CHINA-HONGKONG PHOTO PRODUCTS HOLDINGS LIMITED

Balance Sheet China-Hongkong Photo Products Holdings Limited

Stocks

1123

BMG2106Y1075

Household Electronics

Market Closed - Hong Kong S.E. Other stock markets 09:08:11 17/07/2026 BST			5-day change	1st Jan Change
0.1100 ^HKD	0.00%		+1.85%	-5.17%

06-23	China-Hongkong Photo Products Holdings Limited Reports Earnings Results for the Full Year Ended March 31, 2026	CI
06-22	China-Hongkong Photo Products Holdings Limited announces Annual dividend, payable on September 09, 2026	CI

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Published financial data: CHINA-HONGKONG PHOTO PRODUCTS HOLDINGS LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022	2023	2024	2025	2026
Revenues	1.02B	1.08B	1.1B	1B	998M
Total Revenues	1.02B	1.08B	1.1B	1B	998M
Cost of Goods Sold, Total	793M	813M	823M	745M	739M
Gross Profit	222M	266M	279M	256M	259M
Selling General & Admin Expenses, Total	231M	255M	256M	248M	240M
Provision for Bad Debts	-61K	-104K	-	1.57M	291K
Other Operating Expenses	-17.32M	-17.93M	-15.59M	-14.75M	-14.58M
Other Operating Expenses, Total	213M	237M	240M	235M	226M
Operating Income	8.69M	29.25M	39.22M	20.92M	33.21M
Interest Expense, Total	-2.94M	-2.51M	-2.46M	-2.99M	-2.86M
Interest And Investment Income	1.16M	2.4M	4.5M	5.16M	3.47M
Net Interest Expenses	-1.78M	-111K	2.05M	2.17M	617K
EBT, Excl. Unusual Items	6.91M	29.14M	41.27M	23.08M	33.83M
Asset Writedown	13.68M	4.13M	-10.02M	-18.93M	-19.24M
Other Unusual Items	745K	11.24M	189K	-	-
EBT, Incl. Unusual Items	21.34M	44.5M	31.44M	4.15M	14.59M
Income Tax Expense	3.78M	2.07M	525K	6.21M	7.27M
Earnings From Continuing Operations	17.56M	42.44M	30.92M	-2.06M	7.32M
Net Income to Company	17.56M	42.44M	30.92M	-2.06M	7.32M
Minority Interest	553K	-1.63M	-1.16M	-258K	256K
Net Income - (IS)	18.11M	40.81M	29.76M	-2.32M	7.58M
Net Income to Common Incl Extra Items	18.11M	40.81M	29.76M	-2.32M	7.58M
Net Income to Common Excl. Extra Items	18.11M	40.81M	29.76M	-2.32M	7.58M
Per Share Items
Net EPS - Basic	0.02	0.03	0.03	-0	0.01
Basic EPS - Continuing Operations	0.02	0.03	0.03	-0	0.01
Basic Weighted Average Shares Outstanding	1.19B	1.19B	1.19B	1.19B	1.19B
Net EPS - Diluted	0.02	0.03	0.03	-0	0.01
Diluted EPS - Continuing Operations	0.02	0.03	0.03	-0	0.01
Diluted Weighted Average Shares Outstanding	1.19B	1.19B	1.19B	1.19B	1.19B
Normalized Basic EPS	0	0.01	0.02	0.01	0.02
Normalized Diluted EPS	0	0.01	0.02	0.01	0.02
Dividend Per Share	0.01	0.01	0.01	-	0
Payout Ratio	65.45	29.04	39.84	-511.79	-
Supplemental Items
EBITDA	23.06M	42.59M	51.68M	33.19M	45.58M
EBITA	8.69M	29.79M	39.22M	20.92M	33.21M
EBIT	8.69M	29.25M	39.22M	20.92M	33.21M
EBITDAR	33.08M	55.14M	65.71M	42.42M	52.5M
Effective Tax Rate - (Ratio)	17.71	4.64	1.67	149.61	49.84
Current Domestic Taxes	2M	3.28M	6.45M	7.38M	9.92M
Total Current Taxes	2M	3.28M	6.45M	7.38M	9.92M
Deferred Domestic Taxes	1.78M	-1.21M	-5.93M	-1.17M	-2.65M
Total Deferred Taxes	1.78M	-1.21M	-5.93M	-1.17M	-2.65M
Normalized Net Income	4.87M	16.59M	24.63M	14.17M	21.4M
Interest on Long-Term Debt	2.94M	2.51M	2.46M	2.99M	2.86M
Non-Cash Pension Expense	1.76M	2.85M	1.37M	479K	4.33M
Supplemental Operating Expense Items
Advertising Expense	9.86M	14.64M	12.31M	15.52M	19.13M
Selling and Marketing Expenses	138M	151M	151M	152M	150M
General and Administrative Expenses	84.65M	96.06M	97.64M	89.69M	85.46M
Net Rental Expense, Total	10.02M	12.55M	14.02M	9.22M	6.92M
Imputed Operating Lease Interest Expense	3.47M	4.14M	4.46M	3.26M	2.5M
Imputed Operating Lease Depreciation	6.55M	8.42M	9.57M	5.97M	4.42M

Fiscal Period: March	2022	2023	2024	2025	2026
Assets
Cash And Equivalents	229M	236M	219M	210M	189M
Short Term Investments	44.19M	45.5M	66.64M	61M	68.73M
Total Cash And Short Term Investments	273M	281M	286M	271M	258M
Accounts Receivable, Total	51.74M	61.74M	79.61M	48.53M	59.68M
Other Receivables	590K	549K	-	-	-
Notes Receivable	-	-	-	-	-
Total Receivables	52.33M	62.29M	79.61M	48.53M	59.68M
Inventory	155M	177M	164M	174M	196M
Prepaid Expenses	11.01M	6.1M	7.65M	9.52M	9.95M
Total Current Assets	492M	527M	538M	503M	524M
Gross Property Plant And Equipment	280M	267M	286M	308M	325M
Accumulated Depreciation	-157M	-161M	-161M	-169M	-178M
Net Property Plant And Equipment	123M	106M	126M	139M	147M
Other Intangibles, Total	-	4.71M	4.64M	5.5M	5.3M
Deferred Tax Assets Long-Term	190K	169K	4.22M	4.19M	4.39M
Other Long-Term Assets, Total	273M	276M	270M	241M	209M
Total Assets	888M	913M	942M	892M	889M
Liabilities
Accounts Payable, Total	60.32M	58.56M	55.23M	46.56M	47.59M
Accrued Expenses, Total	35.64M	38.37M	41.09M	36.97M	39.3M
Current Portion of Leases	37.73M	33.84M	37.28M	39.05M	35.88M
Current Income Taxes Payable	9.11M	8.7M	12.07M	10.15M	12.2M
Unearned Revenue Current, Total	19.64M	27.35M	27.73M	11.64M	9.2M
Other Current Liabilities	8.55M	7.17M	9.42M	7.27M	5.8M
Total Current Liabilities	171M	174M	183M	152M	150M
Long-Term Leases	29.03M	21.16M	31.4M	27.74M	23.73M
Deferred Tax Liability Non Current	31.62M	30.25M	27.99M	26.5M	24.29M
Other Non Current Liabilities	5.01M	9.29M	10.58M	11.75M	7.28M
Total Liabilities	237M	235M	253M	218M	205M
Common Stock, Total	119M	119M	119M	119M	119M
Additional Paid In Capital	490M	490M	490M	490M	490M
Retained Earnings	9.54M	38.5M	52.86M	38.69M	46.26M
Comprehensive Income and Other	33.37M	30.21M	27.18M	27.29M	29.05M
Total Common Equity	652M	678M	689M	675M	684M
Minority Interest	-782K	1.09M	-130K	-172K	-428K
Total Equity	651M	679M	689M	675M	684M
Total Liabilities And Equity	888M	913M	942M	892M	889M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.19B	1.19B	1.19B	1.19B	1.19B
ECS Total Common Shares Outstanding	1.19B	1.19B	1.19B	1.19B	1.19B
Book Value / Share	0.55	0.57	0.58	0.57	0.58
Tangible Book Value	652M	673M	684M	669M	679M
Tangible Book Value Per Share	0.55	0.57	0.58	0.56	0.57
Total Debt	66.75M	55M	68.68M	66.79M	59.61M
Net Debt	-207M	-226M	-217M	-204M	-198M
Debt Equivalent Oper. Leases	80.16M	100M	112M	73.79M	55.35M
Minority Interest, Total (Incl. Fin. Div)	-782K	1.09M	-130K	-172K	-428K
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Finished Goods, Total	-	188M	176M	186M	209M
Land - (BS)	-	-	-	-	-
Buildings, Total	30.92M	29.85M	29.04M	31.54M	39.98M
Machinery, Total	154M	156M	167M	179M	187M
Full Time Employees	371	358	386	399	407
Part Time Employees	159	184	233	179	152
Accumulated Allowance for Doubtful Accounts (Supple)	309K	205K	205K	1.78M	2.07M

Fiscal Period: March	2022	2023	2024	2025	2026
Net Income	18.11M	40.81M	29.76M	-2.32M	7.58M
Depreciation & Amortization - CF	59.01M	57.4M	56.18M	58.92M	57.86M
Amortization of Goodwill and Intangible Assets - (CF)	-	537K	-	-	-
Depreciation & Amortization, Total	59.01M	57.94M	56.18M	58.92M	57.86M
Amortization of Deferred Charges, Total - (CF)	-	-	709K	924K	1.2M
(Gain) Loss From Sale Of Asset	-58K	-66K	107K	275K	-8K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	1.57M	291K
Asset Writedown & Restructuring Costs	-13.68M	-4.13M	10.02M	18.93M	19.24M
Provision and Write-off of Bad Debts	289K	-104K	-	-	-
Other Operating Activities, Total	1.5M	-1.06M	-2.66M	-5.97M	-1.7M
Change In Accounts Receivable	-1.35M	-9.89M	-17.87M	29.51M	-11.45M
Change In Inventories	-42.22M	-22.32M	11.3M	-9.54M	-22.77M
Change In Accounts Payable	6.87M	-1.76M	-3.34M	-8.67M	1.04M
Change in Unearned Revenues	-456K	7.71M	376K	-16.09M	-2.44M
Change in Other Net Operating Assets	-12M	10.77M	8.76M	3.06M	-14.2M
Cash from Operations	16.02M	77.89M	93.33M	70.62M	34.63M
Capital Expenditure	-9.29M	-9.82M	-23.83M	-17.4M	-12.87M
Sale of Property, Plant, and Equipment	239K	572K	343K	48K	81K
Sale (Purchase) of Intangible assets	-	-5.25M	-639K	-1.78M	-999K
Investment in Marketable and Equity Securities, Total	27.23M	-	-24.93M	-3.84M	2.57M
Other Investing Activities, Total	1.16M	2.4M	4.5M	5.16M	3.47M
Cash from Investing	19.33M	-12.1M	-44.55M	-17.81M	-7.74M
Long-Term Debt Repaid, Total	-47.63M	-42.75M	-43.09M	-47.09M	-46.32M
Total Debt Repaid	-47.63M	-42.75M	-43.09M	-47.09M	-46.32M
Common Dividends Paid	-11.85M	-11.85M	-11.85M	-11.85M	-
Common & Preferred Stock Dividends Paid	-11.85M	-11.85M	-11.85M	-11.85M	-
Special Dividend Paid	-	-	-5.93M	-	-
Other Financing Activities, Total	-2.94M	-2.51M	-2.46M	-3.29M	-2.86M
Cash from Financing	-62.42M	-57.11M	-63.32M	-62.24M	-49.18M
Foreign Exchange Rate Adjustments	859K	-2M	-2.02M	129K	1.58M
Net Change in Cash	-26.21M	6.69M	-16.57M	-9.31M	-20.72M
Supplemental Items
Cash Interest Paid	2.94M	2.51M	2.46M	2.99M	2.86M
Cash Income Tax Paid (Refund)	794K	3.58M	3.19M	9.54M	7.97M
Levered Free Cash Flow	19.97M	39.83M	54.35M	38.88M	31.51M
Unlevered Free Cash Flow	21.8M	41.39M	55.89M	40.75M	33.29M
Change In Net Working Capital	33.34M	19.76M	1.05M	12.99M	32.65M
Net Debt Issued / Repaid	-47.63M	-42.75M	-43.09M	-47.09M	-46.32M

Fiscal Period: March	2022	2023	2024	2025	2026
Profitability
Return on Assets	0.62	2.03	2.64	1.43	2.33
Return on Total Capital	0.76	2.52	3.29	1.74	2.8
Return On Equity %	2.71	6.38	4.52	-0.3	1.08
Return on Common Equity	2.8	6.14	4.35	-0.34	1.11
Margin Analysis
Gross Profit Margin %	21.85	24.63	25.32	25.55	25.97
SG&A Margin	22.71	23.59	23.18	24.77	24.08
EBITDA Margin %	2.27	3.95	4.69	3.32	4.57
EBITA Margin %	0.86	2.76	3.56	2.09	3.33
EBIT Margin %	0.86	2.71	3.56	2.09	3.33
Income From Continuing Operations Margin %	1.73	3.93	2.8	-0.21	0.73
Net Income Margin %	1.78	3.78	2.7	-0.23	0.76
Net Avail. For Common Margin %	1.78	3.78	2.7	-0.23	0.76
Normalized Net Income Margin	0.48	1.54	2.23	1.42	2.14
Levered Free Cash Flow Margin	1.97	3.69	4.93	3.89	3.16
Unlevered Free Cash Flow Margin	2.15	3.84	5.07	4.07	3.34
Asset Turnover
Asset Turnover	1.15	1.2	1.19	1.09	1.12
Fixed Assets Turnover	8.13	9.45	9.54	7.56	6.99
Receivables Turnover (Average Receivables)	19.82	19.02	15.6	15.62	18.45
Inventory Turnover (Average Inventory)	5.96	4.9	4.83	4.41	4
Short Term Liquidity
Current Ratio	2.88	3.03	2.94	3.32	3.49
Quick Ratio	1.91	1.98	2	2.11	2.12
Operating Cash Flow to Current Liabilities	0.09	0.45	0.51	0.47	0.23
Days Sales Outstanding (Average Receivables)	18.41	19.19	23.46	23.37	19.79
Days Outstanding Inventory (Average Inventory)	61.27	74.5	75.85	82.79	91.35
Average Days Payable Outstanding	24.79	25.98	25.68	24.62	22.57
Cash Conversion Cycle (Average Days)	54.89	67.71	73.63	81.54	88.58
Long Term Solvency
Total Debt/Equity	10.25	8.1	9.97	9.9	8.72
Total Debt / Total Capital	9.3	7.5	9.07	9.01	8.02
LT Debt/Equity	4.46	3.12	4.56	4.11	3.47
Long-Term Debt / Total Capital	4.04	2.88	4.15	3.74	3.19
Total Liabilities / Total Assets	26.66	25.7	26.85	24.39	23.09
EBIT / Interest Expense	2.96	11.66	15.97	6.99	11.62
EBITDA / Interest Expense	23.07	34.76	38.84	26.69	31.88
(EBITDA - Capex) / Interest Expense	19.9	30.85	29.14	20.88	27.37
Total Debt / EBITDA	0.99	0.63	0.72	0.84	0.65
Net Debt / EBITDA	-3.05	-2.6	-2.28	-2.56	-2.18
Total Debt / (EBITDA - Capex)	1.14	0.71	0.96	1.07	0.76
Net Debt / (EBITDA - Capex)	-3.54	-2.93	-3.04	-3.27	-2.54
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	10.74	6.3	2.15	-9.22	-0.27
Gross Profit, 1 Yr. Growth %	14.23	19.82	5.02	-8.42	1.4
EBITDA, 1 Yr. Growth %	228.94	84.7	22.91	-36.02	37.33
EBITA, 1 Yr. Growth %	-202.09	242.84	34.09	-46.93	58.79
EBIT, 1 Yr. Growth %	-202.09	236.66	34.09	-46.93	58.79
Earnings From Cont. Operations, 1 Yr. Growth %	-45.05	141.7	-27.15	-106.66	-455.69
Net Income, 1 Yr. Growth %	-46.16	125.35	-27.09	-107.78	-427.12
Normalized Net Income, 1 Yr. Growth %	-206.74	240.35	48.53	-42.76	51.03
Diluted EPS Before Extra, 1 Yr. Growth %	-46.16	125.15	-27.03	-107.97	-419.55
Accounts Receivable, 1 Yr. Growth %	2.09	19.32	28.95	-39.04	22.99
Inventory, 1 Yr. Growth %	39.68	13.92	-7.04	5.63	13
Net Property, Plant and Equip., 1 Yr. Growth %	-3.22	-14.02	18.89	10.76	5.34
Total Assets, 1 Yr. Growth %	1.95	2.9	3.09	-5.23	-0.37
Tangible Book Value, 1 Yr. Growth %	1.21	3.24	1.69	-2.18	1.42
Common Equity, 1 Yr. Growth %	1.21	3.96	1.67	-2.04	1.38
Cash From Operations, 1 Yr. Growth %	-88.57	386.08	19.82	-24.34	-50.96
Capital Expenditures, 1 Yr. Growth %	-9.32	5.63	142.75	-27	-25.99
Levered Free Cash Flow, 1 Yr. Growth %	-81.91	99.42	36.47	-28.61	-18.98
Unlevered Free Cash Flow, 1 Yr. Growth %	-80.56	89.83	35.01	-27.23	-18.31
Dividend Per Share, 1 Yr. Growth %	0	0	0	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.39	8.5	4.2	-3.71	-4.85
Gross Profit, 2 Yr. CAGR %	6.65	16.99	12.18	-1.93	-3.63
EBITDA, 2 Yr. CAGR %	59.89	146.48	49.71	-11.16	-6.26
EBITA, 2 Yr. CAGR %	-40.59	87.09	112.47	-15.44	-8.2
EBIT, 2 Yr. CAGR %	-40.59	85.39	112.47	-15.44	-8.2
Earnings From Cont. Operations, 2 Yr. CAGR %	-25.6	15.25	32.7	-77.98	-51.34
Net Income, 2 Yr. CAGR %	-21.1	10.15	28.18	-76.18	-49.54
Normalized Net Income, 2 Yr. CAGR %	-40.3	90.6	124.84	-7.57	-7.02
Diluted EPS Before Extra, 2 Yr. CAGR %	-21.1	10.1	28.18	-75.89	-49.54
Accounts Receivable, 2 Yr. CAGR %	6.39	10.37	24.04	-11.34	-13.41
Inventory, 2 Yr. CAGR %	-4.3	26.14	2.91	-0.91	9.25
Net Property, Plant and Equip., 2 Yr. CAGR %	-6.35	-8.78	1.1	14.75	8.02
Total Assets, 2 Yr. CAGR %	3.83	2.42	2.99	-1.16	-2.83
Tangible Book Value, 2 Yr. CAGR %	3.62	2.22	2.46	-0.26	-0.39
Common Equity, 2 Yr. CAGR %	3.62	2.58	2.81	-0.2	-0.34
Cash From Operations, 2 Yr. CAGR %	-46.96	-25.47	141.34	-4.78	-39.09
Capital Expenditures, 2 Yr. CAGR %	24.57	-2.13	60.13	33.12	-26.5
Levered Free Cash Flow, 2 Yr. CAGR %	-28.76	-39.94	64.97	-1.19	-23.95
Unlevered Free Cash Flow, 2 Yr. CAGR %	-27.48	-39.25	60.09	-0.77	-22.9
Dividend Per Share, 2 Yr. CAGR %	-	0	0	-	-43.43
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.92	7.03	6.34	-0.48	-2.57
Gross Profit, 3 Yr. CAGR %	0.69	10.87	12.86	4.84	-0.83
EBITDA, 3 Yr. CAGR %	95.08	67.76	94.63	12.91	2.72
EBITA, 3 Yr. CAGR %	-28.54	6.56	66.42	34.02	4.32
EBIT, 3 Yr. CAGR %	-28.54	5.91	66.42	34.02	4.32
Earnings From Cont. Operations, 3 Yr. CAGR %	-27.65	10.19	-1.09	-51.06	-44.33
Net Income, 3 Yr. CAGR %	-27.07	11.94	-4	-49.62	-42.95
Normalized Net Income, 3 Yr. CAGR %	-27.94	6.65	75.39	42.73	8.86
Diluted EPS Before Extra, 3 Yr. CAGR %	-27.08	11.91	-4.01	-49.22	-42.94
Accounts Receivable, 3 Yr. CAGR %	-4.39	10.54	16.24	-2.11	-1.12
Inventory, 3 Yr. CAGR %	-7.88	1.42	13.94	3.8	3.53
Net Property, Plant and Equip., 3 Yr. CAGR %	16.75	-8.98	-0.36	4.22	11.53
Total Assets, 3 Yr. CAGR %	2.16	3.52	2.64	0.17	-0.9
Tangible Book Value, 3 Yr. CAGR %	0.59	3.49	2.04	0.89	0.3
Common Equity, 3 Yr. CAGR %	0.59	3.73	2.27	1.17	0.32
Cash From Operations, 3 Yr. CAGR %	114.18	10.99	-12.69	63.95	-23.68
Capital Expenditures, 3 Yr. CAGR %	-14.03	17.9	32.48	23.24	9.46
Levered Free Cash Flow, 3 Yr. CAGR %	-18.16	0.4	-21.04	24.87	-7.51
Unlevered Free Cash Flow, 3 Yr. CAGR %	-15.73	-0.06	-20.72	23.18	-7
Dividend Per Share, 3 Yr. CAGR %	-	-	0	-	-31.6
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.56	3.02	2.83	2.6	1.71
Gross Profit, 5 Yr. CAGR %	2.1	3.62	5.14	5.56	5.95
EBITDA, 5 Yr. CAGR %	35.27	13.47	75.48	29.77	45.42
EBITA, 5 Yr. CAGR %	-19.43	53.71	10.5	-3.21	31.3
EBIT, 5 Yr. CAGR %	-19.43	53.16	10.5	-3.21	31.3
Earnings From Cont. Operations, 5 Yr. CAGR %	-1.2	1.63	-7.78	-42.13	-25.52
Net Income, 5 Yr. CAGR %	-1.4	1.33	-8.62	-39.72	-25.78
Normalized Net Income, 5 Yr. CAGR %	-20.28	36.32	13.6	0.72	36.2
Diluted EPS Before Extra, 5 Yr. CAGR %	-1.41	1.33	-8.62	-39.44	-25.78
Accounts Receivable, 5 Yr. CAGR %	4.88	5.31	6.1	1.2	3.32
Inventory, 5 Yr. CAGR %	0.12	-1.66	-3.71	0.48	12.04
Net Property, Plant and Equip., 5 Yr. CAGR %	12.45	5.27	10.22	-0.14	2.91
Total Assets, 5 Yr. CAGR %	2.76	1.63	2.49	1.62	0.42
Tangible Book Value, 5 Yr. CAGR %	0.15	-0.51	1.33	1.97	1.06
Common Equity, 5 Yr. CAGR %	0.15	-0.37	1.47	2.14	1.22
Cash From Operations, 5 Yr. CAGR %	21.94	67.1	124.65	4.39	-24.4
Capital Expenditures, 5 Yr. CAGR %	-9.97	-17.76	10.25	23.77	4.67
Levered Free Cash Flow, 5 Yr. CAGR %	18.3	70.65	8.33	-0.24	-22.18
Unlevered Free Cash Flow, 5 Yr. CAGR %	20.4	71.98	8.93	-0.34	-21.57
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	-20.38