PC Partner PCT
Financials
2025 Annual Report
Explore the statements
9 tablesConsolidated Statement of Comprehensive Income (Group)
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Income statement | |||
| RevenueHK$'000 | 13,951,654 | 10,081,957 | PDF p. 121 |
| Cost of salesHK$'000 | (12,528,734) | (9,126,471) | PDF p. 121 |
| Gross profitHK$'000 | 1,422,920 | 955,486 | PDF p. 121 |
| Other revenue and other gains and losses, netHK$'000 | 55,335 | 51,031 | PDF p. 121 |
| Selling and distribution expensesHK$'000 | (146,590) | (129,588) | PDF p. 121 |
| Administrative expensesHK$'000 | (635,662) | (532,043) | PDF p. 121 |
| (Provision)/reversal of provision for impairment losses on financial assetsHK$'000 | (8,583) | 3,417 | PDF p. 121 |
| Finance costsHK$'000 | (46,803) | (36,765) | PDF p. 121 |
| Profit before income taxHK$'000 | 640,617 | 311,538 | PDF p. 121 |
| Income taxHK$'000 | (145,048) | (50,866) | PDF p. 121 |
| Profit for the yearHK$'000 | 495,569 | 260,672 | PDF p. 121 |
| Other comprehensive income, after tax | |||
| Exchange differences on translating foreign subsidiariesHK$'000 | (3,155) | (9,665) | PDF p. 121 |
| Reclassification adjustment for disposal of a joint venture during the yearHK$'000 | — | (8,062) | PDF p. 121 |
| Total comprehensive income for the yearHK$'000 | 492,414 | 242,945 | PDF p. 121 |
| Profit/(loss) for the year attributable to | |||
| — Owners of the CompanyHK$'000 | 494,203 | 262,131 | PDF p. 121 |
| — Non-controlling interestsHK$'000 | 1,366 | (1,459) | PDF p. 121 |
| Earnings per share | |||
| — BasicHK$ per share | 1.27 | 0.68 | PDF p. 121 |
| — DilutedHK$ per share | 1.27 | 0.68 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
Total comprehensive income attributable: Owners of the Company 491,048 (2025), 244,404 (2024); Non-controlling interests 1,366 (2025), (1,459) (2024).
Consolidated Statement of Financial Position (Group) - assets and current liabilities
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December 2025 | 2024Group, as at 31 December 2024 | 2024Group, as at 1 January 2024 (opening) | Source |
|---|---|---|---|---|
| Non-current assets | ||||
| Property, plant and equipmentHK$'000 | 580,874 | 636,945 | 557,369 | PDF p. 122 |
| Right-of-use assetsHK$'000 | 93,258 | 109,223 | 92,559 | PDF p. 122 |
| Intangible assetsHK$'000 | 7,781 | 4,825 | 4,825 | PDF p. 122 |
| Other financial assetHK$'000 | 1,268 | 1,268 | 1,268 | PDF p. 122 |
| Deferred tax assetsHK$'000 | 21,397 | 7,614 | 5,788 | PDF p. 122 |
| Trade and other receivablesHK$'000 | 20,823 | 16,433 | 5,664 | PDF p. 122 |
| Total non-current assetsHK$'000 | 725,401 | 776,308 | 667,473 | PDF p. 122 |
| Current assets | ||||
| InventoriesHK$'000 | 1,692,131 | 842,325 | 1,135,492 | PDF p. 122 |
| Trade and other receivablesHK$'000 | 1,432,616 | 980,922 | 894,097 | PDF p. 122 |
| Right of return assetsHK$'000 | 22,052 | 28,984 | 38,601 | PDF p. 122 |
| Current tax recoverableHK$'000 | 7,256 | 52,641 | 68,487 | PDF p. 122 |
| Cash and bank balancesHK$'000 | 2,506,671 | 2,334,023 | 2,491,217 | PDF p. 122 |
| Total current assetsHK$'000 | 5,660,726 | 4,238,895 | 4,627,894 | PDF p. 122 |
| Total assets | ||||
| Total assetsHK$'000 | 6,386,127 | 5,015,203 | 5,295,367 | PDF p. 122 |
| Current liabilities | ||||
| Trade and other payablesHK$'000 | 1,544,178 | 1,076,314 | 1,280,048 | PDF p. 122 |
| Refund liabilitiesHK$'000 | 27,816 | 35,571 | 48,837 | PDF p. 122 |
| Contract liabilitiesHK$'000 | 61,194 | 51,775 | 60,957 | PDF p. 122 |
| BorrowingsHK$'000 | 1,301,984 | 819,533 | 982,426 | PDF p. 122 |
| Provision for product warranties and returnsHK$'000 | 34,417 | 40,508 | 41,124 | PDF p. 122 |
| Lease liabilitiesHK$'000 | 43,850 | 37,522 | 30,164 | PDF p. 122 |
| Current tax liabilitiesHK$'000 | 104,423 | 12,645 | 8,546 | PDF p. 122 |
| Total current liabilitiesHK$'000 | 3,117,862 | 2,073,868 | 2,452,102 | PDF p. 122 |
| Net current assetsHK$'000 | 2,542,864 | 2,165,027 | 2,175,792 | PDF p. 122 |
| Total assets less current liabilitiesHK$'000 | 3,268,265 | 2,941,335 | 2,843,265 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
The third column is the opening statement at 1 January 2024, labelled year 2024 as printed; the balance sheet continues on page 123.
Consolidated Statement of Financial Position (Group) - non-current liabilities and equity
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December 2025 | 2024Group, as at 31 December 2024 | 2024Group, as at 1 January 2024 (opening) | Source |
|---|---|---|---|---|
| Non-current liabilities | ||||
| Lease liabilitiesHK$'000 | 54,694 | 73,460 | 69,050 | PDF p. 123 |
| Other payablesHK$'000 | 9,378 | 5,868 | — | PDF p. 123 |
| Deferred tax liabilitiesHK$'000 | 4,925 | — | — | PDF p. 123 |
| Total non-current liabilitiesHK$'000 | 68,997 | 79,328 | 69,050 | PDF p. 123 |
| Net assets | ||||
| NET ASSETSHK$'000 | 3,199,268 | 2,862,007 | 2,774,215 | PDF p. 123 |
| Capital and reserves | ||||
| Share capitalHK$'000 | 38,788 | 38,788 | 38,788 | PDF p. 123 |
| ReservesHK$'000 | 3,159,189 | 2,823,294 | 2,734,043 | PDF p. 123 |
| Equity attributable to owners of the CompanyHK$'000 | 3,197,977 | 2,862,082 | 2,772,831 | PDF p. 123 |
| Non-controlling interestsHK$'000 | 1,291 | (75) | 1,384 | PDF p. 123 |
| TOTAL EQUITYHK$'000 | 3,199,268 | 2,862,007 | 2,774,215 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
Label 'Equity attributable to owners of the Company' wraps across two lines in the source; the quote is from the second line.
Consolidated Statement of Comprehensive Income (Group)
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, HK$'000 | 2024Group, year ended 31 December 2024, HK$'000 | Source |
|---|---|---|---|
| Income statement | |||
| RevenueHK$'000 | 13,951,654 | 10,081,957 | PDF p. 121 |
| Cost of salesHK$'000 | (12,528,734) | (9,126,471) | PDF p. 121 |
| Gross profitHK$'000 | 1,422,920 | 955,486 | PDF p. 121 |
| Other revenue and other gains and losses, netHK$'000 | 55,335 | 51,031 | PDF p. 121 |
| Selling and distribution expensesHK$'000 | (146,590) | (129,588) | PDF p. 121 |
| Administrative expensesHK$'000 | (635,662) | (532,043) | PDF p. 121 |
| Finance costsHK$'000 | (46,803) | (36,765) | PDF p. 121 |
| Profit before income taxHK$'000 | 640,617 | 311,538 | PDF p. 121 |
| Income taxHK$'000 | (145,048) | (50,866) | PDF p. 121 |
| Profit for the yearHK$'000 | 495,569 | 260,672 | PDF p. 121 |
| Other comprehensive income, after tax | |||
| Exchange differences on translating foreign subsidiariesHK$'000 | (3,155) | (9,665) | PDF p. 121 |
| Total comprehensive income for the yearHK$'000 | 492,414 | 242,945 | PDF p. 121 |
| Profit for the year attributable to | |||
| — Owners of the CompanyHK$'000 | 494,203 | 262,131 | PDF p. 121 |
| — Non-controlling interestsHK$'000 | 1,366 | (1,459) | PDF p. 121 |
| Total comprehensive income for the year attributable to | |||
| — Owners of the CompanyHK$'000 | 491,048 | 244,404 | PDF p. 121 |
| — Non-controlling interestsHK$'000 | 1,366 | (1,459) | PDF p. 121 |
| Earnings per share | |||
| — BasicHK$ | 1.27 | 0.68 | PDF p. 121 |
| — DilutedHK$ | 1.27 | 0.68 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
Reclassification adjustment for disposal of a joint venture during the year: 2025 '—', 2024 (8,062).
Provision/(reversal) for impairment losses on financial assets: 2025 (8,583), 2024 3,417.
Consolidated Statement of Cash Flows (Group)
45 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, HK$'000 | 2024Group, year ended 31 December 2024, HK$'000 | Source |
|---|---|---|---|
| Operating activities | |||
| Profit before income taxHK$'000 | 640,617 | 311,538 | PDF p. 127 |
| Operating activities - Adjustments for | |||
| Depreciation of property, plant and equipmentHK$'000 | 92,313 | 67,865 | PDF p. 127 |
| Depreciation of right-of-use assetsHK$'000 | 43,211 | 34,988 | PDF p. 127 |
| Amortisation of intangible assetsHK$'000 | 164 | — | PDF p. 127 |
| Interest incomeHK$'000 | (50,925) | (63,791) | PDF p. 127 |
| Net fair value gains on derivative financial instrumentsHK$'000 | (311) | (164) | PDF p. 127 |
| Interest expenseHK$'000 | 46,803 | 36,765 | PDF p. 127 |
| Bad debts written offHK$'000 | 2,685 | — | PDF p. 127 |
| Gain on disposal of property, plant and equipmentHK$'000 | (316) | (215) | PDF p. 127 |
| Gain on disposal of a joint ventureHK$'000 | — | (8,062) | PDF p. 127 |
| Property, plant and equipment written offHK$'000 | — | 1 | PDF p. 127 |
| Provision/(reversal of provision) for impairment losses on financial assetsHK$'000 | 8,583 | (3,417) | PDF p. 127 |
| Provision/(reversal of provision) for obsolete inventoriesHK$'000 | 33,502 | (19,326) | PDF p. 127 |
| Provision for product warranties and returns, netHK$'000 | 9,470 | 14,809 | PDF p. 127 |
| Operating activities | |||
| Operating profit before working capital changesHK$'000 | 825,796 | 370,991 | PDF p. 127 |
| Operating activities - working capital changes | |||
| InventoriesHK$'000 | (883,458) | 313,164 | PDF p. 127 |
| Trade and other receivablesHK$'000 | (478,387) | (86,688) | PDF p. 127 |
| Right of return assetsHK$'000 | 6,924 | 9,617 | PDF p. 127 |
| Trade and other payablesHK$'000 | 3,414,972 | 1,451,368 | PDF p. 127 |
| Refund liabilitiesHK$'000 | (7,745) | (13,266) | PDF p. 127 |
| Contract liabilitiesHK$'000 | 8,791 | (8,538) | PDF p. 127 |
| Provision for product warranties and returnsHK$'000 | (15,561) | (15,425) | PDF p. 127 |
| Operating activities | |||
| Cash generated from operationsHK$'000 | 2,871,332 | 2,021,223 | PDF p. 127 |
| Interest paidHK$'000 | (39,115) | (33,991) | PDF p. 127 |
| Income tax paidHK$'000 | (16,848) | (32,396) | PDF p. 127 |
| Net cash from operating activitiesHK$'000 | 2,815,369 | 1,954,836 | PDF p. 127 |
| Investing activities | |||
| Payments to acquire property, plant and equipmentHK$'000 | (33,714) | (140,815) | PDF p. 128 |
| Prepayments to acquire property, plant and equipmentHK$'000 | (8,647) | (6,335) | PDF p. 128 |
| Proceeds from disposal of property, plant and equipmentHK$'000 | 381 | 279 | PDF p. 128 |
| Payments to acquire right-of-use assetsHK$'000 | (15) | (71) | PDF p. 128 |
| Payments to acquire intangible assetHK$'000 | (3,123) | — | PDF p. 128 |
| Placement of time deposit with initial maturity of over three monthsHK$'000 | (155,180) | (514,690) | PDF p. 128 |
| Withdrawal of time deposit with initial maturity of over three monthsHK$'000 | 310,570 | 748,759 | PDF p. 128 |
| Interest receivedHK$'000 | 51,927 | 62,763 | PDF p. 128 |
| Cash received on settlement of derivative financial instrumentsHK$'000 | 311 | 164 | PDF p. 128 |
| Net cash from investing activitiesHK$'000 | 162,510 | 150,054 | PDF p. 128 |
| Financing activities | |||
| Dividends paid to owners of the CompanyHK$'000 | (155,153) | (155,153) | PDF p. 128 |
| Repayment of bank loansHK$'000 | (7,757) | (7,757) | PDF p. 128 |
| Repayment of import loansHK$'000 | (2,459,966) | (1,812,922) | PDF p. 128 |
| Repayment of principal of lease liabilitiesHK$'000 | (42,541) | (33,199) | PDF p. 128 |
| Net cash used in financing activitiesHK$'000 | (2,665,417) | (2,009,031) | PDF p. 128 |
| Net change in cash | |||
| Net increase in cash and cash equivalentsHK$'000 | 312,462 | 95,859 | PDF p. 128 |
| Cash and cash equivalents at beginning of yearHK$'000 | 2,177,393 | 2,100,381 | PDF p. 128 |
| Effect of exchange rate changes on cash and cash equivalentsHK$'000 | 16,481 | (18,847) | PDF p. 128 |
| Cash and cash equivalents at end of year, representing cash and bank balances (net of pledged deposit and time deposit with initial maturity of over three months)HK$'000 | 2,506,336 | 2,177,393 | PDF p. 128 |
Definitions & sources
Original report: PDF p. 127 ↗ PDF p. 128 ↗
Spans physical pages 127 (operating) and 128 (investing, financing, closing cash). Closing cash label wraps over three lines; quote is the final line carrying the values.
Consolidated Statement of Changes in Equity (Group)
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Share capital, HK$'000 | 2025Group, Share premium (note (a)), HK$'000 | 2025Group, Translation reserve, HK$'000 | 2025Group, Merger reserve (note (b)), HK$'000 | 2025Group, Other reserve (note (c)), HK$'000 | 2025Group, Legal reserve (note (d)), HK$'000 | 2025Group, Financial asset at FVTOCI reserve, HK$'000 | 2025Group, Retained profits, HK$'000 | 2025Group, Total attributable to owners of the Company, HK$'000 | 2025Group, Non-controlling interests, HK$'000 | 2025Group, Total equity, HK$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2024 movements | ||||||||||||
| At 1 January 2024HK$'000 | 38,788 | 198,036 | (3,636) | 6,702 | 21,775 | 3,506 | (14,352) | 2,522,012 | 2,772,831 | 1,384 | 2,774,215 | PDF p. 125 |
| Profit for the yearHK$'000 | — | — | — | — | — | — | — | 262,131 | 262,131 | (1,459) | 260,672 | PDF p. 125 |
| FY2024 movements - Other comprehensive income | ||||||||||||
| — exchange differences on translating foreign subsidiariesHK$'000 | — | — | (9,660) | — | (5) | — | — | — | (9,665) | — | (9,665) | PDF p. 125 |
| — Reclassification adjustment for disposal of a joint venture during the yearHK$'000 | — | — | (8,062) | — | — | — | — | — | (8,062) | — | (8,062) | PDF p. 125 |
| FY2024 movements | ||||||||||||
| Total comprehensive incomeHK$'000 | — | — | (17,722) | — | (5) | — | — | 262,131 | 244,404 | (1,459) | 242,945 | PDF p. 125 |
| Dividends paid (note 13)HK$'000 | — | — | — | — | — | — | — | (155,153) | (155,153) | — | (155,153) | PDF p. 125 |
| Transfer from retained profitHK$'000 | — | — | — | — | — | 7,131 | — | (7,131) | — | — | — | PDF p. 125 |
| Balance | ||||||||||||
| At 31 December 2024 and 1 January 2025HK$'000 | 38,788 | 198,036 | (21,358) | 6,702 | 21,770 | 10,637 | (14,352) | 2,621,859 | 2,862,082 | (75) | 2,862,007 | PDF p. 125 |
| FY2025 movements | ||||||||||||
| Profit for the yearHK$'000 | — | — | — | — | — | — | — | 494,203 | 494,203 | 1,366 | 495,569 | PDF p. 125 |
| FY2025 movements - Other comprehensive income | ||||||||||||
| — exchange differences on translating foreign subsidiariesHK$'000 | — | — | (3,158) | — | 3 | — | — | — | (3,155) | — | (3,155) | PDF p. 125 |
| FY2025 movements | ||||||||||||
| Total comprehensive incomeHK$'000 | — | — | (3,158) | — | 3 | — | — | 494,203 | 491,048 | 1,366 | 492,414 | PDF p. 125 |
| Dividends paid (note 13)HK$'000 | — | — | — | — | — | — | — | (155,153) | (155,153) | — | (155,153) | PDF p. 125 |
| Transfer from retained profitHK$'000 | — | — | — | — | — | 20,565 | — | (20,565) | — | — | — | PDF p. 125 |
| Balance | ||||||||||||
| At 31 December 2025HK$'000 | 38,788 | 198,036 | (24,516) | 6,702 | 21,773 | 31,202 | (14,352) | 2,940,344 | 3,197,977 | 1,291 | 3,199,268 | PDF p. 125 |
Definitions & sources
Original report: PDF p. 125 ↗
Column order: Share capital; Share premium (note (a)); Translation reserve; Merger reserve (note (b)); Other reserve (note (c)); Legal reserve (note (d)); Financial asset at FVTOCI reserve; Retained profits; Total (equity attributable to owners of the Company); Non-controlling interests; Total. Column year labels use 2025 as the statement year; rows cover FY2024 and FY2025 movements.
(a) Share premium represents premium arising from the issue of shares at a price in excess of their par value per share. Under the Companies Law of the Cayman Islands, the share premium account of the Company are distributable to the shareholders provided that immediately following the date on which the dividend is proposed to be distributed, the Company will be in a position to pay off its debts as they fall due in the ordinary course of business.
(b) Merger reserve represents the difference between the share capital of the Company and the combined share capital and share premium of the subsidiaries acquired pursuant to the reorganisation in December 2011.
(c) Other reserve represents the excess of the fair value of shares issued as consideration for acquisition of the additional interests of the subsidiaries from their non-controlling shareholders pursuant to the reorganisation over their nominal values.
(d) Legal reserve included reserve appropriated by a Macau subsidiary (not less than 25% of profits until 50% of capital) and reserves appropriated by PRC subsidiaries (10% of annual statutory net profit until 50% of registered capital).
Statement of Changes in Equity (Company)
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company, Share capital, HK$'000 | 2025Company, Share premium, HK$'000 | 2025Company, Other reserve (note), HK$'000 | 2025Company, Retained profits, HK$'000 | 2025Company, Total, HK$'000 | Source |
|---|---|---|---|---|---|---|
| FY2024 movements | ||||||
| At 1 January 2024HK$'000 | 38,788 | 198,036 | 495,778 | 314,198 | 1,046,800 | PDF p. 126 |
| Profit for the yearHK$'000 | — | — | — | 150,008 | 150,008 | PDF p. 126 |
| Dividends paid (note 13)HK$'000 | — | — | — | (155,153) | (155,153) | PDF p. 126 |
| Balance | ||||||
| At 31 December 2024 and 1 January 2025HK$'000 | 38,788 | 198,036 | 495,778 | 309,053 | 1,041,655 | PDF p. 126 |
| FY2025 movements | ||||||
| Profit for the yearHK$'000 | — | — | — | 155,305 | 155,305 | PDF p. 126 |
| Dividends paid (note 13)HK$'000 | — | — | — | (155,153) | (155,153) | PDF p. 126 |
| Balance | ||||||
| At 31 December 2025HK$'000 | 38,788 | 198,036 | 495,778 | 309,205 | 1,041,807 | PDF p. 126 |
Definitions & sources
Original report: PDF p. 126 ↗
Note: Other reserve of the Company represents the difference between the nominal value of the ordinary shares issued by the Company and the net asset value of subsidiaries acquired through an exchange of shares pursuant to the Reorganisation underwent in December 2011.
The Company statement of comprehensive income is not separately presented; profit for the year is shown in the equity statement.
Financial Highlights - operating results, financial position, cash flow, other data
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December, HK$ million | 2024Group, year ended 31 December, HK$ million | 2025Change, 2025 vs 2024, HK$ million | Source |
|---|---|---|---|---|
| Operating results | ||||
| RevenueHK$ million | 13,951.7 | 10,081.9 | 3,869.8 | PDF p. 11 |
| Gross profitHK$ million | 1,423.0 | 955.5 | 467.5 | PDF p. 11 |
| EBITDA (note i)HK$ million | 823.1 | 451.2 | 371.9 | PDF p. 11 |
| Profit before income taxHK$ million | 640.6 | 311.5 | 329.1 | PDF p. 11 |
| Profit for the year attributable to Owners of the CompanyHK$ million | 494.2 | 262.1 | 232.1 | PDF p. 11 |
| Financial position | ||||
| Cash and bank balancesHK$ million | 2,506.7 | 2,334.0 | 172.7 | PDF p. 11 |
| Equity attributable to Owners of the CompanyHK$ million | 3,198.0 | 2,862.1 | 335.9 | PDF p. 11 |
| Cash flow | ||||
| Cash generated from operationsHK$ million | 2,871.3 | 2,021.2 | 850.1 | PDF p. 11 |
| Other data | ||||
| Capital expenditureHK$ million | 39.0 | 149.5 | (110.5) | PDF p. 11 |
| Research and development expenditureHK$ million | 71.0 | 63.8 | 7.2 | PDF p. 11 |
Definitions & sources
Original report: PDF p. 11 ↗
note i EBITDA was calculated as profit before tax plus all interest expenses, depreciation and amortisation.
Financial Highlights - financial ratios
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December, % | 2024Group, year ended 31 December, % | 2025Change, 2025 vs 2024, % | Source |
|---|---|---|---|---|
| Financial ratios | ||||
| Gross profit margin% | 10.2 | 9.5 | 0.7 | PDF p. 11 |
| Net profit margin (note iii)% | 3.5 | 2.6 | 0.9 | PDF p. 11 |
| EBITDA/Revenue% | 5.9 | 4.5 | 1.4 | PDF p. 11 |
| Return on shareholders’ funds (note iv)% | 15.5 | 9.2 | 6.3 | PDF p. 11 |
Definitions & sources
Original report: PDF p. 11 ↗
note iii Net profit margin was calculated as profit attributable to Owners of the Company as a percentage of revenue
note iv Return on shareholders’ funds was calculated as profit attributable to Owners of the Company divided by equity attributable to Owners of the Company
Where the money comes from
Segment information
By business
Reportable segment revenue from contracts with customers (IFRS 15) 1 lines
| Item / unit | 2025year ended 31 December 2025, HK$'000 | 2024year ended 31 December 2024, HK$'000 | Source |
|---|---|---|---|
| Reportable segments | |||
| Design, manufacturing and trading of electronics and PC parts and accessoriesHK$'000 | 13,951,654 | 10,081,957 | PDF p. 141 |
Notes
The Group principally operates in one business segment, which is the design, manufacturing and trading of electronics and PC parts and accessories.
Row label wraps across two lines in source.
Disaggregation of revenue from contracts with customers 11 lines
| Item / unit | 2025manufacturing and trading of electronics and PC parts and accessories, year ended 31 December 2025, HK$'000 | 2024manufacturing and trading of electronics and PC parts and accessories, year ended 31 December 2024, HK$'000 | Source |
|---|---|---|---|
| Primary geographical markets | |||
| Asia Pacific (“APAC”)HK$'000 | 5,816,812 | 4,355,025 | PDF p. 142 |
| North and Latin America (“NALA”)HK$'000 | 1,875,753 | 1,275,638 | PDF p. 142 |
| People’s Republic of China (“PRC”)HK$'000 | 2,865,386 | 2,263,059 | PDF p. 142 |
| Europe, Middle East, Africa and India (“EMEAI”)HK$'000 | 3,393,703 | 2,188,235 | PDF p. 142 |
| Total primary geographical marketsHK$'000 | 13,951,654 | 10,081,957 | PDF p. 142 |
| Major products/services | |||
| VGA CardsHK$'000 | 12,722,647 | 8,481,820 | PDF p. 142 |
| EMSHK$'000 | 659,472 | 676,427 | PDF p. 142 |
| Other PC related products and componentsHK$'000 | 569,535 | 923,710 | PDF p. 142 |
| Brand and non-brand businesses | |||
| Brand businessesHK$'000 | 10,778,763 | 6,442,305 | PDF p. 142 |
| Non-brand businessesHK$'000 | 3,172,891 | 3,639,652 | PDF p. 142 |
| Timing of revenue recognition | |||
| At a point in timeHK$'000 | 13,951,654 | 10,081,957 | PDF p. 142 |
Notes
Revenue is disaggregated by primary geographical market, major products and services, brand and non-brand businesses and timing of revenue recognition. Unlabelled subtotal row (13,951,654 / 10,081,957) printed after each block; only the geographical one is listed, as the same total follows each block.
By geography
Geographic information - revenue from external customers (by customer location) 5 lines
| Item / unit | 2025year ended 31 December 2025, HK$'000 | 2024year ended 31 December 2024, HK$'000 | Source |
|---|---|---|---|
| Geographic information | |||
| APACHK$'000 | 5,816,812 | 4,355,025 | PDF p. 143 |
| NALAHK$'000 | 1,875,753 | 1,275,638 | PDF p. 143 |
| PRCHK$'000 | 2,865,386 | 2,263,059 | PDF p. 143 |
| EMEAIHK$'000 | 3,393,703 | 2,188,235 | PDF p. 143 |
| TotalHK$'000 | 13,951,654 | 10,081,957 | PDF p. 143 |
Notes
Unlabelled total row. Revenue columns only; see separate table for specified non-current assets.
Geographic information - Specified non-current assets 5 lines
| Item / unit | 2025as at 31 December 2025, HK$'000 | 2024as at 31 December 2024, HK$'000 | 2024as at 1 January 2024, HK$'000 | Source |
|---|---|---|---|---|
| Geographic information | ||||
| APACHK$'000 | 554,382 | 568,629 | 433,836 | PDF p. 143 |
| NALAHK$'000 | 23,749 | 22,647 | 23,210 | PDF p. 143 |
| PRCHK$'000 | 124,105 | 175,907 | 203,354 | PDF p. 143 |
| EMEAIHK$'000 | 500 | 243 | 17 | PDF p. 143 |
| TotalHK$'000 | 702,736 | 767,426 | 660,417 | PDF p. 143 |
Notes
Specified non-current assets are non-current assets other than financial instruments and deferred tax assets. Third column is as at 1 January 2024 (opening balance), mapped to year 2024. Unlabelled total row.
Debt
Borrowings
Repayment schedule of borrowings (agreed terms, Group)
| Item / unit | 2025as at 31 December 2025, HK$'000 | 2024as at 31 December 2024, HK$'000 | 2024as at 1 January 2024, HK$'000 | Source |
|---|---|---|---|---|
| Repayment schedule | ||||
| Within 1 yearHK$'000 | 1,140,376 | 650,167 | 805,303 | PDF p. 173 |
| Over 1 year but within 2 yearsHK$'000 | 161,608 | 7,757 | 7,757 | PDF p. 173 |
| Over 2 years but within 5 yearsHK$'000 | — | 161,609 | 169,366 | PDF p. 173 |
Notes
Based on agreed terms of repayment granted by banks. Totals 1,301,984 / 819,533 / 982,426. Interest rates ranged 0.6% to 2.5% (2025), 0.2% to 2.5% (2024), 0.8% to 2.5% (1 Jan 2024) per annum over cost of funds (note 29(i)).
Borrowing notes 3 tables
Borrowings by type
| Item / unit | 2025as at 31 December 2025, HK$'000 | 2024as at 31 December 2024, HK$'000 | 2024as at 1 January 2024, HK$'000 | Source |
|---|---|---|---|---|
| Borrowings by type | ||||
| Bank loans — secured and guaranteedHK$'000 | 169,366 | 177,123 | 184,880 | PDF p. 173 |
| Import loans — guaranteedHK$'000 | 1,132,618 | 642,410 | 797,546 | PDF p. 173 |
Notes
Total borrowings 1,301,984 / 819,533 / 982,426. (iv) The banks have overriding right of repayment on demand for all bank loans irrespective of whether the Group has complied with the covenants and met the scheduled repayment obligations. Therefore, the bank loans were entirely classified as current liabilities in the consolidated statement of financial position.
(ii) Leasehold land and building with carrying value approx HK$344,814,000, HK$353,139,000 and HK$361,465,000 pledged to secure mortgage loan of HK$169,366,000, HK$177,123,000 and HK$184,880,000.
Borrowings currency analysis
| Item / unit | 2025as at 31 December 2025, HK$'000 | 2024as at 31 December 2024, HK$'000 | 2024as at 1 January 2024, HK$'000 | Source |
|---|---|---|---|---|
| Currency analysis of borrowings | ||||
| Hong Kong DollarsHK$'000 | 169,366 | 819,533 | 982,426 | PDF p. 173 |
| United States DollarsHK$'000 | 1,132,618 | — | — | PDF p. 173 |
Notes
Totals 1,301,984 / 819,533 / 982,426.
Lease liabilities current/non-current and currency
| Item / unit | 2025as at 31 December 2025, HK$'000 | 2024as at 31 December 2024, HK$'000 | 2024as at 1 January 2024, HK$'000 | Source |
|---|---|---|---|---|
| Present value of future lease payments | ||||
| Current liabilitiesHK$'000 | 43,850 | 37,522 | 30,164 | PDF p. 177 |
| Non-current liabilitiesHK$'000 | 54,694 | 73,460 | 69,050 | PDF p. 177 |
| Lease liabilities currency analysis | ||||
| RenminbiHK$'000 | 22,168 | 31,049 | 24,985 | PDF p. 178 |
| Japanese YenHK$'000 | 334 | 178 | 340 | PDF p. 178 |
| Taiwan DollarsHK$'000 | 8,279 | 3,232 | 668 | PDF p. 178 |
| Hong Kong DollarsHK$'000 | 43,460 | 51,577 | 72,074 | PDF p. 178 |
| Korean WonHK$'000 | 675 | 884 | 1,147 | PDF p. 178 |
| EuroHK$'000 | 463 | 202 | — | PDF p. 178 |
| Singapore DollarHK$'000 | 23,165 | 23,860 | — | PDF p. 178 |
Notes
Totals 98,544 / 110,982 / 99,214 for each analysis.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 of the Code | The Company currently does not have a fixed dividend policy. The declaration and payment of dividends may be recommended by the Board at its discretion. In considering the declaration and payment of dividends, the Board takes into account various factors, including the Company’s profitability, cash flows, working capital and capital expenditure requirements, investment plans, and any other factors that the Board may deem relevant. | Company | PDF p. 93 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim dividend per share | 0.25 HK$ per share | FY2025 (year ended 31 December 2025) | PDF p. 11 |
| Interim dividend per share | 0.20 HK$ per share | FY2024 (year ended 31 December 2024) | PDF p. 11 |
| Final dividend per share (proposed) (note v) | 0.30 HK$ per share | FY2025 (year ended 31 December 2025), proposed | PDF p. 11 |
| Final dividend per share (proposed) (note v) | 0.15 HK$ per share | FY2024 (year ended 31 December 2024) | PDF p. 11 |
| Special dividend per share (proposed) (note v) | 0.30 HK$ per share | FY2025 (year ended 31 December 2025), proposed | PDF p. 11 |
| Amount per ordinary Share | 0.05 S$ per share | FY2025 proposed final dividend and special dividend, each, subject to approval at 2026 AGM | PDF p. 93 |
| The directors of the Company recommend a final dividend | SGD38,788,000 (approximately HK$235,030,000) | Proposed final plus special dividend after the end of reporting year 2025 | PDF p. 150 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividends paid for the year | 155,153 HK$'000 | Group and Company, year ended 31 December 2025 (2024: 155,153) | PDF p. 150 |
Extracted from 2025 Annual Report 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 |
|---|---|---|---|
| Audit firm | BDO LLP | Group | PDF p. 120 |
| Engagement partner | Aw Vern Chun Philip | Group | PDF p. 120 |
| Other Matters | audited by another auditor who expressed an unmodified opinion on those financial statements on | Group, FY2024 comparatives | PDF p. 114 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 1 Revenue recognition | The Group’s revenue principally comprises sales of | Group | PDF p. 115 |
| 2 Provision for obsolete inventories | Accordingly, the provision carried against inventories | Group | PDF p. 116 |
| 3 Impairment of trade receivables measured at amortised cost | The Group applied the expected credit losses (“ECL”) | Group | PDF p. 117 |
Extracted from 2025 Annual Report 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 2025 Annual Report, 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.