$NCI

Neo-Concept International Group Holdings Ltd

CIK:0001916331|SEC Filings

Consolidated Statements of Income and Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2025

HKD ($)

$ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

HKD ($)

$ / shares

Dec. 31, 2023

HKD ($)

$ / shares

REVENUES, NET

$ 137,247,341

$ 17,633,567

$ 235,667,734

$ 174,202,627

COST OF REVENUES

COST OF REVENUES

(86,561,692)

(11,121,464)

(186,223,181)

(139,154,316)

Gross profit

50,685,649

6,512,103

49,444,553

35,048,311

EXPENSES

Selling and marketing

(6,568,144)

(843,877)

(4,392,521)

(3,132,277)

Depreciation

(1,735,470)

(222,974)

(685,245)

(33,091)

Amortization

(2,497,004)

(320,816)

(1,481,738)

(112,049)

Staff cost

(21,755,401)

(2,795,138)

(18,486,483)

(13,260,898)

Operating lease expenses

(6,720,152)

(863,407)

(3,146,322)

(2,507,182)

Operating lease expenses – related party

(720,000)

(92,506)

(720,000)

Professional fee

(3,615,272)

(464,491)

(2,840,139)

(2,204,622)

(Provision for) reversal of expected credit losses

2,143,178

275,356

(1,253,368)

(1,383,316)

Government rates

(2,138,370)

(274,738)

(1,272,186)

(453,748)

Office general expenses

(1,263,880)

(162,384)

(752,507)

(453,551)

Others

(4,010,155)

(515,224)

(2,842,620)

(1,741,052)

Total expenses

(48,880,670)

(6,280,199)

(37,873,129)

(26,001,786)

INCOME FROM OPERATION

1,804,979

231,904

11,571,424

9,046,525

OTHER INCOME (EXPENSES)

Interest income

31,954

92,951

Interest expense

(1,349,488)

(173,382)

(3,759,032)

(5,759,182)

Agency income – related party

1,475,466

189,568

1,170,664

2,662,034

Other income

42,447

5,454

134,230

326

Other expense

(195,094)

(25,066)

(302,784)

Total other expenses, net

(26,669)

(3,426)

(2,422,184)

(3,306,655)

Income before tax expenses

1,778,310

228,478

9,149,240

5,739,870

Income tax expenses

(1,446,631)

(185,863)

(1,085,909)

(1,325,137)

NET INCOME

331,679

42,615

8,063,331

4,414,733

Foreign currency translation adjustment

(558,746)

(71,789)

154,174

(1,125,947)

TOTAL COMPREHENSIVE INCOME (LOSS)

$ (227,067)

$ (29,174)

$ 8,217,505

$ 3,288,786

Basic (in Shares)

^[1]

4,064,018

3,920,743

3,600,018

Diluted (in Shares)

^[1]

4,064,018

3,920,743

3,600,018

Earnings per share – basic (in Dollars per share and Dollars per share) | (per share)

$ 0.08

$ 0.01

$ 2.06

$ 1.23

Earnings per share – diluted (in Dollars per share and Dollars per share) | (per share)

$ 0.08

$ 0.01

$ 2.06

$ 1.23

Related parties

COST OF REVENUES

COST OF REVENUES

$ (73,417,725)

$ (9,432,724)

$ (7,915,189)

$ (34,213,521)

External

COST OF REVENUES

COST OF REVENUES

$ (13,143,967)

$ (1,688,740)

$ (178,307,992)

$ (104,940,795)

[1]	Giving retroactive effect to (i) a share re-classification to 780,000,000 Class A ordinary shares and 20,000,000 Class B ordinary shares on March 3, 2025 and (ii) share consolidation of 5 to 1 on June 16, 2025.

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2025 HKD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 HKD ($)	Dec. 31, 2023 HKD ($)
Cash flows from operating activities
Net income	$ 331,679	$ 42,615	$ 8,063,331	$ 4,414,733
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Depreciation of property and equipment	1,735,470	222,974	685,245	33,091
Amortization of intangible assets	2,497,004	320,816	1,481,738	112,049
Inventory provision	27,655	3,553	23,585	68,536
Provision for (reversal of) expected credit loss	(2,143,178)	(275,356)	1,253,368	1,383,316
Deferred tax expense	1,136,205	145,980	713,336	7,876
Changes in operating assets and liabilities
Accounts receivable	29,132,720	3,742,978	(3,079,437)	(23,387,722)
Prepayment, other receivables and other current assets	(6,506,352)	(835,937)	(12,940,934)	(14,332,426)
Tax recoverable	994,950	127,831	(994,950)
Inventories	(8,081,271)	(1,038,283)	1,679,793	(4,088,840)
Accounts payable				(10,429,941)
Accruals and other payables	1,939,466	249,183	4,087,119	1,173,924
Tax payable	310,431	39,884	(543,951)	(3,969,112)
Cash (used in) generated from operating activities	21,374,779	2,746,238	428,243	(49,014,516)
Cash flows from investing activities
Purchase of property and equipment	(4,007,964)	(514,944)	(4,143,968)	(1,275,847)
Purchase of intangible assets			(15,023,180)
Cash used in investing activities	(4,007,964)	(514,944)	(19,167,148)	(1,275,847)
Cash flows from financing activities
Proceeds from bank borrowings	67,242,051	8,639,272	222,497,624	115,018,274
Repayment for bank borrowings	(89,591,102)	(11,510,683)	(226,145,302)	(168,602,359)
Proceeds from initial public offerings			65,641,784
Repayment to related parties	(47,300,196)	(6,077,139)	(40,102,988)
Repayment from related parties				16,272,733
Advance from related parties	46,824,002	6,015,957		84,857,958
Cash generated from (used in) financing activities	(22,825,245)	(2,932,593)	21,891,118	47,546,606
Net increase (decrease) in cash and cash equivalents	(5,458,430)	(701,299)	3,152,213	(2,743,757)
Effect of foreign currency translation on cash and cash equivalents	(1,374,699)	(176,623)	164,501
Cash and cash equivalents at the beginning of the year	9,166,020	1,177,652	5,849,306	8,593,063
Cash and cash equivalents at the end of the year	2,332,891	299,730	9,166,020	5,849,306
Supplementary cash flow information
Interest received			31,954	92,951
Interest paid	(1,349,488)	(173,383)	(3,314,316)	(6,134,748)
Tax (paid) refund	80,932	10,398	(1,887,737)	(3,314,625)
Non-cash investing and financing activities: Supplemental schedule of non-cash investing and financing activities:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities			$ 21,089,828	$ 23,153,141

Consolidated Balance Sheets

Dec. 31, 2025

HKD ($)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

HKD ($)

CURRENT ASSETS

Cash and cash equivalents

$ 2,332,891

$ 299,730

$ 9,166,020

Accounts receivable, net of allowance of HKD2,668,186 and HKD465,974 as of December 31, 2024 and 2025, respectively

7,285,278

936,014

34,169,661

Prepayment and other current assets

29,390,571

3,776,107

24,387,730

Tax recoverable

994,950

Inventories, net

12,114,712

1,556,501

3,616,821

Total current assets

52,567,423

6,753,874

72,335,182

NON-CURRENT ASSETS

Property and equipment, net

7,437,231

955,537

4,746,078

Right-of-use assets, net

41,682,405

5,355,364

42,491,805

Intangible assets, net

11,044,438

1,418,992

13,541,442

Investment in a joint venture

318,134

40,874

Other non-current assets, net

2,509,532

322,425

2,326,379

Deferred tax assets

72,592

9,327

206,806

Total non-current assets

63,064,332

8,102,519

63,312,510

Total assets

115,631,755

14,856,393

135,647,692

CURRENT LIABILITIES

Bank borrowings

4,756,671

611,138

27,105,722

Accruals and other payables

9,380,281

1,205,180

7,292,824

Operating lease liabilities

4,810,410

618,042

3,890,482

Tax payable

718,388

92,299

372,485

Total current liabilities

20,145,933

2,588,354

39,299,756

NON-CURRENT LIABILITIES

Operating lease liabilities

36,871,995

4,737,322

38,601,323

Deferred tax liabilities

2,014,423

258,813

920,142

Total non-current liabilities

38,886,418

4,996,135

39,521,465

Total liabilities

59,032,351

7,584,489

78,821,221

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY

Additional paid-in capital

106,085,870

13,629,935

106,085,870

Accumulated other comprehensive income

440,219

56,559

998,965

Accumulated losses

(49,936,591)

(6,415,863)

(50,268,270)

Total shareholders’ equity

56,599,404

7,271,904

56,826,471

Total liabilities and shareholders’ equity

115,631,755

14,856,393

135,647,692

Class A Ordinary Shares

SHAREHOLDERS’ EQUITY

Ordinary shares value

^[1]

8,443

1,085

8,443

Class B Ordinary Shares

SHAREHOLDERS’ EQUITY

Ordinary shares value

^[1]

1,463

188

1,463

Related Party

CURRENT ASSETS

Other receivables, net – related party

1,443,971

185,522

CURRENT LIABILITIES

Due to related parties

$ 480,183

$ 61,695

$ 638,243

[1]	Giving retroactive effect to (i) a share re-classification to 780,000,000 Class A ordinary shares and 20,000,000 Class B ordinary shares on March 3, 2025 and (ii) share consolidation of 5 to 1 on June 16, 2025.