Tsit Wing International Holdings Limited reported a pronounced year-over-year revenue decline in QQ4 2024, with revenue of HKD 185.84 million, down 49.7% from QQ4 2023 (HKD 369.55 million). Despite the revenue compression, the company delivered a stable gross margin of about 32.38% and solid operating profitability, with operating income of HKD 13.80 million and net income of HKD 11.47 million (net margin ~6.17%) for the quarter. The result underscores disciplined cost management that helped preserve margins even as top-line growth remains a challenge. Cash generation was modest from operations, and Tsit Wing maintains a strong liquidity position, ending QQ4 2024 with HKD 170.45 million in cash and a negative net debt position of HKD 137.22 million, supported by a healthy current ratio of 3.13 and quick ratio near 2.00.