.03M | -55.31M | 4.53M |
Ratios
Fiscal year January - December; amounts in HKD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.02M | 4.59M | 13.41M | |||
| Enterprise Value | 5.83M | 13.11M | 22.49M | |||
| Last Close Price | 0.71 | 9.04 | 26.40 | |||
| PE Ratio | 107.77 | 12.92 | ||||
| PS Ratio | 0.12 | 0.26 | 0.44 | |||
| PB Ratio | 0.13 | 0.63 | 1.83 | |||
| P/TBV Ratio | 0.17 | 0.79 | 2.41 | |||
| P/FCF Ratio | 0.91 | 2.06 | ||||
| P/OCF Ratio | 0.74 | 1.67 | 243.25 | |||
| EV/Sales Ratio | 0.34 | 0.74 | 0.74 | |||
| EV/EBITDA Ratio | 16.90 | 12.71 | ||||
| EV/EBIT Ratio | 56.53 | 15.10 | ||||
| EV/FCF Ratio | 2.63 | 5.88 | ||||
| Debt / Equity Ratio | 0.82 | 0.82 | 1.23 | -22.89 | -1.40 | -0.37 |
| Debt / EBITDA Ratio | 3.45 | 3.45 | 3.95 | 4.44 | 3.92 | 6.07 |
| Debt / FCF Ratio | 2.67 | 2.67 | 2.75 | |||
| Net Debt / Equity Ratio | 0.78 | 0.78 | 1.06 | -20.44 | -1.26 | -0.35 |
| Net Debt / EBITDA Ratio | 7.30 | 7.30 | 4.40 | 5.37 | 4.00 | 5.76 |
| Net Debt / FCF Ratio | 2.54 | 2.54 | -16.26 | -0.97 | -1.78 | 2.61 |
| Asset Turnover | 1.09 | 1.09 | 2.08 | 2.63 | 8.46 | 4.61 |
| Inventory Turnover | 11.01 | 11.01 | 41.67 | 42.04 | 308.72 | 217.26 |
| Quick Ratio | 0.55 | 0.55 | 1.13 | 0.55 | 0.34 | 0.33 |
| Current Ratio | 2.61 | 2.61 | 1.84 | 0.91 | 0.40 | 0.34 |
| Return on Equity (ROE) | 0.58% | 0.58% | 29.62% | |||
| Return on Assets (ROA) | 0.90% | 0.90% | 6.39% | 8.54% | 28.83% | 5.36% |
| Return on Invested Capital (ROIC) | 0.33% | 0.31% | 14.77% | |||
| Return on Capital Employed (ROCE) | 1.90% | 1.90% | 12.00% | 43.50% | -31.40% | -6.00% |
| Earnings Yield | -158.18% | 0.93% | 7.74% | |||
| FCF Yield | 109.48% | 48.59% | -3.57% | |||
| Payout Ratio | 4.89% | |||||
| Buyback Yield / Dilution | -3.65% | -3.65% | -8.91% | 0.00% |