KELFRED (01134) Annual Reports
恒發光學 ・ Listed on the Main Board of the Hong Kong Stock Exchange, classified under Consumer Discretionary - Textiles & Clothing (Other Accessories). This page collects every annual report, interim report and results announcement filed by the company. All PDFs come directly from HKEXnews.
Company profile
- Sector： All Textiles & Apparel stocks →
- Chairman： Joe Kwok
- Financial year end： 31 Dec 2025
- Listing date： 2019-07-16
Website：Official site ↗
Financial history
Show table：Income statement
| Item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 363 | 421 | 413 | 354 | 435 | 465 | 393 | 454 | 500 |
| Gross profit | 93.9 | 96.7 | 96.3 | 60.1 | 68.4 | 76.0 | 57.0 | 44.7 | 59.3 |
| Pre-tax income | 40.9 | 38.4 | 13.7 | -12.2 | -1.59 | 10.7 | 2.18 | -21.4 | -13.7 |
| Net income | 32.9 | 31.0 | 9.10 | -13.5 | -2.14 | 9.18 | 1.39 | -21.6 | -15.2 |
Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.
Show table：Balance sheet
| Item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | 259 | 215 | 310 | 287 | 268 | 252 | 264 | 283 | 283 |
| Total liabilities | 111 | 118 | 102 | 102 | 81.8 | 65.3 | 80.8 | 126 | 134 |
Gross, operating and net margin = the respective profit ÷ revenue.
Show table：Profitability
| Item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 25.9% | 23.0% | 23.3% | 17.0% | 15.7% | 16.3% | 14.5% | 9.8% | 11.9% |
| Net margin | 9.1% | 7.4% | 2.2% | -3.8% | -0.5% | 2.0% | 0.3% | -4.8% | -3.0% |
ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.
Show table：Returns & leverage
| Item | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| ROA | 12.7% | 13.1% | 3.5% | -4.5% | -0.8% | 3.5% | 0.5% | -7.9% | -5.4% |
| Debt ratio | 42.7% | 54.8% | 32.9% | 35.5% | 30.5% | 25.9% | 30.6% | 44.7% | 47.5% |
The five-year summary covers results and balance sheet only — cash flow is not required, so no cash-flow chart is shown.
Source: five-year financial summary in the annual report (Listing Rules App. 16)
KELFRED filings by year
About KELFRED annual reports
Where can I download KELFRED (01134) annual reports?
Every year in the table above links straight to the PDF on HKEXnews, the Hong Kong Stock Exchange's official filing system. Both English and Chinese editions are available. 7 annual reports are indexed, covering 2019 to 2026.
Do Hong Kong listed companies publish quarterly reports?
No. Main Board issuers are only required to publish an interim report (half-year) and an annual report. Quarterly financial reporting is not mandatory, so Hong Kong filings arrive twice a year rather than four times. This page holds 8 interim reports for KELFRED.
What is the difference between an annual report and a results announcement?
A results announcement (final or interim) is the condensed financial summary a company releases shortly after the period ends — usually a few dozen pages. The annual report follows months later and contains the audited financial statements, the directors' report and corporate governance disclosures. Read the announcement for the numbers first, the annual report for the full picture.
Browse all Hong Kong listed companies, or read this page in Chinese.