Carry Wealth Holdings Limited (0643) AI Stock Analysis

• Market Cap: HK$221.36M
• Dividend Yield: N/A
• Average Volume (3M): 0.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.42
• Revenue Growth: -13.88%
• EPS Growth: -210.33%
• Country: HK
• Employees: 213
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): -0.03
• Shares Outstanding: 899,845,600
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: -0.03
• Price to Book (P/B): 1.98
• Price to Sales (P/S): 0.44
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: HK$0.23 ▼(-8.40% Downside)

The score is primarily constrained by weak financial performance—ongoing losses, compressed margins, and negative operating cash flow—despite strong revenue growth and low balance-sheet leverage. Technicals also weigh on the score as the stock trades below major moving averages with bearish momentum, while valuation signals are limited by negative earnings and no provided dividend yield.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong market demand and potential for future expansion, which can enhance the company's market position.

Low Leverage

Low leverage provides financial flexibility and reduces risk, allowing the company to invest in growth opportunities without significant debt burden.

Ownership Restructuring

Potential change in ownership structure could bring strategic shifts and new capital, potentially enhancing operational efficiency and market strategy.

Negative Factors

Negative Cash Flow

Negative cash flow indicates liquidity issues and challenges in converting revenue into cash, which could hinder operational sustainability and growth.

Compressed Margins

Compressed margins reflect cost pressures and inefficiencies, limiting profitability and potentially impacting long-term financial health.

Profitability Challenges

Ongoing losses and negative EBITDA highlight operational challenges and the need for strategic changes to achieve sustainable profitability.

Carry Wealth Holdings Limited Business Overview & Revenue Model

Company Description

Carry Wealth Holdings Limited, an investment holding company, manufactures and trades in garment products for various brands in the United States, Mainland China, Europe, Hong Kong, and internationally. The company operates through Garment Manufacturing and Trading; and Securities Investment segments. It offers various knitwear, including polo, athletics, cardigan, hoody, tee, jacket, bottom, dress, and layette for men, women, and children. The company also provides consultation services; and invests and trades in securities. Carry Wealth Holdings Limited was founded in 1993 and is headquartered in Hong Kong, Hong Kong.

How the Company Makes Money

Carry Wealth Holdings Limited generates revenue through its garment manufacturing operations. The company earns money by producing apparel for international fashion brands, which involves designing, sourcing materials, manufacturing, and delivering finished products. Its key revenue streams include sales contracts with major clothing retailers and brands, which rely on Carry Wealth's expertise in producing high-quality garments at competitive prices. Additionally, the company may benefit from strategic partnerships with fabric suppliers and logistics companies to optimize its production and distribution processes. The ability to maintain strong relationships with high-profile clients and efficiently manage its supply chain are significant factors contributing to its earnings.

Carry Wealth Holdings Limited Financial Statement Overview

Summary

Carry Wealth Holdings Limited exhibits a mixed financial performance with growth in revenue not translating into profitability. The income statement shows declining profitability with negative net profit margins. The balance sheet is moderately stable with a low debt-to-equity ratio, but declining stockholders' equity raises concerns. Cash flow analysis reveals significant challenges in generating positive operating cash flow, highlighting cash management issues.

Income Statement

Carry Wealth Holdings Limited's income statement shows a declining profitability trend with a consistent negative net profit margin over the years, highlighting ongoing losses. Revenue in 2024 increased by 34.8% from 2023, but the net income decreased significantly, indicating inefficiencies converting revenue to profit. The negative EBIT and EBITDA margins reflect operational challenges in generating profit from core operations.

Balance Sheet

The balance sheet indicates moderate financial stability, with a relatively low debt-to-equity ratio of 0.01 in 2024. The equity ratio is strong at approximately 61.7%, showcasing a solid equity base relative to total assets. However, the company's declining stockholders' equity and increasing liabilities could pose long-term risks if not addressed.

Cash Flow

Cash flow analysis reveals significant challenges in generating positive operating cash flow, with a concerning shift from a positive operating cash flow in 2020 to zero in 2024. The lack of free cash flow growth further underscores the cash flow management issues, potentially limiting the ability to invest in growth opportunities.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	470.80M	664.69M	493.06M	499.02M	441.17M	290.51M
Gross Profit	37.35M	66.14M	62.95M	80.22M	61.09M	47.02M
EBITDA	-40.20M	-15.93M	11.02M	9.29M	12.08M	-4.21M
Net Income	-51.36M	-33.79M	-8.92M	-7.54M	-1.46M	-15.35M
Balance Sheet
Total Assets	209.38M	239.56M	279.30M	254.73M	289.23M	246.26M
Cash, Cash Equivalents and Short-Term Investments	91.75M	113.30M	120.15M	97.02M	51.49M	85.92M
Total Debt	2.60M	1.74M	33.91M	34.06M	65.65M	25.08M
Total Liabilities	91.45M	91.64M	101.45M	125.20M	140.88M	107.00M
Stockholders Equity	117.92M	147.92M	177.84M	129.53M	148.34M	139.25M
Cash Flow
Free Cash Flow	-23.23M	0.00	-23.42M	31.53M	-34.48M	21.83M
Operating Cash Flow	-50.50M	-10.96M	-20.77M	33.76M	-31.67M	22.61M
Investing Cash Flow	-316.00K	0.00	-1.84M	46.22M	-46.30M	-4.05M
Financing Cash Flow	-1.10M	0.00	47.54M	-32.86M	44.15M	16.55M

Carry Wealth Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.25
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0643, the sentiment is Positive. The current price of 0.25 is above the 20-day moving average (MA) of 0.24, below the 50-day MA of 0.26, and below the 200-day MA of 0.36, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 69.54 is Neutral, neither overbought nor oversold. The STOCH value of 82.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0643.

Carry Wealth Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8480	71 Outperform	HK$124.65M	3.58	9.42%	6.67%	18.97%	-4.28%
1749	70 Outperform	HK$120.06M	3.47	11.95%	12.12%	-7.88%	-4.49%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
0294	52 Neutral	HK$171.60M	-2.11	-8.49%	2.08%	-6.96%	-32.24%
0643	44 Neutral	HK$221.36M	-5.69	-36.27%	―	-13.88%	-210.33%
3398	41 Neutral	HK$117.59M	-0.28	-25.27%	―	4.98%	-3.47%
0311	40 Underperform	HK$232.68M	-1.26	-14.53%	―	0.34%	-47.98%

Carry Wealth Holdings Limited Corporate Events

Carry Wealth Announces Name Change of Hong Kong Auditor

Carry Wealth Holdings Limited has announced a change in the English and Chinese names of its Hong Kong auditor, reflecting a rebranding of the audit firm rather than a change in audit provider. The auditor’s English name has been changed from SFAI (HK) CPA Limited to ZSZH (HK) Fuson CPA Limited, effective 9 January 2026, a procedural move that is not expected to affect the company’s audit arrangements or board structure, which remains composed of two executive directors and three independent non-executive directors.

The most recent analyst rating on (HK:0643) stock is a Hold with a HK$0.23 price target. To see the full list of analyst forecasts on Carry Wealth Holdings Limited stock, see the HK:0643 Stock Forecast page.

Carry Wealth Launches Mandatory General Cash Offer with Composite Document Despatch

Carry Wealth Holdings Limited has announced the formal despatch of a composite offer document to shareholders, marking the commencement of a conditional mandatory general cash offer by Zephyrus Capital Limited, Mr. Tsang Chun Ho Anthony and their concert parties to acquire all issued shares not already owned or agreed to be acquired by them. The document, sent on 24 December 2025 and also available online, sets out the terms of the offer, recommendations from the independent board committee and advice from an independent financial adviser, and provides an indicative timetable under which the offer opened on 24 December 2025, is initially scheduled to close on 14 January 2026, and, if it becomes unconditional, cash consideration for valid acceptances received by the first closing date will be remitted by 23 January 2026, potentially leading to a change in the company’s ownership structure depending on the level of shareholder acceptance.

Carry Wealth Holdings Announces Further Delay in Document Dispatch

Carry Wealth Holdings Limited, along with Zephyrus Capital Limited and Mr. Tsang Chun Ho Anthony, has announced a further delay in the dispatch of the Composite Document related to a conditional mandatory general cash offer. The delay is due to the need for additional time to finalize certain information, including advice from the Independent Financial Adviser. The new deadline for dispatch is set for on or before December 24, 2025, pending consent from the Executive. Further announcements will be made as necessary.

Carry Wealth Holdings Delays Dispatch of Composite Document for Cash Offer

Carry Wealth Holdings Limited has announced a delay in the dispatch of a composite document related to a conditional mandatory general cash offer by Quam Securities Limited on behalf of joint offerors Zephyrus Capital Limited and Mr. Tsang Chun Ho Anthony. The delay is due to the need for additional time to finalize certain information, including a valuation report and a letter of advice from the Independent Financial Adviser. The deadline for dispatch has been extended to December 5, 2025, with consent from the Executive, and further announcements will be made as necessary.

Carry Wealth Holdings Limited Faces Ownership Restructuring Amid Loan Default

Carry Wealth Holdings Limited is involved in a significant transaction involving a Sale and Purchase Agreement and a conditional mandatory general cash offer. The transaction is led by Mr. Tsang Chun Ho Anthony and Zephyrus Capital Limited, with Quam Securities Limited acting as the offer agent. The agreement includes a loan arrangement where Mr. Tsang provided a loan of HK$40,000,000 to the Vendor, secured by a Share Mortgage over Mars Worldwide’s entire issued share capital. The loan has matured, and the Vendor has defaulted, leading to the enforcement of the Share Mortgage. This enforcement, along with the execution of the Sale and Purchase Agreement, triggers a mandatory general cash offer under the Takeovers Code. Mr. Tsang and the Purchaser have agreed to act in concert to make the offer for all the shares tendered by independent shareholders, potentially impacting the company’s ownership structure and market positioning.