Win Hanverky Holdings Limited Overview
| Metric | FY2023 | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|---|
| Employees (approx., year/period end) | 16,000 | 17,000 | 16,500 | 16,000 |
Source: Annual results announcements FY2024; FY2025 AR; FY2026 interim announcement.
Win Hanverky is a Hong Kong-headquartered, family-controlled apparel group whose economic engine is original-equipment manufacturing (OEM) of sportswear for a small number of global sports brands, supplemented by a high-end functional outerwear manufacturing arm acquired in 2018 and a newly constituted, asset-light Fashion Brands and Licensing (FBL) business built around the "Barbour" franchise in Greater China. Production is concentrated in Vietnam, Cambodia and Mainland China, with roughly two-thirds of revenue invoiced in US dollars and shipped to Europe, the United States and Mainland China. After two decades oscillating between manufacturing and brand-distribution adventures (Umbro, Champion, Y-3, DAKS, D-mop), the group exited direct high-end fashion retailing in late 2025, crystallising HK$165.8m of losses. It is now a lean, low-margin, highly customer-concentrated manufacturer (the largest customer was 60.4% of FY2025 sales) with a small but fast-growing, high-margin licensing tail, trading at about 0.2x book value.
Company's own description (FY2025 Annual Report)
The company describes itself as an integrated manufacturer and brands-and-licensing operator for international sports, fashion and outdoor brands, with two broad lines of business — Manufacturing Business and Fashion Brands and Licensing Business — serving markets across Europe, the United States, Chinese Mainland and other countries. The Report of the Directors adds that sales are made primarily under OEM arrangements to customers mainly in Europe, the United States, Chinese Mainland and other countries, and under wholesale, franchise-sales and brand-management arrangements primarily in Chinese Mainland, Hong Kong, Macao, Taiwan and other regions.
This is a deliberate change of wording. Up to and including the 2025 Interim Report (September 2025), the company described itself as an "integrated manufacturer and retailer", with Manufacturing and High-end Fashion Retailing as its two lines of business.
Business lines (current structure, 2026)
| Line | Reported segment | Model | Customer type | FY2025 revenue (HKD Mn) | % of continuing revenue |
|---|---|---|---|---|---|
| Sportswear Manufacturing | Manufacturing (sub-segment) | OEM contract manufacturing | Global sportswear brand owners | 2,361.0 | 69.1% |
| High-end Functional Outerwear Manufacturing | Manufacturing (sub-segment) | OEM contract manufacturing | International sports/fashion/outdoor brands; a Mainland "comprehensive sportswear conglomerate" | 633.4 | 18.5% |
| Fashion Brands and Licensing | Fashion Brands and Licensing | Wholesale to franchisees/wholesalers, franchise fees, brand management | Franchisees, wholesale customers (B2B), limited showcase retail | 424.0 | 12.4% |
| High-end Fashion Retailing (discontinued) | Discontinued operations | Direct-operated retail | Consumers in Greater China | 287.3 (not in continuing revenue) | — |
Source: FY2025 AR, MD&A.
Revenue model mix
| Revenue type | H1 2025 (HKD Mn) | H1 2026 (HKD Mn) |
|---|---|---|
| Sales of goods | 1,579.8 | 1,606.4 |
| Provision of services | 4.2 | 24.3 |
| Total continuing revenue | 1,584.0 | 1,630.8 |
Revenue is overwhelmingly product-based. In H1 2026, "sales of goods" were HK$1,606.4m and "provision of services" HK$24.3m (1.5% of continuing revenue), up from HK$4.2m in H1 2025 — the increase reflecting franchise and brand-management fees in FBL (FY2026 interim announcement, Note 2). There is no subscription revenue. Licensing/franchise income is embedded in FBL but not separately quantified beyond the services line.
Value-chain position
Win Hanverky sits in the "cut-make-trim plus" tier of the apparel value chain: it converts brand-owner designs and (often brand-nominated) fabrics into finished garments at owned factories in Vietnam, Cambodia and Mainland China. Purchases are 76.5% USD-denominated (FY2025), consistent with imported fabric and trims priced in dollars. In outerwear, the company is actively in-sourcing production previously sub-contracted to third-party garment makers (FY2025 AR). In FBL, it acts as a brand operator/licensee: it holds distribution rights for "Barbour" in Mainland China and Hong Kong and has moved from direct retail to wholesale/franchise distribution.
End markets
Sportswear (football/teamwear and athletic apparel — historically strongly linked to major tournaments), outdoor/functional outerwear (winter-season heavy, peak shipments in H2), and premium lifestyle/heritage fashion in Greater China (Barbour).
Independent characterisation
Strip away the narrative and Win Hanverky is a mid-sized Asian garment OEM with extreme dependence on one customer group (54.3% of revenue in FY2023, 54.5% in FY2024, and the largest customer 60.4% of continuing FY2025 sales). Historically, filings and trade press identified the adidas Group as the anchor relationship; current filings do not name customers. The group has repeatedly used manufacturing cash flow to fund forays into Greater China brand distribution — Umbro and European football-club merchandise (2005–2012), Champion (to 2023), Y-3/DAKS/New Era/D-mop (to 2025) — most of which ended in disposal or closure with impairments. The 2025 pivot to an asset-light franchise model around Barbour is the first such business to show segment-level profitability at scale (FY2025 operating margin 14.3%; H1 2026 18.9%). The investment case therefore hinges on (i) whether the OEM core can hold margins and volumes amid US tariffs and customer order adjustments, and (ii) whether FBL can be replicated beyond a single brand.
Strategy
Stated strategic themes (FY2025 AR and H1 2026 interim)
-
Corporate response to uncertainty framed around four pillars: agility, cost control, product diversification and business-model innovation.
-
Corporate vision: "To customise your lifestyle with us". Mission: "To be your choice for high-quality products with compelling values". Values: Be Excellent; Be Bold; Win Together.
Sportswear: broaden the customer base and source orders from new customers to reduce concentration; leverage long-term health/fitness/athleisure demand; capitalise on the 2026 FIFA World Cup.
Outerwear: complete the shift away from outsourced garment manufacturers to in-house production for quality control and efficiency; deepen and enlarge the strategic partnership with a "comprehensive sportswear conglomerate"; expand the customer base.
FBL: asset-light model (wholesale, franchise, brand management) with minimal direct showcase stores, inventory, sales staff, working capital and lease commitments; apply the model to all future brands.
Finance: strict cost control, cash-flow focus, conserve resources (no dividend).
Initiatives in the last 24 months
| Initiative | Timing | Description | Measurable outcome |
|---|---|---|---|
| Barbour franchise model | H2 2024 onward | Franchise stores alongside direct stores | FBL turned from −HK$29.3m (FY2024) to +HK$60.8m (FY2025); H1 2026 +HK$37.8m |
| Creation of FBL segment | FY2025 | New reportable segment applied retrospectively | Segment margin 14.3% FY2025 |
| Exit of High-end Fashion Retailing | Late 2025 – end-2026 | Cease Y-3, DAKS, New Era, D-mop/J-01 networks; close most stores | FY2025 discontinued loss HK$165.8m (incl. HK$81.6m goodwill/trademark impairment, HK$24.9m PP&E impairment, HK$29.3m inventory provision); H1 2026 discontinued profit HK$6.9m as inventory provisions were written back (HK$41.0m) |
| Outerwear in-sourcing | 2025–2026 | Reduce reliance on outsourced manufacturers | Revenue −26.7% FY2025; management says transition largely complete |
| Resolution of SE Asia raw-material issues | Resolved H1 2026 | Lower production and transport costs | Sportswear swing from −HK$17.6m to +HK$4.9m (H1) |
| Leadership succession | Jan–Mar 2026 | Second-generation CEO appointed | — |
| Discontinuation of same-store-sales announcements | From Apr 2026 | Follows HEFR exit | — |
| Articles of association update | AGM 18 Jun 2026 | Paperless listing regime, treasury shares, uncertificated securities | — |
| New share option scheme | AGM 18 Jun 2026 | Replaces expiring 2016 scheme | No grants disclosed |
| Vietnam factory lease extension | Date not confirmed | Binh Duong non-core factories lease extended to April 2030 | Right-of-use asset/lease liability adjustment |
Sustainability/ESG commitments
General commitments only (energy saving, office recycling, factory environmental compliance); no quantified targets disclosed in the AR text reviewed.
Medium-term targets/guidance
No quantitative medium-term financial targets or guidance have been published. Qualitative guidance (August 2026): a key sportswear customer has made order adjustments that will have a "significant impact" in H2 2026 and 2027; the outerwear key customer will "moderately" increase H2 2026 orders and the H2 peak season will lift outerwear; FBL is expected to deliver steady revenue growth and improved margins.
Products & Services
The company does not publish a product catalogue, SKU counts, specifications or pricing. The catalogue below is assembled from filings and trade press; anything not disclosed is flagged.
Manufacturing — Sportswear (OEM)
| Offering | Description | Target customer | Latest disclosure | Pricing model |
|---|---|---|---|---|
| Sportswear garments (OEM) | Athletic and teamwear apparel produced to brand-owner specifications; demand historically tied to major tournaments (management cited European sports events in 2024 and the 2026 FIFA World Cup) | International sportswear brands | FY2025 AR; H1 2026 | Per-order FOB/contract pricing; not disclosed |
| Named historical brand customers | adidas, Reebok, Umbro, Jako, Warrior, TaylorMade, Puma | — | Sporting Goods Business, c. 2014 | — |
| Current named customers | Not publicly disclosed (filings refer to "key customers" and "a key customer") | — | FY2026 interim | — |
Manufacturing — High-end Functional Outerwear (OEM)
| Offering | Description | Target customer | Latest disclosure | Pricing model |
|---|---|---|---|---|
| High-end functional outerwear / outdoor wear | Technical outerwear using technologies and licensed facilities acquired with the Sport Field Group (2018); described as "high-tech garments" and "more high-end complex garment products" | Internationally renowned sports, fashion and outdoor brands; a Mainland "comprehensive sportswear conglomerate" (strategic partner, unnamed) | FY2018 results; FY2024–2026 filings | Contract pricing; not disclosed |
| In-house capacity transition | Shift from outsourced garment makers to in-house production, described as largely complete by 2026 | — | FY2025 AR | — |
The identity of the Mainland conglomerate partner is not disclosed. Specific membranes/fabric licences behind the "licensed facilities" are not disclosed.
Fashion Brands and Licensing
| Brand / offering | Territory | Model | Status | Source |
|---|---|---|---|---|
| Barbour (British heritage outdoor/lifestyle brand) | Mainland China and Hong Kong | Distribution rights; franchise stores introduced H2 2024 alongside minimal direct "brand showcase" stores; wholesale; brand management | Core growth engine; FY2025 revenue 424.0 (+48%), H1 2026 199.9 (+40.9%) | FY2024 results; FY2025 AR; H1 2026 interim |
| Future brands | Not specified | Management states the asset-light franchise model will apply to any new brand it operates | No new brand announced as of October 2026 | FY2025 AR; H1 2026 interim |
Discontinued / exited brand portfolio (for completeness)
| Brand / network | Role | Territory | Exit |
|---|---|---|---|
| Y-3 | Authorised distributor | Mainland China, Hong Kong, Macao, Taiwan | Ceased with HEFR; store closures from late 2025 to end-2026 |
| DAKS | Licensed stores | Mainland China | Ceased with HEFR |
| New Era | Licensed stores | Hong Kong | Ceased with HEFR |
| D-mop | Multi-brand fashion retail network (self-owned and imported brands) | Hong Kong, Mainland China | Ceased with HEFR |
| J-01 | Fashion retail network | Hong Kong, Mainland China | Ceased with HEFR |
| Spoonyard | Retail network (per aggregator profile) | Not confirmed | Presumed ceased |
| Champion | Authorised distributor, licensed stores | Mainland China and others | Sold Dec 2023 for HK$89.8m |
| Umbro | Exclusive Greater China distributor (Team & Sports) | Greater China | Exited 2011–2012 |
| Manchester United / FC Barcelona / Juventus / PSG merchandise | Exclusive distributor (Win Sports) | Greater China | Historical (2007 era) |
| NYL | Active and outerwear brand sold to ~30 US department stores | United States | Historical (2008 era) |
| Diadora | Brand rights holder | China, Hong Kong, Macao | Sold to LIR for €9.2m |
As at 31 December 2024 the HEFR network (continuing basis) had 102 direct-operated stores: 76 in Mainland China, 17 in Hong Kong and Macau, 9 in Taiwan and other regions (2023: 123 stores). Store counts after the cessation decision have not been disclosed.
Financial Narrative
Basis: FY2021–FY2023 as presented in the FY2025 AR five-year summary (not re-presented for the 2025 HEFR exit); FY2024 re-presented; FY2025 as reported. FY2022 reflects the re-presentation for Champion. Source: FY2025 AR Financial Highlights unless stated.
Income statement: notes and sources
Notes: EBITDA is not reported by the company. FY2021–FY2024 EBITDA from TipRanks (on originally reported bases); FY2025 derived from the etnet EBITDA margin (3.931%) applied to continuing revenue — indicative only. FY2021 EPS from the FY2022 results announcement.
Margins and growth (%)
Revenue CAGR FY2021–FY2025 (continuing, mixed basis): −4.7%. On a like-for-like basis the decline is overstated, because FY2021 continuing revenue still included the full High-end Fashion Retailing business (FY2021 HEFR revenue was HK$1,208.4m per FY2021 AR). Excluding retail, manufacturing revenue has been broadly flat-to-down since the FY2019 peak.
Note: FY2024 gross margin was 19.5% as originally reported (including retail); re-presented it is 16.4%.
Commentary. Gross margin has compressed by ~7 percentage points since FY2021, driven by (1) the removal of higher-margin retail from the continuing base, (2) the 2023 customer inventory destock that collapsed factory utilisation (sportswear operating loss HK$187.7m in FY2023), and (3) 2025 raw-material and freight cost overruns in Southeast Asia. Operating profit has been near breakeven in FY2024–FY2025 and turned positive in H1 2026 (HK$6.0m), but finance costs (HK$32.1m in FY2025) consistently exceed operating profit, leaving pre-tax results negative. The headline losses in FY2023 and FY2025 are dominated by exits from retail brands (Champion, then HEFR), including HK$81.6m of goodwill/trademark impairment in FY2025.
Interim trend
Note the divergence between the group loss (−9.4) and attributable profit (+5.9): non-controlling interests absorbed a HK$15.4m loss, implying a loss-making non-wholly-owned subsidiary (NCI equity is now negative at −HK$26.1m). Which subsidiary carries the minority is not disclosed in retrieved documents.
Balance sheet
Notes: FY2021–FY2022 net debt derived as net gearing × total equity. All bank borrowings are classified as current in the balance sheet because of repayment-on-demand clauses; the "per schedule" split ignores those clauses. Goodwill at 31 Dec 2025 ≈HK$109m, all attributable to the high-end apparel manufacturing CGU (Key Audit Matter). Sources: FY2025 AR; FY2024 results announcement.
30 June 2026 snapshot: cash HK$356.4m; pledged deposit HK$20.8m; borrowings HK$444.0m; net debt HK$66.9m; net gearing 5.5%; undrawn facilities HK$639.1m; lease liabilities HK$152.9m; inventories HK$659.5m; trade receivables HK$331.5m; total equity HK$1,213.6m (equity attributable to owners HK$1,239.7m).
Commentary. The balance sheet has shrunk by a third since FY2021 as retail was dismantled and manufacturing assets sold. Net debt has fallen steadily; the seasonal pattern (cash peaks mid-year as receivables from H1 shipments are collected) means the June figures flatter the position — net gearing was 7.1% at June 2025 before reverting to 18.8% by December 2025. Lease liabilities (~HK$153–196m) are material relative to market capitalisation.
Cash flow
Notes: FY2024–FY2025 from FY2025 AR cash flow statement. FY2021–FY2023 OCF and FCF from TipRanks (originally reported basis), with capex implied. No share repurchases are reported in any period reviewed.
Commentary. Under HKFRS 16, lease principal payments sit in financing, flattering "free cash flow". Including lease payments, the group was cash-negative in both FY2024 and FY2025 before working-capital timing. The exit from retail should structurally reduce lease outflows (lease liabilities fell from HK$272m at end-2023 to HK$153m at June 2026).
Ratios (calculated)
ROIC uses operating profit × (1 − 16.5%) over equity + borrowings + leases − cash. FY2023 payable days on the FY2023 cost-of-sales basis. Receivable and inventory days are company-reported (FY2025 AR).
Commentary. Returns are deeply sub-economic: ROIC of ~1% against a cost of capital that, for a HK$250m small-cap with 60% customer concentration, is plausibly 10%+. The inventory-day improvement from 143 (FY2021) to 74 (FY2025) is real and reflects both the retail exit and tighter manufacturing inventory control. Interest coverage below 1x on an operating basis is the clearest symptom that the group's earnings power does not yet cover its capital structure.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Change by Period
| Period | Change | Effect |
|---|---|---|
FY2023 | "Champion" stores carved out of HEFR as discontinued operations | FY2022 restated: revenue from 4,449.8 to 4,084.2 |
FY2025 | HEFR ceased and moved to discontinued; FBL created as a new reportable segment and applied retrospectively | FY2024 re-presented: continuing revenue from 3,973.1 to 3,607.6; FBL FY2024 revenue 286.5 carved out of the former HEFR (652.1) |
Segment revenue (HKD Mn)
| Segment revenue (HKD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Sportswear Manufacturing | 1,880.2 | 2,457.1 | 2,361.0 |
High-end Functional Outerwear Manufacturing | 585.7 | 864.0 | 633.4 |
Fashion Brands and Licensing | — | 286.5 | 424.0 |
High-end Fashion Retailing — continuing basis as then reported | 607.7 | 652.1 | — |
High-end Fashion Retailing — discontinued basis (ex-FBL) | — | 365.5 | 287.3 |
Total continuing revenue (as reported in that year's accounts) | 3,073.7 | 3,607.6 | 3,418.4 |
Revenue by Segment
| Segment operating result (HKD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Sportswear Manufacturing | -187.7 | 16.0 | -31.5 |
High-end Functional Outerwear Manufacturing | 3.5 | 38.2 | -7.7 |
Fashion Brands and Licensing | — | -29.3 | 60.8 |
High-end Fashion Retailing (as reported) | -47.1 | -63.5 | -162.4 |
Group operating result — continuing (as reported) | -231.4 | 24.8 | 21.5 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansSegment Margins & Growth (%) and Revenue by Segment (%)
| Metric (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Sportswear operating margin | -10.0 | 0.7 | -1.3 |
Outerwear operating margin | 0.6 | 4.4 | -1.2 |
FBL operating margin | — | -10.2 | 14.3 |
Sportswear revenue YoY growth | — | 30.7 | -3.9 |
Outerwear revenue YoY growth | — | 47.5 | -26.7 |
FBL revenue YoY growth | — | — | 48.0 |
Sportswear % of continuing revenue | 61.2 | 68.1 | 69.1 |
Outerwear % of continuing revenue | 19.1 | 23.9 | 18.5 |
FBL % of continuing revenue | — | 7.9 | 12.4 |
Revenue by Segment (Half-Yearly)
| Metric (HKD Mn) | H1 2025 | H1 2026 | Change % |
|---|---|---|---|
Sportswear Manufacturing revenue | 1,191.6 | 1,251.1 | 5.0 |
Outerwear Manufacturing revenue | 250.5 | 179.7 | -28.3 |
FBL revenue | 141.9 | 199.9 | 40.9 |
Sportswear operating result | -17.6 | 4.9 | n/m |
Outerwear operating result | -17.5 | -36.7 | n/m |
FBL operating result | 13.9 | 37.8 | 172.3 |
Discontinued HEFR revenue | 152.6 | 136.1 | -10.8 |
Discontinued HEFR operating result | -7.0 | 7.8 | n/m |
Segment Revenue
| Segment | Assets 31 Dec 2025 | Assets 30 Jun 2026 | Liabilities 31 Dec 2025 | Liabilities 30 Jun 2026 |
|---|---|---|---|---|
Sportswear Manufacturing | 1,516.8 | 1,299.3 | 782.1 | 574.2 |
Outerwear Manufacturing | 467.6 | 584.0 | 263.4 | 401.7 |
FBL | 287.1 | 366.4 | 204.7 | 206.3 |
Discontinued | 166.3 | 96.2 | 72.1 | 21.6 |
Unallocated | 127.6 | 122.0 | 53.1 | 50.4 |
Total | 2,565.4 | 2,467.8 | 1,375.4 | 1,254.2 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue — continuing (HKD Mn) | 4,136.6 | 4,084.2 | 3,073.7 | 3,607.6 | 3,418.4 |
Gross profit (HKD Mn) | 999.0 | 822.5 | 504.1 | 590.3 | 592.9 |
Operating profit/(loss) (HKD Mn) | -50.9 | 108.0 | -231.4 | 24.8 | 21.5 |
EBITDA — third-party estimate (HKD Mn) | 229.1 | 306.3 | -39.2 | 92.9 | 134.4 |
Profit/(loss) before tax (HKD Mn) | -82.6 | 71.2 | -275.0 | -10.3 | -10.3 |
Profit/(loss) — continuing (HKD Mn) | -69.6 | 81.2 | -262.5 | -21.5 | -23.4 |
Loss — discontinued (HKD Mn) | 0.0 | -57.6 | -120.1 | -40.4 | -165.8 |
Profit/(loss) for the year (HKD Mn) | -69.6 | 23.6 | -382.6 | -61.9 | -189.2 |
Attributable to equity holders (HKD Mn) | -66.4 | 10.1 | -375.3 | -68.4 | -183.2 |
Basic EPS (HK cents) | -5.2 | 0.8 | -29.2 | -5.3 | -14.3 |
Diluted EPS (HK cents) | -5.2 | 0.8 | -29.2 | -5.3 | -14.3 |
Dividend per share (HK cents) | — | — | 0 | 0 | 0 |
Margin Analysis (%)
| Metric (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin | 24.2 | 20.1 | 16.4 | 16.4 | 17.3 |
Operating margin | -1.2 | 2.6 | -7.5 | 0.7 | 0.6 |
EBITDA margin (third-party est.) | 5.5 | 7.3 | -1.4 | 3.8 | 3.9 |
Net margin — continuing (as reported) | -1.7 | 2.0 | -8.5 | -0.6 | -0.7 |
Revenue growth YoY (mixed basis) | 2.9 | -1.3 | -24.7 | 17.4 | -5.2 |
Margin Analysis (%) and Per-Share Data
| Metric | H1 2025 (restated) | H1 2026 |
|---|---|---|
Revenue — continuing | 1,584.0 | 1,630.8 |
Gross profit | 257.1 | 275.0 |
Gross margin (%) | 16.2 | 16.9 |
Selling & distribution costs | 89.3 | 74.9 |
G&A expenses | 185.5 | 186.1 |
Operating profit/(loss) | -21.2 | 6.0 |
Finance costs — net | 16.6 | 14.2 |
Loss before tax — continuing | -38.3 | -8.0 |
Loss — continuing | -47.1 | -16.3 |
Profit/(loss) — discontinued | -8.9 | 6.9 |
Loss for period | -56.1 | -9.4 |
Attributable to equity holders | -43.5 | 5.9 |
Basic EPS (HK cents) | -3.4 | 0.5 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (HKD Mn) | 3,945.3 | 3,465.2 | 2,830.0 | 2,697.6 | 2,565.4 |
Non-current assets (HKD Mn) | 1,457.0 | 1,272.8 | 1,154.9 | 1,051.7 | 901.6 |
Current assets (HKD Mn) | 2,488.3 | 2,192.3 | 1,675.2 | 1,645.9 | 1,663.9 |
Cash and bank balances (HKD Mn) | 415.8 | 370.5 | 209.5 | 250.3 | 264.4 |
Bank borrowings — total (HKD Mn) | — | — | 472.8 | 465.0 | 509.0 |
of which due within 1 year per schedule (HKD Mn) | — | — | 472.8 | 394.5 | 443.5 |
of which due after 1 year per schedule (HKD Mn) | — | — | 0.0 | 70.5 | 65.5 |
Lease liabilities — total (HKD Mn) | — | — | 272.2 | 224.9 | 196.3 |
Net debt — company definition (HKD Mn) | 530.4 | 424.0 | 265.2 | 214.7 | 224.1 |
Total equity (HKD Mn) | 1,942.7 | 1,859.8 | 1,440.8 | 1,345.2 | 1,190.0 |
Goodwill & intangibles (HKD Mn) | — | — | 201.2 | 198.3 | 113.9 |
Inventories (HKD Mn) | — | — | 752.2 | 716.4 | 703.9 |
Net current assets / working capital (HKD Mn) | 707.3 | 753.5 | 477.2 | 440.6 | 425.4 |
Net gearing (%) | 27.3 | 22.8 | 18.4 | 16.0 | 18.8 |
Current ratio (x) | 1.4 | 1.5 | 1.4 | 1.4 | 1.3 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansCash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (HKD Mn) | -73.6 | 243.7 | 265.4 | 122.9 | 146.4 |
Capex — PP&E payments (HKD Mn) | 78.1 | 56.9 | 56.0 | 44.5 | 42.7 |
Free cash flow — OCF less capex (HKD Mn) | -151.7 | 186.8 | 209.4 | 78.4 | 103.6 |
Lease payments — principal + interest (HKD Mn) | — | — | — | 127.4 | 122.0 |
FCF after lease payments (HKD Mn) | — | — | — | -49.0 | -18.4 |
Dividends paid (HKD Mn) | — | — | 0.0 | 0.0 | 0.0 |
Share buybacks (HKD Mn) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE — net profit / average total equity (%) | -3.6 | 1.2 | -23.2 | -4.4 | -14.9 |
ROA — net profit / average total assets (%) | -1.8 | 0.6 | -12.2 | -2.2 | -7.2 |
ROIC — NOPAT / invested capital, approx. (%) | — | — | — | 1.2 | 1.1 |
Debt / equity — bank borrowings / total equity (%) | — | — | 32.8 | 34.6 | 42.8 |
Net debt / EBITDA — third-party EBITDA (x) | 2.3 | 1.4 | n/m | 2.3 | 1.7 |
Interest coverage — operating profit / net finance costs (x) | — | — | -5.1 | 0.7 | 0.7 |
Asset turnover — revenue / average total assets (x) | 1.0 | 1.1 | 1.0 | 1.3 | 1.3 |
Receivable turnover (days, reported) | 44 | 41 | 52 | 45 | 50 |
Inventory turnover (days, reported) | 143 | 104 | 113 | 67 | 74 |
Payable days — trade payables / COGS × 365 (days) | — | — | 44 | 34 | 39 |
Cash conversion cycle (days, approx.) | — | — | 121 | 78 | 85 |
Revenue by Region
| Region (HKD Mn) | FY2023 | FY2024 |
|---|---|---|
Mainland China | 980.5 | 1,466.0 |
Europe | 911.6 | 1,244.6 |
Other Asian countries | 533.7 | 513.6 |
United States | 425.7 | 438.7 |
Hong Kong | 58.5 | 119.8 |
Canada | 38.4 | 28.9 |
Others | 125.3 | 161.7 |
Total | 3,073.7 | 3,973.1 |
Region growth FY2024 vs FY2023 (%)
| Region growth FY2024 vs FY2023 (%) | Value |
|---|---|
Mainland China | 49.5 |
Europe | 36.5 |
Other Asian countries | -3.8 |
United States | 3.0 |
Hong Kong | 104.9 |
Canada | -24.8 |
Others | 29.0 |
Revenue by Region (Half-Yearly)
| Region (HKD Mn) | H1 2025 | H1 2026 |
|---|---|---|
Europe | 650.7 | 547.2 |
Chinese Mainland | 343.9 | 459.8 |
Other Asian countries | 221.3 | 292.7 |
United States | 219.1 | 164.0 |
Hong Kong | 28.5 | 45.8 |
Canada | 13.8 | 10.0 |
Others | 106.8 | 111.3 |
Total | 1,584.0 | 1,630.8 |
Region growth H1 2026 vs H1 2025 (%) | Value | — |
Europe | -15.9 | — |
Chinese Mainland | 33.7 | — |
Other Asian countries | 32.3 | — |
United States | -25.2 | — |
Hong Kong | 60.7 | — |
Canada | -27.8 | — |
Others | 4.2 | — |
Currency share of revenue (%)
| Currency share of revenue (%) | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
USD | 59.7 | 69.0 | 70.0 |
MYR Bn | 36.0 | 28.8 | 27.3 |
HKD | 3.0 | 2.2 | 2.5 |
Valuation Snapshot
| Metric | Value | Source / date |
|---|---|---|
Recent price | ≈HK$0.19 (HK$0.21 on Simply Wall St at a different date) | Motley Fool (Aug 2026); Simply Wall St |
52-week range | HK$0.16 – 0.25 | TipRanks / Motley Fool |
Market cap | ≈HK$244m – 265m | Motley Fool; Simply Wall St |
Price, Oct 2025 | HK$0.20 (1-year change then +22.5%) | TipRanks, 4 Oct 2025 |
Approx. 1-year change to Aug 2026 | ≈ −5% (HK$0.20 → HK$0.19) | Derived |
3-year and 5-year performance | Not reliably verified | — |
Average daily volume | ≈175,000–212,000 shares (TipRanks snapshots, 2025) | TipRanks |
IPO net proceeds (2006) | ≈HK$738.4m — roughly 3x today's market value | 2006 AR |
Valuation Snapshot by Multiple
| Multiple | Value | Method |
|---|---|---|
P/E (TTM) | n/m | TTM attributable result ≈ −HK$133.8m (FY2025 −183.2 less H1 2025 −43.5 plus H1 2026 +5.9) |
P/E (continuing, TTM) | n/m | Continuing attributable result negative |
P/B | ≈0.20x | HK$244m / HK$1,239.7m equity attributable |
EV (ex-leases) | ≈HK$311m | Market cap + borrowings 444.0 − cash 356.4 − pledged 20.8 |
EV (incl. leases) | ≈HK$464m | Adds lease liabilities 152.9 |
EV/Sales (TTM continuing revenue ≈HK$3,465m) | ≈0.09x (0.13x incl. leases) | Derived |
EV/EBITDA | ≈2.3x on third-party FY2025 EBITDA (≈HK$134m) — indicative only | Derived |
Dividend yield | 0% | No dividends FY2023–FY2025, H1 2026 |
Capital Markets
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (HK cents) | — | — | 0 | 0 | 0 |
Buybacks (HKD Mn) | 0 | 0 | 0 | 0 | 0 |
Debt Maturity Profile
| Maturity bucket (HKD Mn) | 31 Dec 2024 | 31 Dec 2025 | 30 Jun 2026 |
|---|---|---|---|
Within 1 year | 394.5 | 443.5 | 381.0 |
1–2 years | 5.0 | 5.0 | 5.0 |
2–5 years | 15.0 | 15.0 | 58.0 |
Over 5 years | 50.5 | 45.5 | 0.0 |
Total bank borrowings | 465.0 | 509.0 | 444.0 |
Analyst Conclusions
Management guidance (qualitative, August 2026)
-
Sportswear: significant near-term challenges; key customer order adjustments to have a significant impact in H2 2026 and 2027; seeking new customers.
-
Outerwear: key customer to increase orders moderately in H2 2026; seasonal rebound; partnership with the Mainland conglomerate to enlarge; confident in long-term prospects.
-
FBL: transition to asset-light model largely complete; expect steady revenue growth, improved margins and enhanced profitability.
-
Balance sheet: steady operating cash inflow expected; adequate liquidity for the next 12 months; dividend under review "from time to time".
Consensus
No consensus exists (no analyst coverage).
Bull case
-
The ugly parts are gone. HEFR — the source of repeated losses — is closed; H1 2026 shows the discontinued unit even generating HK$6.9m profit through inventory write-backs, and continuing operating profit turned positive (HK$6.0m).
-
FBL is becoming material. At HK$37.8m of H1 2026 operating profit on HK$199.9m revenue, FBL alone out-earned the whole group's FY2025 continuing operating profit; one or two further brands under the franchise template could re-rate the stock.
-
Asset backing. At ≈0.2x book and with net debt of just HK$66.9m (June 2026), a controlling shareholder holding 57.9% has optionality to privatise or recycle assets; even a modest earnings normalisation (e.g., 2% operating margin) would materially change the equity story at this valuation.
Bear case
-
The core is shrinking under the customer's control. Management itself has warned of significant order adjustments from a key sportswear customer through 2027, in a business where the largest customer is 60% of sales.
-
Profitability never covers capital. Operating margins of 0.6–0.7% in FY2024–FY2025 and interest coverage below 1x; FCF after lease payments was negative in both years.
-
Outerwear and goodwill risk. The outerwear segment lost HK$36.7m in H1 2026 and carries ≈HK$109m of goodwill — the sole Key Audit Matter — creating a non-trivial impairment risk if H2 recovery disappoints.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Timing | What to watch |
|---|---|---|
| Positive/negative alert for FY2026 | ~Feb 2027 | Magnitude of sportswear order-adjustment impact in H2 2026 |
| FY2026 annual results | ~Mar 2027 | FBL full-year margin; outerwear H2 profit; goodwill test outcome; dividend decision |
| New brand announcement under FBL | Any time | Evidence the franchise model is replicable |
| New sportswear customer wins | Any time | Reduction in top-customer share below 60% |
| US tariff developments | Ongoing | Impact on US-bound volumes (−25% in H1 2026) |
| Completion of HEFR store closures | By end-2026 | Residual losses, held-for-sale asset realisation |
| Year-end net gearing | Dec 2026 | Whether it stays well below FY2025's 18.8% |
| Board committee composition | 2027 AGM | Governance refresh, gender diversity |
| Controlling-shareholder actions | Ongoing | Any privatisation or capital return given 0.2x P/B |
Analyst verdict
Win Hanverky in October 2026 is a company that has finally done the obvious thing — stopped running loss-making retail — and is now being judged on what remains. What remains is a thin-margin sportswear OEM, a seasonal and currently loss-making outerwear arm, and a small but genuinely good franchise business. The H1 2026 numbers are the best the group has posted in years at the attributable line, but they are flattered by discontinued-operation inventory write-backs and by the absence of the 2025 raw-material shock; underlying continuing operations still lost HK$16.3m after tax.
The decisive variable is not FBL, encouraging as it is, but the anchor customer. Management's own warning of significant order adjustments through 2027 means the 69% of revenue that comes from sportswear may contract just as the group needs it to fund the transition. With the largest customer at 60.4% of sales, Win Hanverky's earnings are effectively a derivative of one brand's sourcing decisions, and history (FY2023's HK$187.7m sportswear loss) shows how violent that exposure can be.
Against that, the balance sheet has been repaired: net debt is negligible at mid-year, facilities are ample, and the stock trades at roughly one-fifth of book value with no analyst coverage. That valuation already discounts a great deal of bad news; the asymmetry lies in whether management can (a) add a second and third brand to the FBL template, (b) win new OEM customers, and (c) bring outerwear back to profitability so the ≈HK$109m of goodwill is not impaired.
On balance, this is a deep-value, high-uncertainty special situation rather than a quality compounder. Absent evidence of customer diversification or a second licensed brand, the shares are likely to remain a value trap; with either, the discount to book offers meaningful upside. The new CEO's first full-year results in March 2027 are the key test.
Source register (principal documents)
| Document | Date | Used for |
|---|---|---|
| FY2025 Annual Report (HKEX) | 29 Apr 2026 (approved 19 Mar 2026) | Five-year summary, segments, governance, ownership, cash flow, balance sheet |
| FY2026 Interim Results Announcement (HKEX) | 20 Aug 2026 | H1 2026 financials, segments, geography, guidance |
| FY2024 Annual Results Announcement (HKEX) | 20 Mar 2025 | FY2023–FY2024 segments, geography, Champion disposal, store counts |
| FY2023 / FY2022 Annual Results Announcements (HKEX) | Mar 2024 / Mar 2023 | Restatements, disposal gains |
| Inside-information announcements (HKEX) | Feb 2024 – Aug 2026 | Profit warnings and loss-reduction alerts |
| Board change announcements (HKEX) | Jan 2022, Jul 2022, Jan 2026, Jun 2026 | Governance changes |
| 2006 Annual Report (HKEX) | Apr 2007 | IPO proceeds, early history |
| Sporting Goods Business, SGI Europe, Retail Bulletin, Modaes | 2005–2014 | Historical deals, customers, factories |
| TipRanks, The Motley Fool, Simply Wall St, etnet, Lixinger, Morningstar, Tonghuashun, MarketScreener | 2025–2026 | Market data, third-party EBITDA, CCASS positions, profile data (flagged as secondary) |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Appointed | Age (FY2025 AR) | Background and education |
|---|---|---|---|---|
LI Kwok Tung Roy | Executive Director, Co-founder, Chairman; member of Remuneration and Nomination Committees | Dec 2005 | 75 | 45+ years in apparel and client relationships; owns 70% of Quinta Asia; father of the CEO |
LAI Ching Ping | Executive Director, Co-founder, Deputy Chairman | Dec 2005 | 75 | 45+ years in apparel; owns 30% of Quinta Asia; holds 4,186,000 shares directly |
LI Chun Ho Fredrick | Executive Director (from 2 Jan 2026), CEO (from 3 Mar 2026); head of FBL | Jan 2026 | 49 | Joined Jan 2004 as sales & marketing director, Sportswear Manufacturing; HEFR senior management 2011, MD 2016; earlier finance industry in Canada; B.Comm, University of Toronto (2000); EMBA, CUHK (2011) |
WONG Chi Keung | Executive Director, CFO, authorised representative | Joined Mar 2014 | 59 | 33+ years accounting/finance; CFO of China Dongxiang and Besunyen (2006–2013); China Netcom (2002–2006); PwC audit manager (1989–1999); INED of Sinomax Group; BBA CUHK, MBA AGSM; FCCA, HKICPA |
KWAN Kai Cheong | INED; Audit Committee Chairman; Remuneration Committee member | Apr 2006 | 76 | MD of Morrison & Company; former President, Merrill Lynch Asia Pacific; INED of Sunlight REIT manager, Greenland Hong Kong, CK Life Sciences, HK Electric Investments; Stanford Executive Program; B.Acc (Hons) University of Singapore |
CHAU Pui Lin | INED (rejoined 2 Jan 2026; previously Jun 2015–Oct 2019) | Jan 2026 | 64 | 40 years in Greater China marketing/advertising: President of Edelman; COO Greater China then CEO of Cheil Worldwide; Chairman/CEO Draftfcb Greater China; CEO Saatchi & Saatchi Great Wall China; B.Soc.Sc. CUHK (1983) |
Dr CHAN Chee Kooi | INED (from 1 Jul 2026); committee chairmanship assumed per 30 Jun 2026 announcement | Jul 2026 | — | Expertise in clothing technology and production management; Diploma in Fashion and Clothing Manufacture; three-year appointment |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
20 Jan 2022 | Dr Chan Kwong Fai (INED) resigned | Other personal commitments |
25 Jul 2022 | Chan Kit Fun Fanny appointed INED | Banking/manufacturing background |
| 2022 | Chan Ka Kui (INED, 2019–2022) left the board | Per MarketScreener |
2 Jan 2026 | Li Chun Ho Fredrick appointed ED; Ma Ka Chun resigned as INED (personal health); Chau Pui Lin appointed INED and Nomination Committee chair | Generational succession |
3 Mar 2026 | Li Chun Ho Fredrick appointed CEO; Lee Kwok Leung retired as ED | Lee was previously listed as CEO in third-party profiles (Twelve Data) |
1 Jul 2026 | Chan Kit Fun Fanny resigned as INED (she had chaired the Remuneration Committee); Dr Chan Chee Kooi appointed; committee chairs reshuffled | Exact post-change committee chair allocation not fully retrieved |
Directors' Remuneration
| Item | FY2025 detail |
|---|---|
Senior management bands | One individual HK$1.0–1.5m; one individual HK$2.0–2.5m (FY2025 and FY2024) |
Executive service contracts | 3-year terms; ≥6 months' notice; discretionary annual bonus |
INED letters of appointment | 3-year terms; ≥3 months' notice |
Share options | Wong Chi Keung's 10,000,000 options (exercise price HK$1.562, granted 22 Dec 2015) lapsed unexercised on 21 Dec 2025; no options granted under the 2016 scheme; new scheme adopted at the 18 Jun 2026 AGM (mandate 128,440,000 shares, 10% of issued capital) |
External auditor fees | Audit HK$3.75m; non-audit HK$0.20m; total HK$3.95m |
Major Shareholders
| Holder | Shares | % of issued | Type | Source |
|---|---|---|---|---|
Quinta Asia Limited (Li Kwok Tung Roy 70% / Lai Ching Ping 30%) | 743,769,967 | 57.91 | Substantial shareholder, beneficial | FY2025 AR |
Lai Ching Ping (direct) | 4,186,000 | 0.33 | Director, beneficial | FY2025 AR |
Wong Chi Keung (direct) | 102,000 | 0.01 | Director, beneficial | FY2025 AR |
All other holders (public float) | ≈536.3m | ≈41.75 | — | Derived |
Major Shareholders by Intermediary
| Intermediary | Shares (m) | % of issued |
|---|---|---|
Standard Chartered Bank (Hong Kong) | 105.0 | 8.19 |
HSBC | 90.6 | 7.05 |
Goldman Sachs (Asia) Securities | 56.9 | 4.43 |
Bright Smart Securities | 25.0 | 1.95 |
Interactive Brokers Hong Kong | 24.5 | 1.91 |
Futu Securities International | 23.7 | 1.85 |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | HQ / listing | Relative positioning vs Win Hanverky |
|---|---|---|---|
Sportswear OEM | Shenzhou International | Ningbo / HKEX 2313 | Vertically integrated knit fabric + garment giant; far larger scale and margins; also supplies major sportswear brands |
Sportswear OEM | Eclat Textile | Taiwan / TWSE 1476 | Fabric-to-garment performance apparel supplier; higher value-add |
Sportswear OEM | Makalot Industrial | Taiwan / TWSE 1477 | Large multi-country garment OEM |
Sportswear/apparel OEM | Crystal International | Hong Kong / HKEX 2232 | Diversified apparel maker incl. sportswear/outdoor; much larger |
Sportswear/outdoor OEM | Youngone Corporation | Korea / KRX | Major outdoor/technical apparel manufacturer |
Apparel OEM | Lever Style | Hong Kong / HKEX 1346 | Asset-light apparel supply-chain player |
Apparel OEM | Nobland, Hirdaramani, MAS Holdings | Korea / Sri Lanka (private) | Competing sportswear/athleisure suppliers |
Outerwear OEM | Tristate Holdings (historically HKEX 458) | Hong Kong | Premium outerwear and apparel manufacturing |
Hong Kong-listed garment peers (valuation comparables) | Yangtzekiang Garment (0294), High Fashion International (0608), Bonny International (1906) | HKEX | Small-cap peers cited by TipRanks |
Fashion brands/licensing in Greater China | Shanshan Brand Management (1749), YGM Trading, other brand distributors | HKEX | Brand-operator peers |
Competitor Detail
| Metric | Win Hanverky (FY2025) |
|---|---|
Revenue | HK$3,418m |
Revenue growth | -5.2% |
Gross margin | 17.3% |
Operating margin | 0.6% |
