---
title: "REF Holdings profit nearly halves in 2025 on weaker revenue"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/277963495.md"
description: "REF Holdings Limited reported a significant decline in financial performance for the year ended December 31, 2025. Revenue fell to HK$92.3 million from HK$106.4 million, with net profit nearly halving to HK$3.0 million. Earnings per share decreased to 1.16 HK cents, indicating pressure on margins despite lower costs. The company showed slight improvements in credit quality but faces challenges in profitability and growth sustainability. Analysts currently rate the stock as a Hold with a price target of HK$0.56."
datetime: "2026-03-05T15:08:59.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/277963495.md)
  - [en](https://longbridge.com/en/news/277963495.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/277963495.md)
---

# REF Holdings profit nearly halves in 2025 on weaker revenue

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REF Holdings Limited ( (HK:1631) ) has issued an announcement.

REF Holdings Limited reported a decline in revenue to HK$92.3 million for the year ended 31 December 2025, down from HK$106.4 million a year earlier, with gross profit falling to HK$46.6 million. Net profit attributable to shareholders nearly halved to HK$3.0 million, while earnings per share slipped to 1.16 HK cents, reflecting pressure on margins despite lower administrative and finance costs.

The group modestly improved credit quality, recording a small reversal of expected credit loss allowances on trade receivables, and benefited from slightly higher other gains. However, reduced profitability and earnings underscore a more challenging operating environment and may raise concerns among investors about growth momentum and the sustainability of returns going into future periods.

The most recent analyst rating on (HK:1631) stock is a Hold with a HK$0.56 price target. To see the full list of analyst forecasts on REF Holdings Limited stock, see the HK:1631 Stock Forecast page.

**More about REF Holdings Limited**

REF Holdings Limited is a Hong Kong-listed company providing professional services, with revenue derived from service-based operations. The group focuses on delivering specialised business services, with its cost structure and expense profile indicating a labour- and operations-intensive model within the Hong Kong and possibly broader regional market.

**Average Trading Volume:** 87,121

**Technical Sentiment Signal:** Buy

**Current Market Cap:** HK$120.3M

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