Neo-Concept International Group Holdings Limited (NCI) Balance Sheet

NASDAQ: NCIAssets, liabilities, debt and equity over 6 years.

NCI balance sheet, 2025

December 31, 2025 · Hong Kong dollars

HK$115.6M assets = HK$59.0M liabilities + HK$56.6M equity

Both columns are drawn to the same scale: what NCI owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NCI financial health

Current ratio2.61

Comfortable · current assets cover current liabilities 2.61×

Debt / equity0.82

Moderate leverage · HK$0.82 of debt for each $1 of equity

Equity / assets48.9%

Equity-funded · of assets funded by shareholders

Cash / debt5.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles9.6%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NCI balance sheet trends, 2020–2025

Neo-Concept International Group Holdings Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	HK$64.0M2020	HK$115.6M2025	+12.5%/yr
Total liabilities	HK$142.7M2020	HK$59.0M2025	−16.2%/yr
Shareholders’ equity	−HK$78.7M2020	HK$56.6M2025	—
Cash & short-term investments	HK$421,4952020	HK$2.3M2025	+40.8%/yr
Total debt	HK$64.3M2020	HK$46.4M2025	−6.3%/yr
Net cash (debt)	−HK$63.8M2020	−HK$44.1M2025	+HK$19.7M
Working capital	−HK$84.3M2020	HK$32.4M2025	+HK$116.7M
Current ratio	0.402020	2.612025	+2.21
Debt / equity	1.222024	0.822025	−0.40
Shares outstanding	1.9M2020	508K2025	−23.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NCI assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NCI liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NCI debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NCI balance sheet in Hong Kong dollars

Neo-Concept International Group Holdings Limited annual balance sheet
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	HK$2.3M	HK$9.2M	HK$5.8M	HK$8.6M	HK$1.4M	HK$421,495
Cash & equivalents	HK$2.3M	HK$9.2M	HK$5.8M	HK$8.6M	HK$1.4M	HK$421,495
Receivables	HK$8.7M	HK$35.2M	HK$32.3M	HK$26.6M	HK$37.1M	HK$54.3M
Inventory	HK$12.1M	HK$3.6M	HK$5.3M	HK$1.3M	HK$680,017	HK$1.3M
Other current assets	HK$29.4M	HK$24.4M	HK$20.2M	HK$4.4M	HK$584,029	HK$53,784
Total current assets	HK$52.6M	HK$72.3M	HK$63.7M	HK$40.9M	HK$39.7M	HK$56.1M
Property, plant & equipment (net)	HK$49.1M	HK$47.2M	HK$25.2M	HK$708,270	HK$21,767	HK$6.9M
Goodwill & intangible assets	HK$11.0M	HK$13.5M	HK$0	HK$112,049	HK$274,686	HK$426,589
Long-term investments	HK$318,134	HK$0	HK$0	HK$0	HK$0	HK$0
Other non-current assets	HK$2.6M	HK$2.5M	HK$1.7M	HK$167,277	HK$186,585	HK$596,510
Total assets	HK$115.6M	HK$135.6M	HK$90.6M	HK$41.9M	HK$40.2M	HK$64.0M
Liabilities
Accounts payable	—	—	HK$0	HK$10.4M	HK$84.6M	HK$52.2M
Short-term debt	HK$9.6M	HK$31.0M	HK$31.5M	HK$84.6M	HK$27.5M	HK$62.0M
Total current liabilities	HK$20.1M	HK$39.3M	HK$69.8M	HK$102.2M	HK$115.3M	HK$140.4M
Long-term debt	HK$0	HK$0	HK$0	HK$375,059	HK$525,615	HK$529,135
Lease obligations	HK$41.7M	HK$42.5M	HK$23.9M	HK$653,344	HK$0	HK$3.0M
Other long-term liabilities	HK$38.9M	HK$39.5M	HK$23.2M	HK$0	HK$0	HK$1.8M
Total liabilities	HK$59.0M	HK$78.8M	HK$93.0M	HK$102.5M	HK$115.8M	HK$142.7M
Shareholders' equity
Common stock & paid-in capital	HK$9,906	HK$9,906	HK$8,775	HK$8,775	HK$8,775	HK$8,775
Retained earnings (deficit)	−HK$49.9M	−HK$50.3M	−HK$58.3M	−HK$62.7M	−HK$75.1M	−HK$78.1M
Accumulated other comprehensive income	HK$440,219	HK$998,965	HK$844,791	HK$2.0M	−HK$543,424	−HK$681,482
Total shareholders' equity	HK$56.6M	HK$56.8M	−HK$2.4M	−HK$60.7M	−HK$75.6M	−HK$78.7M
Key figures
Total debt	HK$46.4M	HK$69.6M	HK$54.6M	HK$85.0M	HK$28.0M	HK$64.3M
Net cash (debt)	−HK$44.1M	−HK$60.4M	−HK$48.8M	−HK$76.4M	−HK$26.6M	−HK$63.8M
Working capital	HK$32.4M	HK$33.0M	−HK$6.1M	−HK$61.3M	−HK$75.5M	−HK$84.3M
Tangible book value	HK$45.6M	HK$43.3M	−HK$2.4M	−HK$60.8M	−HK$75.9M	−HK$79.1M
Shares outstanding	508K	2.5M	2.5M	2.5M	2.5M	1.9M
Current ratio	2.61	1.84	0.91	0.40	0.34	0.40
Quick ratio	0.55	1.13	0.55	0.34	0.33	0.39
Debt / equity	0.82	1.22	—	—	—	—
Equity / assets	48.9%	41.9%	−2.6%	−144.9%	−187.9%	−122.8%

Neo-Concept International Group Holdings Limited quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23
Assets
Cash & short-term investments	HK$2.3M	HK$2.3M	HK$2.3M	HK$1.9M	HK$1.9M	HK$9.2M	HK$9.2M	HK$4.7M	HK$4.7M	HK$5.8M	HK$5.8M	HK$2.6M
Cash & equivalents	HK$2.3M	HK$2.3M	HK$2.3M	HK$1.9M	HK$1.9M	HK$9.2M	HK$9.2M	HK$4.7M	HK$4.7M	HK$5.8M	HK$5.8M	HK$2.6M
Receivables	HK$8.7M	HK$7.3M	HK$7.3M	HK$16.5M	HK$13.9M	HK$34.2M	HK$34.2M	HK$21.5M	HK$21.5M	HK$32.3M	HK$32.3M	HK$12.8M
Inventory	HK$12.1M	HK$12.1M	HK$12.1M	HK$5.5M	HK$5.5M	HK$3.6M	HK$3.6M	HK$5.5M	HK$5.5M	HK$5.3M	HK$5.3M	HK$2.7M
Other current assets	HK$29.4M	HK$30.8M	HK$30.8M	HK$45.4M	HK$48.0M	HK$25.4M	HK$25.4M	HK$53.3M	HK$53.3M	HK$20.2M	HK$20.2M	HK$54.9M
Total current assets	HK$52.6M	HK$52.6M	HK$52.6M	HK$69.2M	HK$69.2M	HK$72.3M	HK$72.3M	HK$85.0M	HK$85.0M	HK$63.7M	HK$63.7M	HK$73.0M
Property, plant & equipment (net)	HK$49.1M	HK$49.1M	HK$49.1M	HK$53.3M	HK$53.3M	HK$47.2M	HK$47.2M	HK$27.2M	HK$27.2M	HK$25.2M	HK$25.2M	HK$18.4M
Goodwill & intangible assets	HK$11.0M	HK$11.0M	HK$11.0M	HK$12.3M	HK$12.3M	HK$13.5M	HK$13.5M	HK$15.4M	HK$15.4M	HK$0	HK$0	HK$59,283
Long-term investments	HK$0	HK$318,134	HK$0	HK$352,068	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other non-current assets	HK$2.9M	HK$2.6M	HK$2.9M	HK$2.6M	HK$3.0M	HK$2.5M	HK$2.5M	HK$4.1M	HK$4.1M	HK$1.7M	HK$1.7M	HK$176,547
Total assets	HK$115.6M	HK$115.6M	HK$115.6M	HK$137.8M	HK$137.8M	HK$135.6M	HK$135.6M	HK$131.7M	HK$131.7M	HK$90.6M	HK$90.6M	HK$91.6M
Liabilities
Accounts payable	—	—	—	—	—	—	—	—	—	HK$0	—	HK$6.8M
Short-term debt	HK$9.6M	—	HK$9.6M	HK$28.4M	HK$28.4M	—	HK$31.0M	HK$52.7M	HK$52.7M	HK$31.5M	HK$31.5M	HK$44.6M
Total current liabilities	HK$20.1M	HK$20.1M	HK$20.1M	HK$37.4M	HK$37.4M	HK$39.3M	HK$39.3M	HK$59.0M	HK$59.0M	HK$69.8M	HK$69.8M	HK$86.4M
Long-term debt	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Lease obligations	—	HK$41.7M	—	HK$45.5M	—	HK$42.5M	—	HK$24.5M	—	HK$23.9M	—	HK$17.8M
Other long-term liabilities	HK$38.9M	HK$38.9M	HK$38.9M	HK$42.1M	HK$42.1M	HK$39.5M	HK$39.5M	HK$22.9M	HK$22.9M	HK$23.2M	HK$23.2M	HK$17.3M
Total liabilities	HK$59.0M	HK$59.0M	HK$59.0M	HK$79.6M	HK$79.6M	HK$78.8M	HK$78.8M	HK$81.9M	HK$81.9M	HK$93.0M	HK$93.0M	HK$103.7M
Shareholders' equity
Common stock & paid-in capital	HK$9,906	—	HK$9,906	HK$9,906	HK$9,906	—	HK$9,906	HK$9,906	HK$9,906	HK$8,775	HK$8,775	HK$8,775
Retained earnings (deficit)	−HK$49.9M	−HK$49.9M	−HK$49.9M	−HK$48.2M	−HK$48.2M	−HK$50.3M	−HK$50.3M	−HK$56.9M	−HK$56.9M	−HK$58.3M	−HK$58.3M	−HK$67.9M
Accumulated other comprehensive income	HK$440,219	—	HK$440,218	HK$320,088	HK$320,087	—	HK$998,964	HK$963,495	HK$963,495	HK$844,791	HK$844,791	HK$739,888
Total shareholders' equity	HK$56.6M	HK$56.6M	HK$56.6M	HK$58.2M	HK$58.2M	HK$56.8M	HK$56.8M	HK$49.8M	HK$49.8M	−HK$2.4M	−HK$2.4M	−HK$12.1M
Key figures
Total debt	HK$46.4M	—	HK$46.4M	HK$68.7M	HK$68.7M	—	HK$69.6M	HK$75.6M	HK$75.6M	HK$54.6M	HK$54.6M	HK$61.9M
Net cash (debt)	−HK$44.1M	—	−HK$44.1M	−HK$66.9M	−HK$66.9M	—	−HK$60.4M	−HK$70.9M	−HK$70.9M	−HK$48.8M	−HK$48.8M	−HK$59.2M
Working capital	HK$32.4M	HK$32.4M	HK$32.4M	HK$31.8M	HK$31.8M	HK$33.0M	HK$33.0M	HK$26.0M	HK$26.0M	−HK$6.1M	−HK$6.1M	−HK$13.4M
Tangible book value	HK$45.6M	HK$45.6M	HK$45.6M	HK$45.9M	HK$45.9M	HK$43.3M	HK$43.3M	HK$34.4M	HK$34.4M	−HK$2.4M	−HK$2.4M	−HK$12.1M
Shares outstanding	508K	508K	508K	508K	508K	508K	508K	2.4M	472K	20.3M	450K	450K
Current ratio	2.61	2.61	2.61	1.85	1.85	1.84	1.84	1.44	1.44	0.91	0.91	0.85
Quick ratio	0.55	0.48	0.48	0.49	0.42	1.10	1.10	0.44	0.44	0.55	0.55	0.18
Debt / equity	0.82	—	0.82	1.18	1.18	—	1.22	1.52	1.52	—	—	—
Equity / assets	48.9%	48.9%	48.9%	42.2%	42.2%	41.9%	41.9%	37.8%	37.8%	−2.6%	−2.6%	−13.2%

Quarterly columns are labeled by the month the quarter ended. Figures in Hong Kong dollars as reported (latest annual report filed April 30, 2026); data from EODHD.

NCI financial position

At the end of fiscal 2025 (December 31, 2025), Neo-Concept International had total assets of HK$115.6 million (down 14.8% from a year earlier), total liabilities of HK$59.0 million and shareholders' equity of HK$56.6 million. It held HK$2.3 million in cash and short-term investments against HK$46.4 million of debt, net debt of HK$44.1 million. Its current ratio was 2.61. In the latest quarter (ended March 31, 2026) total assets were HK$115.6 million and equity HK$56.6 million.

Related: NCI income statement, NCI cash flow statement, NCI key metrics. See the NCI stock overview for the latest quote and news.

NCI balance sheet FAQ

What are Neo-Concept International's total assets?

Neo-Concept International reported total assets of HK$115.6 million at the end of fiscal 2025 (December 31, 2025), compared with HK$135.6 million a year earlier.

How much debt does Neo-Concept International have?

Neo-Concept International had HK$46.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.82.

How much cash does Neo-Concept International have?

Neo-Concept International held HK$2.3 million in cash and short-term investments at the end of fiscal 2025; with HK$46.4 million of debt that is net debt of HK$44.1 million.

What is Neo-Concept International's book value?

Neo-Concept International's shareholders' equity (book value) was HK$56.6 million at the end of fiscal 2025.

What is Neo-Concept International's current ratio?

Neo-Concept International had current assets of HK$52.6 million and current liabilities of HK$20.1 million, a current ratio of 2.61 (it can cover its short-term obligations).

How much goodwill does Neo-Concept International have?

Neo-Concept International carried HK$11.0 million of goodwill and intangible assets, 9.6% of total assets, at the end of fiscal 2025.