YIBONasdaqComputer Peripheral Equipment, NECUS GAAP · USD

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.

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Revenue155m USD
+3.6 %y/y
Operating profit (EBIT)-11.3m USD
−264.5 %y/y
EBIT margin-7.3%
−11.9 ppy/y
Net income-8.3m USD
−216.0 %y/y
Free cash flow-3.3m USD
+0.2 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-50050100150200m USD2021: 142 m USD2021: EBIT 3.1 m USD20212022: 142 m USD2022: EBIT 11 m USD20222023: 150 m USD2023: EBIT 13 m USD20232024: 150 m USD2024: EBIT 6.9 m USD20242025: 155 m USD2025: EBIT -11 m USD2025155-11
RevenueOperating profit (EBIT)
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Business

Share of revenue
Compatible toner cartridges85 %

Replacement toner cartridges designed for commonly used laser printer models.

ODM manufacturing10 %

Cartridges produced to customer specifications for third-party brand owners.

White-label and self-branded sales5 %

Finished cartridges sold under the company’s own or reseller brands.

Products

Reported · share of revenue
46.9%43.2%9.8%FY2025100 %
  • Offline Sales to Dealers46.9 %
  • Offline Sales to ODM Customers43.2 %
  • Online Sales to Retail Customers9.8 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

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.

Wholesalers

Buy compatible toner cartridges in volume for resale through downstream channels.

Dealers and distributors

Purchase white-label and self-branded cartridges to resell to retail customers.

ODM brand owners

Source cartridge production under their own brands with custom packaging.

Strategy

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.

Expand international offline distributionMedium term

The company relies on overseas demand, so channel reach is central to growth and resilience.

Balance ODM and self-branded salesMedium term

Serving both branding models broadens the customer base and reduces dependence on one channel type.

Protect manufacturing and supply chain continuityShort term

The business depends on Chinese manufacturing and inventory availability for timely delivery.

Geography

2025

The 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.

North America57 %
Europe31 %
Asia12 %

Share of the revenue the company reports by geography.

Risks

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.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Foreign exchange volatility1Customer concentration2PRC export policy risk3Supplier concentration4Inventory obsolescence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Foreign exchange volatilityImpact: HighLikelihood: High

    Sales are international while manufacturing and many costs are China-based, creating currency mismatch.

    Exposure: Cross-border revenue and expenses

  2. Customer concentrationImpact: HighLikelihood: High

    One customer represented 13.9% of revenue in the latest six-month period and receivables are concentrated.

    Exposure: Customer A and Customer B

  3. PRC export policy riskImpact: HighLikelihood: Medium

    The company manufactures in China and sells abroad, so export rules directly affect its operating model.

    Exposure: International shipments from China

  4. Supplier concentrationImpact: MediumLikelihood: High

    A limited number of suppliers accounted for a meaningful share of inventory purchases.

    ExposureSupplier ASupplier BSupplier C
  5. Inventory obsolescenceImpact: MediumLikelihood: Medium

    Compatible cartridges can become slow-moving as printer-model demand shifts.

    Exposure: Finished goods and work in process

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Accounting

Judgemental items
Revenue recognition

Sales are recognized when control transfers upon customer acceptance, which affects quarter timing.

Impact: Can shift reported revenue between periods

Return and rebate estimates

Variable consideration is estimated at period end using expected value methods.

Impact: Affects net revenue and margins

Credit loss allowance

Accounts receivable are net of expected credit losses based on customer and macro factors.

Impact: Affects receivables and bad debt expense

Inventory valuation

Inventory is written down to net realizable value when products become slow-moving or obsolete.

Impact: Affects gross profit and inventory balances

Lease accounting

Right-of-use assets and lease liabilities arise from operating leases.

Impact: Affects balance sheet leverage and depreciation/interest

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Last updated: 28/09/2026