Hong Kong–listed RAYMOND IND (HKEX: 00229) reported consolidated revenue of HK$1.08 billion for the year ended 31 December 2025, edging 0.71 % higher year on year. Profit attributable to shareholders increased 2.64 % to HK$46.41 million, lifting basic earnings per share to 9.26 Hong Kong cents (FY 2024: 9.02 cents).
Gross profit narrowed 6.7 % to HK$139.48 million as the gross margin slipped to 12.9 % (FY 2024: 13.9 %). Tighter expense discipline offset the softer margin: selling expenses fell 15.7 % to HK$10.42 million and general & administrative costs declined 6.4 % to HK$103.07 million. Combined with a 22.7 % drop in income-tax expense, this supported bottom-line growth.
Segment trends were mixed. Asia became the largest contributor, with sales up 25.2 % to HK$328.30 million. Europe added 14.2 % to HK$272.13 million. North America and Latin America retreated 21.8 % and 12.4 % respectively, reflecting tariff-related headwinds. Group adjusted EBITDA improved 11.9 % to HK$71.48 million.
The balance sheet remained debt-free. Year-end bank and cash balances stood at HK$285.59 million, down from HK$349.13 million after HK$60.14 million of dividends paid. Operating cash inflow totalled HK$44.90 million, while capital expenditure rose to HK$51.50 million, mainly for injection moulding machines, testing equipment and digital-transformation projects. Net assets were broadly stable at HK$668.76 million.
Working-capital indicators softened: trade-receivable days lengthened to 91 (FY 2024: 69) and the current ratio eased to 3.01 (FY 2024: 3.49). Inventory days improved slightly to 51 (FY 2024: 53).
The Board proposes a final dividend of 3 Hong Kong cents per share, taking full-year ordinary dividends to 7 Hong Kong cents (FY 2024: ordinary and special dividends totalled 12 cents). The payout is subject to shareholder approval at the 20 May 2026 AGM; the register will close from 27–29 May 2026, with payment scheduled for 9 June 2026.
Management highlighted ongoing geopolitical and tariff uncertainties, plans to expand Indonesian production capacity, and continued investment in R&D and digital tools to maintain the group’s High and New Technology Enterprise status and enhance operational efficiency.