REF HOLDINGS (01631) Annual Reports
Listed on the Main Board of the Hong Kong Stock Exchange, classified under Industrials - Commercial & Professional Services (Printing & Packaging). 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 Industrial Machinery stocks →
- Chairman： Lau Man Tak
- Financial year end： 31 Dec 2025
- Listing date： 2015-09-25
Website：Official site ↗
Financial history
Show table：Income statement
| Item | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 99.1 | 134 | 142 | 178 | 236 | 192 | 190 | 148 | 135 | 130 | 124 | 106 | 92.3 |
| Gross profit | 46.9 | 68.9 | 74.6 | 95.5 | 132 | 99.5 | 97.4 | 69.5 | 72.2 | 66.2 | 63.3 | 56.1 | 46.6 |
| Pre-tax income | 22.3 | 31.6 | 35.6 | 55.0 | 78.0 | 43.5 | 40.2 | 21.2 | 11.1 | 13.0 | 13.9 | 6.78 | 3.36 |
| Net income | 18.5 | 25.6 | 28.7 | 45.6 | 64.4 | 36.7 | 33.5 | 18.3 | 8.63 | 11.2 | 11.7 | 5.67 | 2.98 |
Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.
Show table：Balance sheet
| Item | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | 52.1 | 39.0 | 99.2 | 152 | 235 | 269 | 321 | 261 | 210 | 148 | 104 | 126 | 124 |
| Total liabilities | 41.8 | 28.2 | 38.9 | 46.2 | 64.8 | 61.6 | 80.3 | 52.9 | 70.9 | 48.4 | 31.5 | 45.8 | 40.8 |
| Equity | 10.3 | 10.8 | 60.3 | 106 | 170 | 207 | 241 | 208 | 139 | 99.4 | 72.8 | 79.7 | 82.8 |
Gross, operating and net margin = the respective profit ÷ revenue.
Show table：Profitability
| Item | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 47.4% | 51.4% | 52.4% | 53.6% | 56.0% | 51.7% | 51.1% | 47.1% | 53.5% | 51.1% | 51.0% | 52.7% | 50.5% |
| Net margin | 18.6% | 19.1% | 20.1% | 25.6% | 27.3% | 19.1% | 17.6% | 12.4% | 6.4% | 8.6% | 9.4% | 5.3% | 3.2% |
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 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 180.0% | 242.5% | 80.6% | 54.9% | 46.6% | 19.5% | 15.0% | 8.2% | 5.0% | 9.3% | 13.6% | 7.4% | 3.7% |
| ROA | 35.5% | 56.1% | 41.5% | 36.3% | 33.3% | 14.6% | 11.4% | 6.3% | 3.7% | 6.2% | 9.3% | 4.9% | 2.4% |
| Debt ratio | 80.3% | 72.3% | 39.2% | 30.4% | 27.6% | 22.9% | 25.0% | 20.3% | 33.7% | 32.7% | 30.2% | 36.5% | 33.0% |
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)
REF HOLDINGS filings by year
| Annual Report | Interim Report | Final Results | Interim Results | |
|---|---|---|---|---|
| 2026 | — | EN 中文 | — | EN 中文 |
| 2025 | EN 中文 | EN 中文 | EN 中文 | EN 中文 |
| 2024 | EN 中文 | EN 中文 | EN 中文 | EN 中文 |
| 2023 | EN 中文 | EN 中文 | EN 中文 | EN 中文 |
| 2022 | EN 中文 | EN 中文 | EN 中文 | EN 中文 |
| 2021 | EN 中文 | EN 中文 | EN 中文 | EN 中文 |
| 2020 | EN 中文 | EN 中文 | EN 中文 | EN 中文 |
| 2019 | EN 中文 | EN 中文 | EN 中文 | EN 中文 |
| 2018 | EN 中文 | EN 中文 | EN 中文 | EN 中文 |
| 2017 | EN 中文 | EN 中文 | EN 中文 | EN 中文 |
About REF HOLDINGS annual reports
Where can I download REF HOLDINGS (01631) 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. 9 annual reports are indexed, covering 2017 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 10 interim reports for REF HOLDINGS.
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.