Yip's Chemical Holdings Limited Overview
Yip's Chemical is a Hong Kong-listed, family-controlled chemical group whose operations are almost entirely in mainland China. It is transforming from a vertically integrated solvents-to-coatings manufacturer into what management calls a "leading development platform for chemical businesses." The core consolidated franchises are:
Bauhinia Variegata inks: Ranked first in mainland China and 18th globally by sales (Ink World, 2024).
Coatings: Bauhinia, Camel, Hang Cheung toy and plastic coatings, and resins. Ranked seventh in mainland China and 57th globally (Coatings World, 2024).
Lubricants: Hercules automotive and Pacoil industrial brands.
Since December 2025 the Group has also owned about 60% of Beijing Sino-Hypro, a high-margin chemical-vapour recovery and treatment engineering company. It holds a 24% effective stake in Handsome Chemical, the world's largest acetate-solvents producer, which is now controlled by PAG. Consolidated revenue is about HK$3bn. A substantial share of earnings comes from the equity-accounted solvents associate. The balance sheet is conservatively geared at 13.4% net debt to equity, and the shares trade at roughly one-third of book value.
Company's own description
In its FY2025 results announcement, the Company describes itself as an investment holding company. Its principal subsidiaries and associates are engaged in:
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Manufacturing of and trading in solvents, coatings, inks and lubricants.
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Manufacturing and sale of chemical vapour recovery and treatment (CVRT) systems.
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Property investment.
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Other businesses.
In the 2024 Annual Report, management restated its vision. The Group aims to leverage a long-term-oriented controlling shareholder base, its Hong Kong listing, its reputation and its China operating experience. It intends to build and invest in chemical businesses with distinctive models in niche markets, grounded in green technology, service and branding. The long-standing corporate vision is "Towards a Century of Revered Leadership" (百年葉氏).
Independent characterisation
| Business | Customer types | End-markets |
|---|---|---|
| Architectural coatings | Distributors, branded stores, painters (Camel), property developers and SOE contractors | Residential repainting ("secondary renovation"), new-build projects |
| Industrial coatings | Furniture OEMs, toy makers (incl. international brands), plastics converters, protective-coating users | Custom wooden furniture, toys, plastic substrates, NEV batteries (start-up), anti-corrosion |
| Resins | Captive and third-party coatings formulators | Automotive and protective coatings |
| Inks | Packaging printers and converters | Food, beverage, daily necessities, gift packaging, electronics, PCBs, decorative materials |
| Lubricants | Auto-aftermarket distributors and stores; industrial users | Passenger and commercial vehicles; electronics, appliances, steel, ports, cement, textiles, metalworking |
| CVRT (Sino-Hypro) | Refineries, chemical plants, storage terminals, logistics operators | Oil and gas and chemical emissions control |
| Solvents (associate) | Coatings, adhesives, pharma, tannery and battery makers; exports | Global acetate solvents |
Yip's Chemical is best understood as three economic layers.
Layer 1: Consolidated operating businesses (about HK$3.0bn revenue in FY2025). These are formulators and downstream manufacturers selling physical products, almost exclusively in mainland China.
Coatings: 46% of FY2025 revenue: Architectural paint is sold through distributors and branded stores; Bauhinia had more than 2,300 branded stores at end-2022. Industrial coatings cover furniture, toys and plastics, and protective uses. Resins are partly used captively.
Packaging and specialty inks: 44%: Gravure, offset, screen and UV inks are sold B2B to printing and converting companies.
Lubricants: 9.5%: Automotive aftermarket products are sold via distributors; industrial specialties are sold B2B.
Layer 2: Engineering and technology (from December 2025). Sino-Hypro designs, manufactures and supplies systems that recover and treat chemical vapour generated in the production, storage and transport of chemicals, oil and gas. Revenue is project and contract based, with contract assets and liabilities, and is billed under payment schedules rather than credit terms. Gross margin was 45.6% in H1 2026, far above the legacy businesses.
Layer 3: Financial and associate holdings.
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A 24% effective stake in Handsome Chemical: share of results HK$79.4m in FY2025 and HK$112m in H1 2026.
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A portfolio of FVTPL financial assets worth HK$923m at end-2025. This includes US$85m of PAG-vehicle preferred shares subscribed in 2023.
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Investment-grade bonds.
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Investment properties of HK$214m.
Revenue model mix (FY2025). About 99.8% is product sales recognised at a point in time. Rental income is 0.2%. There is no subscription or licensing revenue. CVRT will add contract revenue from 2026; in H1 2026, Sino-Hypro's HK$136m was about 8% of Group revenue.
Value-chain position. Historically the Group was integrated upstream, because solvents were a key raw material for coatings and inks. After the 2022 PAG transaction it is a minority owner of the upstream acetate chain and a majority owner of downstream formulators. Raw materials include solvents, resins, pigments, titanium dioxide and base oils. Customer concentration is low: the top five customers were under 8% of revenue in FY2024.
Customer types and end-markets
Strategy
Stated strategy (themes paraphrased from the 2024 AR and FY2025 results)
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"Leading development platform for chemical businesses" (精美的化工企業發展平台). In management's framing, "精" means distinctiveness in green technology, service and branding within niche markets, and "美" means a high-quality profit model. The Group intends to build and acquire such businesses around a long-term controlling shareholder, its HK listing and its China operating network.
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Organic strengthening of core businesses.
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Industrial coatings and resins: allocate more resources; pursue M&A of technology-capable entities.
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Architectural coatings: adopt "more pragmatic" promotion; integrate online and offline stores with national distributors.
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Inks: defend and grow packaging inks share; look for technology-driven ink M&A.
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Lubricants: optimise the automotive portfolio; invest prudently in niche industrial lubricants.
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"Basing in China, looking to ASEAN." Vietnam is the first overseas manufacturing base.
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Inorganic growth via strategic investment. The Strategic Investment Department, led by Yip Chun, is targeting distressed or under-capitalised SMEs needing funding, finance, HR and supply-chain support (2024 Chairman's Statement). Sino-Hypro is the first "platform" acquisition.
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Financial prudence. Keep gearing low; increase cheaper RMB borrowing; hedge interest-rate and currency exposure; invest surplus cash in investment-grade bonds.
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Long-term vision: "Towards a Century of Revered Leadership."
Initiative register (last 24 months)
| Date | Initiative | Type | Status / target |
|---|---|---|---|
| Jun 2024 – Jun 2025 | Share buyback programme | Capital return | 10.02m shares (1.8%) bought at HK$1.43–1.53; Chairman called the outcome below expectations |
| 2,024 | Start-up for UV-curable coatings and polymer materials for NEV batteries | New business | Early stage; financials not disclosed |
| 2,024 | HK$100m three-year bilateral sustainability-linked loan | ESG finance | Funds energy-efficiency capex and R&D |
| 2,024 | New inks leadership; restructuring of structure, sales and supply chain | Transformation | FY2024 inks profit +104% |
| Jan–Jun 2025 | Jinshan idle land surrender (RMB69.11m) | Asset optimisation | Completed; HK$60.0m pre-tax gain |
| 2,025 | Handsome Chemical Jingmen plant (associate) | Capacity | Full production 2H 2025 |
| Oct–Dec 2025 | Acquisition of about 60% of Sino-Hypro | New business / platform | Completed; H1 2026 segment result HK$28.0m |
| 2,025 | RMB268.8m acquisition loan; IRS and CCS hedges | Financing | Drawdown from early 2026 |
| Nov 2025 – Jan 2026 | Disposal of Bauhinia Hebei inks | Portfolio pruning | Completed Jan 2026 |
| Apr 2026 | Hang Cheung Vietnam plant (Haiphong) | Geographic expansion | Opened 22 Apr 2026; built in about one year |
| Sep 2026 | Sino-Hypro debut at ICIF 2026 with "zero incineration" recovery technology | Commercialisation | Ongoing |
| Ongoing | Brand marketing: China Women's National Football Team; high-speed rail sponsorships | Brand | Ongoing |
Medium-term financial targets and guidance
Management has published no quantitative medium-term targets for revenue, margin or ROE. Qualitative guidance:
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The FY2025 Chairman was "slightly optimistic" on 2026, citing expected anti-involution policy and consumption stimulus.
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The CEO expects Sino-Hypro's operating performance to be enhanced.
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The Group will keep seeking acquisitions in coatings and inks.
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The H1 2026 release described the Group as well placed for further growth.
Products & Services
Coatings: Bauhinia Advanced Materials Group
| Product line / brand | Description and capabilities | Target customer | Launch / latest | Pricing model | Flagship / notes |
|---|---|---|---|---|---|
| Bauhinia (紫荊花) architectural coatings | Interior and exterior emulsion wall paints, floor coatings, art coatings, faux-stone paints, wood paints | Households (repaint), contractors, SOE builders, developers | Long-established; brand refresh ongoing | List price via distributors and stores; project tenders | Official supporting brand of the China Women's National Football Team; title sponsor of two Bauhinia high-speed-rail trains |
| Bauhinia auxiliary materials | Wall reinforcement, floor levelling, tile adhesives, kitchen and bathroom waterproofing, grout, tools and consumables | Retail and contractors | Ongoing | Retail | Positioned as a "one-stop shop" |
| Camel (駱駝) paints | Painter-channel ("油工") architectural paints | Professional painters, channel dealers; South China, HK, Macau | Brand founded 1932; acquired early 2018 | Channel pricing | "Hong Kong Top Brand" (HK Brand Development Council, 2024) |
| Aquapro, VIVA | Coatings brands acquired with Camel | HK, Macau, mainland | Acquired 2018 | — | Product specifications not publicly disclosed |
| Hang Cheung (恒昌) industrial coatings | Toy coatings and functional plastic coatings | Domestic and international toy brands; plastics converters | Long-established; Vietnam plant 2026 | B2B contract | Described as the leader in toy coatings |
| Furniture / wood coatings | Coatings for custom wooden furniture; exports to Vietnam and Malaysia | Furniture OEMs | Ongoing | B2B | Award: "Excellent Demonstration Unit for 2024 Environmentally Friendly Wood Coatings" (CNCIA) |
| Protective (anti-corrosion) coatings | High-performance protective coatings | Industrial and infrastructure | Growing niche | B2B / project | Cited for sales and profit growth (FY2024–FY2025) |
| NEV battery coatings (start-up, est. 2024) | UV-curable coatings and polymer materials for NEV power batteries and components | Battery and NEV supply chain | 2,024 | — | Early stage |
| Resins | Acrylic, water-based, alkyd and polyester resins; polyurethane curing agents; custom resins | Captive coatings plus third parties | Ongoing; automotive and protective R&D in FY2025 | B2B | Vertical integration into coatings |
| CNAS-accredited industrial coatings laboratory | Testing services and quality assurance | Internal and international-brand supply chains | Ongoing | Service | China National Accreditation Service recognition |
The Advanced Materials Group runs architectural coatings in mainland China, Hong Kong and Macau, and industrial coatings and resins in mainland China. It has automated production bases in Shanghai (Jinshan), Huizhou (Guangdong) and Chengdu (Sichuan), plus Vietnam from April 2026.
Inks: Bauhinia Variegata Ink (洋紫荊油墨)
| Product line | Description | Target customer | Notes |
|---|---|---|---|
| Gravure printing inks | Solvent and water-based gravure inks for flexible packaging | Food, beverage and daily-necessities packaging printers | Core product; leading position in food-packaging inks |
| Offset printing inks | Including pure plant-oil inks | Paper packaging and printed matter | Eco-product line |
| Screen printing inks | Specialty decoration | Industrial products, electronics | Niche expansion |
| UV printing inks | Energy-curable inks | Packaging and labels | Growth line |
| Water-based inks | Low-VOC inks | Environmentally sensitive packaging | "Corporate Environmental Leadership Awards" cited |
| Electronic-product and decorative specialty inks | Specialty inks for electronics and industrial decoration | Electronics and industrial | Expanded in FY2024 |
| PCB (circuit-board) inks | Via the controlling stake acquired January 2024 (Huangshi) | PCB manufacturers | Value not disclosed |
| Solvents and eco processing materials | Ancillary products | Printers | — |
| New Asia Pacific Testing Technology Service (Zhongshan), est. 2022 | Consulting, training, inspection, testing and certification; CMA, CNAS and US CPSC lab accreditations | Packaging and consumer-goods supply chains | Service revenue not separately disclosed |
The inks business began in 1998. It describes itself as China's largest ink supplier and among the global top 20 (18th globally by sales per Ink World, 2024). Production bases are in Zhongshan (Guangdong), Tongxiang (Zhejiang) and Huangshi (Hubei, PCB inks). The Hebei plant was sold in January 2026.
Manufacturing attributes: benzene-free segregated production plant, full-pipeline production with automated control linked to ERP, hazardous-substance process management system, and VOC-reduction technology (2024 Annual Report).
Lubricants
| Brand | Products | Target customer | Notes |
|---|---|---|---|
| Hercules (力士) | Engine oils, antifreeze, system coolants, brake fluids, greases, gear oils, ATF, hydraulic oils; diesel-engine oils for logistics vehicles | Mainland automotive aftermarket via distributors and empowered stores | Started 1992; brand repositioning with flattened channels |
| Pacoil (博高) | High-performance industrial and special lubricants; specialty greases; metalworking oils and fluids | Electronics, appliances, automotive, bearings, engineering machinery, steel, ports, cement, toys, textiles, metal processing | Management's stated growth priority |
Chemical vapour recovery and treatment (Gas Separation and Recovery): Sino-Hypro
| Offering | Description | Customer | Notes |
|---|---|---|---|
| CVRT systems | Specialised systems to recover and treat chemical vapour generated in the production, storage and transport of chemicals, oil and gas | Refineries, chemical plants, tank farms, loading terminals | Positioned by the Company as a leading mainland enterprise in the field |
| "Zero incineration, zero carbon emission" pure-physical recovery technology | Marketed at ICIF 2026 (Sep 2026) as milligram-level oil and gas recovery | Chemical industry | Contract-based revenue; no credit terms (FY2025 note 9) |
Solvents (associate, 24% effective): Handsome Chemical (謙信化工)
| Item | Detail |
|---|---|
| Products | Ethyl acetate, n-butyl acetate, n-propyl acetate, mixed butyl acetate, butyl acrylate, methyl acetate, electronic-grade ethyl acetate; acetic acid (from Jingmen) |
| Plants | Zhuhai (Guangdong), Taixing (Jiangsu), Jingmen (Hubei; 600kt acetic acid plus 600kt acetates, full production 2H 2025) |
| Volumes | 1,368kt (2023), 1,540kt (2024), 1,800kt (2025); exports about 530kt (2024) and about 760kt (2025) |
| Model | Direct sales; global network |
| Partners | PAG (controlling), Jiangmen Qisheng (since 1993) |
| Chair | Yip Tsz Hin (Deputy Chairman of Yip's Chemical) chairs Handsome Chemical's board |
Financial Narrative
Income statement
EBIT is gross profit plus other income and other gains/losses, less selling, G&A and impairment lines (FY2021 debt-instrument impairment of -42.8; FY2022 reversal of +13.2; FY2023 goodwill and intangible impairment of -57.5). EBITDA adds depreciation (including amounts capitalised in inventory) and amortisation. Both tie to reported pre-tax profit after finance costs and associates.
Margins and growth
FY2021 YoY growth is shown as 0.0 because no restated FY2020 continuing base is available. FY2021 and FY2022 tax rates are shown as 0.0 because they are not meaningful on pre-tax losses. FY2025 tax includes HK$25.3m of PRC land appreciation tax on the Jinshan disposal.
Revenue CAGR FY2021–FY2025 (continuing): -7.0% per year (analyst-computed). Including the discontinued solvents business, the reported top line shrank from HK$17.8bn to HK$3.0bn. This reflects deconsolidation, not operating collapse.
Commentary: trends, inflections and drivers.
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Deconsolidation, then a margin-led recovery. The defining inflection is the 2022 sale of control of Handsome Chemical. It crystallised a HK$1.18bn net gain, funded a HK75-cent special dividend, and moved the low-margin, high-turnover solvents business into the equity line.
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Shrinking revenue, rising margins. Continuing revenue has fallen every year since FY2021. FY2021 itself was inflated by HK$139m of "Others", and all three core lines were hit by COVID lockdowns in 2022, property weakness, RMB depreciation (8.5% in 2022, 1.7% in 2023, 3.7% in 2024) and price "involution." Even so, gross margin expanded 4.5 points from FY2021 to FY2025. This reflects mix (industrial over architectural coatings), stable raw-material costs and portfolio pruning (Damai exit, Hebei ink plant sale, other chemicals ceased).
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Opex discipline. Selling plus G&A fell from HK$907m in FY2021 to HK$723m in FY2025.
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Non-operating items flatter or depress reported profit. Investment-property fair-value movements, the FY2025 land gain (HK$60m pre-tax) and FY2025 FX gains (HK$14.9m) supported results. Bad-debt provisions (HK$38.7m in FY2025) worked against them.
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Associate income is a large share of profit. The share of Handsome was about 41% of pre-tax profit in FY2025 (79.4 of 191.6), about 83% in FY2024 and 113% in FY2023. In H1 2026 Handsome contributed HK$112m against attributable profit of HK$141m.
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Lower finance costs. Finance costs fell 31% in FY2025 as rates fell and the Group shifted to cheaper RMB borrowings.
Balance sheet
FY2022 short-term borrowings on the balance sheet (HK$1,820.3m) exceed the bank-loan figure in the liquidity section (HK$1,743.7m) because of classification differences. Net debt uses the Company's own net bank borrowings figure.
Commentary.
Goodwill and intangibles jumped to HK$405.7m in FY2025: on the Sino-Hypro acquisition: HK$188.3m of goodwill and HK$98.0m of intangibles recognised.
Working capital has tightened sharply: Net current assets fell from HK$686m in FY2023 to HK$331m in FY2025, because HK$1.22bn of debt is now short-term (97% of gross bank borrowings). The HK$354m of long-term debt outstanding at end-2024 falls due within one year. Refinancing is supported by HK$3.23bn of facilities from 23 banks and a RMB268.8m acquisition loan for drawdown from early 2026.
- The receivables book (HK$1.46bn) is the largest single current asset. The over-six-months bucket rose to HK$219.8m from HK$130.9m, and the loss allowance rose to HK$110.4m from HK$64.5m.
Investment assets are substantial: FVTPL assets (HK$923m, including the US$85m PAG preferred shares) plus the Handsome stake (HK$1,334m) total about HK$2.26bn, or 56% of owners' equity.
Cash flow
FY2021 and FY2022 cash flows include the solvents business (HSD contributed HK$329m and HK$255m of operating cash flow respectively). FY2021 capex was elevated by solvents plant investment.
Commentary. Post-disposal operating cash generation is modest: HK$86–237m a year against HK$3bn of revenue. FY2024 was depressed by receivables growth in inks. FY2025 improved on working capital. Maintenance capex is low (HK$22–43m a year), so FCF covers ordinary dividends only narrowly. FY2025 FCF was HK$62.8m against HK$83.8m of dividends paid. Associate dividends (HK$46m in FY2025) and asset disposals (Jinshan land, HK$75.3m) fill the gap. The FY2023 dividend outflow of HK$466m was the special dividend funded by PAG proceeds.
Return and efficiency ratios
Five-year returns (as reported in the 2024 Annual Report; FY2025 analyst-computed on the same basis)
Three-year post-restructuring ratios (analyst-computed)
FY2025 DSO and DIO are inflated by year-end consolidation of Sino-Hypro: HK$124m of receivables and HK$64m of inventory with no revenue in the period. Excluding Sino-Hypro, FY2025 DSO is about 162 days. Trade receivables include PRC bank acceptance bills, which overstate DSO relative to cash collection terms of 30–90 days.
Commentary. Returns are structurally low (ROE 2–4%) because a large equity base is tied up in minority, financial and property assets yielding below the cost of equity. The FY2025 rise in interest coverage and the fall in net debt/EBITDA are genuine improvements. The lengthening cash conversion cycle is the principal balance-sheet monitorable.
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Segment Overview
| Segment | What it contains | Key brands / units |
|---|---|---|
Coatings | Architectural coatings, industrial coatings and resins | Bauhinia (紫荊花), Camel (駱駝), Aquapro, VIVA, Hang Cheung (恒昌); Bauhinia Advanced Materials Group |
Inks | Packaging, specialty and PCB inks; testing services | Bauhinia Variegata (洋紫荊); New Asia Pacific Testing Technology Service (Zhongshan) |
Lubricants | Automotive and industrial lubricants | Hercules (力士), Pacoil (博高) |
Chemical vapour recovery and treatment (new, FY2025) | R&D, design, manufacture and supply of vapour recovery and treatment systems | Beijing Sino-Hypro Petrochemical Tech (信諾海博), about 60% owned |
Properties | Investment properties and non-operating properties | Shanghai R&D building (leased), HK and PRC properties |
Others (non-reportable) | Other chemical products; car maintenance (disposed 2024); other chemicals (ceased 2025) | Damai (exited) |
Revenue by Segment
| Segment (HKD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Coatings revenue | 2,036.9 | 1,639.4 | 1,584.8 | 1,461.3 | 1,383.6 |
Inks revenue | 1,498.4 | 1,340.2 | 1,206.2 | 1,364.8 | 1,320.2 |
Lubricants revenue | 333.2 | 299.0 | 344.9 | 324.0 | 283.7 |
Chemical vapour recovery & treatment revenue | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Properties revenue | 10.2 | 10.7 | 11.0 | 9.0 | 6.6 |
Others revenue | 139.3 | 74.0 | 71.5 | 4.4 | 0.0 |
Inter-segment elimination | -23.9 | -4.9 | -1.4 | -1.0 | -0.7 |
Group revenue (continuing) | 3,994.2 | 3,358.5 | 3,217.1 | 3,162.4 | 2,993.4 |
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View Subscription PlansResults by Segment
| Segment result (HKD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Coatings result | -123.5 | 8.5 | 57.3 | 7.2 | 52.2 |
Inks result | 47.3 | 9.4 | 37.9 | 77.2 | 46.3 |
Lubricants result | 19.7 | -2.1 | 10.8 | 9.5 | 6.5 |
Properties result | 67.6 | 6.2 | 30.9 | -5.7 | 34.7 |
Others result | -31.5 | -34.1 | -44.8 | -0.7 | 0.0 |
Total segment results | -20.0 | -12.2 | 92.1 | 87.7 | 139.7 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Coatings gross margin (%) | 27.8 | 26.2 | 29.8 |
Inks gross margin (%) | 18.8 | 20.5 | 21.6 |
Lubricants gross margin (%) | 21.8 | 23.3 | 22.1 |
Coatings result margin (%) | 3.6 | 0.5 | 3.8 |
Inks result margin (%) | 3.1 | 5.7 | 3.5 |
Lubricants result margin (%) | 3.1 | 2.9 | 2.3 |
Coatings revenue YoY (%) | -3.3 | -7.8 | -5.3 |
Inks revenue YoY (%) | -10.0 | 13.1 | -3.3 |
Lubricants revenue YoY (%) | 15.4 | -6.1 | -12.4 |
Coatings share of group revenue (%) | 49.3 | 46.2 | 46.2 |
Inks share of group revenue (%) | 37.5 | 43.2 | 44.1 |
Lubricants share of group revenue (%) | 10.7 | 10.2 | 9.5 |
Coatings sales volume ('000 t) | 219 | 184 | 157 |
Group sales volume ('000 t) | 292 | 264 | 240 |
Segment Revenue
| Metric (H1 2026) | Value | YoY | Source |
|---|---|---|---|
Group revenue | HK$1.67bn | +17.1% | 2026 interim PR |
Group sales volume | 114,000 t | -2.5% | 2026 interim PR |
Group gross margin | 26.9% | +2.1 pts | 2026 interim PR |
Inks revenue | HK$704m | +19% | 2026 interim PR |
Inks segment result | HK$41.3m | +265% | 2026 interim PR |
Coatings gross margin | 29.9% | +1.1 pts | 2026 interim PR |
Coatings segment result | HK$22.0m | +2% | 2026 interim PR |
Lubricants segment result | HK$6.1m (attribution to lubricants inferred from press-release ordering) | flat | 2026 interim PR |
Sino-Hypro revenue / gross margin / segment result | HK$136m / 45.6% / HK$28.0m (before NCI and tax) | new | 2026 interim PR |
Share of Handsome Chemical result | HK$112m | vs HK$79.4m for full-year 2025 | 2026 interim PR |
Profit attributable to owners | HK$141m | +113.5% | 2026 interim PR |
Coatings and lubricants H1 2026 revenue | Not captured in sources reviewed | — | — |
Income Statement and Per-Share Data
| Metric (HKD Mn unless stated) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue, continuing (HKD Mn) | 3,994.2 | 3,358.5 | 3,217.1 | 3,162.4 | 2,993.4 |
Revenue incl. discontinued solvents (HKD Mn) | 17,805.4 | 14,025.2 | 3,217.1 | 3,162.4 | 2,993.4 |
Gross profit (HKD Mn) | 832.8 | 717.7 | 782.3 | 743.6 | 759.2 |
Operating income, EBIT excl. associates (HKD Mn, analyst-computed) | -42.5 | -14.5 | 52.7 | 79.7 | 153.6 |
EBITDA excl. associates (HKD Mn, analyst-computed) | 99.9 | 121.3 | 179.6 | 185.6 | 254.6 |
Share of results of associates (HKD Mn) | -0.7 | -0.2 | 94.7 | 96.0 | 79.4 |
Finance costs (HKD Mn) | 31.4 | 49.5 | 63.5 | 60.0 | 41.4 |
Pre-tax income, continuing (HKD Mn) | -74.7 | -64.1 | 83.9 | 115.7 | 191.6 |
Pre-tax income incl. discontinued (HKD Mn) | 739.2 | 1,534.7 | 83.9 | 115.7 | 191.6 |
Net income attributable to owners (HKD Mn) | 406.3 | 1,217.8 | 86.6 | 96.9 | 137.4 |
Net income attributable, continuing only (HKD Mn) | -84.9 | -62.8 | 86.6 | 96.9 | 137.4 |
EPS basic (HK cents) | 72.8 | 214.2 | 15.2 | 17.2 | 24.6 |
EPS diluted (HK cents) | 72.8 | 214.2 | 15.2 | 17.2 | 24.6 |
Dividend per share incl. specials (HK cents) | 40.0 | 90.0 | 12.0 | 14.0 | 16.0 |
Of which special dividend (HK cents) | 10.0 | 75.0 | 0.0 | 0.0 | 0.0 |
Margin Analysis (%)
| Metric (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 20.9 | 21.4 | 24.3 | 23.5 | 25.4 |
Operating (EBIT) margin (%) | -1.1 | -0.4 | 1.6 | 2.5 | 5.1 |
EBITDA margin (%) | 2.5 | 3.6 | 5.6 | 5.9 | 8.5 |
Net margin, attributable / total revenue (%) | 2.3 | 8.7 | 2.7 | 3.1 | 4.6 |
Continuing revenue YoY growth (%) | 0.0 | -15.9 | -4.2 | -1.7 | -5.3 |
Effective tax rate, continuing (%) | 0.0 | 0.0 | 27.7 | 17.3 | 29.5 |
Balance Sheet and Margin Analysis (%)
| Metric (HKD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (HKD Mn) | 10,420.1 | 8,011.5 | 6,419.0 | 6,075.8 | 6,835.7 |
Cash and short-term deposits (HKD Mn) | 758.3 | 1,088.1 | 854.2 | 594.4 | 716.9 |
Short-term borrowings (HKD Mn) | 1,247.0 | 1,820.3 | 930.8 | 932.3 | 1,244.9 |
Long-term borrowings (HKD Mn) | 902.8 | 360.2 | 471.0 | 294.4 | 11.9 |
Total borrowings (HKD Mn) | 2,149.9 | 2,180.5 | 1,401.8 | 1,226.7 | 1,256.8 |
Net debt, net bank borrowings (HKD Mn) | 1,391.6 | 1,092.4 | 547.5 | 632.3 | 539.9 |
Equity attributable to owners (HKD Mn) | 3,802.4 | 4,407.0 | 3,926.3 | 3,789.1 | 4,020.8 |
Total equity incl. NCI (HKD Mn) | 4,727.5 | 4,458.9 | 3,915.1 | 3,811.5 | 4,151.8 |
Goodwill and intangibles (HKD Mn) | 231.0 | 177.3 | 115.9 | 117.8 | 405.7 |
Interests in associates (HKD Mn) | 5.2 | 1,209.5 | 1,241.3 | 1,237.6 | 1,334.3 |
Financial assets at FVTPL (HKD Mn) | 130.8 | 177.3 | 857.4 | 856.1 | 923.3 |
Trade receivables, net (HKD Mn) | 4,589.9 | 1,249.9 | 1,240.9 | 1,308.1 | 1,457.3 |
Inventories (HKD Mn) | 1,296.8 | 416.9 | 393.2 | 360.1 | 407.9 |
Working capital, net current assets (HKD Mn) | 2,740.8 | 1,828.1 | 686.3 | 432.0 | 331.1 |
Company gearing, net bank debt / owners' equity (%) | 36.6 | 24.8 | 14.0 | 16.7 | 13.4 |
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View Subscription PlansCash Flow
| Metric (HKD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (HKD Mn) | 266.4 | 413.9 | 236.5 | 86.5 | 105.8 |
Capex, purchase of PP&E (HKD Mn) | 460.0 | 133.6 | 21.6 | 38.8 | 43.0 |
Free cash flow, OCF less PP&E capex (HKD Mn) | -193.6 | 280.3 | 214.9 | 47.8 | 62.8 |
Dividends paid to owners (HKD Mn) | 138.2 | 159.2 | 466.2 | 73.7 | 83.8 |
Dividends paid to NCI (HKD Mn) | 60.8 | 52.5 | 16.5 | 0.0 | 0.0 |
Share buybacks (HKD Mn) | 10.3 | 0.0 | 0.0 | 14.8 | 0.0 |
Dividends received from associates (HKD Mn) | 0.0 | 0.0 | 43.1 | 53.4 | 46.3 |
Net disposal proceeds of subsidiaries (HKD Mn) | 289.2 | 338.5 | 1,795.2 | 0.0 | 0.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, return on average owners' equity (%) | 11.3 | 29.7 | 2.1 | 2.5 | 3.5 |
ROA, return on average total assets (%) | 4.3 | 13.2 | 1.2 | 1.6 | 2.1 |
Current ratio (x) | 1.59 | 1.58 | 1.35 | 1.22 | 1.13 |
Total debt / total equity (x) | 0.45 | 0.49 | 0.36 | 0.32 | 0.30 |
Returns & Leverage Ratios (%) and Financial Ratios (x) (FY2023–FY2025)
| Ratio | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROIC, NOPAT incl. associates / (total equity + net debt) (%) | 2.4 | 3.3 | 3.5 |
Net debt / EBITDA excl. associates (x) | 3.0 | 3.4 | 2.1 |
Interest coverage, EBIT / finance costs (x) | 0.8 | 1.3 | 3.7 |
Interest coverage incl. associates, (EBIT + associates) / finance costs (x) | 2.3 | 2.9 | 5.6 |
Asset turnover, revenue / average total assets (x) | 0.45 | 0.51 | 0.46 |
Days sales outstanding (days) | 140.8 | 151.0 | 177.7 |
Days inventory outstanding (days) | 58.9 | 54.3 | 66.6 |
Days payables outstanding, trade creditors + bills (days) | 107.4 | 106.0 | 119.9 |
Cash conversion cycle (days) | 92.3 | 99.3 | 124.4 |
Revenue by Region
| Region (HKD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Chinese Mainland revenue | 3,853.0 | 3,229.3 | 3,113.8 | 3,062.3 | 2,853.7 |
Hong Kong revenue | 70.3 | 74.3 | 69.7 | 64.4 | 63.1 |
Overseas revenue, mainly Southeast Asia | 70.8 | 54.9 | 33.7 | 35.7 | 76.7 |
Total revenue | 3,994.2 | 3,358.5 | 3,217.1 | 3,162.4 | 2,993.4 |
Region Margins & Growth (%) and Revenue by Region (%)
| Metric (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Chinese Mainland YoY growth (%) | -3.6 | -1.7 | -6.8 |
Hong Kong YoY growth (%) | -6.2 | -7.6 | -2.1 |
Overseas YoY growth (%) | -38.7 | 6.2 | 114.5 |
Chinese Mainland share (%) | 96.8 | 96.8 | 95.3 |
Hong Kong share (%) | 2.2 | 2.0 | 2.1 |
Overseas share (%) | 1.0 | 1.1 | 2.6 |
Date / Context Details
| Date / context | Price (HKD) | Source |
|---|---|---|
2021 buyback range | 3.64–3.83 | FY2022 results (note 12) |
Oct 2021 scrip issue price | 4.95 | FY2022 results |
Jul–Sep 2024 buyback range | 1.43–1.53 | 2024 AR |
Late 2025 | 1.84 (52-week range 1.35–2.10) | TipRanks |
Early 2026 | 1.97 | TipRanks (IL) |
16 Apr 2026 (OTC YIPCF) | US$0.32 (about HK$2.50) | StockAnalysis |
Oct 2026 (latest available) | about 2.60 | StockEvents |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalisation | About HK$1,452m | Price × shares ex-treasury |
P/E (FY2025) | About 10.6x | EPS 24.6c |
P/E (trailing 12 months to Jun 2026) | About 6.8x | TTM attributable profit of about HK$212m (FY2025 137.4 + H1'26 141 − H1'25 66.1) |
P/B | About 0.36x | Owners' equity HK$4,020.8m |
EV / EBITDA (FY2025) | About 8.3x | EV = market cap + net debt 539.9 + NCI 131.0; EBITDA excl. associates 254.6 |
EV / Sales (FY2025) | About 0.71x | Revenue HK$2,993.4m |
Dividend yield | About 7.7% | Last 12 months declared 12c + 8c |
Dividend (HK cents per share)
| Dividend (HK cents per share) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Interim dividend (HK cents) | 12 | 10 | 2 | 3 | 4 |
Final dividend (HK cents) | 18 | 5 | 10 | 11 | 12 |
Special dividend (HK cents) | 10 | 75 | 0 | 0 | 0 |
Total dividend (HK cents) | 40 | 90 | 12 | 14 | 16 |
Ordinary payout ratio, ordinary DPS / EPS (%) | 41 | 7 | 79 | 81 | 65 |
Capital Markets
| Item | Detail |
|---|---|
Credit ratings (Moody's / S&P / Fitch) | Not rated / not publicly disclosed |
Gross bank borrowings (31 Dec 2025) | HK$1,256.8m |
Due within one year | HK$1,224.9m (HK$865.9m in HKD; HK$359.0m in RMB) |
Due after one year | HK$31.9m (HK$20.0m in HKD; HK$11.9m in RMB) |
Medium/long-term loans as % of total | 29% (including HK$335.5m current portion) |
Fixed-rate share of medium/long-term loans (incl. swaps) | 61% |
Secured borrowings | HK$13.0m (Sino-Hypro-related PP&E charge) |
Undrawn new facility | RMB268.8m acquisition loan (drawdown from early 2026) |
Total facilities | HK$3,234.9m from 23 banks (42% HKD, 58% RMB) |
Analyst Conclusions
Management guidance
There is no numerical guidance. Qualitatively:
-
The FY2025 Chairman was "slightly optimistic" on 2026, expecting anti-involution measures and consumption support to help.
-
The CEO prioritises improving Sino-Hypro's operating performance, gaining industrial coatings and resin share (including Vietnam and SE Asia), defending packaging inks, and pursuing coatings and inks acquisitions.
-
The H1 2026 release highlighted an optimised portfolio and said the Group is positioned for further growth.
Consensus expectations
Not available (no published sell-side estimates).
Bull case
-
Earnings inflection. H1 2026 attributable profit (HK$141m) already exceeds FY2025's full-year HK$137m. It comes from operating improvement (inks +265%, gross margin 26.9%), Sino-Hypro (HK$28m segment result at a 45.6% gross margin) and a recovering associate (HK$112m). A full-year FY2026 profit well above FY2025 appears achievable without the non-recurring land gain.
-
Deep value with yield. At about 0.36x book and about 7.7% yield, the market capitalisation (about HK$1.45bn) is roughly covered by the Handsome stake (HK$1.33bn book) plus FVTPL assets (HK$0.92bn), net of HK$0.54bn net debt. The consolidated operating businesses are thus valued near zero.
-
Credible portfolio upgrading. The Group exited Damai, Hebei inks and other chemicals; added high-margin CVRT; and opened ASEAN capacity. Group gross margin rose for a third straight period.
Bear case
-
Quality of earnings. Associate income, disposal gains and fair-value items drive a large share of profit (associates were 41% of FY2025 pre-tax profit). OCF (HK$105.8m) and FCF (HK$62.8m) trail profit and dividends.
-
Structural decline in core consolidated revenue. It fell for four consecutive years (-7.0% CAGR). Architectural coatings volume fell 28% in two years, and lubricants are losing ground. ROE remains around 3.5%.
-
Rising working-capital and credit risk. CCC lengthened to about 124 days, over-six-month receivables rose 68%, and nearly all debt is short-term. Growth by acquisition (HK$188m of goodwill already booked) adds integration and impairment risk given the Damai precedent.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Timing | What to watch |
|---|---|---|
| FY2026 annual results | About late Mar 2027 | Full-year profit vs about HK$212m TTM; final DPS; Sino-Hypro full-year contribution |
| Interim dividend payment | About 23 Oct 2026 | HK8c cash return |
| Solvent pricing and anti-involution policy | Ongoing | Durability of H1 2026 price surge at Handsome |
| Sino-Hypro order intake and contingent-consideration milestones | Ongoing | Revenue run-rate, margin, earn-out payments |
| Vietnam plant ramp-up | 2H 2026 – 2027 | Overseas revenue trajectory beyond HK$76.7m |
| Further M&A in coatings or inks | Any time | Valuation discipline, funding (RMB loan), goodwill |
| Receivables and ECL trend | Interim and annual reports | Over-six-month bucket; inks customer credit |
| Debt refinancing | Rolling | Maturity extension; use of the RMB268.8m facility |
| Capital return | AGM 2027 | Buyback reactivation; use of treasury shares |
Concluding analyst verdict
Yip's Chemical has spent four years turning itself from a volume-driven solvents conglomerate into a smaller, higher-margin holding company. The 2022 PAG transaction crystallised value and de-risked the balance sheet, but it left the market with a business whose consolidated revenue keeps shrinking. Its reported profits also lean heavily on an associate it does not control. That combination explains why the shares have traded at a third of book value.
The evidence from the last 18 months suggests the strategy is starting to work. Gross margin has risen for three consecutive reporting periods to 26.9%. Inks has been restructured into a profitable market leader. Industrial coatings has offset much of the architectural collapse. The Sino-Hypro acquisition has delivered a meaningful, high-margin contribution in its first half. H1 2026 profit already exceeds the whole of FY2025, and the doubled interim dividend signals Board confidence. With gearing at 13.4% and about HK$2.3bn of associate and financial assets on the balance sheet, downside appears cushioned. The roughly 7.7% yield pays shareholders to wait.
The investment case nonetheless hinges on three unresolved questions:
-
Durability of associate earnings. Is Handsome's H1 2026 surge cyclical or structural?
-
Capital-allocation discipline. Can management keep it given Damai and the large goodwill now on the books?
-
Cash conversion. Can it improve enough to fund dividends and M&A without asset sales?
Governance is concentrated in the founding family, which aids long-termism but limits external accountability.
On balance, we characterise Yip's Chemical as an undervalued, improving, but low-return holding company. The key re-rating triggers are a full-year FY2026 profit sustained above about HK$200m, visible positive free cash flow, and evidence that Sino-Hypro and Vietnam can grow consolidated revenue again. Failure on cash conversion or a poorly priced acquisition would likely keep the discount intact.
All figures are from HKEX filings and company releases unless marked as aggregator data or analyst-computed. Market data is indicative and should be verified against a live exchange feed before use.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Joined / tenure | Age (at 31 Dec 2024) | Background and education |
|---|---|---|---|---|
Ip Chi Shing (葉志成) | Chairman, Non-executive Director; Chair of Nomination Committee | Co-founder (1971); NED since 1 Jan 2012 | 76 | Leads Board strategy and succession; founded Ip Chi Shing Charitable Foundation (2006). Father of the CEO; brother of the Deputy Chairman |
Yip Tsz Hin (葉子軒) | Deputy Chairman, Executive Director | Joined 1977; CEO c.2011–2022 | 65 | More than 40 years in petrochemicals; Chairman of Handsome Chemical (associate) |
Ip Kwan, Francis (葉鈞) | CEO, Executive Director, SLT; Chair of HSE Committee | Joined 2007; CEO since 1 Jan 2023 | 42 | BSc Government and Economics, LSE; three years in investment banking; previously Deputy CEO, Chief Corporate Development Officer and Co-President of Bauhinia Advanced Materials |
Ho Sai Hou (何世豪) | CFO, Executive Director, Company Secretary, SLT | Joined 2010 | 58 | BSocSc (Accounting), HKU; EMBA, CEIBS (2007); HKICPA; FCCA; prior CFO, ED and Company Secretary roles at HK-listed companies |
Ho Pak Chuen, Patrick (何百川) | INED; Chair of Remuneration Committee | Since 2018 | 70 | 40 years at Dow Chemical (President Asia Pacific; Global VP Epoxy); COO of Fung Investment Management; INED of Computime; BSc Chemical Engineering, Queen's University (Canada) |
Ku Yee Dao, Lawrence (古以道) | INED; Chair of Audit Committee | Since 2020 | 46 | GM Hong Kong & Macau, Johnson Controls (from Apr 2024); ex-Deloitte, Knorr-Bremse and Linde; BA Econ and MAcc, University of Michigan; AICPA |
Yau Ching Man (邱靜雯) | INED | Since 22 Mar 2024 | 41 | Vice President (Administration), Tao Heung Holdings; former Yip's SLT member and Head of Operations (2005–2018); BEng Computer Engineering, HKU |
Executive Leadership Team
| Name | Title | Notes |
|---|---|---|
Yip Long, Brian (葉朗), 36 | SLT; Chairman of Inks Group | LSE BSc, HKUST MBA, HKU JD; son of the Deputy Chairman |
Yip Chun, Ivan (葉俊), 34 | SLT; Strategic Investment Director | UCLA BA; six years in investment; leads M&A including Sino-Hypro |
Dr. Chow Mai Mai, Miranda (周米米), 48 | SLT; Head of Operations and Risk Management | Cambridge PhD, HKUST MBA; oversees HSE, internal audit and IT |
Chen Tian Yi (陳天翼), 45 | CEO, Inks Group (from 27 Jun 2024) | Ex-McKinsey, Eastman, Chromaflo; led the inks turnaround |
Chan Chuen Sang, Raymond (陳傳生), 48 | President, Bauhinia Advanced Materials Group (from 1 Jan 2025) | CUHK BBA, HKUST MBA; FCPA (HKICPA); former Group Financial Controller |
Zeng Zhi (曾志), 54 | GM, Lubricants Group | Joined 2000; CICPA (non-practising) |
Directors' Remuneration
| Item | Detail |
|---|---|
Board size | 7: 3 executive, 1 non-executive chair, 3 INEDs (43% independent) |
Chair / CEO separation | Yes, but both are family members (father and son) |
Gender | 1 of 7 directors is female (14%) |
Audit Committee (est. Nov 1998) | Ku Yee Dao (Chair), Ho Pak Chuen, Yau Ching Man; all INEDs |
Remuneration Committee (est. Jun 2005) | Ho Pak Chuen (Chair), Yau Ching Man |
Nomination Committee (est. 20 Dec 2021) | Ip Chi Shing (Chair), Ho Pak Chuen, Yau Ching Man |
HSE Committee (est. Jan 2012) | Ip Kwan (Chair), Ho Pak Chuen |
CG Code compliance | Complied with Part 2 code provisions throughout FY2025 (FY2025 results) |
Board & Management Changes
| Date | Change |
|---|---|
1 Jan 2023 | Yip Tsz Hin steps down as CEO; Ip Kwan re-designated CEO |
H1 2023 | SLT formed (Ip Kwan, Ho Sai Hou, Yip Long, Yip Chun, Chow Mai Mai) |
22 Mar 2024 | INED Wong Yuk resigns after 9 years; Yau Ching Man appointed |
27 Jun 2024 | Chen Tian Yi promoted to CEO of Inks Group |
1 Jan 2025 | Chan Chuen Sang becomes sole President of Bauhinia Advanced Materials Group |
Major Shareholders
| Holder | Shares | % | Nature |
|---|---|---|---|
Ip Chi Shing (aggregate) | 207,024,532 | 36.42 | 161.3m personal; 9.2m family; 26.5m via charitable and family foundations; 10.02m treasury shares deemed |
Ip Fung Kuen (葉鳳娟) | 49,381,913 | 8.69 | Beneficial owner; substantial shareholder (family relationship implied by foundation note; not explicitly stated) |
Yip Tsz Hin (aggregate) | 40,200,000 | 7.07 | 27.2m personal; 13.0m via spouse |
Ip Kwan | 26,869,000 | 4.73 | Personal |
Treasury shares (Company) | 10,024,000 | 1.76 | Also counted in Ip Chi Shing's deemed interest |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Type | Indicative scale | Relative positioning vs Yip's |
|---|---|---|---|---|
Architectural coatings (China) | Nippon Paint (China) | Multinational (Japan/Wuthelam) | Group revenue about ¥1.6tn (FY2024, approx.) | Dominant decorative leader; far larger brand spend |
Architectural coatings | AkzoNobel (Dulux) | Multinational | About €10.7bn group revenue (2024, approx.) | Premium brand; strong in tier-1 cities |
Architectural coatings | Skshu / 3TREES (三棵樹, 603737.SS) | Chinese listed | — | Leading domestic brand in engineering and retail; bigger than Bauhinia |
Architectural coatings | Carpoly (嘉寶莉) | Chinese private | — | Direct domestic retail competitor |
Architectural coatings | Hua Run Paints / Maydos and regional players | Chinese | — | Price competition in lower-tier cities |
Industrial coatings | PPG; Sherwin-Williams (incl. Valspar China) | Multinational | PPG about US$15.8bn; SHW about US$23.1bn (2024, approx.) | Broad industrial portfolios; Yip's competes in niches (toys, plastics, furniture) |
Industrial / furniture coatings | Akzo wood finishes; Hempel and Jotun (protective) | Multinational | — | Protective-coatings competition |
Inks | DIC Corporation / Sun Chemical | Multinational | About ¥1.0tn+ group sales (approx.) | Global #1 ink group |
Inks | artience (Toyo Ink), Sakata INX, Siegwerk, Flint Group | Multinational | — | Packaging inks peers in China |
Inks | Hangzhou Toka Ink (杭華股份, 688571.SS) | Chinese listed | — | Domestic offset and UV ink peer |
Lubricants | Sinopec Great Wall; PetroChina Kunlun | State-owned | Very large (not segment-disclosed) | Dominant domestic brands |
Lubricants | Shell, Castrol (BP), Mobil (ExxonMobil) | Multinational | Not segment-disclosed | Premium aftermarket |
Lubricants | Tongyi (統一) and other private Chinese brands | Chinese | — | Direct mid-market peer to Hercules |
CVRT | Engineering units of Sinopec and CNPC; specialist VOC-recovery firms | Mixed | — | Sino-Hypro is a specialist with a high gross margin (45.6% in H1 2026) |
Acetate solvents (associate) | Celanese; Jiangsu Sopo; Hualu Hengsheng; Shandong Jinyimeng and others | Mixed | — | Handsome is the global #1 acetates producer by volume |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | Yip's Chemical (FY2025) | AkzoNobel (FY2024, approx.) | PPG (FY2024, approx.) | DIC Corp. (FY2024, approx.) |
|---|---|---|---|---|
Revenue | HK$2.99bn (about US$0.38bn) | About €10.7bn | About US$15.8bn | About ¥1.0–1.1tn |
Revenue growth | -5.3% | Low single-digit decline (approx.) | Decline (approx.) | — |
Gross margin | 25.4% | About 40%+ (approx.) | About 40%+ (approx.) | — |
Operating / EBIT margin | 5.1% (excl. associates) | About 10% adjusted (approx.) | About 15% adjusted segment (approx.) | — |
R&D intensity | — | About 2–3% (approx.) | About 2–3% (approx.) | — |
“—” = not publicly disclosed.
