Raytech Holding Ltd

Profitable Hong Kong personal-care-appliance sourcing/wholesaling firm with strong returns and liquidity.

Strengths

• ROA 8.7% (86th pct), net margin 10.5% (72.6th pct), operating margin 9.7% (68th pct)
• Revenue growth +17.6% (71.5th pct), current ratio 5.29 and quick ratio 5.19 (84th–85th pct)

Risks

• Substantial customer concentration and reliance on a limited number of (affiliated) manufacturers
• End-market concentration in Japan; net income down 17%; HK/China governance and trade-policy exposure

Notable findings

• Customer concentration~62% of revenue from one customer/distributor — Hair styling series : Our sales of hair styling series constituted 62%, 48% and 48% of our total revenue for the years ended March 31, 2023, 2024 and 2025, respectively