Planet Image International Ltd (NASDAQ: YIBO)

Planet Image International Limited is a leading export-oriented manufacturer and seller of compatible toner cartridges based in China, with operations spanning North America and Europe. The company primarily develops and manufactures toner cartridges that are compatible with a wide range of laser printer models from various manufacturers, offering these products on a white-label or third-party brand basis. Through its operating subsidiaries, Planet Image International Limited also sells self-branded products in the domestic PRC market under the Shiyin and Tiancai brands.

Planet Image International Limited generates revenue through the sale of compatible toner cartridges, remanufactured toner cartridges, ancillary printer components, and household products. The company's primary revenue driver is compatible toner cartridges, which accounted for 90.0% of total revenue in 2025. Remanufactured toner cartridges contributed 1.0%, ancillary components a minimal portion, and household products 9.0% of total revenue in the same year. Revenue is derived from multiple channels including sales to overseas customers on an ODM basis, overseas dealers who resell white-label products, domestic dealers in the PRC, and direct online retail sales through ASL on the Walmart platform.

The company operates through the following segments: ODM business, B2B business, Overseas B2C business.

• ODM business involves providing contract manufacturing services to overseas customers who purchase products under their own brand names and packaging, with revenue from this segment representing 43.2% of total revenue in 2025.

• B2B business entails selling white-label products to dealer customers who resell to end consumers through offline and online channels, contributing 46.9% of total revenue in 2025.

• Overseas B2C business consists of operating online retail stores to sell branded products directly to consumers, which generated 9.8% of total revenue in 2025 through ASL's online store on the Walmart platform.

Planet Image International Limited holds a strong position in the compatible toner cartridge industry due to its extensive patent portfolio and localized sales operations in key markets. As of December 31, 2025, the company held 409 registered patents in the U. S., Europe, and the PRC, covering production processes, equipment, and proprietary technologies related to compatible toner cartridge manufacturing. This intellectual property provides a defensive advantage against litigation and supports market expansion. The company's localized sales model, including strategically located warehouses and sales teams in the U. S. and Europe, enables timely delivery and strong customer relationships, distinguishing it from many competitors that lack such on-the-ground presence.

The company serves a diverse customer base including overseas businesses that own their brands (ODM customers), overseas dealers who resell white-label products to end consumers, domestic dealers in the PRC who sell both white-label and self-branded products, and individual consumers and small businesses purchasing through its online retail store on the Walmart platform. These customers are located across more than 54 countries, with North America and Europe representing the majority of revenue.