Kelfred Holdings Limited (1134.HK) Q2 2025 Earnings Report

Kelfred Holdings Limited reported QQ2 2025 revenue of HKD 242.524 million, delivering a robust YoY growth of 89.35% but posting a net loss of HKD 4.717 million and a negative operating margin of 0.77%. The quarter featured an EBITDA of HKD 5.163 million and positive operating cash flow of HKD 2.969 million, underscoring a business in the early stages of scale where top-line momentum outpaces near-term profitability. The balance sheet remains liquidity favorable with HKD 29.586 million in cash and negative net debt (HKD -20.505 million), supporting continued investment in design, ODM capabilities, and market expansion. Valuation metrics suggest the stock trades at modest multiples relative to earnings and sales (P/B ~0.62; P/S ~0.40), reflecting the current earnings trajectory and growth potential embedded in the eyewear segment. Management commentary, where available, emphasized ongoing product development and geographic expansion, though no formal full-year guidance was disclosed in QQ2 2025. Investors should weigh the improving revenue trajectory and strong liquidity against the current profitability gap and the need for operating leverage to translate growth into sustained earnings.