olivLaw · US equity research
Neo-Concept International Group Holdings Ltd NCI
Apparel & Other Finishd Prods of Fabrics & Similar Matl · SIC 2300 · Vertical: Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300)
Neo-Concept International Group Holdings Ltd (NCI) is a one-stop apparel supply chain services provider serving European and North American markets, and is increasingly building its own retail brands. Revenue fell in fiscal 2025 by 41.8% to HKD137.2 million as commercial customers were lost, while own-branded sales rose 81.2%.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Neo-Concept International Group Holdings Ltd (NCI) stock was 0.63 USD (−8.58% on the day), with market capitalisation 12.8 m USD, P/E 63.1 on diluted EPS of 0.01 USD over the last 12 months, beta 0.14, 52-week range 0.60–96.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 17.3
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.57 – 0.88
- in the lower half of the band · %B 0.19 · band width 42.4%
- SMA 50 / 200
- 6.35 / 15.77
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.39 / -1.80
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −31.7% | −1.1% | −30.6 pp | — |
| 3 months | −94.6% | −0.5% | −94.2 pp | — |
| 6 months | −92.6% | +4.4% | −97.0 pp | — |
| Year to date | −93.0% | +12.3% | −105.3 pp | — |
| 1 year | −94.7% | +13.5% | −108.2 pp | +10.9% |
| 3 years | unavailable | +76.4% | unavailable | +15.2% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 528.0, median 716.0, max 904.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 22.3 m | 30.3 m | 17.6 m |
| Revenue YoY | unavailable | unavailable | unavailable | +36.0% | −41.9% |
| Net income | unavailable | unavailable | 565.2 k | 1.0 m | 42.6 k |
| Net income YoY | unavailable | unavailable | unavailable | +83.7% | −95.9% |
| Diluted EPS | unavailable | unavailable | 0.03 | 0.05 | 0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +66.7% | −80.0% |
| net % | unavailable | unavailable | 2.5% | 3.4% | 0.2% |
| Free cash flow | unavailable | unavailable | -6.5 m | -478.4 k | 2.2 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 299.7 k USD
- Financial debt
- 1.2 m USD
- Net debt
- 922.5 k USD
- Equity
- 7.3 m USD
- Total assets
- 14.9 m USD
- Debt / equity
- 0.17x
- Current ratio
- 2.61x
- ROE
- 0.6%
- ROA
- 0.3%
- FCF margin
- 12.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 22.3 m | 30.3 m | 17.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Cost of revenue | 17.8 m | 24.0 m | 11.1 m | SEC (XBRL)· 30 Apr 2026verified |
| Gross profit | 4.5 m | 6.4 m | 6.5 m | SEC (XBRL)· 30 Apr 2026verified |
| Operating income | 1.2 m | 1.5 m | 231.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Depreciation & amortisation | 4.2 k | — | — | SEC (XBRL)· 14 May 2024verified |
| EBITDA | 1.2 m ≈ | — | — | SEC (XBRL)· 14 May 2024derived |
| Pre-tax income | 734.9 k | 1.2 m | 228.5 k | SEC (XBRL)· 30 Apr 2026verified |
| Income tax | 169.7 k | 139.8 k | 185.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Net income | 565.2 k | 1.0 m | 42.6 k | SEC (XBRL)· 30 Apr 2026verified |
| Diluted EPS | 0.03 | 0.05 | 0.01 | SEC (XBRL)· 30 Apr 2026verified |
| Weighted average diluted shares | 3.6 m | 3.9 m | 4.1 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 748.9 k | 1.2 m | 299.7 k | SEC (XBRL)· 30 Apr 2026verified |
| Receivables | 4.1 m | 4.4 m | 936.0 k | SEC (XBRL)· 30 Apr 2026verified |
| Inventories | 681.1 k | 465.6 k | 1.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Current assets | 8.2 m | 9.3 m | 6.8 m | SEC (XBRL)· 30 Apr 2026verified |
| Property, plant & equipment, net | 166.1 k | 611.0 k | 955.5 k | SEC (XBRL)· 30 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 1.7 m | 1.4 m | SEC (XBRL)· 30 Apr 2026verified |
| Total assets | 11.6 m | 17.5 m | 14.9 m | SEC (XBRL)· 30 Apr 2026verified |
| Short-term debt | 3.9 m | 3.5 m | 611.1 k | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | 3.9 m | 3.5 m | 611.1 k | SEC (XBRL)· 30 Apr 2026verified |
| Current liabilities | 8.9 m | 5.1 m | 2.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Total liabilities | 11.9 m | 10.1 m | 7.6 m | SEC (XBRL)· 30 Apr 2026verified |
| Equity | -305.6 k † | 7.3 m † | 7.3 m † | SEC (XBRL)· 30 Apr 2026verified |
| Shares outstanding at year end | 18.0 m | 20.3 m | — | SEC (XBRL)· 15 May 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -6.3 m | 55.1 k | 2.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Capex | 163.3 k | 533.5 k | 514.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Free cash flow | -6.5 m ≈ | -478.4 k ≈ | 2.2 m ≈ | SEC (XBRL)· 30 Apr 2026derived |
| Investing cash flow | -163.3 k | -2.5 m | -514.9 k | SEC (XBRL)· 30 Apr 2026verified |
| Financing cash flow | 6.1 m | 2.8 m | -2.9 m | SEC (XBRL)· 30 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 12.8 m USD
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.11 – 0.17 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E0.11 – 0.17 (Mid 0.15)9 companies used · median multiple 15.3x · quartiles 10.8x – 16.6xBRIA, COLM, CRI, GIII, GIL, JRSH, LEVI, LULU, SGC
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.8% | 18 (vs peers) | 23% |
| Net margin · Quality | 0.2% | 19 (vs peers) | 14% |
| FCF conversion · Quality | 5,235.9% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 63.1x | 9 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.4% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality41/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Neo-Concept International Group Holdings Limited (NCI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 17.6 m USD in 2025; YoY growth -41.9%; net margin 0.2%; ROE 0.6%.
The estimated value range is 0.11–0.17 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.15 USD, the price of 0.63 USD leaves a potential of -75.7% (value / price − 1) and a margin of safety of -312.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 5,235.9%
- Current ratio: 2.6x
- FCF yield: 17.4%
What contradicts it
- ROIC: 1.8%
- Net margin: 0.2%
- P/E (TTM): 63.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Apparel & Other Finishd Prods of Fabrics & Similar Matl (SIC 2300) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASAmer Sports, Inc. | 17.9 bn | 42.2 | 7.9% | 6.5% | +26.7% | −14% / unavailable |
| LULUlululemon athletica inc. | 11.8 bn | 9.2 | 30.9% | 12.8% | +4.9% | −39% / −75% |
| GILGildan Activewear Inc. | 8.0 bn | 16.6 | 15.9% | 11.0% | +10.7% | −22% / +19% |
| COLMColumbia Sportswear Company | 3.6 bn | 18.4 | 12.7% | 6.0% | +0.9% | +32% / −9% |
| GIIIG III Apparel Group Ltd | 1.4 bn | 10.8 | 7.7% | 4.8% | −7.0% | +14% / +15% |
| CRICarter’s, Inc. | 1.2 bn | 5.5 | 22.9% | 7.4% | unavailable | +5% / −51% |
| LEVILevi Strauss & Co | 894.9 m | 15.9 | 25.8% | 8.8% | +4.1% | +8% / +54% |
| SGCSuperior Group Of Companies, Inc. | 224.5 m | 25.6 | 4.3% | 1.4% | +0.1% | +45% / +18% |
| JRSHJerash Holdings (US), Inc. | 73.8 m | 15.3 | 7.6% | 2.8% | +14.0% | +87% / +103% |
| PASWPing An Biomedical Co., Ltd. | 60.1 m | — | -28.4% | -37.6% | unavailable | +541% / unavailable |
| BRIABrilliA Inc | 34.5 m | 11.5 | 21.5% | 4.4% | +15.1% | −23% / unavailable |
| NCINeo-Concept International Group Holdings Limited | 12.8 m | 63.1 | 0.6% | 0.2% | −41.9% | −95% / unavailable |
| GOOSCanada Goose Holdings Inc. | — | — | 19.8% | 7.0% | +1.1% | −36% / −20% |
| UAUnder Armour, Inc. | — | — | -29.8% | -10.0% | −3.8% | +26% / −27% |
| LANVLanvin Group Holdings Limited | — | — | -200.4% | -50.3% | −22.9% | −60% / −79% |
| ZGNErmenegildo Zegna N.V. | — | — | 10.1% | 5.1% | −1.5% | +39% / +30% |
| FIGSFIGS, Inc. | 0 | 67.0 | 14.8% | 8.7% | +13.6% | +124% / +202% |
1- and 3-year price returns: for NCI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.07 Total return -89% · Per year -89% | 0.13 Total return -80% · Per year -80% | 0.19 Total return -70% · Per year -70% |
| 3 years | 0.06 Total return -91% · Per year -55% | 0.11 Total return -82% · Per year -44% | 0.19 Total return -70% · Per year -33% |
| 5 years | 0.04 Total return -93% · Per year -41% | 0.10 Total return -84% · Per year -30% | 0.19 Total return -70% · Per year -21% |
- Exit P/E± 0.03
- Net margin± 0.02
- Annual revenue growth± 0.02
- Annual dilution± 0.00
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (27 Oct 2026), 6-K (16 Oct 2026).
In brief
Neo-Concept International Group Holdings Ltd (NCI) is a one-stop apparel supply chain services provider serving European and North American markets, and is increasingly building its own retail brands. Revenue fell in fiscal 2025 by 41.8% to HKD137.2 million as commercial customers were lost, while own-branded sales rose 81.2%.
SWOT
Strengths
- The company offers complete supply chain services, from design to logistics, which simplifies the process for customers.
- Its commitment to sustainability is supported by several international certifications recognized in its target markets.
- Founders and management have long experience in the apparel industry, supporting customer relationships and product development.
Weaknesses
- Revenue depends on a small number of commercial customers, and the loss of accounts can significantly reduce sales.
- Control by the majority shareholder and conflicts of interest with the affiliate NCH may limit independence in decisions.
- Gross margin on private-labelled products is very thin, and the own-brand margin declined in fiscal 2025.
Opportunities
- Expanding the 'les 100 ciels' brand into new shops and the Middle East could offset falling supply sales.
- Demand for recycled and organic products could attract new customers if the certifications are completed.
- Acquisitions or joint ventures could diversify revenue sources, although no concrete targets have been identified.
Threats
- Intense competition and shifting consumer preferences could keep reducing supply volumes.
- The non-competition agreement has time limits, and difficulty bringing legal claims against NCH could weaken customer protection.
- Currency fluctuations between sterling, the US dollar and the Hong Kong dollar could affect reported results.
Risks
- Dependence on few customershigh
The number of commercial customers fell sharply in fiscal 2025, so revenue depends on a handful of important accounts.
- Concentrated shareholder controlhigh
The majority shareholder holds most of the voting rights and could take decisions that do not align with the interests of other shareholders.
- Conflicts with affiliated entitymedium
NCH competes directly with NCI in certain regions, and transactions between the two could be less favourable to the company.
- Reliance on subsidiary distributionsmedium
As a holding company, payments to shareholders depend on distributions from subsidiaries, which may be restricted by local law or debt agreements.
- Margin pressuremedium
Own-brand gross margin declined by 17.7 percentage points in fiscal 2025 due to higher purchase costs, which could affect profitability.
Investment thesis
What would need to be true (bull case)
- Strong growth in own-brand sales and the higher overall gross margin could show that the retail model is starting to offset the loss of supply customers.
- Sustainability certifications and a long-standing relationship with a major retailer could support a recovery in volumes if new customers join.
- Completing certifications and transferring customers from the territory agreement could widen the customer base without large additional costs.
What would break the thesis
- A revenue fall of 41.8% and a sharp drop in customer count point to a serious weakening of the core supply business.
- Concentrated control and conflicts with the affiliate could limit protection for minority shareholders.
- Net income almost disappeared in fiscal 2025, and higher administrative costs could pressure results if revenue does not recover.
What to watch
- Trend in commercial customer count and supply salesQ1 2027
- Completion of certifications and transfer of customers under the territory agreement2027
- Gross margin of the 'les 100 ciels' brand and purchase costsnext 10-K
- Use of proceeds from the February 2026 offering and effect on capitalnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Apr 2026; since then the company filed 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Oct 2026), 6-K (27 Oct 2026), 6-K (16 Oct 2026).
The business
NCI provides a full suite of apparel supply chain services, covering market trend analysis, product design, raw material sourcing, production, quality control and logistics. Services are delivered through its Hong Kong subsidiary Neo-Concept HK to customers in North America and Europe, with a focus on sustainable solutions and environmental certifications. The company is the holding company of operating subsidiaries restructured out of the former NCH consortium, under the same controlling shareholder.
The core activity is supplying brands with private-labelled products. In parallel, the company has developed its own brand 'les 100 ciels', sold through its own shops in the United Kingdom and, since March 2025, through a shop in Abu Dhabi under a joint venture in the United Arab Emirates.
The company cites its sustainability focus, supported by certifications such as the Responsible Wool Standard and Global Recycled Standard, and a long-standing relationship with a major Canadian retailer since 2012 as key strengths. It nevertheless relies on a small number of customers and on strong control by its majority shareholder.
Market context
The company operates in Europe and North America, where demand for sustainable supply services is supported by growing retailer and consumer focus on ethics and the environment. The market is competitive, with vertically integrated suppliers and affiliated groups, and the loss of customers shows how sensitive revenue is to account losses.
Growth in own-branded products points to a partial shift toward retail, where margins are higher. If shop expansion continues, the company could diversify revenue, but it would need to win back lost supply customers.
Trends
- Demand for sustainable productstailwind
Growing concern about climate change and sustainability supports demand for suppliers with environmental certifications, and the company expects this trend to continue in North America and Europe.
- Changing consumer preferencesheadwind
The company cites heightened competition and shifting consumer preferences as factors in the fall in private-label sales in fiscal 2025, showing pressure on its traditional model.
- Expansion of own retailmixed
New company-owned shops lifted sales and margins, but they also raise rent, staff and amortization costs, which increased general and administrative expenses in fiscal 2025.
- Environmental certificationsmixed
Certifications for recycled and organic materials could open access to new customers, but some existing customers require these certifications before transferring accounts to NCI, which may delay growth.
Competitive position
The main direct competitor is NCH, an affiliated entity under common control, which offers similar services in Europe and North America. The exclusive territory and non-competition agreement limits this rivalry but does not remove it entirely for NCH's existing customers.
The company also faces independent apparel service providers and manufacturers that work directly with retailers. Its stated advantages are a full service range and sustainability certifications, but it has not identified specific acquisition or joint venture targets.
- NCH (Neo-Concept Holdings, affiliate)
Affiliated group under the same control, offering comparable services in Europe and North America, subject to a non-competition agreement and transferable clients.
- Independent apparel sourcing services providers
Private or non-US-listed companies offering design, sourcing and production for retailers and brands in Europe and North America.
- Vertically integrated retailers
Retail chains that produce their own apparel or work directly with factories, reducing demand for intermediaries.
- Affordable luxury apparel brands
Companies with their own store networks, competing with NCI's own brand for consumers in the United Kingdom and the Middle East.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)27 Oct 2026
- Current report (foreign issuer)16 Oct 2026
- Current report (foreign issuer)16 Oct 2026
- Current report (foreign issuer)05 Oct 2026
- Current report (foreign issuer)01 Oct 2026
- Current report (foreign issuer)16 Sept 2026
- Current report (foreign issuer)26 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Neo-Concept International Group Holdings Ltd · 30 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.