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One of the world's largest apparel manufacturers, making casual, denim, intimate and sportswear for global fashion brands.
One of the world's largest apparel manufacturers, making casual, denim, intimate and sportswear for global fashion brands.
Earns a manufacturing margin per garment, making to brands' designs and specifications, with Uniqlo historically a particularly large customer, so a few big brand relationships carry the business. Over the years production has moved away from China toward Vietnam, Cambodia and Bangladesh.
Moat: narrow (scale, customer qualification, process know-how). Large, vertically-integrated capacity and long brand relationships; still a price-competitive contract manufacturer.
Headquarters: Hong Kong · Employees: 81,000
Size Crystal International (2232.HK) is a Hong Kong Consumer Discretionary company (Apparel/Footwear) with a market value of $2.92B, the 341st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$8.03 on 6 Nov 2026.
Performance Over six months the shares gained 23.4%, against +1.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 4.2% over the last twelve months (peer median +2.8%); the operating margin is 10.4% (peer median 8.7%).
Valuation It trades at 11.4× forward earnings against a peer median of 15.2× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.7 points above its cost of capital (7.3% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$21.2B | HK$20.6B | HK$19.3B | HK$17.0B | HK$19.5B |
| Revenue growth | — | +7% | +13% | -13% | — |
| Gross profit | HK$4.17B | HK$4.06B | HK$3.76B | HK$3.25B | HK$3.59B |
| EBITDA | HK$2.91B | HK$2.77B | HK$2.48B | HK$2.05B | HK$2.22B |
| Net income | HK$1.84B | HK$1.75B | HK$1.56B | HK$1.28B | HK$1.35B |
| Free cash flow | HK$659M | HK$963M | HK$66.6M | HK$2.15B | HK$2.18B |
| Capital expenditure | HK$1.48B | HK$1.14B | HK$849M | HK$344M | HK$718M |
| Total debt | n/a | HK$311M | HK$1.38B | HK$763M | HK$1.08B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Crystal International 2232.HK | $2.92B | +23% | +4% | 10% | 11.4× | -5.3% |
| Shenzhou Intl 2313.HK | $8.08B | -7% | +2% | 16% | 11.8× | -4.5% |
| Yue Yuen Industrial (Holdings) 0551.HK | $2.75B | -7% | -3% | 3% | 13.6× | 2.4% |
| Eclat Textile 1476.TW | $2.88B | +3% | 0% | 20% | 13.7× | -8.9% |
| Makalot Industrial 1477.TW | $1.59B | +1% | -2% | 14% | 12.8× | -8.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2232.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.1% | +6.6% | 4th highest of 21 |
| 6-month return | +23.4% | +1.8% | 5th highest of 21 |
| Distance from 52-week high | -0.6% | -15.7% | highest of 21 |
| Revenue growth (TTM) | +4.2% | +2.8% | 10th highest of 21 |
| Operating margin | 10.4% | 8.7% | 8th highest of 21 |
| Forward P/E | 11.4× | 15.2× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -5.3% | 2.5% | 6th least demanding of 17 |
| Growth delivered (Del g) | +6.0% | +8.6% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -11.2 pp | -7.0 pp | 5th least demanding of 17 |
| ROIC minus cost of capital | +11.7 pp | +5.6 pp | 6th highest of 21 |
| EV / EBITDA | 6.8× | 9.6× | 4th cheapest of 16 |
| Net debt / EBITDA | -1.1× | 0.1× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Crystal International 2232.HK | Hong Kong | $2.92B | +23% | +4% | 10% | 11.4× | -5.3% | +6.0% |
| Hugo Boss BOSS.DE | Germany | $2.90B | +8% | -5% | 8% | 15.4× | -6.6% | +17.0% |
| Steven Madden SHOO | United States | $2.89B | -3% | +18% | 9% | 17.5× | 5.9% | +16.1% |
| Eclat Textile 1476.TW | Taiwan | $2.88B | +3% | 0% | 20% | 13.7× | -8.9% | +6.2% |
| Star Shine 1440.HK | Hong Kong | $2.85B | +34% | -33% | -3% | n/a | n/a | n/a |
| Yue Yuen Industrial (Holdings) 0551.HK | Hong Kong | $2.75B | -7% | -3% | 3% | 13.6× | 2.4% | -0.9% |
| FIGS FIGS | United States | $3.29B | +37% | +25% | 10% | 54.0× | 25.5% | +19.1% |
| BIEM.L.FDLKK Garment 002832.SZ | China | $2.46B | +42% | +23% | 15% | 20.4× | 0.0% | +13.3% |
| Zhejiang Semir Garment 002563.SZ | China | $2.42B | -1% | +4% | 7% | 14.8× | -8.1% | -0.1% |
| Columbia Sportswear COLM | United States | $3.61B | +12% | 0% | 8% | 16.2× | 4.6% | +6.3% |
| Pou Chen 9904.TW | Taiwan | $2.29B | 0% | -7% | 3% | 7.3× | 5.9% | +0.1% |
| Youngone 111770.KS | South Korea | $2.27B | -13% | +15% | 14% | 5.5× | n/a | n/a |
| Under Armour UA | United States | $2.23B | -19% | -3% | 1% | 83.9× | n/a | n/a |
| Mizuno 8022.T | Japan | $2.10B | +27% | +10% | 9% | 15.9× | 4.9% | +11.5% |
| Feng Tay Enterprise 9910.TW | Taiwan | $2.08B | 0% | -4% | 7% | 15.0× | -5.9% | +3.9% |
| PVH PVH | United States | $4.15B | +1% | +2% | 8% | 8.1× | 2.5% | +4.6% |
| K.P.R. Mill KPRMILL.NS | India | $4.21B | +19% | +6% | 18% | 34.8× | 29.9% | +13.3% |
| Kontoor Brands KTB | United States | $4.21B | +5% | +16% | 13% | 13.2× | 1.1% | +8.5% |
| Page Industries PAGEIND.NS | India | $4.22B | -4% | +8% | 19% | 46.8× | 27.7% | +13.1% |
| Puma PUM.DE | Germany | $4.42B | +4% | -19% | -6% | n/a | n/a | n/a |
| Goldwin 8111.T | Japan | $1.93B | -1% | +4% | 18% | 12.7× | -6.3% | +8.7% |