Dream International Limited reported FY2025 revenue of HK$5.97 billion, up 9.60% year on year, supported by continued growth in plush stuffed toys and plastic figures. Gross profit, however, fell 3.83% to HK$1.21 billion as labour inflation and production rescheduling narrowed the gross margin to 20.2% from 23.0% in 2024.
Profit from operations declined 6.1% to HK$875.03 million, while net profit attributable to shareholders dropped 6.17% to HK$692.90 million, translating into basic and diluted earnings per share of HK102.37 cents (FY2024: HK109.11 cents). Net margin contracted to 11.6% from 13.6% a year earlier.
Segment performance • Plush stuffed toys: Revenue rose 18.04% to HK$3.26 billion, representing 54.6% of group turnover, buoyed by robust orders from Asian theme parks. • Plastic figures: Revenue inched up 1.78% to HK$2.35 billion (39.4% of total), helped by demand from “kidult” collectibles and new entertainment launches. • Tarpaulin: Revenue slipped 3.95% to HK$358.49 million, accounting for 6.0% of total sales amid softer demand in Europe and the US.
Geographically, North America remained the largest market with HK$2.68 billion sales (44.9% of total). Japan contributed HK$1.64 billion (27.4%), followed by the Chinese mainland at HK$985.83 million (16.5%).
Financial position and cash flow • Cash, cash equivalents and time deposits totalled HK$1.80 billion at year-end (2024: HK$1.61 billion). • Net current assets stood at HK$2.83 billion, up 8.7% from 2024. • Bank loans decreased to HK$41.0 million from HK$99.61 million, trimming the gearing ratio to 1.0% (2024: 2.5%). • Capital expenditure on property, plant and equipment reached HK$278.48 million, including HK$78.69 million for right-of-use assets. • Total equity increased 6.1% to HK$4.20 billion.
Dividend The board recommends a final dividend of HK35 cents per share (FY2024: HK40 cents). Combined with the HK25 cent interim dividend already paid, total FY2025 dividends remain HK60 cents per share.
Operations and outlook Dream International operated 30 factories across China, Vietnam and Indonesia, achieving an average utilisation rate of 85.9% in 2025. Management plans further capacity expansion, including a new China plant that commenced operations in January 2026 and ongoing projects in Vietnam and Indonesia slated for mid-2026 completion. The group aims to deepen collaboration with global brand partners, enhance automation, and localise supply chains to mitigate geopolitical and cost pressures.
Despite uncertainty from global trade tensions and input-cost volatility, Dream International intends to focus on higher-value products, maintain disciplined cost controls and embed ESG initiatives to support long-term competitiveness and shareholder returns.
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