1. Hong Kong Stocks

  2. •

    Consumer non-durables

  3. •

    Apparel/Footwear
Top Form International Limited

Top Form International Limited

HHKEX:333
0.19
HKD
0.00
(0.00%)
84.29MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
4.37
4.69
4.85
4.88
4.66
5.31
5.08
5.32
5.55
4.92
3.34
3.75
- -
- -
Basic EPS, GAAP
-0.02
0.15
0.14
0.13
0.02
0.05
-0.25
-0.33
0.01
0.01
-0.28
-0.01
- -
- -
Free Cash Flow per Basic Share
-0.04
-0.07
0.3
0.11
-0.12
-0.04
-0.19
-0.07
-0.22
0.14
-0.02
0.16
- -
- -
Dividend per Share
- -
0.04
0.13
0.09
0.09
0.09
0.04
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
2.07
2.31
2.31
2.31
2.26
2.25
2.14
1.76
1.58
1.55
1.24
1.24
- -
1.22
Tangible Book Value per Share
2.07
2.31
2.31
2.3
2.26
2.24
2.13
1.76
1.58
1.55
1.24
1.24
- -
1.22
Basic Weighted Avg Shares
241
241
241
241
241
241
241
233
257
301
301
301
301
301
Sales/Revenue/Turnover
1,054
1,132
1,170
1,179
1,126
1,281
1,225
1,237
1,429
1,482
1,007
1,130
- -
- -
Operating Margin (%)
-0.2
2.44
3.63
2.98
0.11
0.49
-6.2
-6.67
-2.07
0.57
-7.77
- -
- -
- -
Depreciation Expense
29
28
24
21
21
23
28
45
51
45
45
43
- -
- -
Net Income, GAAP
-5
37
34
32
5
13
-61
-77
3
4
-85
-2
- -
- -
Effective Tax Rate (%)
- -
14.32
14.76
14.17
29.26
18.13
- -
- -
40.21
40.22
- -
63.75
- -
- -
Profit Margin (%)
-0.44
3.27
2.92
2.74
0.48
1
-5
-6.25
0.2
0.24
-8.41
-0.2
- -
- -
Working Capital
324
371
380
372
351
335
255
121
143
156
95
116
- -
102
LT Debt
- -
- -
- -
- -
- -
- -
- -
22
17
13
18
11
- -
10
Total Equity
518
578
579
569
556
552
523
449
511
507
420
396
- -
390
Return on Invested Capital (%)
- -
4.3
6.21
5.2
0.16
0.92
- -
- -
1.49
2.13
- -
1.27
- -
- -
Return on Capital (%)
- -
6.38
5.66
5.31
0.88
2.42
- -
- -
-0.02
-0.35
- -
-0.42
- -
- -
Return on Common Equity (%)
-0.94
7.01
6.13
5.79
0.98
2.36
-11.57
-16.41
0.62
0.75
-20.18
-0.59
- -
- -

Capital Structure

HKD

•

in mil. unless spec.
Dec'24
Jun'24
Dec'25
ST Debt
134
106
100
LT Borrowings
- -
- -
- -
LT Finance Leases
17
11
10
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
301
301
301
Market Capitalization
104
102
84

Working Capital

HKD

•

in mil. unless spec.
Dec'24
Jun'24
Dec'25
Total Current Assets
465
451
450
Cash, Cash Equivalents & STI
99
102
47
Accounts Receivable, Net
208
153
196
Inventories
131
170
171
Total Current Liabilities
374
336
348
Payables & Accruals
- -
- -
- -
ST Debt
134
106
100
Deferred Revenue
- -
- -
- -

Growth Rates

HKD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
- -
Free Cash Flow
- -
- -
- -
Net Income, GAAP
- -
- -
- -
Sales/Revenue/Turnover
- -
- -
- -
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
1,130
2025
- -
- -
- -
2026
- -
- -
- -

Semi-annual Earnings Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
-0.01
2025
- -
- -
- -
2026
- -
- -
- -

Semi-annual Dividends Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
- -
2025
- -
- -
- -
2026
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Kai Chung Wong
Full Time Employees
6,498
Sector
Consumer non-durables
Industry
Apparel/Footwear
Address
33 Tseuk Luk Street Hong Kong Hong Kong
IPO Date
Dec 16, 1991
Website
topform.group
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Business
Top Form International Limited engages in the design, manufacture, trade, and distribution of ladies' intimate apparel, specializing in brassieres, seamless products, and ladies' underwear. The company also operates in moulding and laminating, property holding, and investment businesses, along with consultancy services related to ladies' intimate apparel and accessories. Founded in 1963 and headquartered in Kowloon, Hong Kong, Top Form International Limited serves markets both in Hong Kong and internationally. The company recently completed the acquisition of the remaining 40% stake in its non-wholly owned subsidiary, Grand Gain Industrial Limited, in June 2024, thereby consolidating full ownership. Additionally, there were management changes at the board level in 2025 involving the retirement of an independent non-executive director and the appointment of a new director, along with adjustments in committee leadership roles. These reflect strategic governance updates as the company continues to strengthen its leadership framework. Top Form International Limited operates primarily within the intimate apparel industry, targeting global brands and retailers who require a full-service design and supply chain partner with expertise in garment manufacturing. Its business model encompasses product innovation, manufacturing efficiency, and comprehensive supply chain management to meet diverse customer needs across multiple markets. The company leverages its historical expertise and extensive manufacturing capabilities to maintain a leadership position in ladies' intimate apparel, providing a range of products such as brassieres, seamless wear, and related accessories. Its operational footprint extends beyond manufacturing to include property investment and consulting, which diversifies its business segments. Overall, Top Form International Limited maintains a comprehensive portfolio centered on intimate apparel manufacturing and supply chain solutions, supported by recent strategic acquisitions and board management adjustments to sustain growth and market responsiveness internationally.