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Graphex Group Limited
(6128)
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Rating:39Underperform
Price Target:
HK$0.02
▼(-60.00% Downside)
Action:Downgraded
Date:10/31/26
The score is driven primarily by weak financial performance (persistent losses, declining revenue, higher 2025 leverage and reduced equity cushion, and negative recent operating/free cash flow). Technicals add further pressure as the stock trades well below key moving averages with bearish momentum. Valuation provides little support because losses make P/E non-meaningful and no dividend yield is available.
Positive Factors
Resilient Gross Margin
Gross margin has remained within a relatively resilient 33%–40% range despite declining revenue and continuing losses. This indicates that the underlying products retain some unit economics and provides a base from which improved volumes, pricing, or cost control could support future profitability.
Negative Factors
Persistent Losses
Persistent net losses across 2020–2025, together with largely negative EBIT and EBITDA, show that the business has not converted its operations into sustainable earnings. Continued losses can erode equity, restrict reinvestment, and make future growth increasingly dependent on external funding or operational recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient Gross Margin
Gross margin has remained within a relatively resilient 33%–40% range despite declining revenue and continuing losses. This indicates that the underlying products retain some unit economics and provides a base from which improved volumes, pricing, or cost control could support future profitability.
Read all positive factors
Graphex Group Limited (6128) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$23.72M
Dividend Yield2.61%
Average Volume (3M)19.49M
Price to Earnings (P/E)―
Beta (1Y)0.38
Revenue Growth-20.14%
EPS Growth-84.86%
CountryHK
Employees243
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.40
Shares Outstanding1,129,573,400
10 Day Avg. Volume55,838,160
30 Day Avg. Volume19,486,933
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)4.56
Price to Sales (P/S)1.04
P/FCF Ratio-2.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Graphex Group Limited Business Overview & Revenue Model
Company Description
Graphex Group Limited is involved in the creation, production, and distribution of graphene-based products within the People's Republic of China. Its operations are structured into three main divisions: the manufacturing and sale of graphene mater...
How the Company Makes Money
Graphex Group Limited primarily makes money by selling graphite-related products (and, where applicable, graphene/graphite-derived materials) to customers, generating revenue from product sales tied to volumes delivered and contract pricing. Depen...
Graphex Group Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
20
Very Negative
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 136.51M | 137.56M | 187.85M | 291.93M | 341.24M | 391.04M |
| Gross Profit | 38.11M | 53.34M | 68.31M | 96.82M | 119.96M | 148.34M |
| EBITDA | -70.54M | -52.44M | -51.93M | -37.77M | 33.65M | 8.31M |
| Net Income | -375.90M | -364.64M | -111.44M | -113.17M | -69.66M | -53.55M |
Balance Sheet | ||||||
| Total Assets | 557.78M | 541.93M | 809.35M | 847.34M | 894.68M | 1.10B |
| Cash, Cash Equivalents and Short-Term Investments | 19.45M | 27.31M | 15.57M | 27.21M | 31.50M | 39.37M |
| Total Debt | 211.65M | 223.64M | 240.42M | 233.16M | 308.80M | 530.91M |
| Total Liabilities | 533.02M | 500.64M | 528.99M | 477.70M | 524.83M | 905.89M |
| Stockholders Equity | 15.09M | 31.50M | 280.36M | 369.69M | 380.58M | 197.31M |
Cash Flow | ||||||
| Free Cash Flow | -60.31M | -50.98M | -5.46M | -11.89M | 41.56M | -31.15M |
| Operating Cash Flow | -19.12M | -9.79M | -5.31M | -11.16M | 42.38M | -29.40M |
| Investing Cash Flow | -44.56M | -51.40M | -6.62M | 12.12M | -88.82M | 1.33M |
| Financing Cash Flow | 65.40M | 80.28M | 397.00K | -4.26M | 52.38M | 18.59M |
Graphex Group Limited Technical Analysis
Negative
0.05
Price Trends
0.05
Negative
0.05
Negative
0.08
Negative
Market Momentum
>-0.01
Positive
27.10
Positive
10.26
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6128, the sentiment is Negative. The current price of 0.05 is above the 20-day moving average (MA) of 0.05, below the 50-day MA of 0.05, and below the 200-day MA of 0.08, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 27.10 is Positive, neither overbought nor oversold. The STOCH value of 10.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:6128.
Graphex Group Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | HK$329.39B | 9.68 | 32.65% | 3.54% | 38.53% | 62.42% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | HK$3.46B | 11.37 | 3.35% | 5.84% | -28.69% | -17.80% | |
58 Neutral | HK$2.28B | 5.38 | 11.28% | 2.44% | -32.45% | ― | |
55 Neutral | HK$256.00M | 30.86 | 1.58% | 0.90% | 2.31% | ― | |
44 Neutral | HK$1.95B | -15.63 | -5.27% | 0.99% | ― | ― | |
39 Underperform | HK$23.72M | -0.05 | -1613.43% | 2.61% | -20.14% | -84.86% |
* Basic Materials Sector Average
HK:6128
Graphex Group Limited
0.02
-0.28
-93.11%
HK:3993
CMOC Group
12.32
-4.10
-24.96%
HK:0769
China Rare Earth Holdings
0.70
0.00
0.00%
HK:1205
CITIC Resources Holdings
0.44
0.08
22.22%
HK:1091
South Manganese Investment Limited
0.39
-0.07
-14.44%
HK:2237
China Graphite Group Ltd.
0.16
-0.23
-58.44%
Graphex Group Limited Corporate Events
Graphex Group Raises HK$8.9 Million in Share Placing to Fund Operating and ADS Exit Costs
Oct 27, 2026
Graphex Group Limited has completed a placing of 188,260,000 new shares under its general mandate at HK$0.050 per share, raising net proceeds of about HK$8.9 million. The shares were placed with at least six independent investors, none of whom bec...
Graphex Group Corrects Share Placing Data and Updates Ownership Impact
Oct 16, 2026
Graphex Group Limited has issued a clarification and supplemental announcement regarding its previously disclosed placing of new shares under a general mandate. The company corrected an earlier clerical error in the stated average closing price of...
Graphex Group Plans HK$9.4 Million Share Placing to Bolster Working Capital
Oct 13, 2026
Graphex Group Limited has agreed to place up to 188,260,000 new shares under its existing general mandate through Cheong Lee Securities Limited, at HK$0.050 per share to at least six independent investors. The placing price represents a small disc...
Graphex Wins Shareholder Approval to Shift Domicile from Cayman Islands to Hong Kong
Sep 4, 2026
Shareholders of Graphex Group Limited have unanimously approved a special resolution to change the company’s domicile from the Cayman Islands to Hong Kong, aligning its corporate structure more closely with the jurisdiction of its stock exch...
Graphex Group Swings to Interim Loss Despite Stable Revenue
Aug 28, 2026
Graphex Group Limited, a diversified player in graphene products, landscape architecture, and electric vehicle-related activities, reported largely stable revenue for the six months ended 30 June 2026, with total sales slipping 1.4% year-on-year t...
Graphex Group Seeks Shareholder Approval to Move Domicile to Hong Kong
Aug 13, 2026
Graphex Group Limited has called an extraordinary general meeting for 4 September 2026 in Hong Kong to seek shareholder approval for a change of domicile from the Cayman Islands to Hong Kong. Subject to necessary governmental and regulatory consen...
Graphex’s EcoFlux Battery Material Wins Prestigious 2026 R&D 100 Award
Aug 10, 2026
Graphex Group Limited announced that its EcoFlux graphite anode technology has won a 2026 RD 100 Award, a global recognition often described as the “Oscars of Invention” for technologically significant products. The award underscores t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.