Forward Fashion (International) Holdings Company Limited (HKG:2528)

Hong Kong · Delayed Price · Currency is HKD

0.8700

+0.0050 (0.58%)

Oct 5, 2026, 3:28 PM HKT

HKG:2528 Financials Overview

Financials in millions HKD. Fiscal year is January - December.

Millions HKD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	844.77	870.18	938.32	1,008	959.9	1,228
Revenue Growth	-2.92%	-7.26%	-6.89%	4.99%	-21.85%	38.88%
Gross Profit	409.5	413.91	420.78	467.81	454.24	651.12
Operating Income	84.87	59.7	-68.7	-4.12	-8.65	63.37
Net Income	90.06	57.67	-76.89	-16.85	-33.14	32.16
Earnings Per Share	0.23	0.14	-0.19	-0.04	-0.08	0.08
EPS Growth	56.15%	-	-	-	-	-

Revenue by Geography

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Mainland China	292.87	287.85	396.55	426.15	450.47	557.95
Inter-Segment	-43.48	-48.79	-40.59	-34.2	-34.72	-44.02
Hong Kong and Others	39.13	41.09	91.45	123.42	103.81	125.71
Macau	556.26	590.03	490.9	492.43	440.35	588.67
Total	844.77	870.18	938.32	1,008	959.9	1,228

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	98.88	92.55	94.29	130.46	131.83	205.08
Total Debt	155.44	163.78	311.49	389.37	403.04	555.58
Net Cash (Debt)	-56.57	-71.23	-217.2	-258.91	-271.2	-350.5
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share	-0.14	-0.18	-0.54	-0.65	-0.68	-0.88

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	248.7	191.76	120.18	219.51	230.22	213.99
Capital Expenditures	-42.43	-31.54	-38.02	-57.74	-62.57	-41.23
Free Cash Flow	206.27	160.22	82.15	161.77	167.64	172.76
Free Cash Flow Growth	28.74%	95.03%	-49.22%	-3.50%	-2.96%	-50.86%

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	48.48%	47.57%	44.84%	46.42%	47.32%	53.01%
Operating Margin	10.05%	6.86%	-7.32%	-0.41%	-0.90%	5.16%
Pretax Margin	11.16%	7.65%	-8.62%	-1.81%	-3.59%	3.84%
Profit Margin	10.66%	6.63%	-8.20%	-1.67%	-3.45%	2.62%
FCF Margin	24.42%	18.41%	8.76%	16.05%	17.46%	14.06%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Oct '26 Oct 6, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	3.86	1.94	-	-	-	11.69
P/FCF Ratio	1.69	0.70	1.07	0.73	0.91	2.18
PS Ratio	0.41	0.13	0.09	0.12	0.16	0.31