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Top Wealth Group Holding Limited

Top Wealth Group Holding Limited

NASDAQ•TWG
CEO: Mr. Kwan Kings Wong
Sector: Consumer Defensive
Industry: Food Distribution
Listing Date: 2011-05-16
Top Wealth Group Holding Limited provides caviar and caviar-based gourmet products in Hong Kong and internationally. The company trades in caviars; and offers its products under the Imperial Cristal Caviar brand name. It serves food and beverage related distributors. The company was founded in 2009 and is based in Sai Wan, Hong Kong. Top Wealth Group Holding Limited operates as a subsidiary of Winwin Development Group Limited.
Contact Information
Hong Kong Plaza, 7th Floor Units 714 & 715 188 Connaught Road West, Sai Wan, Hong Kong
852-3615-8567
www.imperialcristalcaviar.com
Market Cap
$3.10M
P/E (TTM)
-2.1
29.4
Dividend Yield
--
52W High
$28.08
52W Low
$3.25
52W Range
4%
Rank46Top 59.5%
3.5
F-Score
Modified Piotroski Analysis
Based on 4-year fundamentals
Weak • 3.5 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2022-2025

Financial Dashboard

Q2 2025 Data

Revenue

$4.15M-5.58%
4-Quarter Trend

EPS

$0.50-132.90%
4-Quarter Trend

FCF

-$28.76K-96.75%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Revenue Drops Sharply Revenue USD 4.75M, falling 72% from USD 16.94M; wine trading ceased in 2024 after being incidental in 2023.
Gross Margin Significantly Improves Gross Margin increased to 52.8% from 31.8% in prior year, benefiting from exit of diluted Christmas promotion sales.
Capital Raised Post-IPO Financing activities provided net cash of USD 14.91M in 2024, primarily sourced from initial public offering proceeds.
Inventory Impairment Recorded Recorded USD 1.50M provision for inventory impairment in 2024 due to unsold stock expiring after sales team exit.

Risk Factors

Single Supplier Dependency Business relies entirely on one PRC sturgeon farm supplier for 100% of 2024 caviar raw product purchases, posing supply risk.
Profitability Reverses Heavily Reported net loss USD 2.02M in 2024, reversing USD 2.44M profit achieved in the previous fiscal year.
Nasdaq Listing Compliance Received notice for bid price below $1.00; faces potential delisting if compliance is not regained by June 9, 2025.
Controlling Shareholder Influence Dual-class structure concentrates 92.70% voting power with CEO/Chairman, limiting minority influence on corporate matters.

Outlook

Global Market Expansion Intends to establish representative offices in Target Regions like Europe and US to access local consumers directly.
Diversify Caviar Sourcing Committed to exploring co-operations with sturgeon farms in Europe and the United States to broaden product portfolio.
Direct Overseas Sales Aspiration Aspires to expand sales channels by moving away from distributor reliance to selling products directly to overseas customers.

Peer Comparison

Revenue (TTM)

HF Foods Group Inc.HFFG
$1.22B
+4.0%
Nature's Sunshine Products, Inc.NATR
$474.54M
+6.6%
BRC Inc.BRCC
$391.40M
-3.4%

Gross Margin (Latest Quarter)

Nature's Sunshine Products, Inc.NATR
73.3%
+1.9pp
BRC Inc.BRCC
36.9%
-5.2pp
G. Willi-Food International Ltd.WILC
28.2%
+0.7pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
NATR$431.62M28.89.5%5.4%
WILC$407.30M13.518.5%0.7%
ALCO$314.92M-2.1-100.4%1.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-25.3%
Growth Under Pressure
4Q Net Income CAGR
-32.0%
Declining Profitability
Cash Flow Stability
25%
Cash Flow Needs Attention

Research & Insights

Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: May 16, 2025|
    Revenue: $4.75M-72.0%
    |
    EPS: $-3.25-140.1%
    N/A

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: May 29, 2024|
    Revenue: $16.94M+99.0%
    |
    EPS: $8.10+26.8%
    N/A