Neo-Concept International Group (NCI) is a Hong Kong-based apparel supply chain services provider. NCI manages the full apparel supply chain on behalf of brand owners, retailers, and sourcing agents — covering market trend analysis, product design, raw material sourcing, production management, quality control, and logistics — but does not own or operate any manufacturing facilities. Customers use NCI to outsource apparel development and production complexity. NCI prices its services on a cost-plus basis, aggregating underlying costs — raw materials, contract manufacturing, transportation — and adding a margin. Because NCI does not own manufacturing, its cost structure is largely variable and tied to each order. NCI's core customers are brand owners, sourcing agents, and online fashion retailers, primarily in North America and Europe, with Canada and the U.S. together accounting for over 33% of revenue in FY25. Customer concentration is notable, with the top five customers contributing roughly 44% of revenue. NCI also operates a small direct-to-consumer retail business under the "les 100 ciels" brand, selling cashmere knitwear through five physical stores in London and one in Abu Dhabi. NCI relies on two principal suppliers for 100% of its purchases, one of which is an affiliated entity under common control of NCI's controlling shareholder — the same entity that also competes directly with NCI in its core markets. A non-competition agreement governs this relationship. NCI was carved out of this affiliated entity and listed on the Nasdaq Capital Market following its IPO.