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Financials

Annual Report 2025

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Consolidated Statement of Profit or Loss for the year ended 31 December 2025

14 metrics

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Consolidated Statement of Profit or Loss for the year ended 31 December 2025 from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Income
RevenueHK$’000	1,810,977	1,471,284	PDF p. 51
Cost of salesHK$’000	(1,622,175)	(1,317,483)	PDF p. 51
Gross profitHK$’000	188,802	153,801	PDF p. 51
Other income and gains and lossesHK$’000	29,020	50,248	PDF p. 51
(Allowance for)/reversal of impairment loss on trade receivables and contract assets, netHK$’000	(310)	203	PDF p. 51
Selling and distribution expensesHK$’000	(25,150)	(29,577)	PDF p. 51
Administrative expensesHK$’000	(115,088)	(82,980)	PDF p. 51
Profit from operationsHK$’000	77,274	91,695	PDF p. 51
Finance costsHK$’000	(28,935)	(31,193)	PDF p. 51
Profit before taxHK$’000	48,339	60,502	PDF p. 51
Income tax expenseHK$’000	(11,190)	(14,768)	PDF p. 51
Profit for the year, net of taxHK$’000	37,149	45,734	PDF p. 51
Profit for the year attributable to:
Owners of the CompanyHK$’000	37,149	45,734	PDF p. 51
Earnings per share
Basic earnings per share (HK cents)HK cents per share	114.91	141.47	PDF p. 51

Definitions & sources

Original report: PDF p. 51 ↗

Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2025

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Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2025 from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Comprehensive income
Profit for the year, net of taxHK$’000	37,149	45,734	PDF p. 52
Other comprehensive income/(loss): Item that will not be reclassified to profit or loss:
Fair value changes of equity instruments at fair value through other comprehensive income (“FVTOCI”)HK$’000	75	(116)	PDF p. 52
Other comprehensive income/(loss): Item that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operationsHK$’000	15,655	(32,442)	PDF p. 52
Comprehensive income
Other comprehensive income/(loss) for the year, net of taxHK$’000	15,730	(32,558)	PDF p. 52
Total comprehensive income for the yearHK$’000	52,879	13,176	PDF p. 52
Total comprehensive income for the year attributable to:
Owners of the CompanyHK$’000	52,879	13,176	PDF p. 52

Definitions & sources

Original report: PDF p. 52 ↗

Statements of Financial Position at 31 December 2025

34 metrics

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Statements of Financial Position at 31 December 2025 from Annual Report 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
ASSETS — Non-current assets
Property, plant and equipmentHK$’000	503,668	440,142	-	-	PDF p. 53
Right-of-use assetsHK$’000	87,912	51,063	-	-	PDF p. 53
Financial assets at FVTOCIHK$’000	148	73	-	-	PDF p. 53
Investments in subsidiariesHK$’000	-	-	451,665	474,000	PDF p. 53
GoodwillHK$’000	1,927	1,927	-	-	PDF p. 53
Deposit paid for an acquisition of leasehold land and property, plant and equipmentHK$’000	77,302	116,538	-	-	PDF p. 53
Total non-current assetsHK$’000	670,957	609,743	451,665	474,000	PDF p. 53
ASSETS — Current assets
Contract assetsHK$’000	631,382	409,958	-	-	PDF p. 53
InventoriesHK$’000	147,757	135,768	-	-	PDF p. 53
Trade receivablesHK$’000	145,290	105,859	-	-	PDF p. 53
Prepayments, deposits and other receivablesHK$’000	174,570	148,133	-	-	PDF p. 53
Financial assets at fair value through profit or loss (“FVTPL”)HK$’000	54,865	99,459	-	-	PDF p. 53
Bank and cash balancesHK$’000	96,906	102,603	1,233	1,343	PDF p. 53
Total current assetsHK$’000	1,250,770	1,001,780	1,233	1,343	PDF p. 53
ASSETS
Total assetsHK$’000	1,921,727	1,611,523	452,898	475,343	PDF p. 53
LIABILITIES AND EQUITY — Non-current liabilities
Lease liabilitiesHK$’000	12,127	19,497	-	-	PDF p. 53
Total non-current liabilitiesHK$’000	12,127	19,497	-	-	PDF p. 53
LIABILITIES AND EQUITY — Current liabilities
Current tax liabilitiesHK$’000	17,154	12,894	-	-	PDF p. 53
Deferred consideration payableHK$’000	10,160	8,908	-	-	PDF p. 53
Trade payablesHK$’000	284,469	233,265	-	-	PDF p. 53
Amounts due to subsidiariesHK$’000	-	-	27,730	35,865	PDF p. 53
Accruals and other payablesHK$’000	164,788	145,391	-	-	PDF p. 53
Lease liabilitiesHK$’000	22,533	22,761	-	-	PDF p. 53
BorrowingsHK$’000	610,246	418,935	-	-	PDF p. 53
Financial guaranteesHK$’000	-	-	5,948	28,282	PDF p. 53
Dividend payableHK$’000	7,425	-	7,425	-	PDF p. 53
Total current liabilitiesHK$’000	1,116,775	842,154	41,103	64,147	PDF p. 53
LIABILITIES AND EQUITY
Total liabilitiesHK$’000	1,128,902	861,651	41,103	64,147	PDF p. 53
Equity attributable to owners of the Company
Share capitalHK$’000	242,456	242,456	242,456	242,456	PDF p. 53
ReservesHK$’000	546,945	503,992	169,339	168,740	PDF p. 53
SubtotalHK$’000	789,401	746,448	411,795	411,196	PDF p. 53
LIABILITIES AND EQUITY
Non-controlling interestsHK$’000	3,424	3,424	-	-	PDF p. 53
Total equityHK$’000	792,825	749,872	411,795	411,196	PDF p. 53
Total liabilities and equityHK$’000	1,921,727	1,611,523	452,898	475,343	PDF p. 53

Definitions & sources

Original report: PDF p. 53 ↗

Consolidated statement of profit or loss and other comprehensive income — Group

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Consolidated statement of profit or loss and other comprehensive income — Group from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Profit and other comprehensive income
Profit for the year, net of taxHK$’000	37,149	45,734	PDF p. 52
Other comprehensive income/(loss): Item that will not be reclassified to profit or loss
Fair value changes of equity instruments at fair value through other comprehensive income (“FVTOCI”)HK$’000	75	(116)	PDF p. 52
Other comprehensive income/(loss): Item that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operationsHK$’000	15,655	(32,442)	PDF p. 52
Other comprehensive income/(loss)
Other comprehensive income/(loss) for the year, net of taxHK$’000	15,730	(32,558)	PDF p. 52
Total comprehensive income
Total comprehensive income for the yearHK$’000	52,879	13,176	PDF p. 52
Total comprehensive income for the year attributable to
Owners of the CompanyHK$’000	52,879	13,176	PDF p. 52

Definitions & sources

Original report: PDF p. 52 ↗

Consolidated statement of cash flows — Group

44 metrics

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Consolidated statement of cash flows — Group from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from operating activities
Profit before taxHK$’000	48,339	60,502	PDF p. 56
Adjustments for operating activities
Depreciation of property, plant and equipmentHK$’000	89,947	83,881	PDF p. 56
Depreciation of right-of-use assetsHK$’000	23,349	22,723	PDF p. 56
Loss/(gain) on disposal of property, plant and equipmentHK$’000	225	(23,497)	PDF p. 56
Allowance for/(reversal) of impairment loss on trade receivables and contract assets, netHK$’000	310	(203)	PDF p. 56
Reversal of allowance for inventoriesHK$’000	(1,554)	(702)	PDF p. 56
Dividend incomeHK$’000	-	(1,257)	PDF p. 56
Fair value gain on financial assets at FVTPLHK$’000	(788)	(8,822)	PDF p. 56
(Gain)/loss on disposal of financial assets at FVTPLHK$’000	(1,351)	7,971	PDF p. 56
Interest incomeHK$’000	(5,167)	(5,155)	PDF p. 56
Finance costsHK$’000	28,935	31,193	PDF p. 56
Cash flows from operating activities
Operating profit before working capital changesHK$’000	182,245	166,634	PDF p. 56
Changes in working capital
Increase in inventoriesHK$’000	(10,435)	(49,725)	PDF p. 56
Increase in contract assetsHK$’000	(221,463)	(151,495)	PDF p. 56
(Increase)/decrease in trade receivablesHK$’000	(40,883)	45,221	PDF p. 56
Increase in prepayments, deposits and other receivablesHK$’000	(27,075)	(9,597)	PDF p. 56
Decrease in financial assets at FVTPLHK$’000	47,543	22,969	PDF p. 56
Increase in trade payablesHK$’000	54,017	47,284	PDF p. 56
Increase in accruals and other payablesHK$’000	19,397	15,919	PDF p. 56
Cash flows from operating activities
Cash generated from operationsHK$’000	3,346	87,210	PDF p. 56
Interest paidHK$’000	(25,161)	(26,988)	PDF p. 56
Income taxes paidHK$’000	(8,035)	(13,555)	PDF p. 56
Interest on lease liabilitiesHK$’000	(2,522)	(3,106)	PDF p. 56
Net cash (used in)/generated from operating activitiesHK$’000	(32,372)	43,561	PDF p. 56
Cash flows from investing activities
Purchases of property, plant and equipmentHK$’000	(106,329)	(110,459)	PDF p. 56
Upfront payment for right-of-use assetsHK$’000	(14,037)	-	PDF p. 56
Deposit paid for acquisition of leasehold land and property, plant and equipmentHK$’000	(32,633)	(81,272)	PDF p. 56
Proceeds from disposal of property, plant and equipmentHK$’000	4,778	32,115	PDF p. 56
Dividend received from financial assets at FVTPLHK$’000	-	1,257	PDF p. 56
Interest receivedHK$’000	4,688	4,726	PDF p. 56
Net cash used in investing activitiesHK$’000	(143,533)	(153,633)	PDF p. 56
Cash flows from financing activities
Repurchase shares from a non-controlling shareholder in respect of a subsidiaryHK$’000	-	(54)	PDF p. 57
Dividend paidHK$’000	(2,501)	(9,413)	PDF p. 57
New loan raisedHK$’000	265,911	284,976	PDF p. 57
Repayment of loansHK$’000	(194,310)	(239,250)	PDF p. 57
Net receipt of trust receipts and import loansHK$’000	102,487	61,697	PDF p. 57
Principal elements of lease paymentsHK$’000	(28,476)	(24,691)	PDF p. 57
Proceeds received under a supplier finance arrangementHK$’000	132,419	70,294	PDF p. 57
Repayments under a supplier finance arrangementHK$’000	(115,196)	(55,340)	PDF p. 57
Net cash generated from financing activitiesHK$’000	160,334	88,219	PDF p. 57
Cash and cash equivalents
NET DECREASE IN CASH AND CASH EQUIVALENTSHK$’000	(15,571)	(21,853)	PDF p. 57
Net effect of exchange rate changes on cash and cash equivalents heldHK$’000	9,874	(1,938)	PDF p. 57
CASH AND CASH EQUIVALENTS AT 1 JANUARYHK$’000	102,603	126,394	PDF p. 57
CASH AND CASH EQUIVALENTS AT 31 DECEMBERHK$’000	96,906	102,603	PDF p. 57

Definitions & sources

Original report: PDF p. 56 ↗ PDF p. 57 ↗

Five-year financial highlights

6 metrics

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Five-year financial highlights from Annual Report 2025
Metric / unit	2021Group; FY2021	2022Group; FY2022	2023Group; FY2023	2024Group; FY2024	2025Group; FY2025	Source
For the year
RevenueHK$’mil	1,140.4	1,341.4	1,113.2	1,471.3	1,811.0	PDF p. 15
Gross ProfitHK$’mil	95.0	142.9	128.5	153.8	188.8	PDF p. 15
Profit before TaxHK$’mil	46.8	60.7	48.8	60.5	48.3	PDF p. 15
Profit Attributable to ShareholdersHK$’mil	40.8	42.8	42.5	45.7	37.1	PDF p. 15
Earnings Before Interest, Taxes, Depreciation and AmortisationHK$’mil	153.8	177.7	178.1	198.3	190.6	PDF p. 15
Basic Earnings per ShareHK cents	126.3	132.3	131.6	141.5	114.9	PDF p. 15

Definitions & sources

Original report: PDF p. 15 ↗

Five-year financial highlights, year-end position and cash flows

5 metrics

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Five-year financial highlights, year-end position and cash flows from Annual Report 2025
Metric / unit	2021Group; as at 31 December 2021 / FY2021	2022Group; as at 31 December 2022 / FY2022	2023Group; as at 31 December 2023 / FY2023	2024Group; as at 31 December 2024 / FY2024	2025Group; as at 31 December 2025 / FY2025	Source
As at 31 December
Total AssetsHK$’mil	1,655.7	1,542.6	1,431.0	1,611.5	1,921.7	PDF p. 15
Total LiabilitiesHK$’mil	911.5	822.4	684.9	861.7	1,128.9	PDF p. 15
Total EquityHK$’mil	744.2	720.1	746.2	749.9	792.8	PDF p. 15
Net Cash Generated from/(used in) Operating ActivitiesHK$’mil	242.6	240.5	135.9	43.6	(32.4)	PDF p. 15
Cash and Cash EquivalentsHK$’mil	103.5	132.1	126.4	102.6	96.9	PDF p. 15

Definitions & sources

Original report: PDF p. 15 ↗

Where the money comes from

Segment information

By business

Revenue from major customers (ODM/OEM) 2 lines

Revenue from major customers (ODM/OEM) — Revenue
Item / unit	2025HK$'000	2024HK$'000	Source
ODM/OEM
Customer aHK$'000	1,594,545	1,250,906	PDF p. 81
Customer bHK$'000	154,271	141,976	PDF p. 81

By geography

Geographical information: revenue and non-current assets 7 lines

Geographical information: revenue and non-current assets
Item / unit	2025Revenue, HK$'000	2024Revenue, HK$'000	2025Non-current assets, HK$'000	2024Non-current assets, HK$'000	Source
Asia
Greater China (including PRC, Hong Kong, Macau and Taiwan)HK$'000	1,780,177	1,466,140	319,814	278,687	PDF p. 81
IndonesiaHK$'000	-	-	351,143	331,056	PDF p. 81
Asia subtotalHK$'000	1,780,177	1,466,140	670,957	609,743	PDF p. 81
Europe
GermanyHK$'000	29,579	5,144	-	-	PDF p. 81
PolandHK$'000	1,221	-	-	-	PDF p. 81
Europe subtotalHK$'000	30,800	5,144	-	-	PDF p. 81
Total
Consolidated totalHK$'000	1,810,977	1,471,284	670,957	609,743	PDF p. 81

Notes

Revenue from external customers by location of operation; non-current assets by location of assets. Revenue is based on the locations of the customers.

Subtotal rows have no printed label.

Debt

Borrowings

Liquidity risk maturity analysis of contractual undiscounted cash flows - 31 December

Liquidity risk maturity analysis of contractual undiscounted cash flows - 31 December
Item / unit	2025On demand, HK$'000	2025Less than 1 year, HK$'000	2025Between 1 and 2 years, HK$'000	2025Between 2 and 5 years, HK$'000	2025Over 5 years, HK$'000	2025Total, HK$'000	2024On demand, HK$'000	2024Less than 1 year, HK$'000	2024Between 1 and 2 years, HK$'000	2024Between 2 and 5 years, HK$'000	2024Over 5 years, HK$'000	2024Total, HK$'000	Source
At 31 December
BorrowingsHK$'000	575,786	97,971	-	-	-	673,757	419,258	9,279	-	-	-	428,537	PDF p. 78
Lease liabilitiesHK$'000	-	24,464	8,290	4,941	-	37,695	-	25,084	9,765	12,174	-	47,023	PDF p. 78

Notes

Based on contractual undiscounted cash flows of the Group's non-derivative financial liabilities.

Lease liabilities maturity

Lease liabilities maturity
Item / unit	2025Minimum lease payments, HK$'000	2024Minimum lease payments, HK$'000	2025Present value of minimum lease payments, HK$'000	2024Present value of minimum lease payments, HK$'000	Source
Lease liabilities
Within one yearHK$'000	24,464	25,084	22,533	22,761	PDF p. 98
One to second yearsHK$'000	8,290	9,765	7,473	8,454	PDF p. 98
In the third to fifth years, inclusiveHK$'000	4,941	12,174	4,654	11,043	PDF p. 98
Less: Future finance chargesHK$'000	(3,035)	(4,765)	N/A	N/A	PDF p. 98
Present value of lease obligationsHK$'000	34,660	42,258	34,660	42,258	PDF p. 98

Notes

Total of minimum lease payments 37,695 (2025) and 47,023 (2024). Amount due within 12 months shown under current liabilities: (22,533) (2025), (22,761) (2024); the last two rows carry values only in the present value columns.

Weighted average incremental borrowing rates applied to lease liabilities range from 4.5% to 11.2% (2024: from 2.8% to 11.2%) per annum.

All finance lease payables are denominated in RMB.

Borrowing notes 4 tables

Borrowings by type

Borrowings by type — Group
Item / unit	2025HK$'000	2024HK$'000	Source
Borrowings
Supplier finance arrangement, secured (note 39)HK$'000	44,544	27,321	PDF p. 96
Trust receipts and import loans, secured (note 39)HK$'000	374,264	271,777	PDF p. 96
Term loans (note 39)HK$'000	191,438	119,837	PDF p. 96

Notes

Total borrowings 610,246 (2025) and 418,935 (2024); all borrowings shown within current liabilities on the balance sheet (page 53).

The borrowings are secured by corporate guarantees by the Company and cross guaranteed by its subsidiaries. Borrowings are arranged at floating rates.

Term loans of HK$22,250,000 (2024: HK$35,527,000) due after one year but containing a repayment on demand clause are reclassified to current liabilities; Directors believe they will be fully repaid in 2029.

Borrowings denominated in currencies other than HK$

Borrowings denominated in currencies other than HK$ — Group
Item / unit	2025HK$'000	2024HK$'000	Source
Borrowings currency
USDHK$'000	67,268	47,434	PDF p. 97
RMBHK$'000	224,032	70,526	PDF p. 97

Notes

Amounts denominated in currencies other than the presentation and functional currency of the Group.

Average interest rates on borrowings

Average interest rates on borrowings — Group
Item / unit	2025average rate at 31 December	2024average rate at 31 December	Source
Interest rates
Trust receipts and import loans, secured%	4.95	6.22	PDF p. 97
Term loans%	4.18	6.22	PDF p. 97

Notes

Supplier finance arrangement is repaid 90 to 180 days after bank payment without interest (interest borne by suppliers).

Statement of financial position - lease liabilities and borrowings

Statement of financial position - lease liabilities and borrowings — Group
Item / unit	2025HK$'000	2024HK$'000	Source
Non-current liabilities
Lease liabilities (non-current)HK$'000	12,127	19,497	PDF p. 53
Current liabilities
Lease liabilities (current)HK$'000	22,533	22,761	PDF p. 53
BorrowingsHK$'000	610,246	418,935	PDF p. 53

Notes

Group columns only; Company columns show nil for these items. Original labels on the page are 'Lease liabilities' and 'Borrowings'; the current/non-current qualifiers are from the section headings.

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
Dividend policy	The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business condition, development plans and other factors as the Directors might deem appropriate.	Company	PDF p. 42

Dividends declared and proposed

Item	Value	Period / scope	Source
Final dividend FY2025	5 Singapore cents per share	FY2025 final dividend proposed, per ordinary share	PDF p. 42
Final of SGD0.05 (2024: SGD0.05) per ordinary share paid in respect of the year ended 31 December 2024 (2024: 2023)	SGD0.05	Final dividend for FY2024 paid in 2025 (comparative: FY2023 final SGD0.05 paid in 2024); amounts HK$'000: 9,926 (2025) and 9,413 (2024)	PDF p. 85

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

Item	Value	Period / scope	Source
RSM SG Assurance LLP	RSM SG Assurance LLP	Group	PDF p. 50
RSM Hong Kong	RSM Hong Kong	Group	PDF p. 50
Engagement partner	Woo E-Sah	RSM SG Assurance LLP	PDF p. 50
Engagement partner	Wong Poh Weng	RSM Hong Kong	PDF p. 50
Opinion	the consolidated financial statements give a true and fair view	Group	PDF p. 46

Key audit matters

Item	Value	Period / scope	Source
Allowance for slow-moving inventories	Inventories are carried at the lower of cost and net realisable value (“NRV”).	Group	PDF p. 46
Impairment assessment of trade receivables and contract assets	We focused on this area due to the impairment assessment of trade receivables and contract assets under the expected credit losses model involved the use of significant management judgements and estimates.	Group	PDF p. 48

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.