Financial performance For the year ended 31 December 2025, Smart-Core Holdings booked revenue of HK$6.59 billion, up 41.8% year-on-year. Gross profit climbed 31.4% to HK$409.50 million, while gross margin eased to 6.2% (2024: 6.7%) as the sales mix tilted towards lower-margin memory products. Net profit attributable to shareholders surged 60.8% to HK$161.40 million, lifting net margin to 2.4% (2024: 2.2%). Basic earnings per share rose to HK34.85 cents from HK21.41 cents.
Segment highlights • Authorised distribution generated HK$6.49 billion in external sales (+41.3%) and HK$113.82 million in segment profit (+36.7%). • Mixed distribution contributed HK$100.48 million (+88.3%) with segment profit of HK$7.64 million (2024: HK$11.01 million).
Regional revenue split • Hong Kong: HK$3.17 billion (+23.8%) • Mainland China: HK$1.94 billion (+21.1%) • Singapore: HK$1.45 billion (+209.0%) These three markets delivered 98% of group sales.
Cost and expense dynamics Research & development spending increased 8.9% to HK$34.24 million. Aggregate administrative, selling and distribution expenses expanded 40.9% to HK$219.0 million, reflecting higher commissions and personnel costs. Finance costs rose 14.0% to HK$30.36 million alongside larger borrowings. Contribution from associates jumped to HK$38.71 million (2024: HK$7.07 million), driven mainly by improved results at Quiksol Group.
Balance-sheet position Total assets less current liabilities reached HK$1.09 billion (2024: HK$0.96 billion); net assets stood at HK$1.06 billion. Cash and bank balances plus pledged deposits totaled HK$336.64 million. Interest-bearing borrowings rose to HK$531.27 million, pushing the gearing ratio to 50.0% (2024: 31.9%). The current ratio declined to 1.57x (2024: 1.84x) as trade receivables increased to HK$1.17 billion and inventories to HK$292.34 million.
Dividend and policy revision The Board recommends a final dividend of HK14 cents per share (2024: HK10 cents), bringing full-year dividends to HK17 cents, up 41.7% year-on-year. Concurrently, the dividend payout ratio guideline is revised from “not less than 50%” to “not less than 15%” of annual attributable profit, with retained earnings earmarked for growth initiatives.
Capital deployment Since listing in 2016, HK$181.90 million of the HK$205.80 million IPO proceeds have been utilised. In December 2025, HK$23.90 million of unspent funds were reallocated toward marketing, distribution authorisations and R&D staffing for AI-related components, to be fully deployed by end-2028.
Operational focus and outlook Management highlighted robust demand in AI-driven segments—computing infrastructure, edge AI SoCs and memory—underpinning 2025 growth. For 2026, the company expects continued momentum from global AI investment, accelerating adoption of high-speed optical modules and sustained strength in memory markets, while aiming to enhance digitalisation, compliance and supply-chain resilience.
Upcoming events Shareholders will vote on the final dividend at the annual general meeting scheduled for 22 May 2026. The dividend, if approved, is slated for payment on or about 26 June 2026. The register of members will close from 3 to 5 June 2026 for dividend entitlement.