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NCI

Neo-Concept International Group Holdings Limited

NCI

Neo-Concept International Group Holdings Limited • NASDAQ
$1.20 ▲ 0.85% (+0.01)
Market Cap $4.88 M
52w High $8.15
52w Low $0.90
Dividend Yield 0%
P/E 4.29
Volume 14.25K
Outstanding Shares 4.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $20.086M ▲ $2.825M ▲ $854.06K ▲ 4.252% ▲ $0.042 ▲ $1.291M ▲
Q2-2024 $10.136M $2.03M $180.66K 1.782% $0.01 $367.487K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $9.166M ▲ $135.648M ▲ $78.821M ▼ $56.826M ▲
Q2-2024 $4.674M ▼ $131.703M ▲ $81.872M ▼ $49.831M ▲
Q4-2023 $5.849M ▲ $90.617M ▼ $93.004M ▼ $-2.387M ▲
Q2-2023 $2.622M ▼ $91.583M ▲ $103.667M ▲ $-12.084M ▲
Q4-2022 $8.593M $41.873M $102.549M $-60.676M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow

Revenue by Products

Product Q3-2018Q4-2018Q1-2019Q2-2019
Energy
Energy
 $30.00M ▲$30.00M ▲$40.00M ▲$40.00M ▲
Financial Services Advisory And Compliance
Financial Services Advisory And Compliance
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Health Care
Health Care
 $100.00M ▲$110.00M ▲$120.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement NCI looks like a small but gradually stabilizing apparel manufacturer. Revenue has been uneven year to year, but the recent trend shows a recovery after a dip. Profitability has inched from losses toward slim profits, with gross and operating margins improving but still thin. Earnings move around a fair bit, which suggests the business is sensitive to changes in demand, pricing, or costs. Overall, the income statement tells a story of a company that has moved out of clear loss-making territory but has not yet reached consistently strong, dependable profitability.

Balance Sheet

Balance Sheet The balance sheet has improved from a weak starting point. The company previously carried negative equity, which is now back in positive territory, indicating some repair of its financial base. Assets have grown in recent years, but the equity cushion remains relatively thin and debt is still a meaningful part of the capital structure. Cash on hand is modest, so financial flexibility is limited. In simple terms, the balance sheet is moving in the right direction but still looks fragile and reliant on careful management of debt and working capital.

Cash Flow

Cash Flow Cash generation remains a key watch point. Operating cash flow has swung between slightly positive and negative, showing that reported profits do not consistently translate into cash. Free cash flow has also been weak or negative, especially once even modest investment spending is considered. This pattern suggests the business may depend at times on external funding or tighter working capital management rather than self-funded growth. Until operating cash flows become sustainably positive, liquidity and funding risk remain important considerations.

Competitive Edge

Competitive Edge Competitively, NCI is trying to differentiate itself in a very crowded apparel manufacturing space by offering a full “one-stop” solution and leaning heavily into sustainability and traceability. Its integrated model—from design and material sourcing through production and logistics—can make it hard for clients to switch once embedded, which is a potential strength. The focus on eco-friendly processes and transparent supply chains aligns well with what many global brands increasingly demand. Strategic moves such as brand acquisitions, joint ventures in the Middle East, and collaborations with established fashion labels broaden its footprint and credibility. The main challenge is execution in an industry that is highly price-sensitive and cyclical, where small players can be vulnerable to shifts in orders and fashion trends.

Innovation and R&D

Innovation and R&D Innovation is a clear part of NCI’s strategy. The company is investing in traceable “farm to fashion” supply chains, virtualized and computerized production processes, and low-water or waterless dyeing technologies that address environmental concerns. Acquiring brands like Les100Ciels and SIU, along with their R&D teams, deepens in-house design and material expertise and supports both own-brand and private-label development. Planned spending of capital raised on sustainable materials, new processes, and potential further acquisitions indicates a continued push to stay ahead on technology and eco-credentials. The key uncertainty is whether these innovations can be commercialized at scale and at margins that justify the investment.

Summary

NCI is evolving from a financially stressed, small apparel manufacturer toward a more integrated, sustainability-focused platform with modest but improving profitability. The financial statements show progress—especially in equity and earnings—but also highlight ongoing fragility: thin margins, volatile cash flows, and limited liquidity. Strategically, the company’s emphasis on a one-stop, traceable, and eco-friendly supply chain, coupled with brand acquisitions and regional expansion, provides a differentiated story in a tough, commoditized industry. Future performance will hinge on converting these strategic and technological strengths into steadier revenue, stronger cash generation, and a more resilient balance sheet, while managing the risks inherent in a cyclical and highly competitive market.

NEWS

November 21, 2025 · 9:40 AM UTC

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