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Dream International (1126) investor relations material
Dream International H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue rose to HK$5,974.4 million for 2025, up 9.6% year-over-year, driven by strong demand for plush stuffed toys and plastic figures.
Net profit attributable to shareholders was HK$692.9 million, down 6.2% year-over-year, with a net margin of 11.6%.
Gross profit margin declined to 20.2% from 23.0% due to higher labor costs and production adjustments.
Final dividend proposed at HK35 cents per share, down from HK40 cents last year.
Maintained strong relationships with major brands and licensors, leveraging multi-regional production and product diversity.
Financial highlights
Revenue: HK$5,974.4 million (2024: HK$5,450.0 million).
Gross profit: HK$1,205.9 million (2024: HK$1,253.9 million); gross margin 20.2%.
Net profit: HK$692.9 million (2024: HK$738.5 million); net margin 11.6%.
Cash and cash equivalents: HK$1,658.4 million (2024: HK$1,407.9 million).
Gearing ratio: 1.0% (2024: 2.5%).
Outlook and guidance
Expects growth in licensed toys from new entertainment activities in 2026, but faces uncertainties from trade barriers and geopolitical tensions.
Plans to expand production capacity with new plants in China and Vietnam, and a second-phase expansion in Indonesia by June 2026.
Focus on product mix upgrade, supply chain localisation, and ESG integration.
- Gross margin rose to 24.0% despite lower revenue, with automation and new plant driving future growth.1126
H1 20243 Dec 2025 - Revenue and net profit rose, with strong segment growth and higher interim dividend declared.1126
H1 202518 Sep 2025 - Revenue up, profit down; strong cash, higher dividend, and new Indonesia plant ahead.1126
H2 20245 Jun 2025
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