Top Wealth Group Holding Ltd
TWG · Miscellaneous Food Preparations & Kindred Products · EDGAR filings ↗
Grade
C60Tiny HK luxury-goods trader showing flattering reported margins but negative operating cash flow and abrupt, opaque revenue-mix shifts.
Strengths
- Headline profitability looks strong — net margin 35% (93rd pct), gross margin 75% (85th), revenue +92% and high current/quick ratios
- ROA 10.8% (90th pct) on a debt-light balance sheet
Risks
- Operating cash flow deeply negative (OCF margin -68%, 18th pct) — earnings are not converting to cash
- Caviar revenue collapsed 66% and was replaced by newly appearing wine/supplement trading; micro-cap with serial dilutive raises and PRC/HK long-arm risk
Key metrics
Gross margin
74.6%
Net margin
34.9%
Return on equity
11.5%
Return on assets
10.8%
Revenue growth (QoQ)
92.3%
Current ratio
10.7×
Tangible book value
$28M
Cash & investments
$2M
Stock comp / revenue
18.2%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-05-15 | 2025-12-31 | 0001213900-26-057962 ↗ |
| 20-F | 2025-05-16 | 2024-12-31 | 0001213900-25-044770 ↗ |
| 20-F | 2024-05-29 | 2023-12-31 | 0001213900-24-047264 ↗ |