Top Spring International Holdings (HKSE:03688) EBIT: HK$-3,043 Mil (TTM As of Dec. 2025)

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HKSE:03688 Top Spring International Holdings Ltd HKSE:03688
36 GF Score
Price HK$0.19
GF Value HK$0.36
Valuation Possible Value Trap
! 4 Warning Signs
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What is Top Spring International Holdings EBIT?

Top Spring International Holdings HKSE:03688 -0.52% 36 EBIT is HK$-3,043 Mil as of Dec. 2025. GuruFocus rates HKSE:03688 with a GF Score™ of 36/100 and a GF Value™ of HK$0.36 (Possible Value Trap). The stock has 4 warning signs investors should review.

Top Spring International Holdings's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2025 was HK$-2,235 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was HK$-3,043 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Top Spring International Holdings's annualized ROC % for the quarter that ended in Dec. 2025 was -16.48%. Top Spring International Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -155.84%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Top Spring International Holdings's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -64.63%.


Top Spring International Holdings  (HKSE:03688) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Top Spring International Holdings's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=-1685.42 * ( 1 - 0% )/( (11834.597 + 8616.612)/ 2 )
=-1685.42/10225.6045
=-16.48 %

where

Invested Capital(Q: Jun. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=15090.832 - 2867.462 - ( 388.773 - max(0, 4831.893 - 7704.966+388.773))
=11834.597

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=11186.955 - 2045.013 - ( 525.33 - max(0, 3771.914 - 5081.647+525.33))
=8616.612

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Top Spring International Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=-4470.794/( ( (93.397 + max(3733.451, 0)) + (69.985 + max(1840.859, 0)) )/ 2 )
=-4470.794/( ( 3826.848 + 1910.844 )/ 2 )
=-4470.794/2868.846
=-155.84 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(59.652 + 4714.669 + 1987.497) - (2867.462 + 0 + 160.905)
=3733.451

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(58.097 + 2601.042 + 1296.232) - (2045.013 + 0 + 69.499)
=1840.859

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Top Spring International Holdings's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=-3043.249/4709.025
=-64.63 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Top Spring International Holdings EBIT Related Terms


Top Spring International Holdings EBIT Historical Data

* Premium members only.

The historical data trend for Top Spring International Holdings's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Top Spring International Holdings EBIT Chart

Top Spring International Holdings Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 471.29 224.91 -532.26 -1,866.27 -3,043.25

Top Spring International Holdings Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -700.29 -406.81 -1,459.46 -807.85 -2,235.40

Top Spring International Holdings EBIT Competitor Comparison

For the Real Estate - Development subindustry, Top Spring International Holdings's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Top Spring International Holdings EV-to-EBIT vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Top Spring International Holdings's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Top Spring International Holdings's EV-to-EBIT falls into.


HKSE:03688
36GF Score
Top Spring International Holdings Ltd HKSE:03688
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Top Spring International Holdings EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was HK$-3,043 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of HK$-3,043 Mil mean?
Top Spring International Holdings (HKSE:03688) has a EBIT of HK$-3,043 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Top Spring International Holdings.
Is Top Spring International Holdings' EBIT too high?
Top Spring International Holdings' current EBIT is HK$-3,043 Mil. Overall, Top Spring International Holdings has a GF Score™ of 36/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Top Spring International Holdings' EBIT compare to competitors?
Top Spring International Holdings' EBIT of HK$-3,043 Mil can be compared against companies in the Real Estate industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Real Estate company?
A good EBIT depends on the Real Estate industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Top Spring International Holdings. Top Spring International Holdings's current EBIT is HK$-3,043 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Top Spring International Holdings stock overvalued right now?
Based on GuruFocus' analysis, Top Spring International Holdings (HKSE:03688) is currently considered Possible Value Trap. The stock's GF Value™ is HK$0.36, compared to a current price of HK$0.19 — trading 47.2% below its estimated fair value. The current EBIT is HK$-3,043 Mil. Top Spring International Holdings' overall GF Score™ is 36/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Top Spring International Holdings (HKSE:03688), the current EBIT is HK$-3,043 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Top Spring International Holdings (HKSE:03688) Overvalued in 2026?

Based on GuruFocus' analysis, Top Spring International Holdings stock appears to be undervalued. The current stock price of HK$0.19 is trading 47.2% below its estimated GF Value™ of HK$0.36. GuruFocus considers Top Spring International Holdings to be Possible Value Trap.

Key valuation signals for HKSE:03688:

  • EBIT: HK$-3,043 Mil
  • GF Value™: HK$0.36 vs. price of HK$0.19 (47.2% below fair value)
  • GF Score™: 36/100 with 4 warning signs

No single metric tells the full story. See the HKSE:03688 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Top Spring International Holdings Business Description

Address 6-8 Harbour Road, Rooms 04-08, 26th Floor, Shui On Centre, Wanchai, Hong Kong, HKG
Top Spring International Holdings Ltd is an investment holding engaged in property development, property investment, property management and related services, and education-related services in the People's Republic of China. It generates the majority of its revenue from the Property development segment which develops and sells residential and commercial properties. Geographically the company has a presence in PRC, Hong Kong, and others, with key revenue coming from PRC.
36GF Score

Get the complete analysis for HKSE:03688

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

HK$0.19
Price
HK$0.36
GF Value