Combine Will

What Combine Will does

Combine Will International Holdings Limited is a Singapore-listed OEM-Plus integrated manufacturing group (SGX: N0Z) founded in 1992 and headquartered in Hong Kong, providing customized ODM/OEM manufacturing solutions for global toy brands, corporate premiums buyers, and consumer products companies. The company operates six manufacturing facilities across China (Dongguan, Heyuan, Cangwu in Guangxi) and Indonesia (Sragen and Surakarta in Central Java), supporting approximately 20,000+ employees, 450,000 sqm of production area, and an annual output of 420 million+ pieces across plastic, die-cast, plush, electronics, and paper product manufacturing. Its integrated multi-material platform combines injection molding and blow molding, die-casting, plush production (embroidery, laser cutting, sewing, filling, assembly), PCBA design and SMT electronics manufacturing, paper products and eco-friendly packaging, surface decoration, and integrated product assembly, supported by digital systems including APS, ERP, QMS, WMS, Production IoT, and OA.

The company generates revenue through negotiated per-project ODM/OEM manufacturing fees on a hardware sales model, engaging directly with enterprise customers through field sales and offices in Hong Kong, Shenzhen, Dongguan, and Singapore. Pricing is not publicly disclosed and varies by product specifications, volumes, complexity, and material requirements. Customer segments are horizontal: toy brands, corporate premiums buyers, and consumer products brands, served through direct sales to global accounts. With more than 30 years of industry experience and an extensive certification stack (ISO 9001, ISO 14001, ISO 45001, ISO 13485, ISO 27001, RBA, SMETA, ESCP, SCAN, ICTI, FAMA, ISCC, GRS, CCC), the company positions itself as a compliance-ready manufacturing partner for international brands with rigorous quality, ethical, and sustainability requirements. Disclosed revenue was $1.81B in 2025, up from $1.11B in 2023, reflecting strong top-line growth driven by capacity additions in Indonesia and the development of new materials and consumer products subsidiaries.

Name

Combine Will

Legal name

Combine Will International Holdings Limited

Website

http://www.combinewill.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Combine Will International Holdings Limited is a Singapore-listed OEM-Plus manufacturing group providing ODM/OEM services for toys, plush, corporate premiums, and consumer products across six facilities in China and Indonesia, employing 20,000+ people.

Ownership category

akta.pro rank

Product category

Contract Manufacturing (OEM/ODM)

NAICS

Apparel Accessories and Other Apparel Manufacturing (315990), Other Plastics Product Manufacturing (32619)

SIC

Apparel & Other Finishd Prods Of Fabrics & Similar Matl (2300)

akta.pro industry

PRIMARYIMAOAEAM

Contract / Private Label Cut & Sew Manufacturing (OEM/ODM)

Industrials, Manufacturing & Construction/Textiles, Apparel & Leather Manufacturing/Apparel Manufacturing (Cut & Sew)

SECONDARYCRAAAAAK

Apparel OEM/ODM & Private Label Manufacturing

Consumer Products & Retail/Apparel, Footwear & Accessories/Apparel Brands & Manufacturing

Keywords

• OEM manufacturing services
• ODM product development
• Contract plastic manufacturing
• Plush toy manufacturing
• Corporate premiums production

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. ODM/OEM Manufacturing Services: Integrated original design manufacturing (ODM) and original equipment manufacturing (OEM) services for toys, plush products, corporate premiums, and consumer products. Revenue is generated through production fees for manufactured products, with capabilities spanning product design, tooling, manufacturing, and quality management. The company operates a China-Indonesia manufacturing footprint to serve global customers.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Combine Will provides integrated ODM/OEM contract manufacturing services for global brands across toys, plush products, corporate premiums, and consumer products. The company operates six manufacturing facilities in China and Indonesia producing 420M+ pieces annually, with capabilities spanning plastic injection molding and blow molding, die-casting, plush manufacturing, electronics assembly (PCBA/SMT), paper products, surface decoration, and integrated product assembly. Revenue is generated by manufacturing and delivering customized finished products to international customers.

Product overview

Combine Will International Holdings Limited is an OEM-Plus integrated manufacturing group listed on the Singapore Exchange (SGX: N0Z.SI) that provides customized ODM/OEM manufacturing solutions. The company operates as a unified platform offering end-to-end manufacturing services across three main product categories: Corporate Premiums, Toys & Plush, and Consumer Products. These products are supported by integrated manufacturing capabilities including Plastic Manufacturing (injection molding and blow molding), Die-Casting Manufacturing, Plush Manufacturing, Electronics Manufacturing, Paper Product Manufacturing, Surface Decoration, and Product Assembly. The company also provides supporting services including Chemical and Physical Testing, Packaging, Logistics, Product Design, and Product Development. With manufacturing facilities in China and Indonesia and over 30 years of industry experience, the platform enables customers to transform product ideas into market-ready products through a coordinated multi-material and multi-technology manufacturing foundation.

Differentiator

Problem solved

Functional benefit

Products and services

• Product Assembly Services Integrated product assembly services supporting multi-process collaboration and complex product manufacturing across plastics, plush, electronics, and metal components.
• Product Design Services Professional design services from concept design to product realization, covering appearance, structure, and functional planning for customer products.
• Product Development Services Full product development journey support from concept validation to mass production through systematic prototyping, testing, and engineering optimisation.
• Chemical Testing Services In-house chemical testing and analytical capabilities supporting compliance assessments for raw materials and finished products, covering regulated substances such as heavy metals, formaldehyde, and phthalates per EN71, ASTM, and REACH standards.
• Physical Testing Services Comprehensive physical testing facilities verifying product structural integrity, durability, and usage safety including tensile testing, drop testing, flammability testing, and small parts testing.
• Packaging Services Product packaging solutions developed based on product characteristics and transportation requirements, supporting product protection and logistics efficiency.
• Logistics Services Integrated warehousing management, transportation planning, and delivery coordination supporting a structured logistics framework.
• Surface Decoration Services Surface decoration capabilities including painting, pad printing, and related finishing processes for finished products.
• Paper Product Manufacturing Paper products and eco-friendly packaging manufacturing covering printing, die-cutting, and assembly operations.
• Toys & Plush Manufacturing Integrated ODM/OEM product development and manufacturing support for toys and plush products, from conceptualisation and manufacturability review to production and quality assurance for global toy brands.
• Corporate Premiums Manufacturing ODM/OEM manufacturing solutions for corporate premiums, promotional items, and branded merchandise, supported by integrated R&D, engineering, manufacturing, and quality management capabilities.
• Consumer Products Manufacturing ODM/OEM manufacturing solutions for consumer products across plastics, electronics, paper, and plush categories, supported by product development, manufacturing know-how, quality management, and responsive production support for international customers.
• Plastic Manufacturing Plastic manufacturing capabilities covering injection molding and blow molding, supporting plastic components and product parts with structural, functional, and appearance requirements, coordinateable with surface decoration, electronics, and assembly for integrated ODM/OEM manufacturing solutions.
• Die-Casting Manufacturing Precision metal die-casting capabilities for toy components and related products.
• Plush Manufacturing Soft-material product manufacturing for plush toys and related items, covering embroidery, laser cutting, sewing, filling, and final assembly.
• Electronics Manufacturing Electronics manufacturing and system integration, including PCBA design and manufacturing, SMT, wave soldering, automated soldering, ICT, FCT, and assembly.

Quantifiable outcome

• 420M+ pieces annual production capacity
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

One partnership is on record.

• Universities and Commercial PartnersminorStrategic or Co-development Partner · 1 January 2019Collaborated with universities and commercial partners on recycled material research as part of the sustainable materials programme launched in 2019. The partnership focuses on developing recycled materials aligned with quality management requirements for integration into manufacturing processes.

Scale indicators11 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Yue Yuen International Holdings: Yue Yuen International is the world's largest OEM/ODM manufacturer of athletic, casual, and work footwear by volume, serving global brands from Asia-based operations. Highly comparable to Combine Will as both are large-scale publicly listed Asian OEM/ODM manufacturers with multi-material production capabilities serving global consumer brands.
• Huali Industrial Group: Huali Industrial Group is one of the largest OEM/ODM manufacturers of casual and athletic footwear globally, serving major brands including Nike. Comparable to Combine Will in operating as a large-scale OEM/ODM manufacturer serving global consumer brands from China-based manufacturing with similar margin profile and customer dynamics.
• Stella International Holdings: Stella International Holdings is a leading OEM/ODM manufacturer of premium and luxury footwear for global brands. Similar to Combine Will as both are publicly listed OEM/ODM manufacturers headquartered in Hong Kong/China serving global consumer brands with vertically integrated production capabilities.
• Pou Sheng International Holdings: Pou Sheng International Holdings is a leading athletic footwear and apparel OEM with extensive manufacturing operations in China and Indonesia. Comparable to Combine Will as both operate OEM/ODM businesses with multi-country manufacturing footprints serving global consumer brands, with similar geographic diversification strategy.
• VTech Holdings: VTech Holdings is the world's largest manufacturer of cordless phones and a leading supplier of electronic learning products for children. Comparable to Combine Will as both operate as Hong Kong-listed OEM/ODM manufacturers of consumer products/toys with China-based manufacturing, serving global brands in similar end markets.
• Pou Chen Corporation: Pou Chen Corporation is the world's largest OEM manufacturer of branded athletic and casual footwear, producing for Nike, Adidas, and others. Similar to Combine Will as a large-scale publicly listed OEM/ODM manufacturer serving global consumer brands with China-based operations and multi-material production capabilities.

Broad incumbents

• Li & Fung Limited: Li & Fung Limited is a leading global sourcing and supply chain management company coordinating manufacturing across multiple geographies for consumer products. Comparable to Combine Will as both provide end-to-end manufacturing coordination for global brands, though Li & Fung operates more as a sourcing agent rather than direct manufacturer.
• Hon Hai Precision (Foxconn): Foxconn is the world's largest electronics contract manufacturer, producing consumer electronics for Apple, Sony, and other global brands. Comparable to Combine Will as both are large-scale Asian OEM/ODM manufacturers with multi-material production capabilities serving global consumer brands, though Foxconn focuses on electronics at much greater scale.
• Compal Electronics: Compal Electronics is a leading Taiwanese ODM of notebook computers, monitors, and other electronics products for global brands. Comparable to Combine Will's electronics manufacturing (PCBA/SMT) capabilities as both operate as ODM/OEM manufacturers serving global consumer brands from Asia-based operations.
• Pegatron Corporation: Pegatron Corporation is a major Taiwanese electronics OEM/ODM manufacturer producing for Apple, Microsoft, and other global brands. Comparable to Combine Will as both operate multi-material OEM/ODM manufacturing businesses serving global consumer brands from Asia-based operations, with similar scale and customer relationship dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance17 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Combine Will