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

HKG:2528 Financials Overview

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

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	870.18	870.18	938.32	1,008	959.9	1,228
Revenue Growth	-4.75%	-7.26%	-6.89%	4.99%	-21.85%	38.88%
Gross Profit Gross Profit Growth	413.91	413.91	420.78	467.81	454.24	651.12
Operating Income Operating Income Growth	59.7	59.7	-68.7	-4.12	-8.65	63.37
Net Income Net Income Growth	57.67	57.67	-76.89	-16.85	-33.14	32.16
Earnings Per Share EPS Growth	0.14	0.14	-0.19	-0.04	-0.08	0.08
EPS Growth	-	-	-	-	-	-

Revenue by Geography

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Mainland China Mainland China Growth	287.85	287.85	396.55	426.15	450.47	557.95
Macau Macau Growth	590.03	590.03	490.9	492.43	440.35	588.67
Hong Kong and Others Hong Kong and Others Growth	41.09	41.09	91.45	123.42	103.81	125.71
Inter-Segment Inter-Segment Growth	-48.79	-48.79	-40.59	-34.2	-34.72	-44.02
Total Total Growth	870.18	870.18	938.32	1,008	959.9	1,228

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	92.55	92.55	94.29	130.46	131.83	205.08
Total Debt Total Debt Growth	163.78	163.78	311.49	389.37	403.04	555.58
Net Cash (Debt) Net Cash Growth	-71.23	-71.23	-217.2	-258.91	-271.2	-350.5
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-0.18	-0.18	-0.54	-0.65	-0.68	-0.88

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	191.76	191.76	120.18	219.51	230.22	213.99
Capital Expenditures CapEx Growth	-31.54	-31.54	-38.02	-57.74	-62.57	-41.23
Free Cash Flow Free Cash Flow Growth	160.22	160.22	82.15	161.77	167.64	172.76
Free Cash Flow Growth	27.73%	95.03%	-49.22%	-3.50%	-2.96%	-50.86%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	47.57%	47.57%	44.84%	46.42%	47.32%	53.01%
Operating Margin	6.86%	6.86%	-7.32%	-0.41%	-0.90%	5.16%
Pretax Margin	7.65%	7.65%	-8.62%	-1.81%	-3.59%	3.84%
Profit Margin	6.63%	6.63%	-8.20%	-1.67%	-3.45%	2.62%
FCF Margin	18.41%	18.41%	8.76%	16.05%	17.46%	14.06%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Aug 2, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	5.83	1.94	-	-	-	11.69
P/FCF Ratio	2.10	0.70	1.07	0.73	0.91	2.18
PS Ratio	0.39	0.13	0.09	0.12	0.16	0.31

Data Source: S&P Global Market Intelligence Last updated: Dec 31, 2025

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Aug 2, 2026

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