Share count
4Mpeak FY2021
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NCI, Neo-Concept International Group Holdings Limited
Textiles & Apparel consumer brand
Neo-Concept UK began to sell apparel products in the UK under the brand " les 100 ciels " through its retail stores.
We offer a full suite of services in the apparel supply chain, including market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management serving customers located in the European, and North American markets through Neo-Concept HK.
As we are involved from the initial stages of the development process, we strive to use sustainable solutions to fulfill our customers' needs.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
HK$137M
−41.8% YoY · −13% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue HK$137M 5-yr avg HK$227M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Own-branded apparel products (51%) and Private-labelled apparel products (49%).
- What moves the needle
- Gross margin has run about 20% and operating margin about 4.9% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has sat near the cost of capital (median 10%). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Revenue spreads across 2 lines, the largest Own-branded apparel products at 51%.
Revenue by product line, FY2025
- Own-branded apparel products51%HK$71M
- Private-labelled apparel products49%HK$67M
By geographyUnited Kingdom51%United States33%Others15%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| HK$241M | HK$347M | HK$174M | HK$236M | HK$137M | HK$137M | RevenueRevenue |
| 9% | 12% | 20% | 21% | 37% | 37% | Gross marginGross mgn |
| HK$4M | HK$19M | HK$9M | HK$12M | HK$2M | HK$2M | Operating incomeOp. inc. |
| 1.9% | 5.4% | 5.2% | 4.9% | 1.3% | 1.3% | Operating marginOp. mgn |
| HK$5M | HK$12M | HK$4M | HK$8M | HK$332K | HK$332K | Net incomeNet inc. |
| 24% | 19% | 23% | 12% | — | — | Effective tax rateTax rate |
| Cash flow & returns | ||||||
| HK$10M | (HK$43M) | (HK$49M) | HK$428K | HK$21M | HK$21M | Operating cash flowOp. cash |
| HK$136K | HK$11K | HK$33K | HK$685K | HK$2M | HK$33K | DepreciationDeprec. |
| HK$5M | (HK$55M) | (HK$53M) | (HK$8M) | HK$19M | HK$21M | Working capital & otherWC & other |
| HK$78K | HK$74K | HK$1M | HK$4M | HK$4M | HK$4M | CapexCapex |
| 0.0% | 0.0% | 0.7% | 1.8% | 2.9% | 2.9% | Capex / revenueCapex/rev |
| HK$10M | (HK$43M) | (HK$50M) | (HK$4M) | HK$17M | HK$17M | Owner earningsOwner earn. |
| 4.2% | −12.3% | −28.9% | −1.6% | 12.7% | 12.7% | Owner earnings marginOE mgn |
| HK$10M | (HK$43M) | (HK$50M) | (HK$4M) | HK$17M | HK$17M | Free cash flowFCF |
| 4.2% | −12.3% | −28.9% | −1.6% | 12.7% | 12.7% | Free cash flow marginFCF mgn |
| — | — | 13% | 10% | 1% | 2% | ROICROIC |
| — | — | — | 14% | 1% | 1% | Return on equityROE |
| — | — | — | 14% | 1% | 1% | Retained to equityRetained/eq |
| Balance sheet | ||||||
| — | HK$9M | HK$6M | HK$9M | HK$2M | HK$2M | Cash & investmentsCash+inv |
| — | HK$10M | HK$32M | HK$34M | HK$7M | HK$7M | ReceivablesReceiv. |
| — | HK$1M | HK$5M | HK$4M | HK$12M | HK$12M | InventoryInvent. |
| — | HK$1M | HK$38M | HK$38M | HK$19M | HK$9M | Operating working capitalOper. WC |
| — | HK$41M | HK$64M | HK$72M | HK$53M | HK$53M | Current assetsCur. assets |
| — | HK$102M | HK$70M | HK$39M | HK$20M | HK$20M | Current liabilitiesCur. liab. |
| — | 0.4× | 0.9× | 1.8× | 2.6× | 2.6× | Current ratioCurr. ratio |
| — | HK$42M | HK$91M | HK$136M | HK$116M | HK$116M | Total assetsAssets |
| — | HK$84M | HK$62M | HK$54M | HK$10M | HK$5M | Total debtDebt |
| — | HK$76M | HK$56M | HK$45M | HK$7M | HK$3M | Net debt / (cash)Net debt |
| (HK$76M) | (HK$61M) | (HK$2M) | HK$57M | HK$57M | HK$57M | Shareholders’ equityEquity |
| Per share | ||||||
| 54.0M | 54.0M | 10.8M | 11.8M | 12.2M | 11.3M | Shares out (diluted)Shares |
| HK$4.45 | HK$6.43 | HK$16.13 | HK$20.04 | HK$11.26 | HK$12.20 | Revenue / shareRev/sh |
| HK$0.10 | HK$0.23 | HK$0.41 | HK$0.69 | HK$0.03 | HK$0.03 | EPS (diluted)EPS |
| HK$0.19 | HK$-0.79 | HK$-4.66 | HK$-0.32 | HK$1.42 | HK$1.54 | Owner earnings / shareOE/sh |
| HK$0.19 | HK$-0.79 | HK$-4.66 | HK$-0.32 | HK$1.42 | HK$1.54 | Free cash flow / shareFCF/sh |
| HK$0.00 | HK$0.00 | HK$0.12 | HK$0.35 | HK$0.33 | HK$0.36 | Cap. spending / shareCapex/sh |
| HK$-1.40 | HK$-1.12 | HK$-0.22 | HK$4.83 | HK$4.64 | HK$5.03 | Book value / shareBVPS |
The diluted share count moved ×1/5 into 2023 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Share counts before TTM are restated ×3 for a stock split, so per-share figures sit on one basis.
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +26.1%/yr | +26.1%/yr (4-yr) |
| Owner earnings / share | +65.7%/yr | +65.7%/yr (4-yr) |
| EPS | −27.9%/yr | −27.9%/yr (4-yr) |
| Capital spending / share | +288.2%/yr | +288.2%/yr (4-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
ROIC
1%low FY2025
Gross margin
37%low FY2021
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
HK$17Mowner earningsvs.HK$332Knet incomelow FY2023
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2021FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned HK$332K of profit into HK$17M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | HK$332K | HK$8M | HK$4M | HK$12M | HK$5M |
| Depreciation & amortizationnon-cash charge added back | +HK$2M | +HK$685K | +HK$33K | +HK$11K | +HK$136K |
| Working capital & othertiming of cash in and out, other non-cash items | +HK$19M | −HK$8M | −HK$53M | −HK$55M | +HK$5M |
| Cash from operations | HK$21M | HK$428K | (HK$49M) | (HK$43M) | HK$10M |
| Capital expenditurecash put back in to keep running and to grow | −HK$4M | −HK$4M | −HK$1M | −HK$74K | −HK$78K |
| Owner earnings | HK$17M | (HK$4M) | (HK$50M) | (HK$43M) | HK$10M |
| Owner-earnings marginowner earnings ÷ revenue | 13% | -2% | -29% | -12% | 4% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Interest expense not tagged in the data
What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
- How heavy is the debt, net of cash? HK$3M · 1.6× operating profitModest net debtCash HK$2M − debt HK$5M
What this means
Netting HK$2M of cash and short-term investments against HK$5M of debt leaves HK$3M owed, about 1.6× a year's operating profit (2.8× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- TightDSO 19 + DIO 51 − DPO 44 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Solid through the cycle3-yr median, range 1%–13%; 2% latest = NOPAT HK$902K ÷ invested capital HK$59MIndustry peers: median 14%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 3 years (it ran 2% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Positive this year, negative across the cyclelatest HK$17M = operating cash HK$21M − maintenance capex HK$4M (positive this year), after an earlier loss stretch (5-yr median -2%)Industry peers: median 7%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 13% of revenue this year, a -2% median across 5 years.
- Are earnings backed by cash? 64.44×Cash-backedCash from ops HK$21M ÷ net income HK$332K
In the filing’s words Read against the cash, reported earnings have run ahead of the operating cash the business generated over the record — about 7% of assets a year, among the widest gaps in the catalogue. For an inventory- or content-heavy grower that can be cash tied up in real assets as it expands; elsewhere it can mean the earnings lean on accounting estimates — the cash-flow statement against the income statement is where to tell which.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 121.12×ExpandingCapex HK$4M ÷ depreciation HK$33K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 3 of 4 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · HK$137M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity PassCurrent ratio ≥ 2× · 2.61×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · HK$5M vs HK$32M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability PassA profit every year (5-yr record) · no losses
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are HK$1.05/share (latest year HK$0.08), the averaged base the calculator's gate runs on, and book value is HK$13.93/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2021–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 5 of 5
What this means
Never lost money over the record, the earnings stability Graham insisted on.
- Return on capital ≥ 15% 1 of 4 yrs
What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
- Operating margin 4% → 3% (2-yr avg ends)
What this means
Through the cycle the operating margin held roughly steady — about 4% early, 3% lately, median 5%.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2025 · 1.3% op. margin
What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsHK$53M
- Cash & short-term investmentsHK$2M
- ReceivablesHK$7M
- InventoryHK$12M
- Other current assetsHK$31M
Current liabilitiesHK$20M
- Debt due within a yearHK$5M
- Accounts payableHK$10M
- Other current liabilitiesHK$5M
Current ratio2.61×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.01×stricter: inventory excluded
Cash ratio0.12×strictest: cash alone against what's due
Working capitalHK$32Mthe cushion left after near-term bills
Debt due this year vs. cashHK$5M due · HK$2M cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Dec 31, 2025 balance sheet
Deeper floors
Tangible book valueHK$46Mequity stripped of goodwill & intangibles
Net current asset value(HK$6M)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesHK$10MHK$5M of it operating leases
From the company's latest filing.
Peers, Textiles & Apparel
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| LEVILevi Strauss & Co | $6.3B | 58% | 9.8% | 23% | 5% |
| UAUnder Armour Inc. | $5.0B | 46% | 2.3% | 4% | 2% |
| COLMColumbia Sportswear | $3.4B | 50% | 10.7% | 18% | 10% |
| GIIIG-III Apparel | $3.0B | 36% | 6.3% | 9% | 4% |
| CRICarter's | $2.9B | 43% | 11.0% | 24% | 9% |
| OXMOxford Industries | $1.5B | 59% | 8.0% | 14% | 7% |
| FIGSFIGS Inc. | $631M | 70% | 6.0% | 8% | 8% |
| NCINeo-Concept International Group Holdings Limited | HK$137M | 20% | 4.9% | 10% | -2% |
| Group median | — | 48% | 7.2% | 12% | 6% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Neo-Concept International Group Holdings Limited reports in HKD, and every figure here (owner earnings, book value, the share count) is on that HKD, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in HKD. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Neo-Concept International Group Holdings Limited has delivered.
HK$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings HK$17M on 4M shares outstanding (a weighted average, the only count this filer tags); net debt HK$3M. The if-converted diluted count is 11M, 177% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Neo-Concept International Group Holdings Limited (NCI), the owner's record," https://ownerscorecard.com/c/NCI, data as of 2026-07-09.
Manual order: ← NCEW its page in the Manual NCTY →
Industry order: ← LULU the Textiles & Apparel chapter OXM →