Tsit Wing International reported QQ3 2024 revenue of HKD 185.84 million with a gross margin of 32.38% and a net income of HKD 11.47 million, translating to EPS of HKD 0.0159. The quarter shows resilient top-line performance on a year-over-year basis, but a sharp sequential decline driven by seasonality and the timing of orders. Despite the revenue drop QoQ, the company maintained a solid gross margin and a positive operating margin, underscored by EBITDA of HKD 20.04 million and an operating income of HKD 13.80 million. The balance sheet remains conservatively leveraged, with a net cash position of HKD 137.22 million and a very modest total debt load. Cash flow from operations was HKD 6.64 million, while capex of HKD 7.67 million produced negative free cash flow of HKD 1.03 million; dividends paid amounted to HKD 9.95 million, contributing to a negative year-to-date free cash flow despite a cash-rich balance sheet. The firm carries a payout ratio of about 86.7% and a dividend yield around 2.42%. Going forward, Tsit Wing benefits from a healthy liquidity profile and a low debt burden, but will need to address working capital intensity and cost pressures to sustain margins in a competitive nonalcoholic beverage landscape.