Planet Image International Ltd
Planet Image International Ltd is a Cayman Islands holding company whose subsidiaries manufacture and sell compatible toner cartridges for laser printers. The group operates through manufacturing facilities in China and sells internationally through offline channels, white-label and ODM arrangements, and its own brands.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2021–2025
Liiketoiminta
Osuus liikevaihdostaReplacement toner cartridges designed for commonly used laser printer models.
Cartridges produced to customer specifications for third-party brand owners.
Finished cartridges sold under the company’s own or reseller brands.
Tuotteet
Raportoitu · osuus liikevaihdosta- Offline Sales to Dealers46,9 %
- Offline Sales to ODM Customers43,2 %
- Online Sales to Retail Customers9,8 %
Lähde: 20-F FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
The company sells mainly to wholesalers and dealers that resell cartridges to retail customers and end users. It also supplies overseas customers on an ODM basis, where packaging and branding are tailored to the buyer rather than the product hardware itself.
Buy compatible toner cartridges in volume for resale through downstream channels.
Purchase white-label and self-branded cartridges to resell to retail customers.
Source cartridge production under their own brands with custom packaging.
Strategia
The group’s model combines in-house product development, patented technology, manufacturing, and localized sales branches to support international distribution. Its strategy centers on serving offline overseas buyers efficiently with both ODM and branded offerings, which helps it address different customer preferences with the same core product base.
The company relies on overseas demand, so channel reach is central to growth and resilience.
Serving both branding models broadens the customer base and reduces dependence on one channel type.
The business depends on Chinese manufacturing and inventory availability for timely delivery.
Maantiede
2025The company manufactures in China and sells primarily into North America, Europe, and Asia. The reports specifically note customer concentration in the U.S. and Germany, while overall revenue is generated mainly outside China through international offline channels.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
The company is exposed to export policy changes in China, foreign exchange movements, and local market conditions in its overseas sales regions. Its business also carries customer concentration, receivables collection, and supplier dependence risk because a small number of counterparties can influence cash flow and inventory availability.
- Foreign exchange volatilityVaikutus: KorkeaTodennäköisyys: Korkea
Sales are international while manufacturing and many costs are China-based, creating currency mismatch.
Kohdistuu: Cross-border revenue and expenses
- Customer concentrationVaikutus: KorkeaTodennäköisyys: Korkea
One customer represented 13.9% of revenue in the latest six-month period and receivables are concentrated.
Kohdistuu: Customer A and Customer B
- PRC export policy riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
The company manufactures in China and sells abroad, so export rules directly affect its operating model.
Kohdistuu: International shipments from China
- Supplier concentrationVaikutus: KeskitasoTodennäköisyys: Korkea
A limited number of suppliers accounted for a meaningful share of inventory purchases.
Kohdistuu - Inventory obsolescenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Compatible cartridges can become slow-moving as printer-model demand shifts.
Kohdistuu: Finished goods and work in process
Kirjanpito
Harkinnanvaraiset erätSales are recognized when control transfers upon customer acceptance, which affects quarter timing.
Vaikutus: Can shift reported revenue between periods
Variable consideration is estimated at period end using expected value methods.
Vaikutus: Affects net revenue and margins
Accounts receivable are net of expected credit losses based on customer and macro factors.
Vaikutus: Affects receivables and bad debt expense
Inventory is written down to net realizable value when products become slow-moving or obsolete.
Vaikutus: Affects gross profit and inventory balances
Right-of-use assets and lease liabilities arise from operating leases.
Vaikutus: Affects balance sheet leverage and depreciation/interest
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Päivitetty: 28.9.2026