Apex Ace reported QQ4 2024 revenue of HKD 729.32 million with a gross profit of HKD 41.61 million and net income of HKD 1.98 million, yielding a net margin of 0.27% and a diluted EPS of HKD 0.0011. Year over year, revenue declined 8.9% while gross profit fell 26.6%, reflecting margin compression in a highly competitive technology distribution environment. Notwithstanding the revenue weakness, the company posted a first-year net income uptick (+158.5% YoY) and a 171.4% rise in EPS, driven by a favorable mix of costs and non-operating items that offset the subdued top line. QoQ metrics were flat in the quarter according to the provided data. Balance-sheet strength appears constrained by a sizeable gross debt load and a high leverage profile: total debt HKD 672.4 million, net debt HKD 530.7 million, debt-to-capitalization of 0.699, and debt-to-equity of 2.32. Liquidity metrics show a current ratio of 1.20, quick ratio 0.80, and cash ratio 0.15, with cash and equivalents at HKD 141.7 million. The company carries an elevated valuation relative to most peers (P/E ≈ 152.1x; P/B ≈ 4.15x; EV/Revenue ≈ 163.4x), signaling a steep premium that depends on improving profitability and debt deleveraging. The absence of an earnings call transcript in the provided material limits the inclusion of management tone and guidance, which will be key for assessing forward trajectory. Going forward, investors should monitor margin recovery possibilities, working capital dynamics, and steps toward balance-sheet deleveraging against a backdrop of cyclical demand for technology components.