TOPBI International Holdings Limited (2929) AI Stock Analysis

TOPBI International Holdings Limited

(TWSE:2929)

Select Model

Rating:42Neutral

Price Target:TWD 5.50▼(-3.68% Downside)

Action:initiatedcoverage

Date:11/09/26

Weak financial performance from sustained revenue drops and unreliable cash flow is the primary drag despite a debt-free balance sheet; bearish technical indicators and negative P/E add further downside pressure.

Positive Factors

Very Low LeverageThe absence of material debt reduces interest and refinancing pressure, preserving financial flexibility during an operating downturn. This conservative funding structure can support resilience and leave the company better positioned to invest, restructure, or absorb volatility over the next several quarters.

Negative Factors

Persistent Revenue DeclineContinued revenue contraction signals weakening demand, reduced scale, or difficulty retaining business, and limits the company’s ability to spread fixed costs. The multi-year decline makes a durable top-line recovery less certain and increases pressure on management to restore growth.

TOPBI International Holdings Limited (2929) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 629.59M
Dividend Yield: ―
Average Volume (3M): 144.68K
Price to Earnings (P/E): -2.6
Beta (1Y): 0.28
Revenue Growth: -15.89%
EPS Growth: -1071.95%
Country: TW
Employees: 191
Sector: General
Sector Strength: 55
Industry: Apparel - Manufacturers

TOPBI International Holdings Limited Business Overview & Revenue Model

Company Description

TOPBI International Holdings Limited specializes in the design, production, and retail of its proprietary brand of children's apparel and accessories, serving youngsters between the ages of one and sixteen. The company operates a retail network spann...

TOPBI International Holdings Limited Financial Statement Overview

Summary

Strong zero-debt balance sheet supports stability, but sharp multi-year revenue declines, return to net losses, and negative operating cash flow in 2025 create significant operational pressure.

Income Statement

28Negative

Balance Sheet

78Positive

Cash Flow

22Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.75B	1.75B	2.12B	2.39B	2.55B	2.96B
Gross Profit	133.26M	149.99M	350.21M	392.32M	292.88M	-220.71M
EBITDA	-264.68M	-183.99M	24.38M	-6.85M	183.99M	-635.89M
Net Income	-243.56M	-183.29M	14.80M	-68.21M	132.77M	-700.82M
Balance Sheet
Total Assets	3.52B	3.79B	4.01B	4.07B	4.38B	4.14B
Cash, Cash Equivalents and Short-Term Investments	2.44B	2.57B	2.66B	2.58B	2.81B	2.16B
Total Debt	0	0	0	108.73M	310.59M	12.58M
Total Liabilities	740.47M	1.05B	1.10B	1.27B	1.46B	1.39B
Stockholders Equity	2.78B	2.74B	2.91B	2.80B	2.92B	2.75B
Cash Flow
Free Cash Flow	-467.13M	-96.73M	76.09M	991.00K	-108.13M	-1.30B
Operating Cash Flow	-467.13M	-96.73M	80.42M	1.04M	-107.54M	-1.30B
Investing Cash Flow	15.25M	-874.65M	911.12M	26.67M	416.50M	91.45M
Financing Cash Flow	9.01M	9.36M	-120.11M	-193.66M	296.11M	-386.58M

TOPBI International Holdings Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2929 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4413	55Neutral	TWD 584.02M	14.57	―	1.67%	44.06%	―
TW:2929	42Neutral	TWD 629.94M	-2.56	―	―	-15.89%	-1071.95%
TW:2911	41Neutral	TWD 556.12M	1.35	―	―	-23.53%	―
TW:1441	38Underperform	TWD 542.12M	-4.37	―	―	-23.44%	-226.14%
TW:4406	32Underperform	TWD 519.12M	-12.99	―	―	-41.59%	33.73%

* General Sector Average

Performance Comparison

TW:2929 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2929	TOPBI International Holdings Limited	5.71	-2.74	-32.43%
TW:1441	Tah Tong Textile Co., Ltd.	8.70	-3.84	-30.64%
TW:2911	Les Enphants Co. Ltd.	5.39	0.61	12.79%
TW:2940	Sun Own Industrial Co., Ltd.	23.95	-0.44	-1.78%
TW:4406	Hsin Sin Textile Co., Ltd.	10.00	0.19	1.94%
TW:4413	EST GLOBAL APPAREL Co., Ltd.	18.00	-0.62	-3.31%

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.

Date of analysis: Nov 09, 2026

TOPBI International Holdings Limited AI Stock Analysis