--- title: "China Next Gen Commerce And Supply Chain (SEHK:3928) Loss Reversal In 2H Challenges Bullish Narratives" type: "News" locale: "en" url: "https://longbridge.com/en/news/273604268.md" description: "China Next-Gen Commerce and Supply Chain (SEHK:3928) reported a net loss of S$1.3 million in 2H FY 2025, with revenue declining to S$29.7 million from S$32.3 million in 2H FY 2024. Despite a 61.3% average annual reduction in losses over five years, the company remains unprofitable, with a trailing net loss of S$0.9 million. The stock trades at a high P/S of 13.3x compared to the industry average of 5.4x, raising concerns about valuation risk amid ongoing losses and share price volatility. Investors are advised to consider long-term trends." datetime: "2026-01-25T07:54:31.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/273604268.md) - [en](https://longbridge.com/en/news/273604268.md) - [zh-HK](https://longbridge.com/zh-HK/news/273604268.md) --- # China Next Gen Commerce And Supply Chain (SEHK:3928) Loss Reversal In 2H Challenges Bullish Narratives ## China Next-Gen Commerce and Supply Chain FY 2025 earnings snapshot China Next-Gen Commerce and Supply Chain (SEHK:3928) has posted its FY 2025 numbers with second half revenue of S$29.7 million and a net loss of S$1.3 million, translating to basic EPS of S$0.002694 loss. The company has seen revenue move from S$32.3 million in 2H FY 2024 to S$29.7 million in 2H FY 2025, while EPS shifted from a S$0.002157 loss to a S$0.002694 loss over the same period, which sets a cautious backdrop for how you might read the current update. Overall, margins remain under pressure, so the focus now is on whether the ongoing reduction in longer term losses can keep investor confidence intact. See our full analysis for China Next-Gen Commerce and Supply Chain. With the headline numbers on the table, the next step is to see how this latest margin picture compares with the widely followed narratives around growth, risk, and long term profitability for the stock. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:3928 Revenue & Expenses Breakdown as at Jan 2026 ## Losses Narrow Over Five Years, But FY 2025 Still In The Red - Over the trailing 12 months to 2H FY 2025, the company recorded total revenue of S$61.7 million and a net loss of S$0.9 million, with basic EPS at a loss of S$0.001835. This aligns with the broader point that the business is still unprofitable, even though losses have reduced at an average rate of 61.3% per year over the past five years. - Bulls who focus on the 61.3% average annual reduction in losses get partial support here, but the latest numbers still show a loss: - The swing from a net profit of S$0.4 million in 1H FY 2025 to a net loss of S$1.3 million in 2H FY 2025, on revenue of S$31.9 million and S$29.7 million respectively, shows that earnings are not yet consistently positive. - Even on a trailing 12 month basis, with S$61.7 million of revenue, the company has not yet converted that turnover into positive net income. This keeps the bullish loss reduction story firmly in “work in progress” territory. To see how these mixed signals around shrinking losses and ongoing unprofitability fit into the broader story, have a look at how different investors are framing the balance of upside and risk in the full narrative. **📊 Read the full China Next-Gen Commerce and Supply Chain Consensus Narrative.** ## P/S At 13.3x Versus 0.4x Industry Average - The stock trades on a P/S of 13.3x compared with a peer average of 5.4x and a Hong Kong Construction industry average of 0.4x, which means investors are currently paying a much higher multiple of sales than is typical for the sector. - Skeptics who point to valuation risk see these gaps as central to their argument: - With trailing 12 month revenue of S$61.7 million and a trailing net loss of S$0.9 million, the high P/S multiple is not backed by current profitability, so bears argue the valuation leaves little room for disappointment if operating trends weaken further. - Critics also highlight that the absence of quantified forward earnings or cash flow projections in the available data makes it harder to justify paying more than double the peer P/S, which can weigh on sentiment if the company does not show clearer progress toward sustained profits. ## Volatile Share Price Against Ongoing Losses - The share price sits at S$10.43, and the stock has shown high volatility over the past three months compared with the Hong Kong market, while the business remains loss making on a trailing 12 month net income of S$0.9 million. - For more cautious investors, this combination of volatility and losses tends to be a key concern: - Bears argue that when a company is still reporting losses, such as the S$1.3 million loss in 2H FY 2025, sharp price swings can amplify the impact of any negative news on returns over short periods. - The fact that losses have been shrinking over five years at a 61.3% annual rate gives some context, but the current loss position means price moves can be driven heavily by changing expectations, which may not always track the underlying fundamentals closely. ## Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on China Next-Gen Commerce and Supply Chain's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. ## See What Else Is Out There China Next-Gen Commerce and Supply Chain is still loss making with a high 13.3x P/S against a 0.4x industry average, which leaves valuation risk front and center. If you would rather focus on companies where current pricing looks more grounded in fundamentals, check out these 873 undervalued stocks based on cash flows today to zero in on ideas that may offer a more comfortable entry point. _This article by Simply Wall St is general in nature. **We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.** It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._ ### Related Stocks - [03928.HK](https://longbridge.com/en/quote/03928.HK.md) ## Related News & Research - [USDA prompts bulls while Trump falls short on China orders](https://longbridge.com/en/news/286650545.md) - [Guriev: Russia is in need of a pipeline to China](https://longbridge.com/en/news/286935918.md) - [China Set To Show Its Consumption Slump Extends To Another Quarter](https://longbridge.com/en/news/286681865.md) - [Corn Rallies to Start the Week on US/China Trade Details](https://longbridge.com/en/news/286892273.md) - [China retail giant Meiyijia has task cut out in Vietnam’s competitive retail market](https://longbridge.com/en/news/286978968.md)