Neo-Concept International Group Holdings Limited (NCI) Cash Flow Statement

NASDAQ: NCIOperating cash, capex, free cash flow and buybacks.

Where NCI’s cash came from and went, 2025

December 31, 2025 · Hong Kong dollars

Cash from operations: HK$21.4M
Capital expenditures: HK$4.0M
Free cash flow: HK$17.4M
Returned to shareholders: —
Change in cash: −HK$6.8M

Cash from operations

HK$21.4M

Capital expenditures

−HK$4.0M

Net borrowing (repayment)

−HK$22.3M

Other financing

−HK$476,194

Currency & other

−HK$1.4M

Change in cash

−HK$6.8M

Drawn to scale: where the cash came from and how it was used. Hover for values.

NCI operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

NCI cash flow trends, 2020–2025

Neo-Concept International Group Holdings Limited cash flow trends
Metric	Then	Latest	Change
Operating cash flow	HK$6.3M2020	HK$21.4M2025	+27.7%/yr
Capital expenditures	HK$115,8922020	HK$4.0M2025	+103.1%/yr
Free cash flow	HK$6.2M2020	HK$17.4M2025	+23.0%/yr
Free cash flow margin	3.4%2020	12.7%2025	+9.3 pts
Operating cash flow / net income	1.882021	64.442025	+62.56
Dividends paid	HK$02020	HK$02023	—
Capex / revenue	0.1%2020	2.9%2025	+2.9 pts

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

NCI cash flow by activity

OperatingInvestingFinancingChange in cash

NCI net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

NCI cash flow statement in Hong Kong dollars

Neo-Concept International Group Holdings Limited annual cash flow statement
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	HK$331,679	HK$8.1M	HK$4.4M	HK$12.4M	HK$5.5M	−HK$3.3M
Depreciation & amortization	HK$4.2M	HK$2.2M	HK$3.4M	HK$148,472	HK$287,870	HK$319,738
Change in working capital	HK$17.8M	−HK$11.1M	−HK$58.5M	−HK$55.3M	HK$4.5M	HK$8.9M
Other non-cash items	−HK$979,318	HK$1.3M	HK$1.5M	HK$0	HK$0	HK$358,952
Cash from operating activities	HK$21.4M	HK$428,243	−HK$49.2M	−HK$42.8M	HK$10.3M	HK$6.3M
Investing activities
Capital expenditures	−HK$4.0M	−HK$19.2M	−HK$1.3M	−HK$73,526	−HK$78,190	−HK$115,892
Investments (net)	—	−HK$19.2M	−HK$1.3M	−HK$73,526	−HK$78,190	−HK$115,892
Acquisitions & other investing	HK$0	HK$19.2M	HK$1.3M	HK$73,526	HK$78,190	HK$115,892
Cash from investing activities	−HK$4.0M	−HK$19.2M	−HK$1.3M	−HK$73,526	−HK$78,190	−HK$115,892
Financing activities
Dividends paid	—	—	HK$0	HK$0	−HK$266,559	HK$0
Net borrowing (repayment)	−HK$22.3M	−HK$3.6M	−HK$53.6M	HK$56.3M	HK$22.7M	—
Shares issued	HK$0	HK$65.6M	HK$0	HK$0	HK$0	HK$0
Other financing	−HK$476,194	−HK$40.1M	HK$101.1M	−HK$6.3M	−HK$31.6M	−HK$6.5M
Cash from financing activities	−HK$22.8M	HK$21.9M	HK$47.5M	HK$50.0M	−HK$9.2M	−HK$6.5M
Summary
Net change in cash	−HK$6.8M	HK$3.3M	−HK$3.0M	HK$7.2M	HK$1.0M	−HK$308,128
Cash at end of period	HK$2.3M	HK$9.2M	HK$5.6M	HK$8.6M	HK$1.4M	HK$421,495
Free cash flow	HK$17.4M	−HK$18.7M	−HK$50.5M	−HK$42.8M	HK$10.2M	HK$6.2M
Free cash flow margin	12.7%	−8.0%	−29.0%	−12.3%	4.2%	3.4%
Capex / revenue	2.9%	8.1%	0.7%	0.0%	0.0%	0.1%
Operating cash flow / net income	64.44	0.05	−11.15	−3.45	1.88	—

Neo-Concept International Group Holdings Limited quarterly cash flow statement
	Mar '26	Sep '25	Jun '25	Mar '25	Sep '24	Jun '24	Mar '24	Jun '23	Mar '23	Dec '22	Sep '22
Operating activities
Net income	−HK$1.7M	−HK$852,294	HK$2.1M	HK$1.0M	HK$3.3M	HK$706,304	HK$706,304	−HK$2.6M	−HK$2.6M	HK$1.4M	HK$1.4M
Depreciation & amortization	HK$2.2M	HK$1.1M	HK$2.1M	HK$1.0M	HK$945,471	HK$138,020	HK$138,021	HK$45,311	HK$45,311	HK$36,905	HK$36,904
Change in working capital	HK$17.6M	HK$8.1M	HK$149,899	HK$117,611	HK$5.4M	−HK$10.5M	−HK$10.5M	−HK$18.3M	−HK$18.3M	HK$7.5M	HK$7.5M
Other non-cash items	−HK$143,731	HK$625,262	−HK$844,153	−HK$462,230	HK$1.4M	−HK$1.2M	−HK$1.2M	−HK$1.7M	−HK$1.7M	−HK$46.6M	−HK$46.6M
Cash from operating activities	HK$17.9M	HK$9.0M	HK$3.4M	HK$1.7M	HK$11.1M	−HK$10.9M	−HK$10.9M	−HK$22.5M	−HK$22.5M	−HK$37.7M	−HK$37.7M
Investing activities
Capital expenditures	−HK$375,618	−HK$189,763	−HK$3.7M	−HK$1.8M	−HK$1.7M	−HK$413,983	−HK$413,984	−HK$244,223	−HK$244,223	−HK$10,179	−HK$10,179
Acquisitions & other investing	HK$1.9M	HK$935,601	−HK$1.9M	−HK$935,601	−HK$7.5M	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Cash from investing activities	HK$1.5M	HK$745,838	−HK$5.5M	−HK$2.7M	−HK$9.2M	−HK$413,983	−HK$413,984	−HK$244,223	−HK$244,223	−HK$10,179	−HK$10,179
Financing activities
Shares issued	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other financing	−HK$18.3M	−HK$9.2M	−HK$4.5M	−HK$2.3M	HK$248,069	HK$10.7M	HK$10.7M	HK$19.8M	HK$19.8M	HK$41.5M	HK$41.5M
Cash from financing activities	−HK$18.3M	−HK$9.2M	−HK$4.5M	−HK$2.3M	HK$248,069	HK$10.7M	HK$10.7M	HK$19.8M	HK$19.8M	HK$41.5M	HK$41.5M
Summary
Net change in cash	HK$478,210	—	−HK$7.4M	—	−HK$4.7M	HK$4.7M	—	—	−HK$8.6M	HK$8.6M	−HK$985,238
Cash at end of period	HK$2.3M	HK$1.9M	HK$1.9M	HK$9.3M	—	HK$4.7M	—	HK$1.2M	HK$90.6M	HK$8.6M	—
Free cash flow	HK$17.5M	HK$8.8M	−HK$220,881	−HK$109,661	HK$9.4M	−HK$11.3M	−HK$11.3M	−HK$22.7M	−HK$22.7M	−HK$37.7M	−HK$37.7M
Free cash flow margin	22.8%	22.8%	−0.4%	−0.4%	12.1%	−14.3%	−28.5%	−58.4%	−58.4%	−48.5%	−48.5%
Capex / revenue	0.5%	0.5%	6.0%	6.0%	2.1%	0.5%	1.0%	0.6%	0.6%	0.0%	0.0%
Operating cash flow / net income	—	—	1.67	1.67	3.33	−15.39	−15.39	—	—	−27.65	−27.65

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Hong Kong dollars as reported; data from EODHD.

NCI cash generation

In fiscal 2025 (ended December 31, 2025), Neo-Concept International generated HK$21.4 million of cash from operations (up 4,891.3%) and spent HK$4.0 million on capital expenditures, leaving free cash flow of HK$17.4 million, 12.7% of revenue. Cash and equivalents fell by HK$6.8 million over the year.

Related: NCI income statement, NCI balance sheet. See the NCI stock overview for the latest quote and news.

NCI cash flow FAQ

What is Neo-Concept International's free cash flow?

Neo-Concept International's free cash flow was HK$17.4 million in fiscal 2025: HK$21.4 million of operating cash flow minus HK$4.0 million of capital expenditures It was -HK$18.7 million a year earlier..

How much cash does Neo-Concept International generate from operations?

Neo-Concept International generated HK$21.4 million of cash from operating activities in fiscal 2025, 64.44 times its net income of HK$0.3 million.

How much does Neo-Concept International spend on capital expenditures?

Neo-Concept International spent HK$4.0 million on capital expenditures in fiscal 2025, 2.9% of revenue, compared with HK$19.2 million the year before.