CROSBY Research – Impro Precision Industries (1286 HK/NR): FY25 top and bottom line reached record high

11 March 2026

Impro Precision’s FY25 revenue increased by 8.7% YoY to HK$5.1bn. Its FY25 GPM was 27.5% compared to 27.1% in FY24. The marginal improvement in GPM was mainly due to the robust demand from high horsepower engine end-market, partially offset by the lower-than-expected revenue growth from the Mexican plants and the decline in profit in precision machining and other business. On the back of lower financing costs (-23.0% YoY) and income tax (-37.5% YoY), reported NP subsequently grew by 12.7% YoY to HK$726.2m in FY25.