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Combine Will boosts revenue on Indonesia expansion but profit pressured by higher costs

Story Highlights
  • Combine Will grew revenue and gross profit in 2025, while profit fell amid heavy investment in Indonesian expansion and automation.
  • The company is deepening its diversified toy and premium goods platform, integrating Indonesia into its supply chain and advancing sustainability goals.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Combine Will boosts revenue on Indonesia expansion but profit pressured by higher costs

Meet Samuel – Your Personal Investing Prophet

An announcement from Combine Will International Holdings Limited ( (SG:N0Z) ) is now available.

Combine Will International Holdings Limited, a Hong Kong–based manufacturer of plastic premium goods, toys, packaging, plush products, die‑cast parts, and electronics, operates four sites in China and two in Indonesia, using Hong Kong dollars as its reporting currency due to its role as the group’s main trading hub. The company has rapidly expanded its Indonesian workforce from about 5,000 in 2023 to more than 20,000, positioning itself as a diversified, one‑stop supplier to global consumer brands, including a major fast‑food chain customer.

At its 23 April 2026 annual general meeting in Singapore, the company reported a 23.1% rise in FY2025 revenue to around HK$1.8 billion and a 22.8% increase in gross profit to HK$188.8 million, while net profit fell 18.8% to HK$37.1 million as investments in Indonesian capacity, automation, and new plush facilities drove higher costs. Management highlighted a slight dip in gross margin to 10.4%, the achievement of over 77% eco‑friendly material usage, a proposed final tax‑exempt dividend of S$0.05 per share, and a 2026 strategy focused on integrating Indonesian operations into its global supply chain, enhancing automation, and further strengthening sustainability capabilities to support long‑term customer partnerships.

More about Combine Will International Holdings Limited

Combine Will International Holdings Limited is a Hong Kong–headquartered manufacturer focused on plastic premium goods, toys, and related consumer products, supported by operations in China, Indonesia, and Singapore. The group supplies major global customers, including a large fast-food chain, and offers integrated one‑stop solutions spanning plastic and paper toys, packaging, plush items, die‑cast components, and electronic parts, with a growing emphasis on eco‑friendly materials and diversified geographic production.

Average Trading Volume: 8,100

Technical Sentiment Signal: Strong Buy

Current Market Cap: S$38.79M

For a thorough assessment of N0Z stock, go to TipRanks’ Stock Analysis page.

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