Crystal International Group (2232) investor relations material

Executive summary

• Revenue rose 6.9% year-over-year to US$2,641 million, with net profit up 12.0% to US$225 million, driven by resilient demand and efficiency gains.

• Gross profit margin improved to 19.9% from 19.7%, and net profit margin increased to 8.5% from 8.1% year-over-year.

• All five business segments achieved revenue growth, supported by automation upgrades and production optimization.

• Final dividend proposed at HK24.5 cents per share, bringing total annual dividend to HK40.8 cents.

• Capital expenditure reached US$183 million, mainly for capacity expansion and automation.

Financial highlights

• Revenue: US$2,641 million (2024: US$2,470 million), up 6.9% year-over-year.

• Net profit: US$225 million (2024: US$201 million), up 12.0% year-over-year.

• Gross profit: US$525.7 million (2024: US$486.2 million); gross margin: 19.9% (2024: 19.7%).

• Net profit margin: 8.5% (2024: 8.1%).

• Positive net cash position of US$382 million at year-end; no bank borrowings outstanding.

• Operating cash flow: US$266 million (2024: US$106 million).

Outlook and guidance

• Focus in 2026 on workforce upskilling and productivity, moderating Vietnam expansion.

• Land reserved in Egypt for future production expansion to diversify risk and leverage trade advantages.

• Capital expenditure in 2026 expected to rise significantly due to Egypt expansion.

• Self-built fabric mill in Vietnam to commence by end-2026, enhancing supply chain responsiveness.

• Dividend policy to be maintained, supported by robust cash flow.