Crystal International (02232) rose over 5% in early trading. As of press time, the stock was up 2.9% to HK$7.1, with trading volume of HK$52.6869 million.

On the news front, Crystal International recently announced its 2025 interim results, reporting revenue of US$1.229 billion, up 12.4% year-on-year. Profit attributable to owners reached US$98.265 million, an increase of 17% year-on-year. Basic earnings per share stood at 3.44 US cents, with a proposed interim dividend of 16.3 HK cents per share.

Securities analysts noted that considering tariff impacts, the company will prioritize growth opportunities in European and Asian markets going forward. In the second half of 2025, the company will establish new partnerships with a leading European brand client. Meanwhile, the company plans to set up new production bases in European peripheral regions, with capital expenditure of US$60 million in the first half of 2025, up 15% year-on-year.

Analysts pointed out that recently, amid US tariff policy disruptions and with revenue from the US accounting for one-third of the group's total revenue, Crystal International's business is facing tariff headwinds. However, three core advantages help the company mitigate tariff impact:

FOB revenue structure: The company operates on a Free On Board pricing basis, meaning international freight, destination port fees, and import tariffs are all borne by customers rather than production costs for the company.

Brand customer pricing advantage: Due to the significant gap between retail prices and FOB prices for the company's core premium brand clients' products, tariffs have relatively lower impact on such products.

Strong industry resilience: Despite external factors such as tariffs, brand customer growth remains relatively steady, demonstrating the industry's overall resilience.