Comba Telecom Systems Holdings Limited ANNUAL REPORT 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income statement | |||
| REVENUEHK$'000 | 4,570,827 | 4,528,263 | PDF p. 91 |
| Cost of salesHK$'000 | (3,257,575) | (3,357,147) | PDF p. 91 |
| Gross profitHK$'000 | 1,313,252 | 1,171,116 | PDF p. 91 |
| Other income and gainsHK$'000 | 127,074 | 129,351 | PDF p. 91 |
| Research and development expensesHK$'000 | (331,737) | (409,436) | PDF p. 91 |
| Selling and distribution expensesHK$'000 | (417,301) | (554,012) | PDF p. 91 |
| Administrative expensesHK$'000 | (322,461) | (471,540) | PDF p. 91 |
| Impairment losses on financial and contract assetsHK$'000 | (14,914) | (90,521) | PDF p. 91 |
| Other expensesHK$'000 | (206,339) | (284,205) | PDF p. 91 |
| Finance costsHK$'000 | (40,492) | (31,264) | PDF p. 91 |
| Share of profits of a joint ventureHK$'000 | 2,416 | 1,793 | PDF p. 91 |
| PROFIT/(LOSS) BEFORE TAXHK$'000 | 109,498 | (538,718) | PDF p. 91 |
| Income tax expenseHK$'000 | (44,762) | (14,856) | PDF p. 91 |
| PROFIT/(LOSS) FOR THE YEARHK$'000 | 64,736 | (553,574) | PDF p. 91 |
| Attributable to | |||
| Owners of the parentHK$'000 | 35,020 | (564,191) | PDF p. 91 |
| Non-controlling interestsHK$'000 | 29,716 | 10,617 | PDF p. 91 |
| SubtotalHK$'000 | 64,736 | (553,574) | PDF p. 91 |
Original report: PDF p. 91 ↗
Year ended 31 December 2025. EPS shown in HK cents.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| PROFIT/(LOSS) FOR THE YEARHK$'000 | 64,736 | (553,574) | PDF p. 92 |
| Other comprehensive income that may be reclassified | |||
| Exchange differences on translation of foreign operationsHK$'000 | 90,069 | (187,862) | PDF p. 92 |
| Other comprehensive income that will not be reclassified | |||
| Changes in fair value, net of taxHK$'000 | 4,094 | 429 | PDF p. 92 |
| Comprehensive income | |||
| OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAXHK$'000 | 94,163 | (187,433) | PDF p. 92 |
| TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEARHK$'000 | 158,899 | (741,007) | PDF p. 92 |
| Attributable to | |||
| Owners of the parentHK$'000 | 131,988 | (805,046) | PDF p. 92 |
| Non-controlling interestsHK$'000 | 26,911 | 64,039 | PDF p. 92 |
Original report: PDF p. 92 ↗
Year ended 31 December 2025.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 31 December | 2024Group, 31 December | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentHK$'000 | 838,225 | 931,174 | PDF p. 93 |
| Right-of-use assetsHK$'000 | 240,163 | 164,829 | PDF p. 93 |
| GoodwillHK$'000 | 68,867 | 68,193 | PDF p. 93 |
| Deferred tax assetsHK$'000 | 33,420 | 40,086 | PDF p. 93 |
| Intangible assetsHK$'000 | 545,483 | 554,299 | PDF p. 93 |
| Investments in a joint ventureHK$'000 | 5,127 | 2,751 | PDF p. 93 |
| Restricted bank depositsHK$'000 | 5,972 | 16,401 | PDF p. 93 |
| Total non-current assetsHK$'000 | 1,946,647 | 1,954,686 | PDF p. 93 |
| Current assets | |||
| InventoriesHK$'000 | 815,052 | 934,874 | PDF p. 93 |
| Trade receivablesHK$'000 | 2,071,745 | 2,550,801 | PDF p. 93 |
| Notes receivableHK$'000 | 72,719 | 143,731 | PDF p. 93 |
| Prepayments, other receivables and other assetsHK$'000 | 293,497 | 285,988 | PDF p. 93 |
| Financial assets at fair value through profit or lossHK$'000 | 29,987 | – | PDF p. 93 |
| Restricted bank depositsHK$'000 | 47,649 | 46,263 | PDF p. 93 |
| Time depositsHK$'000 | 252,335 | 106,855 | PDF p. 93 |
| Cash and cash equivalentsHK$'000 | 1,688,014 | 1,416,410 | PDF p. 93 |
| Total current assetsHK$'000 | 5,270,998 | 5,484,922 | PDF p. 93 |
| Current liabilities | |||
| Trade and bills payablesHK$'000 | 2,350,828 | 2,714,337 | PDF p. 93 |
| Other payables and accrualsHK$'000 | 471,919 | 666,588 | PDF p. 93 |
| Interest-bearing bank borrowingsHK$'000 | 155,203 | 417,602 | PDF p. 93 |
| Tax payableHK$'000 | 86,800 | 79,494 | PDF p. 93 |
| Provision for product warrantiesHK$'000 | 45,292 | 56,978 | PDF p. 93 |
| Redeemable preferred shares in a subsidiaryHK$'000 | – | 173,479 | PDF p. 93 |
| Total current liabilitiesHK$'000 | 3,110,042 | 4,108,478 | PDF p. 93 |
| NET CURRENT ASSETSHK$'000 | 2,160,956 | 1,376,444 | PDF p. 93 |
| TOTAL ASSETS LESS CURRENT LIABILITIESHK$'000 | 4,107,603 | 3,331,130 | PDF p. 93 |
Original report: PDF p. 93 ↗
Continued on next page (non-current liabilities and equity).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, 31 December | 2024Group, 31 December | Source |
|---|---|---|---|
| Non-current liabilities | |||
| Interest-bearing bank borrowingsHK$'000 | 572,628 | 423,568 | PDF p. 94 |
| Lease liabilitiesHK$'000 | 105,178 | 39,373 | PDF p. 94 |
| Deferred government grantsHK$'000 | 18,762 | 18,445 | PDF p. 94 |
| Deferred tax liabilitiesHK$'000 | 138,625 | 136,390 | PDF p. 94 |
| Total non-current liabilitiesHK$'000 | 835,193 | 617,776 | PDF p. 94 |
| Net assets | |||
| Net assetsHK$'000 | 3,272,410 | 2,713,354 | PDF p. 94 |
| Equity attributable to owners of the parent | |||
| Issued capitalHK$'000 | 313,350 | 276,263 | PDF p. 94 |
| Shares held for share award schemeHK$'000 | (22,818) | (22,818) | PDF p. 94 |
| ReservesHK$'000 | 2,910,297 | 2,398,934 | PDF p. 94 |
| SubtotalHK$'000 | 3,200,829 | 2,652,379 | PDF p. 94 |
| Equity | |||
| Non-controlling interestsHK$'000 | 71,581 | 60,975 | PDF p. 94 |
| Total equityHK$'000 | 3,272,410 | 2,713,354 | PDF p. 94 |
Original report: PDF p. 94 ↗
Units 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 |
|---|---|---|---|
| Profit | |||
| PROFIT/(LOSS) FOR THE YEARHK$'000 | 64,736 | (553,574) | PDF p. 92 |
| OCI that may be reclassified to profit or loss in subsequent periods | |||
| Exchange differences on translation of foreign operationsHK$'000 | 90,069 | (187,862) | PDF p. 92 |
| Net other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periodsHK$'000 | 90,069 | (187,862) | PDF p. 92 |
| OCI that will not be reclassified (equity investments designated at FVOCI) | |||
| Changes in fair value, net of taxHK$'000 | 4,094 | 429 | PDF p. 92 |
| OCI that will not be reclassified | |||
| Net other comprehensive income that will not be reclassified to profit or loss in subsequent periodsHK$'000 | 4,094 | 429 | PDF p. 92 |
| Other comprehensive income | |||
| OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAXHK$'000 | 94,163 | (187,433) | PDF p. 92 |
| Total | |||
| TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEARHK$'000 | 158,899 | (741,007) | PDF p. 92 |
| Total comprehensive income attributable to | |||
| Owners of the parentHK$'000 | 131,988 | (805,046) | PDF p. 92 |
| Non-controlling interestsHK$'000 | 26,911 | 64,039 | PDF p. 92 |
Original report: PDF p. 92 ↗
Notes column empty for this statement. Final unlabeled total row prints 158,899 (741,007).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025, HK$'000 | 2024Group, year ended 31 December 2024, HK$'000 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit/(loss) before tax:HK$'000 | 109,498 | (538,718) | PDF p. 97 |
| Operating - Adjustments for | |||
| Interest incomeHK$'000 | (40,940) | (29,287) | PDF p. 97 |
| Finance costsHK$'000 | 40,492 | 31,264 | PDF p. 97 |
| Share of profit of a joint ventureHK$'000 | (2,416) | (1,793) | PDF p. 97 |
| Depreciation of property, plant and equipmentHK$'000 | 159,147 | 154,753 | PDF p. 97 |
| Depreciation of right-of-use assetsHK$'000 | 53,572 | 61,050 | PDF p. 97 |
| Amortisation of intangible assetsHK$'000 | 125,820 | 73,339 | PDF p. 97 |
| Hyperinflation monetary adjustmentsHK$'000 | – | 8,539 | PDF p. 97 |
| Equity-settled share option expenseHK$'000 | 17 | 2,925 | PDF p. 97 |
| Loss on disposal of items of property, plant and equipmentHK$'000 | 2,219 | 18,123 | PDF p. 97 |
| Share based payment expenseHK$'000 | – | 38,170 | PDF p. 97 |
| Awarded share expenseHK$'000 | 3,831 | – | PDF p. 97 |
| (Gain)/loss on fair value change of financial assets at fair value through profit or lossHK$'000 | (2,551) | 1,368 | PDF p. 97 |
| (Gain)/loss on fair value change of redeemable preferred shares in a subsidiaryHK$'000 | (13,217) | 129,538 | PDF p. 97 |
| (Gain)/loss on equity investments designated at fair value through profit or lossHK$'000 | (18,301) | 6,301 | PDF p. 97 |
| Cash flows from operating activities | |||
| Operating profit before working capital changes (unlabelled subtotal)HK$'000 | 417,171 | (44,428) | PDF p. 97 |
| Operating - Working capital | |||
| Decrease in inventoriesHK$'000 | 162,421 | 352,836 | PDF p. 97 |
| Decrease in trade receivablesHK$'000 | 595,287 | 840,983 | PDF p. 97 |
| Decrease/(increase) in notes receivableHK$'000 | 77,561 | (87,077) | PDF p. 97 |
| Decrease in prepayments, other receivables and other assetsHK$'000 | 5,405 | 88,519 | PDF p. 97 |
| Decrease in trade and bills payablesHK$'000 | (487,192) | (857,949) | PDF p. 97 |
| (Decrease)/increase in other payables and accrualsHK$'000 | (186,039) | 82,126 | PDF p. 97 |
| Increase/(decrease) in deferred government grantsHK$'000 | 317 | (1,668) | PDF p. 97 |
| Decrease in provision for product warrantiesHK$'000 | (13,922) | (177) | PDF p. 97 |
| Cash flows from operating activities | |||
| Cash generated from operationsHK$'000 | 571,009 | 373,165 | PDF p. 97 |
| Chinese mainland profits tax paidHK$'000 | (28,372) | (18,164) | PDF p. 97 |
| HK profits tax paidHK$'000 | (1,995) | (1,764) | PDF p. 97 |
| Overseas taxes paidHK$'000 | (13,229) | (13,800) | PDF p. 97 |
| Net cash flows from operating activitiesHK$'000 | 527,413 | 339,437 | PDF p. 97 |
| Cash flows from investing activities | |||
| Interest receivedHK$'000 | 40,940 | 29,287 | PDF p. 97 |
| Purchases of items of property, plant and equipmentHK$'000 | (65,421) | (41,913) | PDF p. 97 |
| Additions to intangible assetsHK$'000 | (98,088) | (181,277) | PDF p. 97 |
| Proceeds from disposal of items of property, plant and equipmentHK$'000 | 6,587 | 5,748 | PDF p. 97 |
| Proceeds from disposal of intangible assetsHK$'000 | – | 1,600 | PDF p. 97 |
| Purchase of financial assets at fair value through profit or lossHK$'000 | (27,436) | – | PDF p. 97 |
| (Increase)/decrease in time depositsHK$'000 | (140,611) | 191,525 | PDF p. 97 |
| Decrease in restricted bank depositsHK$'000 | 11,898 | 85,011 | PDF p. 97 |
| Net cash flows (used in)/from investing activitiesHK$'000 | (272,131) | 89,981 | PDF p. 97 |
| Cash flows from financing activities | |||
| New bank loansHK$'000 | 761,204 | 985,090 | PDF p. 98 |
| Repayment of bank loansHK$'000 | (912,425) | (835,561) | PDF p. 98 |
| Principal portion of lease paymentsHK$'000 | (49,613) | (54,057) | PDF p. 98 |
| Proceeds from exercise of share optionsHK$'000 | 59,606 | 14 | PDF p. 98 |
| Share repurchaseHK$'000 | – | (1,764) | PDF p. 98 |
| Interest and other finance costs paidHK$'000 | (40,492) | (31,264) | PDF p. 98 |
| Dividends paidHK$'000 | (18,658) | – | PDF p. 98 |
| Dividends paid to non-controlling shareholdersHK$'000 | (723) | (23,752) | PDF p. 98 |
| Issue of sharesHK$'000 | 372,178 | – | PDF p. 98 |
| Share issue expensesHK$'000 | (493) | – | PDF p. 98 |
| Payment for acquisition of non-controlling interestsHK$'000 | – | (148,528) | PDF p. 98 |
| Repurchase of redeemable preferred sharesHK$'000 | (223,478) | (128,895) | PDF p. 98 |
| Net cash flows used in financing activitiesHK$'000 | (52,894) | (238,717) | PDF p. 98 |
| Net change in cash | |||
| NET INCREASE IN CASH AND CASH EQUIVALENTSHK$'000 | 202,388 | 190,701 | PDF p. 98 |
| Cash and cash equivalents at beginning of yearHK$'000 | 1,416,410 | 1,188,457 | PDF p. 98 |
| Effect of foreign exchange rate changes, netHK$'000 | 69,216 | 37,252 | PDF p. 98 |
| CASH AND CASH EQUIVALENTS AT END OF YEARHK$'000 | 1,688,014 | 1,416,410 | PDF p. 98 |
| Analysis of balances of cash and cash equivalents | |||
| Cash and bank balancesHK$'000 | 1,413,634 | 1,339,399 | PDF p. 98 |
| Non-pledged time deposits with original maturity of less than three months when acquiredHK$'000 | 274,380 | 77,011 | PDF p. 98 |
| Cash and cash equivalents as stated in the consolidated statement of financial positionHK$'000 | 1,688,014 | 1,416,410 | PDF p. 98 |
Original report: PDF p. 97 ↗ PDF p. 98 ↗
Cash flow statement spans pages 97-98. Quotes for wrapped labels use the numeric line. Row on page 97 'Operating profit before working capital changes' is an unlabelled subtotal; label is descriptive only.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2024Issued capital, HK$'000 | 2024Shares held for share award scheme, HK$'000 | 2024Share premium account, HK$'000 | 2024Share-based compensation reserve, HK$'000 | 2024Capital reserve, HK$'000 | 2024Asset revaluation reserve, HK$'000 | 2024Statutory reserve, HK$'000 | 2024Exchange fluctuation reserve, HK$'000 | 2024Fair value reserve of equity instruments at FVOCI, HK$'000 | 2024Retained profits, HK$'000 | 2024Total attributable to owners of the parent, HK$'000 | 2024Non-controlling interests, HK$'000 | 2024Total equity, HK$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||||||||
| At 1 January 2024 (restated)HK$'000 | 276,576 | (22,818) | 1,469,365 | 166,375 | 22,635 | 62,366 | 215,911 | (327,171) | 64,059 | 1,489,640 | 3,416,938 | 177,786 | 3,594,724 | PDF p. 95 |
| Movements | ||||||||||||||
| (Loss)/profit for the yearHK$'000 | – | – | – | – | – | – | – | – | – | (564,191) | (564,191) | 10,617 | (553,574) | PDF p. 95 |
| Other comprehensive income for the year | ||||||||||||||
| Changes in fair value of equity investments designated at fair value through other comprehensive income, net of taxHK$'000 | – | – | – | – | – | – | – | – | 429 | – | 429 | – | 429 | PDF p. 95 |
| Exchange differences related to foreign operationsHK$'000 | – | – | – | – | – | – | – | (241,284) | – | – | (241,284) | 53,422 | (187,862) | PDF p. 95 |
| Movements | ||||||||||||||
| Total comprehensive (loss)/income for the yearHK$'000 | – | – | – | – | – | – | – | (241,284) | 429 | (564,191) | (805,046) | 64,039 | (741,007) | PDF p. 95 |
| Share option scheme – value of servicesHK$'000 | – | – | – | 2,925 | – | – | – | – | – | – | 2,925 | – | 2,925 | PDF p. 95 |
| Share option scheme – exercise of share optionsHK$'000 | 1 | – | 16 | (3) | – | – | – | – | – | – | 14 | – | 14 | PDF p. 95 |
| Share option scheme – transfer of share option reserve upon the forfeiture or expiry of share optionsHK$'000 | – | – | – | (46,578) | – | – | – | – | – | 46,578 | – | – | – | PDF p. 95 |
| Share incentive scheme – value of servicesHK$'000 | – | – | – | 38,170 | – | – | – | – | – | – | 38,170 | – | 38,170 | PDF p. 95 |
| Dividends paid to non-controlling shareholdersHK$'000 | – | – | – | – | – | – | – | – | – | – | – | (28,150) | (28,150) | PDF p. 95 |
| Acquisition of non-controlling interestsHK$'000 | – | – | – | – | 1,142 | – | – | – | – | – | 1,142 | (152,700) | (151,558) | PDF p. 95 |
| Shares repurchasedHK$'000 | (314) | – | (1,450) | – | – | – | – | – | – | – | (1,764) | – | (1,764) | PDF p. 95 |
| Transfer to/from retained profitsHK$'000 | – | – | – | – | – | (3,015) | 833 | – | – | 2,182 | – | – | – | PDF p. 95 |
Original report: PDF p. 95 ↗
Columns 1-11 are attributable to owners of the parent; asterisked amounts are reserve accounts comprising the consolidated reserves of HK$2,910,297,000 (2024: HK$2,398,934,000) in the consolidated statement of financial position (footnote printed on page 96). Notes column omitted. Statement is Group only; no separate company statement of changes in equity on these pages.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Issued capital, HK$'000 | 2025Shares held for share award scheme, HK$'000 | 2025Share premium account, HK$'000 | 2025Share-based compensation reserve, HK$'000 | 2025Capital reserve, HK$'000 | 2025Asset revaluation reserve, HK$'000 | 2025Statutory reserve, HK$'000 | 2025Exchange fluctuation reserve, HK$'000 | 2025Fair value reserve of equity instruments at FVOCI, HK$'000 | 2025Retained profits, HK$'000 | 2025Total attributable to owners of the parent, HK$'000 | 2025Non-controlling interests, HK$'000 | 2025Total equity, HK$'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Movements | ||||||||||||||
| Profit for the yearHK$'000 | – | – | – | – | – | – | – | – | – | 35,020 | 35,020 | 29,716 | 64,736 | PDF p. 96 |
| Other comprehensive income for the year | ||||||||||||||
| Changes in fair value of equity investments designated at fair value through other comprehensive income, net of taxHK$'000 | – | – | – | – | – | – | – | – | 4,094 | – | 4,094 | – | 4,094 | PDF p. 96 |
| Exchange differences related to foreign operationsHK$'000 | – | – | – | – | – | – | – | 92,874 | – | – | 92,874 | (2,805) | 90,069 | PDF p. 96 |
| Movements | ||||||||||||||
| Total comprehensive income for the yearHK$'000 | – | – | – | – | – | – | – | 92,874 | 4,094 | 35,020 | 131,988 | 26,911 | 158,899 | PDF p. 96 |
| Issue of sharesHK$'000 | 34,145 | – | 338,033 | – | – | – | – | – | – | – | 372,178 | – | 372,178 | PDF p. 96 |
| Share issue expensesHK$'000 | – | – | (493) | – | – | – | – | – | – | – | (493) | – | (493) | PDF p. 96 |
| Share option scheme – value of servicesHK$'000 | – | – | – | 17 | – | – | – | – | – | – | 17 | – | 17 | PDF p. 96 |
| Share option scheme – exercise of share optionsHK$'000 | 2,942 | – | 79,452 | (22,788) | – | – | – | – | – | – | 59,606 | – | 59,606 | PDF p. 96 |
| Share option scheme – transfer of share option reserve upon the forfeiture or expiry of share optionsHK$'000 | – | – | – | (2,095) | – | – | – | – | – | 2,095 | – | – | – | PDF p. 96 |
| Share incentive schemeHK$'000 | – | – | – | – | – | – | – | – | – | – | – | – | – | PDF p. 96 |
| Share incentive scheme – value of servicesHK$'000 | – | – | – | 3,831 | – | – | – | – | – | – | 3,831 | – | 3,831 | PDF p. 96 |
| 2025 interim dividendHK$'000 | – | – | – | – | – | – | – | – | – | (18,677) | (18,677) | – | (18,677) | PDF p. 96 |
| Dividends paid to non-controlling shareholdersHK$'000 | – | – | – | – | – | – | – | – | – | – | – | (16,305) | (16,305) | PDF p. 96 |
| Transfer to/from retained profitsHK$'000 | – | – | – | – | – | (3,015) | 1 | – | – | 3,014 | – | – | – | PDF p. 96 |
Original report: PDF p. 96 ↗
These reserve accounts comprise the consolidated reserves of HK$2,910,297,000 (2024: HK$2,398,934,000) in the consolidated statement of financial position.
Columns 1-11 attributable to owners of the parent. Notes column omitted. Group only.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | 2025Change, 2025 vs 2024 (printed absolute change; pp for percentages) | Source |
|---|---|---|---|---|
| Financial Summary | ||||
| RevenueHK$'000 | 4,570,827 | 4,528,263 | 42,564 | PDF p. 7 |
| Gross profitHK$'000 | 1,313,252 | 1,171,116 | 142,136 | PDF p. 7 |
| Operating profit/(loss)HK$'000 | 147,574 | (509,247) | 656,821 | PDF p. 7 |
| Profit/(Loss) attributable to owners of the parentHK$'000 | 35,020 | (564,191) | 599,211 | PDF p. 7 |
| Basic profit/(loss) per share (HK cents)HK cents | 1.15 | (20.41) | 21.56 | PDF p. 7 |
Original report: PDF p. 7 ↗
Column headers: 2025 HK$’000; 2024 HK$’000; Change. Gross profit margin, net profit/(loss) margin changes in percentage points (pp).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, as at 31 December 2025 | 2024Group, as at 31 December 2024 | 2025Change, 2025 vs 2024 | Source |
|---|---|---|---|---|
| Key Financial Figures | ||||
| Total assetsHK$'000 | 7,217,645 | 7,439,608 | (221,963) | PDF p. 7 |
| Net assets (before non-controlling interest)HK$'000 | 3,200,829 | 2,652,379 | 548,450 | PDF p. 7 |
| Net cashHK$'000 | 1,266,139 | 744,759 | 521,380 | PDF p. 7 |
| Inventory turnover daysdays | 98 | 123 | (25) | PDF p. 7 |
| A/R turnover daysdays | 185 | 244 | (59) | PDF p. 7 |
| A/P turnover daysdays | 284 | 345 | (61) | PDF p. 7 |
Original report: PDF p. 7 ↗
Units as printed per row: HK$’000 in column header; NAV per share in HK dollars; turnover in days; ratios in % with changes in pp.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December | 2024Group, year ended 31 December | 2023Group, year ended 31 December | 2022Group, year ended 31 December | 2021Group, year ended 31 December | Source |
|---|---|---|---|---|---|---|
| Results | ||||||
| REVENUEHK$'000 | 4,570,827 | 4,528,263 | 5,981,974 | 6,364,677 | 5,869,666 | PDF p. 202 |
| Cost of salesHK$'000 | (3,257,575) | (3,357,147) | (4,319,287) | (4,491,146) | (4,446,835) | PDF p. 202 |
| Gross profitHK$'000 | 1,313,252 | 1,171,116 | 1,662,687 | 1,873,531 | 1,422,831 | PDF p. 202 |
| Other income and gainsHK$'000 | 127,074 | 129,351 | 174,120 | 236,520 | 193,320 | PDF p. 202 |
| Research and development expensesHK$'000 | (331,737) | (409,436) | (446,059) | (515,798) | (608,940) | PDF p. 202 |
| Selling and distribution expensesHK$'000 | (417,301) | (554,012) | (583,638) | (565,904) | (597,546) | PDF p. 202 |
| Administrative expensesHK$'000 | (322,461) | (471,540) | (491,308) | (493,411) | (601,073) | PDF p. 202 |
| Other expensesHK$'000 | (221,253) | (374,726) | (207,230) | (183,504) | (428,256) | PDF p. 202 |
| Finance costsHK$'000 | (40,492) | (31,264) | (54,534) | (60,198) | (43,761) | PDF p. 202 |
| Results - Share of profit of | ||||||
| A joint ventureHK$'000 | 2,416 | 1,793 | 626 | 5,818 | 6,968 | PDF p. 202 |
| Results | ||||||
| PROFIT/(LOSS) BEFORE TAXHK$'000 | 109,498 | (538,718) | 54,664 | 297,054 | (656,457) | PDF p. 202 |
| Income tax expenseHK$'000 | (44,762) | (14,856) | (39,051) | (153,558) | (16,100) | PDF p. 202 |
| PROFIT/(LOSS) FOR THE YEARHK$'000 | 64,736 | (553,574) | 15,613 | 143,496 | (672,557) | PDF p. 202 |
| Results - Attributable to | ||||||
| Owners of the parentHK$'000 | 35,020 | (564,191) | 6,696 | 190,237 | (592,567) | PDF p. 202 |
| Non-controlling interestsHK$'000 | 29,716 | 10,617 | 8,917 | (46,741) | (79,990) | PDF p. 202 |
| Assets and liabilities | ||||||
| TOTAL ASSETSHK$'000 | 7,217,645 | 7,439,608 | 9,039,511 | 10,255,686 | 11,512,579 | PDF p. 202 |
| TOTAL LIABILITIESHK$'000 | (3,945,235) | (4,726,254) | (5,524,422) | (6,561,612) | (7,328,762) | PDF p. 202 |
| NON-CONTROLLING INTERESTSHK$'000 | (71,581) | (60,975) | (154,726) | (158,402) | (409,101) | PDF p. 202 |
| (unlabelled total after non-controlling interests)HK$'000 | 3,200,829 | 2,652,379 | 3,360,363 | 3,535,672 | 3,774,716 | PDF p. 202 |
Original report: PDF p. 202 ↗
A summary of the results and of the assets, liabilities and non-controlling interests of the Group for the last 5 financial years, as extracted from the published audited financial statements. Final unlabeled total row (3,200,829 2,652,379 3,360,363 3,535,672 3,774,716) is printed without a label after non-controlling interests.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Shares | |||
| Weighted average number of ordinary shares outstanding during the year used in the basic earnings per share calculationsnumber of shares | 3,040,886,000 | 2,764,180,000 | PDF p. 150 |
| Effect of dilution – weighted average number of ordinary shares optionsnumber of shares | – | – | PDF p. 150 |
Original report: PDF p. 150 ↗
Basic EPS based on profit/(loss) attributable to ordinary equity holders of the parent and weighted average ordinary shares of 3,040,886,000 (2024: 2,764,180,000). Diluted calculation adds weighted average ordinary share options assumed issued on deemed exercise; effect nil in both years. Share counts are number of shares.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, year ended 31 December 2025 | 2024Group, year ended 31 December 2024 | Source |
|---|---|---|---|
| Dividends | |||
| Interim – HK0.6 cent (2024: nil) per ordinary shareHK$'000 | 18,677 | – | PDF p. 149 |
| Proposed final – Nil (2024: nil) per ordinary shareHK$'000 | – | – | PDF p. 149 |
Original report: PDF p. 149 ↗
MD&A (p.12): Board does not recommend a final dividend for the Current Year (2024: no final dividend was paid).
Where the money comes from
| Item / unit | 2025Wireless telecommunications network system equipment and services | 2025Operator telecommunication services | 2025Total | 2024Wireless telecommunications network system equipment and services | 2024Operator telecommunication services | 2024Total | Source |
|---|---|---|---|---|---|---|---|
| Operating segments | |||||||
| RevenueHK$'000 | 4,404,044 | 166,783 | 4,570,827 | 4,349,842 | 178,421 | 4,528,263 | PDF p. 138PDF p. 139 |
| Profit/(loss) before taxHK$'000 | 173,259 | (63,761) | 109,498 | PDF p. 138 | |||
| Segment assetsHK$'000 | 7,054,580 | 576,223 | 7,630,803 | 7,128,950 | 731,943 | 7,860,893 | PDF p. 138PDF p. 139 |
| Segment liabilitiesHK$'000 | 3,793,204 | 565,189 | 4,358,393 | 4,571,144 | 576,395 | 5,147,539 | PDF p. 138PDF p. 139 |
| Loss before taxHK$'000 | (475,145) | (63,573) | (538,718) | PDF p. 139 | |||
Segment performance is evaluated based on profit/(loss) before tax.
Elimination rows have values only in the Total column; blank strings denote empty cells.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue from external customers | |||
| Chinese mainlandHK$'000 | 2,887,661 | 2,757,314 | PDF p. 139 |
| Other countries/areas in Asia PacificHK$'000 | 526,929 | 607,320 | PDF p. 139 |
| AmericasHK$'000 | 707,731 | 756,270 | PDF p. 139 |
| European UnionHK$'000 | 340,261 | 370,482 | PDF p. 139 |
| Middle EastHK$'000 | 94,349 | 30,995 | PDF p. 139 |
| Other countriesHK$'000 | 13,896 | 5,882 | PDF p. 139 |
| Total (unlabelled)HK$'000 | 4,570,827 | 4,528,263 | PDF p. 139 |
The revenue information above is based on the locations of the customers.
Total row has no printed label.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Non-current assets | |||
| Chinese mainlandHK$'000 | 1,421,805 | 1,383,055 | PDF p. 140 |
| Lao People’s Democratic RepublicHK$'000 | 443,788 | 514,628 | PDF p. 140 |
| Other countries/regionsHK$'000 | 81,054 | 57,003 | PDF p. 140 |
| Total (unlabelled)HK$'000 | 1,946,647 | 1,954,686 | PDF p. 140 |
Total row has no printed label.
Debt
| Item / unit | 2025On demand | 2025Within 1 year | 20251 to 5 years | 2025Over 5 years | 2025Total | 2024On demand | 2024Within 1 year | 20241 to 5 years | 2024Over 5 years | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Lease liabilitiesHK$'000 | – | – | 88,064 | 29,630 | 117,694 | – | – | 40,578 | 3,520 | 44,098 | PDF p. 198 |
| Interest-bearing bank borrowingsHK$'000 | – | 173,368 | 602,760 | – | 776,128 | – | 436,908 | 435,272 | – | 872,180 | PDF p. 198 |
| Redeemable preferred shares in a subsidiaryHK$'000 | – | 173,479 | – | – | 173,479 | PDF p. 198 |
Based on contractual undiscounted payments.
| Item / unit | 2025Maturity and HK$'000 | 2024Maturity and HK$'000 | Source |
|---|---|---|---|
| Analysed into: Bank loans repayable | |||
| Within 1 year or on demandHK$'000 | 155,203 | 417,602 | PDF p. 166 |
| In the 2nd yearHK$'000 | 362,560 | 230,568 | PDF p. 166 |
| In the 3rd to 5th years, inclusiveHK$'000 | 210,068 | 193,000 | PDF p. 166 |
Bank loans guaranteed by the Company and nine wholly owned subsidiaries. Loans denominated in RMB amounted to HK$727,831,000 (2024: HK$841,170,000). Bank loans as of 31 December 2025 bear interest at rates ranging from 2.3% to 3.1% (2024: 2.6% to 3.4%) per annum. Carrying amounts approximate fair values.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Analysed into | |||
| Current portionHK$'000 | 38,159 | 29,797 | PDF p. 154 |
| Non-current portionHK$'000 | 105,178 | 39,373 | PDF p. 154 |
| Lease liabilities | |||
| Carrying amount at 31 DecemberHK$'000 | 143,337 | 69,170 | PDF p. 154 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | A dividend policy (the “Dividend Policy”) was adopted by the Board on 31 December 2018. The Dividend Policy aims to enable the Shareholders to participate in the Company’s profits while retaining adequate reserves to support future growth and business opportunities. | Company/Group | PDF p. 45 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim – HK0.6 cent (2024: nil) per ordinary share | HK0.6 cent | Interim dividend, FY2025 | PDF p. 149 |
| Interim – HK0.6 cent (2024: nil) per ordinary share | 18,677 HK$'000 | Interim dividend amount, 2025 column | PDF p. 149 |
| Proposed final – Nil (2024: nil) per ordinary share | Nil | Proposed final dividend, FY2025 (2024: nil) | PDF p. 149 |
Extracted from Comba Telecom Systems Holdings Limited ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Ernst & Young | Ernst & Young | Group consolidated financial statements FY2025 | PDF p. 86 |
| Engagement partner | TJEN, Michael | Group consolidated financial statements FY2025 | PDF p. 90 |
| Auditor's report date | 24 March 2026 | Group · As at 2026-03-24 | PDF p. 90 |
| OPINION | In our opinion, the consolidated financial statements give a true and fair view | Group consolidated financial statements, year ended 31 December 2025 | PDF p. 86 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern | Not reported | Group | PDF p. 90 |
Extracted from Comba Telecom Systems Holdings Limited ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
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 Comba Telecom Systems Holdings Limited 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.