Wai Yuen Tong Medicine Holdings Limited Overview
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Employees (headcount at 31 Mar) | 810 | 759 | 691 |
| Share located in HK and Macau (%) | 81.0 | 84.5 | 88.1 |
Wai Yuen Tong Medicine Holdings is a small-cap Hong Kong consumer-healthcare company whose value rests on heritage brands. It owns three: "Wai Yuen Tong", a traditional Chinese medicine (TCM) house founded in 1897, and two Western OTC and personal-care brands held through Luxembourg Medicine, "Madame Pearl's" (cough syrup) and "Pearl's" (mosquito repellents and personal care). The model is vertically integrated:
-
In-house manufacturing at a PIC/S-standard GMP plant in Yuen Long.
-
Around 90 self-operated and franchise stores across Hong Kong, Macau and the Chinese mainland.
-
Around 90 TCM practitioners in Hong Kong, whose clinic services drive product sales.
-
Wholesale distribution through pharmacy chains and mainland cross-border e-commerce.
After spinning out its agricultural-markets subsidiary CAP in 2024, the group is a focused pharma and wellness business with about HK$683m in revenue. It earns gross margins above 50% but posts near-zero operating profit. Its balance sheet carries HK$1.18bn of equity, so the shares trade at about 0.35x book. The investment debate turns on three questions: whether the Greater Bay Area channel can be monetised, whether brand value can turn into profit, and how much related-party exposure to the Wang On complex it carries.
Company's own description (FY2026 Annual Report, Corporate Governance Report: "Business Model and Strategy")
The group describes itself as engaged in three activities:
-
Manufacturing and selling traditional Chinese pharmaceutical and health food products, plus related services.
-
Manufacturing and selling Western pharmaceutical, health food and personal care products.
-
Property investment.
Management says it will use its vertical integration to strengthen new-product research, development and registration, with emphasis on Chinese and Western medicines that have distinctive curative effects. It also intends to expand its retail and medical-service network to gain share. Separately, it monitors M&A opportunities that would bring synergy or diversify its income base.
The Chairman's Statement summarises the corporate philosophy in a short motto, translated as "Preparing Medicine with Dedication, Growing Strong with Reputation".
Operating structure
Wai Yuen Tong Medicine Company Limited ("WYT Medicine"): holds the Wai Yuen Tong TCM and health-food brand. It operates the retail stores, the TCM clinics, the product range and the Yuen Long GMP plant.
Luxembourg Medicine Company Limited: (and its subsidiaries, the "Luxembourg Medicine Group") holds Madame Pearl's and Pearl's.
A property-investment arm: owned 4 retail properties in Hong Kong at 31 Mar 2026. Most of these house Wai Yuen Tong stores under self-operated or franchise models. Rental income is small (HK$2.7m external in FY2026).
Revenue model
| Revenue type | Description | FY2026 indication |
|---|---|---|
| Product sales: retail | Wai Yuen Tong own stores (HK, Macau, mainland); proprietary Chinese medicines, health supplements, medicated foods, decoction pieces, lifestyle products | Main part of Chinese Pharmaceutical Segment (HK$607.2m external); retail/wholesale split not disclosed |
| Product sales: wholesale / channel | Pharmacy chains (Mannings, Watsons), community dispensaries, mainland chain drugstores and hospitals (Madame Pearl's in 30,000+ mainland outlets) | Western Pharmaceutical Segment HK$73.6m plus part of Chinese segment |
| Product sales: e-commerce | Cross-border e-commerce (Douyin, Xiaohongshu, Tmall and JD.com direct-operated stores), live-streaming with influencers | — |
| Services | TCM consultation services (about 90 practitioners in HK); management and promotion services | Cost of services HK$27.8m (FY2026 note 6); revenue not separately disclosed |
| Franchise | Franchise model for store expansion (stated plan) | — |
| Rental | Investment property leases | HK$2.7m (FY2026) |
| Non-operating financial income (below revenue) | Interest on loans to CAP and Wang On Group | HK$39.3m (FY2026), a critical profit contributor |
The business is overwhelmingly product-based. There is no subscription or licensing revenue of note.
Value-chain position
| Fixed-cost line | FY2026 (HKD Mn) |
|---|---|
| Owned-asset depreciation | 33.5 |
| Right-of-use (lease) depreciation | 50.6 |
| Employee costs (excluding directors) | 224.0 |
WYT spans raw-material sourcing (Chinese herbs, procured by the team under Executive Director Law Man Yee), processing and manufacturing (Yuen Long GMP plant), branding, and retail plus clinic distribution. This end-to-end control is unusual among Hong Kong TCM players.
It also creates fixed-cost intensity. In FY2026:
Against these costs, revenue was only HK$683m.
Customer types and end-markets
Hong Kong residents: health-conscious middle-class families and the elderly, who are the core buyers of Hou Tsao Powder and Young Yum Pill.
Mainland Chinese visitors: management cites the "five must-buy souvenirs" (Angong Niuhuang Wan, Young Yum Pill, Hou Tsao Powder, Tibetan Wild Cordyceps, Ganoderma Lucidum Spore Oil).
Mainland consumers: reached via cross-border e-commerce and, for Madame Pearl's, mainland pharmacy and hospital distribution.
Pharmacy and retail chain operators: Mannings, Watsons and community pharmacies (B2B).
Pet owners: through "ProVet", a TCM pet-supplement sub-brand.
Independent characterisation
The FY2026 segment disclosures show three things:
-
The core Chinese pharmaceutical business is loss-making at segment level (segment loss HK$15.6m in FY2026; HK$31.8m in FY2025).
-
The Western business is modestly profitable (HK$7.9m in FY2026).
-
Group profit of HK$4.1m depends on about HK$35.1m of corporate and unallocated net income, mainly interest income on loans to CAP (HK$29.4m) and Wang On Group (HK$9.8m).
In economic terms, WYT is part branded-OTC operator and part financing vehicle within the Wang On group. Asset recycling also matters: gains on property disposals have repeatedly supported reported earnings.
Strategy
Stated strategic themes (FY2026 Annual Report, Chairman's Statement and Prospects)
1. GBA policy capture.
The aim is to use the NMPA simplified approval route for HK-registered oral proprietary Chinese medicines. 26 WYT products are eligible, and Hou Tsao Powder is approved first, giving a first-mover position. The plan is to bring more classical formulas into the mainland and position WYT as the benchmark HK TCM brand.
2. Mainland distribution model.
WYT will use a hierarchical provincial and municipal agent structure, with the group leading market strategy. It will draw on the existing channels of Madame Pearl's and Pearl's to reach three terminals: pharmacies, hospitals and clinics.
3. "Smart TCM" and digitalisation.
The AI constitution-profiling device (in 6 core stores) will roll out to more stores. Plans include telehealth, AI CRM and data-driven product R&D and precision marketing.
4. Cross-border e-commerce and social commerce.
WYT is increasing investment in Douyin, Xiaohongshu, Tmall and JD.com direct-operated stores and in influencer live-streaming, with a focus on GBA consumers.
5. Brand rejuvenation and the 130th anniversary (FY2027).
Plans include year-round themed campaigns, anniversary-edition products and cross-industry collaborations.
6. Product innovation.
Examples include university-partnered science supplements (PolyU Cs4-SeNPs), upgraded classic formulas, oral beauty and pet TCM.
7. Retail network.
Expansion will come through the franchise model; HK and Macau stores will be added selectively and mainland stores downsized.
8. Asset-light model.
WYT will continue disposing of self-use properties and the Shenzhen factory complex to unlock value and reduce debt.
9. Western OTC.
Plans include deeper partnerships with HK and Macau pharmacy chains, a possible new brand and new OTC products, and IP collaborations (Pokémon) for Pearl's.
10. Planning cadence.
Management frames 2026 as the final year of the 14th Five-Year Plan, with the 15th Five-Year Plan period ahead. It references "new quality productive forces" and a "major product strategy" (大品種戰略).
11. Southeast Asia expansion.
Cited in the FY2025 prospects; not repeated with specifics in FY2026.
Initiatives in the last 24 months
| Initiative | Date / period | Detail | Status |
|---|---|---|---|
| Cross-border e-commerce scale-up | FY2025–FY2026 | Douyin live-streaming; selling expenses rose 21.5% in FY2025 | Ongoing; spending moderated in FY2026 |
| Brand valuation | 31 Mar 2025 | Colliers valued the three brands at HK$2.05bn | Disclosed |
| AI TCM diagnostic system | FY2025–FY2026 | Facial and vocal analysis; Smart TCM device in 6 stores | Rolling out |
| Hou Tsao Powder mainland approval | Late 2025 | First approval under the GBA simplified procedure | Achieved |
| Madame Pearl's mainland expansion | FY2025–FY2026 | 10,000+ to 30,000+ outlets | Achieved |
| New stores | FY2026 | Paradise Mall (HK), Hotel Central (Macau) | Opened |
| Mainland store rationalisation | FY2026 | Downsizing | Ongoing |
| ProVet expansion | FY2026 | Respiratory, anti-ageing and immune formulas | Launched |
| Share buybacks | Apr 2024; Mar 2026 | 46.0m and 10.72m shares | Completed and cancelled |
| Share premium reduction | Proposed 10 Jul 2026; AGM 19 Aug 2026 | About HK$1,121m transferred to contributed surplus, creating distributable reserves | Approved at AGM per poll results |
| Shenzhen property disposal | 16 Jul 2026 | RMB99.8m; net proceeds about HK$100.1m for working capital | Pending or completed |
| ESG | Ongoing | Solar energy use, energy saving, recycled paper; ESG report published separately | Ongoing |
Medium-term financial targets and guidance
Management does not publish quantitative guidance or medium-term financial targets such as revenue, margin or ROE goals. No dividend payout target exists beyond the qualitative policy adopted in Nov 2018.
Products & Services
Sources: FY2026 Annual Report (Chairman's Statement, MD&A), FY2025 Results, 2016–2018 Annual Reports. Pricing is not publicly disclosed for any product in the filings reviewed.
Chinese Pharmaceutical Segment ("Wai Yuen Tong")
The company organises TCM products into five product lines: proprietary Chinese medicines, healthcare products, medicated food products ("藥食同源"), herbal decoction pieces, and lifestyle products.
Flagship proprietary Chinese medicines
| Product | Description and positioning | Target customer | Notes |
|---|---|---|---|
| Hou Tsao Powder (猴棗除痰散, also "Monkey Bezoar Powder") | Classic phlegm-resolving powder | Families, children, elderly; tourists | Management says it has been the top seller for 13 consecutive years. In late 2025 it became the first HK oral proprietary Chinese medicine approved for mainland listing under the GBA simplified procedure |
| Young Yum Pill (養陰丸) | Classic yin-nourishing pill | Middle-aged and elderly; tourists | Recognised as Lingnan TCM Cultural Heritage of Guangdong Province |
| Angong Niuhuang Wan series (安宮牛黃丸) | Famous premium classical formula | Premium and elderly segment; tourists | One of the three flagship series |
| Po Ying Dan (保嬰丹) | Children's classic formula | Parents | Featured in the 2016 AR awards |
Premium health supplements and tonics
| Product | Description | Launch / update |
|---|---|---|
| Tibetan Wild Cordyceps (珍品冬蟲夏草) | Rare-herb premium tonic | Listed among the "five must-buy souvenirs" |
| Ganoderma Lucidum Spore Oil (靈芝孢子油) | High-concentration ganoderma extract for immune regulation | "Five must-buy souvenirs" |
| Wild Cordyceps Plus (野生蟲草皇) | Respiratory health | Established product (FY2025 results) |
| Wall-Broken Ganoderma Lucidum Spores (破壁靈芝孢子) | Upgraded formula with added shiitake and Agaricus blazei extracts; immunity and anti-ageing | Upgraded FY2026 |
| Premium Ganoderma Eight Plus (百草靈芝皇) | Premium ganoderma extracts for immune regulation | Launched 2024 |
| Sweet Dream Essence (安睡寧) | Upgraded with red and purple ganoderma plus four calming herbs; sleep quality | Upgraded FY2026 |
| Liver Guardian (護肝康) | 20x concentrated milk thistle, schisandra and sesamin; liver function and fatty liver | Upgraded FY2026 |
| Body Dampness Relief (祛濕清) | Spleen and stomach support, diuresis, reduces puffiness | Launched 2024 |
Science-led and beauty products
| Product | Description | Partner / IP | Launch |
|---|---|---|---|
| Ultimate Bone & Joint Revive (塑骨強關素); earlier version marketed as Nano Bone Enhancer (骨盈素) | Contains the patented ingredient "Cordyceps Cs4 Nano-Selenium" (Cs4-SeNPs) for post-menopausal osteoporosis management; positioned on simultaneous cartilage and bone repair | Developed with the Research Institute for Future Food, Hong Kong Polytechnic University. The technology won the Ministry of Education Higher Education Outstanding Scientific Research Output Award 2020 (Second Class, Technological Innovation) | Nano Bone Enhancer sales volume more than doubled (FY2025); upgraded version promoted FY2026 |
| Ultimate Brightening (雪肌丸) / "Ultimate Brightening Integrates" | Oral beauty supplement that reduces pigmentation, blemishes and UVA/UVB damage; combines Chinese and Western ingredient theory | In-house | Launched 2024; promoted FY2026 |
Pet TCM ("ProVet" 位您寵)
The company describes ProVet as Hong Kong's first pet supplement range developed by professional Chinese veterinary practitioners and endorsed by WYT TCM practitioners.
ProVet Respiratory Health Formula: (dogs; lung and airway health) launched in FY2026.
ProVet Anti-Aging Formula: and ProVet Immune Boost Formula (senior cats) also launched in FY2026.
Services
| Service | Description | Scale |
|---|---|---|
| TCM outpatient consultation | Clinics in stores; "using medical services to drive herbal medicine sales" (以醫帶藥) | About 90 TCM practitioners in HK (FY2026 AR) |
| Smart TCM Health Profiling Device | AI system that digitises the four TCM diagnostic methods (observation, listening/smelling, inquiry, pulse palpation). It produces nine-constitution reports aligned to the 24 solar terms and recommends WYT products | Introduced in 6 core stores in FY2026; wider rollout planned |
| AI-powered TCM diagnostic system (facial and vocal features) | Described by management as a first among HK TCM providers | Announced FY2025 prospects |
| Telehealth consultations, AI-driven CRM | Planned expansion | FY2025 prospects |
| Management and promotion services | Included in segment definition | Revenue not disclosed |
Western Pharmaceutical Segment (Luxembourg Medicine)
| Brand / product | Description | Market position | Distribution |
|---|---|---|---|
| Madame Pearl's Cough Syrup (珮夫人止咳露) | OTC cough syrup, a brand of about 70 years (70th anniversary campaign in FY2025) | No. 1 cough syrup by sales in Hong Kong for 16 consecutive years (FY2026 AR) | HK pharmacies (display programme in 50+ drugstores in FY2026); mainland chains and hospitals expanded from 10,000+ outlets (FY2025) to 30,000+ outlets (FY2026) |
| Pearl's mosquito repellent range (珮氏) | Insect-repellent products | Displays in about 100 community dispensaries; Pokémon seasonal co-branded packs; summer promotions at Mannings and Watsons | HK retail; cross-border e-commerce flagship stores (sales in that channel up 10-fold in FY2025) |
| Pearl's personal care | Personal care range | — | HK retail |
| New OTC brand (planned) | Management plans to create a new brand and new OTC products | Pipeline only | — |
Property Investment
At 31 Mar 2026, 4 HK retail properties (carrying value of investment properties HK$129.8m), mostly used as WYT stores. External rental revenue was HK$2.7m in FY2026.
Financial Narrative
Data provenance:
-
FY2024–FY2026 figures come from company results announcements (continuing operations unless stated).
-
FY2022–FY2023 come from S&P Global Market Intelligence via StockAnalysis.com and include CAP on the balance sheet. The FY2023 income statement line appears to be the continuing-only restatement.
-
EBITDA is shown on two bases:
- (a) S&P EBITDA = operating income plus depreciation of owned assets.
Income statement
FY2024 also included a special dividend by distribution in specie valued at HK$869.3m.
Margins (%)
Revenue CAGR:
-
FY2022–FY2026 as reported: −16.3% a year. This is dominated by the CAP deconsolidation and is not economically meaningful.
-
Continuing-operations CAGR, FY2024–FY2026: −6.6% a year.
Balance sheet
Notes on the balance sheet table:
-
FY2024 net bank debt is net of pledged deposits of HK$4.4m.
-
Goodwill and intangibles are nil per S&P data (tangible book equals book). The HK$2.05bn brand valuation by Colliers is not carried on the balance sheet.
-
FY2022–FY2023 inventories include CAP property inventory.
-
Related-party loans receivable (to CAP, a fellow subsidiary, and to Wang On Group) are non-current HK$295.0m plus current "loans and interest receivables" HK$87.4m at FY2026.
Cash flow: notes and sources
Source: S&P Global via StockAnalysis.com. FY2022–FY2023 include CAP.
Ratios
Notes on the ratios:
-
Asset turnover for FY2024 and earlier is not meaningful because of CAP.
-
Working-capital day counts use year-end balances; FY2022–FY2023 are not meaningful because of CAP property inventory.
-
ROIC is overstated relative to operations because it includes HK$39–44m a year of related-party loan interest income.
Trend commentary
1. Structural reset (FY2024).
The distribution in specie removed about HK$4.9bn of assets (mainly CAP's markets, property inventory and associated debt and deferred tax). Total equity fell from HK$3.69bn to HK$1.39bn. Before deconsolidation, CAP contributed HK$554.0m of revenue and a HK$170.9m segment result in FY2024. That result was offset by HK$111.8m of finance costs and HK$52.0m of tax, leaving only HK$9.9m of profit from the discontinued operations.
2. Gross margin is improving but not converting into profit.
Gross margin rose from 50.4% (FY2024) to 53.0% (FY2026). Management attributes this to sales mix. However, selling and distribution costs (HK$276.6m, 40.5% of revenue) and administrative costs (HK$102.5m, 15.0%) absorb almost all gross profit. On the S&P definition, operating income has been negative for two years.
3. Earnings quality is low.
Across FY2024–FY2026, the following items each exceeded or matched pre-tax profit:
-
Property disposal gains (HK$35.4m, HK$16.4m and HK$0.03m).
-
Fair-value swings on investment properties (−HK$17.9m, +HK$11.1m and −HK$0.3m).
-
PPE impairments (HK$68.6m, a HK$3.1m reversal, and HK$11.2m).
-
Related-party interest income (HK$39.5m, HK$43.4m and HK$39.3m).
In FY2026, related-party interest income (HK$39.3m) was about 11 times pre-tax profit (HK$3.6m).
4. Deleveraging is the clearest positive.
Bank borrowings fell from HK$460.9m to HK$279.3m in two years, funded by property sales and operating cash flow. Finance costs fell 57% from FY2024 to FY2026, helped by lower HIBOR (effective rate 4.3% versus 6.1%). Company-defined gearing is now 12.4%.
5. Cash generation is weakening.
Operating cash flow fell from HK$191.7m to HK$70.4m. Free cash flow after lease payments is effectively zero (HK$0.3m in FY2026). That means dividends or buybacks currently depend on asset sales, such as the pending Shenzhen disposal (net proceeds about HK$100.1m), or on repayment of related-party loans.
6. Refinancing concentration.
At 31 Mar 2026, all HK$279.3m of borrowings were classified as due within one year or on demand. Management says these facilities mature between May 2026 and February 2027 and were subsequently extended to May 2029.
Interim snapshot: 1H FY2026 (six months to 30 Sep 2025)
At 30 Sep 2025: net assets HK$1,181.5m, cash HK$121.2m, gearing 15.3% (Interim Results Announcement, 24 Nov 2025). The profit warning of 17 Nov 2025 attributed the decline to weak retail consumer sentiment (revenue down about 7%) and lower property disposal and fair-value gains, partly offset by lower administrative and finance costs.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents | Key brands and products |
|---|---|---|
Chinese Pharmaceutical Segment | (i) Manufacture, processing and sale of TCM and health food under "Wai Yuen Tong", mainly in mainland China and HK; (ii) TCM services; (iii) management and promotion services | Hou Tsao Powder, Young Yum Pill, Angong Niuhuang Wan, cordyceps, ganoderma, Ultimate Bone & Joint Revive, ProVet |
Western Pharmaceutical Segment | Manufacture, processing and sale of Western pharmaceutical and personal care products | Madame Pearl's (cough syrup), Pearl's (mosquito repellents and personal care) |
Property Investment | Commercial premises held for rental income | 4 HK retail properties at 31 Mar 2026 (5 at 31 Mar 2025) |
Discontinued (FY2024 only) | Management and sale of properties in agricultural produce exchange markets (CAP Group) | Deconsolidated 25 Mar 2024 |
Revenue by Segment
| Segment | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Chinese Pharmaceutical revenue (HKD Mn) | 689.2 | 651.7 | 607.2 |
Western Pharmaceutical revenue (HKD Mn) | 90.2 | 90.3 | 73.6 |
Property Investment revenue (HKD Mn) | 4.5 | 3.3 | 2.7 |
Total continuing revenue (HKD Mn) | 783.9 | 745.3 | 683.4 |
Discontinued agri-markets revenue (HKD Mn) | 554.0 | 0 | 0 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansResults by Segment
| Segment | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Chinese Pharmaceutical result (HKD Mn) | 37.5 | -31.8 | -15.6 |
Western Pharmaceutical result (HKD Mn) | 14.6 | -2.5 | 7.9 |
Property Investment result (HKD Mn) | -39.8 | 36.1 | -6.6 |
Total continuing segment result (HKD Mn) | 12.3 | 1.9 | -14.2 |
Corporate and unallocated net income (HKD Mn) | 23.2 | 35.4 | 35.1 |
Finance costs (HKD Mn) | -40.8 | -28.2 | -17.6 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Chinese Pharma segment margin (%) | 5.4 | -4.9 | -2.6 |
Western Pharma segment margin (%) | 16.1 | -2.8 | 10.8 |
Chinese Pharma revenue YoY growth (%) | — | -5.4 | -6.8 |
Western Pharma revenue YoY growth (%) | — | 0.1 | -18.5 |
Property revenue YoY growth (%) | — | -25.9 | -18.6 |
Chinese Pharma share of revenue (%) | 87.9 | 87.4 | 88.8 |
Western Pharma share of revenue (%) | 11.5 | 12.1 | 10.8 |
Property share of revenue (%) | 0.6 | 0.4 | 0.4 |
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (HKD Mn) | 1,391.0 | 723.6 | 783.9 | 745.3 | 683.4 |
Revenue growth (%) | 25.5 | -48.0 | 8.3 | -4.9 | -8.3 |
Gross profit (HKD Mn) | 574.2 | 342.4 | 394.8 | 376.5 | 361.9 |
Operating income, S&P basis (HKD Mn) | 69.6 | 5.0 | 40.9 | -46.9 | -15.9 |
EBITDA, S&P basis (HKD Mn) | 130.6 | 59.6 | 92.6 | -13.6 | 17.6 |
EBITDA, IFRS-16 basis incl. ROU depreciation (HKD Mn) | — | — | 116.3 | 122.7 | 105.3 |
Finance costs (HKD Mn) | 95.7 | 29.5 | 40.8 | 28.2 | 17.6 |
Pre-tax income (HKD Mn) | -47.3 | -5.9 | -13.6 | 4.1 | 3.6 |
Net income to company incl. discontinued (HKD Mn) | -87.8 | 3.4 | 4.0 | 7.1 | 4.1 |
Net income attributable to owners (HKD Mn) | -108.9 | -20.5 | -15.4 | 7.1 | 4.0 |
EPS basic (HK cents) | -8.84 | -1.69 | -1.30 | 0.63 | 0.35 |
EPS diluted (HK cents) | -8.84 | -1.69 | -1.30 | 0.63 | 0.35 |
Ordinary dividend per share (HK cents) | 0 | 0 | 3.0 | 0 | 0 |
Special cash dividend per share (HK cents) | 0 | 0 | 14.7 | 0 | 0 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansMargin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin (%) | 41.3 | 47.3 | 50.4 | 50.5 | 53.0 |
Operating margin, S&P (%) | 5.0 | 0.7 | 5.2 | -6.3 | -2.3 |
EBITDA margin, S&P (%) | 9.4 | 8.2 | 11.8 | -1.8 | 2.6 |
EBITDA margin, IFRS-16 (%) | — | — | 14.8 | 16.5 | 15.4 |
Net margin, attributable (%) | -7.8 | -2.8 | -2.0 | 1.0 | 0.6 |
Balance Sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (HKD Mn) | 7,598 | 7,014 | 2,095.1 | 1,735.2 | 1,626.6 |
Cash and cash equivalents (HKD Mn) | 510.2 | 525.9 | 155.0 | 132.3 | 133.3 |
Bank borrowings, short-term (HKD Mn) | 640.3 | 614.4 | 184.7 | 187.3 | 279.3 |
Bank borrowings, long-term (HKD Mn) | 1,041 | 1,032 | 276.2 | 156.0 | 0 |
Total bank borrowings (HKD Mn) | 1,681.3 | 1,646.4 | 460.9 | 343.3 | 279.3 |
Lease liabilities (HKD Mn) | 123.1 | 117.8 | 99.1 | 92.1 | 58.7 |
Net bank debt (HKD Mn) | 1,171.1 | 1,120.5 | 301.5 | 211.0 | 146.0 |
Total equity (HKD Mn) | 3,961 | 3,688 | 1,385.5 | 1,179.6 | 1,180.5 |
Equity attributable to owners (HKD Mn) | 2,516 | 2,349 | 1,386.9 | 1,181.1 | 1,181.8 |
Goodwill and intangibles (HKD Mn) | 0 | 0 | 0 | 0 | 0 |
Working capital (HKD Mn) | 1,007 | 1,045 | 449.4 | 262.1 | 170.1 |
Inventories (HKD Mn) | 1,869 | 1,637 | 308.1 | 238.1 | 226.5 |
Loans and interest receivable from related parties (HKD Mn) | — | — | 494.8 | 407.5 | 382.4 |
Cash Flow
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (HKD Mn) | 169.1 | 168.3 | 191.7 | 102.3 | 70.4 |
Capital expenditure (HKD Mn) | 26.0 | 33.5 | 34.7 | 27.2 | 13.5 |
Free cash flow (HKD Mn) | 143.1 | 134.9 | 157.0 | 75.2 | 56.9 |
Lease principal payments (HKD Mn) | 64.3 | 58.1 | 64.3 | 56.0 | 56.6 |
Free cash flow after leases (HKD Mn) | 78.7 | 76.8 | 92.7 | 19.2 | 0.3 |
Dividends paid, cash (HKD Mn) | 0 | 0 | 0 | 199.1 | 0 |
Share buybacks (HKD Mn) | 0 | 10.0 | 14.7 | 11.8 | 3.9 |
Net debt repaid (HKD Mn) | 89.6 | 52.0 | 297.7 | 173.6 | 120.6 |
Proceeds from sale of PPE and real estate (HKD Mn) | 0.9 | 6.3 | 86.8 | 131.9 | 19.2 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE, attributable, average equity (%) | -4.3 | -0.8 | -0.8 | 0.6 | 0.3 |
ROA, net income to company / average assets (%) | -1.2 | 0.05 | 0.09 | 0.37 | 0.24 |
ROIC, (PBT + finance cost) × (1 − 16.5%) / (equity + bank debt − cash) (%) | — | — | 1.3 | 1.9 | 1.3 |
Current ratio (x) | 1.54 | 1.63 | 2.18 | 1.73 | 1.40 |
Bank debt / total equity (%) | 42.4 | 44.6 | 33.3 | 29.1 | 23.7 |
Company-defined gearing, net debt / owners' equity (%) | — | — | 21.7 | 17.9 | 12.4 |
Net bank debt / IFRS-16 EBITDA (x) | — | — | 2.59 | 1.72 | 1.39 |
Interest coverage, (PBT + finance cost) / finance cost (x) | 0.51 | 0.80 | 0.67 | 1.14 | 1.21 |
Asset turnover (x) | — | — | — | 0.39 | 0.41 |
Days inventory outstanding (days) | — | — | 289 | 236 | 257 |
Days sales outstanding (days) | — | — | 38 | 33 | 30 |
Days payables outstanding (days) | — | — | 29 | 18 | 24 |
Cash conversion cycle (days) | — | — | 298 | 251 | 262 |
Income Statement and Per-Share Data
| Metric | 1H FY2025 | 1H FY2026 |
|---|---|---|
Revenue (HKD Mn) | 346.8 | 322.8 |
Gross profit (HKD Mn) | 182.0 | 165.3 |
Profit attributable to owners (HKD Mn) | 23.7 | 2.8 |
EPS basic (HK cents) | 2.10 | 0.25 |
Revenue by Region (%) and Revenue by Region
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Employees located in HK and Macau (%) | 81.0 | 84.5 | 88.1 |
Employees located in mainland China (%) | 19.0 | 15.5 | 11.9 |
Cash held in MYR Bn (HKD Mn) | — | 22.9 | 7.7 |
Cash held in MOP and other currencies (HKD Mn) | — | 12.8 | 9.6 |
Cash held in HKD (HKD Mn) | — | 96.6 | 116.0 |
Madame Pearl's mainland outlets (thousand) | — | 10 | 30 |
Share Price & Returns
| Reference point | Price (HKD) | Source |
|---|---|---|
Mar 2026 buyback range | 0.345–0.365 | FY2026 results |
18 Nov 2025 (midday) | 0.45 (then up about 80% YTD in 2025) | Bamboo Works |
31 Jul 2026 | 0.320 | etnet |
5 Oct 2026 | 0.350 | Tencent Finance |
16 Oct 2026 | 0.375 | StockAnalysis.com |
52-week range (as of mid-2026) | 0.270 – 0.510 | Tiger Brokers |
Valuation Snapshot
| Metric | Value | Calculation |
|---|---|---|
Market cap (HKD Mn) | 417.9 | 1,114.38m × 0.375 |
Enterprise value, conventional (HKD Mn) | 622.6 | Market cap + bank debt 279.3 + leases 58.7 − cash 133.3 |
EV adjusted for related-party loans receivable (HKD Mn) | 240.2 | Conventional EV − 382.4 loans receivable |
P/E (x) | 107 | 0.375 / 0.0035 EPS |
P/B (x) | 0.35 | Book value per share about HK$1.06 (owners' equity 1,181.8 / 1,114.38m shares) |
EV/Sales (x) | 0.91 | 622.6 / 683.4 |
EV/EBITDA, IFRS-16 basis (x) | 5.9 | 622.6 / 105.3 |
EV/EBITDA, S&P basis (x) | 35.3 | 622.6 / 17.6 |
Market cap / brand valuation (x) | 0.20 | 417.9 / 2,050 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Ordinary DPS (HK cents) | 0 | 0 | 3.0 | 0 | 0 |
Special cash DPS (HK cents) | 0 | 0 | 14.7 | 0 | 0 |
Cash dividends paid in year (HKD Mn) | 0 | 0 | 0 | 199.1 | 0 |
Distribution in specie value (HKD Mn) | 0 | 0 | 869.3 | 0 | 0 |
Share Price & Returns by Period
| Period | Shares | Price range (HKD) | Amount (HKD Mn) | Mandate |
|---|---|---|---|---|
Apr 2024 | 46,000,000 | 0.250–0.260 | 11.80 | 2023 AGM |
Mar 2026 | 10,720,000 | 0.345–0.365 | 3.87 | 2025 AGM (19 Aug 2025) |
2026 mandate | Up to 10% of issued shares | — | — | Proposed at 2026 AGM (19 Aug 2026) |
Capital Markets
| Item | Detail |
|---|---|
Moody's / S&P / Fitch | Not rated |
Debt type | Secured bank loans, floating rate, HKD-denominated |
Collateral | PPE, investment properties, rental income and subsidiary equity (carrying value HK$298.6m) |
Outstanding at 31 Mar 2026 | HK$279.3m, all due within 1 year or on demand |
Maturity profile | May 2026 – Feb 2027, subsequently extended to May 2029 (FY2026 AR) |
Effective interest rate | 4.3% (FY2026); 6.1% (FY2025) |
Metric | FY2024 |
Bank debt due within 1 year (HKD Mn) | 184.7 |
Bank debt due after 1 year (HKD Mn) | 276.2 |
Analyst Conclusions
Management guidance
There is no numeric guidance. Qualitatively, management expects the TCM industry to enter a "normal growth cycle". FY2027 priorities are:
-
Commercialising GBA-approved products through provincial and municipal agents.
-
130th-anniversary brand investment.
-
Smart TCM rollout.
-
Increased cross-border e-commerce spending.
-
New OTC brands in the Western segment.
Consensus growth expectations
None available (no analyst coverage).
Bull case
-
Asset value far exceeds market cap. Owners' equity is HK$1,181.8m (HK$1.06 per share) against a HK$0.375 share price. Brands are valued at HK$2.05bn and carried at nil. The Shenzhen disposal (about HK$46.5m gain, about HK$100.1m net cash) shows that book values can be realised at or above carrying value.
-
The GBA channel is a genuine new market. 26 eligible products, a first-mover approval obtained in about 2 months, and an existing 30,000-outlet mainland channel through Madame Pearl's could reverse the revenue decline from FY2028 onwards.
-
Capital-return optionality. After the share premium reduction creates about HK$1.12bn of contributed surplus, low gearing (12.4%), Shenzhen proceeds and any repayment of related-party loans could fund special dividends. There is precedent: WYT paid 17.7 HK cents in Sep 2024.
Bear case
-
Operations destroy value. Segment results were −HK$14.2m in FY2026. Excluding about HK$39m of related-party interest, the group would be loss-making. FCF after leases has collapsed to zero.
-
Related-party exposure is the real risk. About HK$382m of loans to CAP and Wang On Group (around 32% of equity) depend on a parent group that lost about HK$804m in FY2026. The minority has limited protection under 72.71% control.
-
Structural decline in HK store retail. Revenue has fallen three years running (−6.6% CAGR on a continuing basis). The Western segment fell 18.5% in FY2026. Gross-margin gains are being absorbed by a fixed cost base, and mainland competitors are far larger.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing | What to watch |
|---|---|---|
| 1H FY2027 interim results | By 30 Nov 2026 | Revenue trend versus 1H FY2026 (HK$322.8m); inclusion of the Shenzhen gain; segment losses |
| Completion of the Shenzhen disposal | Q3–Q4 CY2026 | Receipt of RMB89.8m second instalment; use of proceeds |
| Dividend declaration using contributed surplus | Interim (Nov 2026) or final (Jun 2027) | Size and whether special |
| Related-party loan repayments or extensions | Ongoing | Balance of loans receivable from CAP and WOG; interest rates; covenants |
| GBA product approvals beyond Hou Tsao Powder | Ongoing | Number approved; first mainland agent revenue disclosure |
| 130th anniversary campaign | FY2027 (2027 calendar) | Like-for-like sales, marketing-cost ratio |
| Refinancing / extension confirmation | Through Feb 2027 | Facility terms to May 2029 |
| HK retail sales and visitor data | Monthly | Proxy for store revenue |
| Further property disposals | Ongoing | 4 remaining HK investment properties |
| Buyback activity under the 2026 mandate | Ongoing | Execution at a discount to book |
Analyst verdict
Wai Yuen Tong Medicine Holdings is a classic Hong Kong "asset-rich, earnings-poor" controlled small cap. The franchise is real: a 129-year TCM brand, the territory's leading cough syrup, a PIC/S-grade plant and a first-mover regulatory position in the Greater Bay Area. None of this is reflected in a market value of about HK$418m, which is about 0.35x book and about 0.2x the independently appraised value of the brands.
The financial statements, however, show a business whose operations do not currently earn their cost of capital. The core Chinese pharmaceutical segment has lost money for two consecutive years. Revenue has fallen three years in a row, to HK$683m. Reported profit (HK$4.1m in FY2026) is effectively interest earned on loans to the controlling shareholder's group. Deleveraging has been impressive, with bank debt down 39% in two years, but it has been funded by selling the store-property estate, a finite source.
The investment case therefore rests less on operating momentum than on capital allocation by the controller:
-
whether the newly created contributed surplus and the Shenzhen proceeds are returned to minorities;
-
whether the roughly HK$382m of related-party loans is repaid or allowed to grow;
-
whether the GBA approval pathway produces disclosed mainland revenue within 12–24 months.
Until at least two of these three move in minorities' favour, the discount to book is likely to persist. It is better read as a governance and credit discount than as a mispricing.
For a board-level reader: WYT is a special-situation holding, not a growth or quality compounder. A constructive stance would require evidence in the November 2026 interim results of (i) stabilising like-for-like revenue, (ii) a dividend funded by contributed surplus, and (iii) contraction of the related-party loan book. Absent these, the risk-reward is balanced at best, despite the optical cheapness.
Source list (primary unless noted)
-
WYT Announcement of Final Results for the year ended 31 March 2026 (25 Jun 2026): wyth.net / hkexnews.hk
-
WYT Annual Report 2026 (24 Jul 2026): wyth.net/report_pdf/annual-report-2026-07-24_en.pdf
-
WYT Announcement of Final Results for the year ended 31 March 2025 (30 Jun 2025): hkexnews.hk
-
WYT Interim Results Announcement for the six months ended 30 Sep 2025 (24 Nov 2025) and Profit Warning (17 Nov 2025): hkexnews.hk / wyth.net
-
WYT Interim Results Announcement for the six months ended 30 Sep 2024 (27 Nov 2024): wyth.net
-
WYT Announcement on proposed reduction of share premium (10 Jul 2026): wyth.net
-
Joint WOG/WYT announcement on the major transaction (Shenzhen disposal) (16 Jul 2026): as reported by Tiger Brokers bulletins, Sina Finance and Stockstar
-
WYT discloseable transaction, Yen Chow Street (10 Apr 2025): hkexnews.hk
-
WOG voluntary announcement on the distribution in specie (25 Jan 2024): hkexnews.hk
-
WYT/WOG/CAP joint announcements (2014, 2017, 2021): wyth.net
-
WYT Annual Reports 2005, 2012, 2015, 2016, 2018, 2019 (historical milestones): hkexnews.hk
-
wyth.net "Overview" page
-
S&P Global Market Intelligence via StockAnalysis.com (income statement, balance sheet, cash flow FY2022–FY2026; share price 16 Oct 2026) (aggregator)
-
Tencent Finance, etnet, Tiger Brokers, Lixinger, Bamboo Works (price, dividend history, CCASS, news) (aggregators / media)
-
Peer data: Tong Ren Tang Technologies FY2025 annual results (hkexnews.hk); Tong Ren Tang Chinese Medicine FY2025 (Tiger bulletin); PuraPharm (StockAnalysis.com; company announcements); Jacobson Pharma FY2026 results (ACN Newswire; FilingReader)
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Age | Tenure | Background, education and prior roles |
|---|---|---|---|---|
Mr. Tang Ching Ho, GBS, JP | Chairman (since Aug 2001); Managing Director (since 1 Apr 2018); Chairman of Executive Committee; member of Remuneration and Nomination Committees | 64 | 25 years as Chairman | Founder and Chairman of Wang On Group (1222); Executive Chairman of CAP (0149). CPPCC National Committee member (12th–14th) and Deputy Director of its Special Committee on Education, Science, Health and Sports. First Executive Chairman of the Federation of HK Guangdong Community Organisations; Chairman of the Federation of HK Shenzhen Associations. Controlling shareholder of Wang On Group |
Ms. Tang Wai Man | Executive Director (since 1 Apr 2018); member of Executive, Nomination and Remuneration Committees | 35 | Joined Jan 2016 | MA (Hons) Business Studies, University of Edinburgh. Formerly assistant to the chairman at Wang On Group (from Jul 2014). Responsible for HK/Macau sales and marketing, channel sales and retail. Holds multiple public roles: Chinese Medicine Development Committee, Chinese Medicine Council of HK (Chinese Medicine Committee), Shenzhen Pingshan CPPCC, HKBU School of Chinese Medicine advisory committee, YPO HK. Daughter of Tang Ching Ho |
Ms. Law Man Yee, Anita | Executive Director (since 8 Feb 2021); Executive Committee member | 63 | Joined 2004 | Former Assistant GM (Purchasing and Processing). Responsible for overall strategic planning, sales and marketing, raw-material sourcing and retail across HK, Macau and the mainland |
Mr. Li Ka Fai, David, MH | Independent Non-executive Director (since 17 Mar 2015); Audit Committee Chair | 71 | 11+ years | Fellow of ACCA. INED of Shanghai Industrial Urban Development (563), China-Hongkong Photo Products (1123), Cosmopolitan International (120), Goldlion (533) and Continental Aerospace Technologies (232). Former INED of China Merchants Port (144), Jun 2007–Jun 2025 |
Professor Sit Wing Hang, GBS, JP | INED (since 8 Dec 2023); Remuneration Committee Chair | 65 | About 3 years | Electrical engineer. Former Director of Electrical and Mechanical Services (2017). Secretary for Innovation and Technology, HKSAR (Apr 2020–Jun 2022). Chief Executive and Secretary of the HK Institution of Engineers. INED of 1575, 1783, 830 and Xiamen Jihong (002803.SZ / 2603.HK). Professor of Practice at PolyU |
Professor Chan Wing Kwong, MD | INED (since 8 Dec 2023); Nomination Committee Chair | 62 | About 3 years | Registered Chinese Medicine Practitioner. Visiting Professor at CUHK School of Chinese Medicine and Guangzhou University of Chinese Medicine. President of the HK Registered Chinese Medicine Practitioners Association. Member of the HKSAR Legislative Council |
Executive Leadership Team
| Name | Role | Joined | Background |
|---|---|---|---|
Dr. Tsang Yuen Wo | Director (Technical), WYT Medicine Group and Luxembourg Medicine Group: QA/QC, production, R&D, regulatory, engineering, logistics | Sep 2018 | BSc (Pharm) Aston; PhD Sydney. Registered pharmacist and Authorized Person. 22+ years in the industry. Former HKU Honorary Associate Professor; Managing Editor, HK Pharmaceutical Journal |
Mr. Leung Wai Pong | Financial Controller | Jun 2025 | EMBA CityU; BCom UNSW; Berkeley AMP. HKICPA and CPA Australia. 27+ years' experience |
Mr. Chan Siu Fai Daniel | Head of Factory Operations | Sep 2021 | MBA UniSA; BEng (Hons) PolyU. 34+ years in factory operations |
Mr. Yau Yuk Shing | Executes business strategy, plans and budget | Apr 2022 | 31+ years in property development, engineering and construction. Brother-in-law of Tang Ching Ho |
Ms. Ng Siu Yin Monica | Senior Quality Assurance Manager (Chinese medicine QA and R&D/registration) | May 2021 | MSc Natural Chemistry (NUS), MSc Operations Management (PolyU), Master of Chinese Medicine (HKU) |
Ms. Ng Yee Man Fiona | Company Secretary | Feb 2022 (CoSec since Apr 2024) | FCCA, FCG, HKICPA. Former company secretary of CAP |
Governance Detail
| Band | Number of individuals |
|---|---|
Nil to HK$1,000,000 | 2 |
HK$1,000,001 to HK$1,500,000 | 4 |
Directors' Remuneration
| Attribute | Status |
|---|---|
Board size | 6 (3 executive, 3 INEDs) |
Independence | 50% INEDs, above the one-third Listing Rule minimum |
Gender | 2 women out of 6 directors (33%); workforce 63% female; senior management 33% female |
Chair / CEO separation | Not separated. Tang Ching Ho is both Chairman and Managing Director, a disclosed deviation from CG Code C.2.1 |
Family relationships | Tang Wai Man (ED) is the daughter of Tang Ching Ho; Yau Yuk Shing (senior management) is his brother-in-law |
Audit Committee | 3 INEDs; Chair Li Ka Fai; 3 meetings in FY2026 per AR (2 regular meetings with management and auditor per results announcement) |
Remuneration Committee | 5 members (3 INEDs plus Tang Ching Ho and Tang Wai Man); Chair Sit Wing Hang; 1 meeting in FY2026 |
Nomination Committee | 5 members (3 INEDs plus 2 EDs); Chair Chan Wing Kwong |
Executive Committee | 3 EDs; Chair Tang Ching Ho |
Board meetings | 4 regular meetings in FY2026 |
INED tenure | All appointed without fixed term, subject to rotation |
Board & Management Changes
| Date | Change |
|---|---|
Apr 2024 | Ng Yee Man Fiona appointed Company Secretary |
Jun 2025 | Leung Wai Pong joins as Financial Controller |
Through Oct 2026 | No board changes since the INED appointments of Dec 2023 |
Major Shareholders
| Holder | Shares | % of issued | Notes |
|---|---|---|---|
Rich Time Strategy Limited (wholly owned by Wang On Group) | 810,322,940 | 72.71 | Controlling shareholder; gave written approval for the Shenzhen disposal |
Public float | about 304,059,948 | about 27.29 | Company confirms compliance with public float requirements (monthly returns) |
Governance Detail by Custodian
| Custodian | Share of issued capital (%) |
|---|---|
Bank of Communications (HK) | 71.75 (consistent with the Rich Time holding) |
HSBC | 3.61 |
Bank of China (HK) | 3.08 |
Futu Securities | 1.99 |
Bright Smart Securities | 1.89 |
Hang Seng Securities | 1.05 |
Competitive Landscape
Key Competitors
| Competitor | Listing | Segment overlap | Positioning versus WYT |
|---|---|---|---|
Beijing Tong Ren Tang Chinese Medicine Co. | HKEX: 3613 | HK TCM retail, premium products (Angong Niuhuang Wan), clinics | Larger, more profitable, with stronger mainland heritage. FY2025 revenue HK$1.51bn (−6.1%), gross margin 61.2%, operating margin 31.2% |
Tong Ren Tang Technologies | HKEX: 1666 | Proprietary Chinese medicines manufacturing | Far larger. FY2025 revenue RMB6,484m (−10.7%), operating margin 12.4% |
Beijing Tong Ren Tang Co. | SSE: 600085 | Mainland TCM brand and retail | — |
PuraPharm Corporation (Nong's) | HKEX: 1498 | HK TCM granules and health products | Similar size and struggles. FY2025 revenue HK$336.1m (−12.0%), operating loss HK$16.2m |
Eu Yan Sang International | Private (delisted from SGX 2016) | HK / SEA TCM retail chain | Major HK retail competitor; financials not public |
Po Sum On / Hin Sang Hong (Pak Fah Yeow, HKEX: 239) | Listed (Pak Fah Yeow) | Traditional HK OTC remedies | — |
Jacobson Pharma | HKEX: 2633 | HK generics and OTC, including respiratory / cough-cold products | Competes with Madame Pearl's in HK OTC. FY2026 revenue HK$1,569.5m (−0.5%), attributable profit HK$301.6m; 97% of revenue from HK |
Nin Jiom Medicine Manufactory (Pei Pa Koa) | Private | Herbal cough syrup | Direct cough-remedy competitor; financials not public |
China Resources Sanjiu (999) | SZSE: 000999 | Mainland OTC, including cough and cold | — |
China Traditional Chinese Medicine Holdings | HKEX: 570 | Proprietary Chinese medicines and granules | — |
Vita Green, Lee Kum Kee Health (Infinitus) | Private | HK health supplements | Supplement competitors; financials not public |
Mannings, Watsons own-label and channel power | Private (DFI Retail / CK Hutchison) | Channel and retail | Both channel partners and competitors for shelf space |
Peer Comparison FY2026
| Metric | WYT FY2026 (Mar-26) | Tong Ren Tang Tech FY2025 (Dec-25) | Jacobson Pharma FY2026 (Mar-26) | PuraPharm FY2025 (Dec-25) |
|---|---|---|---|---|
Revenue (local currency, m) | 683.4 (HK$) | 6484 (RMB) | 1569.5 (HK$) | 336.1 (HK$) |
Revenue growth (%) | -8.3 | -10.7 | -0.5 | -12.0 |
Gross margin (%) | 53.0 | 38.0 | — | 53.6 |
Operating margin (%) | -2.3 | 12.4 | — | -4.8 |
Net margin, attributable (%) | 0.6 | 6.1 | 19.2 | — |
R&D intensity (%) | 0.27 | — | — | — |
Recent Developments
There were no layoffs announced as discrete events. Headcount fell by 68 (−9%) during FY2026.
