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Public company info - Crystal International Group Limited , 02232.HK

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Crystal International Group Limited, 02232.HK - Company Profile
Chairman LO Lok Fung Kenneth
Share Issued (share) 2,853,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Apparel
Corporate Profile Business Summary: The group is a global leader in the Apparel Manufacturing Industry with a diversified product portfolio under the group's differentiated co-creation business model. Performance for the year: The group's total revenue decreased by 0.7% from US$1,700.7 million in 2014 to US$1,688.5 million in 2015, and increased by 4.4% to US$1,763.4 million in 2016. The group's total revenue increased by 23.8% from US$830.0 million in the six months ended June 30, 2016 to US$1,027.5 million in the same period in 2017. The group's gross profit was US$287.0 million, US$291.7 million, US$355.7 million, US$151.4 million and US$204.9 million in 2014, 2015, 2016 and the six months ended June 30, 2016 and 2017, respectively. The group's overall gross profit margin increased from 16.9% in 2014 to 17.3% in 2015, and further increased to 20.2% in 2016. The group's overall gross profit margin increased from 18.2% for the six months ended June 30, 2016 to 19.9% in the same period in 2017. The group's profit for the period increased from US$52.7 million for the six months ended June 30, 2016 to US$69.2 million in the same period in 2017. The group's net margin increased from 6.3% for the six months ended June 30, 2016 to 6.7% in the same period in 2017. Business Review: According to Euromonitor, the group were ranked first by production volume and second by production value in the global Apparel Manufacturing Industry in 2016, with seven out of the top 10 global leading Brand Apparel Companies in 2016 as the group's customers. The group's co-creation business model is critical to achieving and enhancing the group's industry leading position. This model is supported by the powerful combination of the group's almost five decades of industry experience, long-term partnerships with globally leading Brand Apparel Companies, many of which the group has 10 to over 30 years of relationships, a diversified product portfolio across five product categories, and a multi-country manufacturing platform. The group's co-creation business model has driven the group's ability to launch continuously new commercially successful products for the group's customers. The group were founded in 1970 and have since developed based on the group's corporate culture of caring “For The Greater Good” (大我為先) — where the good of customers, colleagues, society and the global environment are the group's priorities. By following the group's corporate culture, the group has grown substantially from a few sewing machines and knitting looms in a small workshop in Hong Kong servicing a handful of customers to today where the group now have a significant scale of operations with a multi-country manufacturing platform consisting of 20 self-operating manufacturing facilities with a total gross floor area of approximately 1.3 million sq.m. spanning across five countries with a workforce of approximately 70,000, delivering around 350 million pieces of apparel a year primarily to globally leading apparel brands. The group believe the group's diversified product portfolio, along with the cross-segment opportunities it presents, is a key differentiating factor to the group's leading industry position and success. The group has broadly divided the group's product portfolio into five key categories and most of these product categories are industry leaders in their respective segments. The following table sets forth the group's key product portfolio and their respective estimated market size in Asia in 2021 and respective estimated CAGR of market size in Asia from 2016 to 2021. The dynamics of the global apparel industry are changing dramatically. Partnerships with suppliers who offer global Brand Apparel Companies a one-stop platform which gives them the right product at the right time at the right cost is a critical component to the success of global Brand Apparel Companies. The group has dedicated the group to developing a business model that the group believe provides a high degree of differentiation from other apparel manufacturers. The group call the group's business model co-creation, a model developed by the group through decades of industry experience with many globally leading Brand Apparel Companies, which addresses the group's customers’ sophisticated needs in the ever-changing industry environment. The group think like a brand operator — the group's co-creation business model offers the group's customers comprehensive one-stop services at various stages, ranging from fashion trend and market direction research, product concept design, raw material development and sourcing, product and industrial innovation, prototype making, global manufacturing planning and optimization, inventory management to logistics and delivery. The group's customers have placed great value on the benefits of the group's co-creation business model, which cannot be easily replicated by other apparel manufacturers. The group believe it is critical to partner with the best industry players to ensure sustainable and quality growth. Therefore, in order to align the group's resources to provide the best products and services, the group has made a strategic decision to partner with a selected portfolio of globally leading Brand Apparel Companies. The group served seven out of the top 10 global leading Brand Apparel Companies in 2016. The group currently serve more than 30 customers operating over 50 brands. Among them, the group's current top 10 customers have relationships with the group ranging from 10 to over 30 years as a result of the dedicated and differentiated value propositions the group offer. Some of the group's long-term core customers include: • Lifestyle Wear: Fast Retailing (UNIQLO, GU), H&M, Marks & Spencer, Abercrombie & Fitch and Gap; • Denim: Gap, Levi’s, Target, Abercrombie & Fitch, VF (Lee) and H&M; • Intimate: L Brands (Victoria’s Secret, PINK), Marks & Spencer, Fast Retailing (UNIQLO, GU) and H&M; • Sweater: Fast Retailing (UNIQLO, GU), Marks & Spencer, Gap and Abercrombie & Fitch; and • Sportswear and Outdoor Apparel: Under Armour, VF (The North Face) and PUMA. The group has established significant scale of operations with a multi-country manufacturing platform, consisting of 20 self-operating manufacturing facilities spanning across five countries, namely, China, Vietnam, Cambodia, Bangladesh and Sri Lanka. The Asia Apparel Manufacturing Industry has been consolidating in the past decade driven by greater concentration of orders to suppliers with large manufacturing facilities for the benefits of economies of scale, supply chain efficiency and capability of complying with increasing demands on social responsibilities and tightening environmental regulations. The group has long experience in operating scalable manufacturing facilities overseas since the group's inception. As early as 1973, the group established the group's first overseas manufacturing facility and further ventured into other locations to take advantage of their ample supply of skilled labor and relatively lower operating costs. Combining such early mover advantage, long years of international trade and operation experience, such multi-country manufacturing platform has been one of the key drivers to the group's ability to attract and retain customers as the group is able to combine advantages of different manufacturing locations, such as navigating through lower import tariffs, international trading policy benefits, lower manufacturing costs and strong local capabilities, to support the group's customers’ expansion efforts and their different growth strategies in their respective markets. While focusing on organic growth, the group continue to accelerate the group's expansion through selected investments and acquisitions. Throughout the group's history, the group has demonstrated a track record of identifying and acquiring companies with complementary customer relationships, geographic coverage as well as product portfolio to support the group's growth strategy. Furthermore, the group has the ability to integrate new businesses efficiently and effectively and to extract synergies through sharing the group's extensive industry experience and improving corporate governance structures while retaining core management. These investments and acquisitions have enabled the group to (i) develop new business platforms; (ii) expand the group's geographic coverage; (iii) expand into faster growing product categories; (iv) achieve synergies such as cross-selling different categories of products to existing and new customers and the development of hybrid products; as well as (v) capitalize on the best practices and industry know-how of the integrated companies. Headquartered in Hong Kong for almost five decades, the group is an international corporation dedicated to human capital and environmental stewardship. The group is committed to cultivating the group's employees’ capabilities and qualifications internally and attracting talents externally. As a testament to the group's dedication and success in sustainability, the group were ranked 17th out of 50 companies on Fortune Magazine’s “Change the World” list in 2016, being the only Hong Kong and apparel manufacturing company recognized in the ranking, and one of the 10 companies from Asia on the list. The group's global success and industry leading business is evidenced by the group's strong financial track record, where the group has achieved significant net profit growth and margin improvement during the Track Record Period. From 2014 to 2016, the group recorded a CAGR of 22.9% in net profit, where the group's net profit increased from US$81.8 million for the year ended December 31, 2014 to US$123.7 million for the year ended December 31, 2016. The group's net profit increased by 31.4% from US$52.7 million in the six months ended June 30, 2016 to US$69.2 million in the same period in 2017. Prospects: • Continue to focus on the group's co-creation business model to improve the group's growth and profitability • Further strengthen the group's existing product categories as well as new product categories • Continue to focus on expansion into sportswear and outdoor apparel category • Expansion of manufacturing facilities internationally to capture organic and consolidation growth • Upstream vertical expansion by expanding into fabric production to capture further value • Focus and dedication on human capital, sustainability and environmental consciousness

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