Investment Rating - The report maintains a positive outlook on the duty-free and gold jewelry sectors, suggesting a "Buy" rating for the industry based on expected growth exceeding market averages [29]. Core Insights - Duty-Free: Hainan's offshore duty-free sales data is impressive, alleviating market concerns. From March 1 to March 12, sales reached approximately 1.59 billion, with a daily average of 133 million, reflecting a 41.7% increase compared to the previous month. The growth in March exceeded expectations, driven by high-net-worth individuals attending events in Hainan [1][11][13]. - Gold Jewelry: Laopo Gold has forecasted its 2025 performance, with expected revenues of 27-28 billion, a year-on-year increase of 217%-229%. Net profit is projected at 4.8-4.9 billion, up 226%-233%. The company plans two price increases in the second half of 2025, which are expected to be well-received by consumers, enhancing profit margins [1][14]. Industry Data Tracking - GMV Performance: In the fourth week of January, the combined GMV of Tmall and JD.com increased by 81.52% year-on-year, likely influenced by the timing of the New Year festival. The top five categories showing growth were automotive, home improvement, books and media, watches, and outdoor sports [2][15]. Market Review - In the week of March 9 to March 13, major indices showed mixed performance, with the Shanghai Composite Index down 0.70% and the Shenzhen Component Index up 0.76%. The retail sector underperformed, ranking eighth among nine major consumption sectors [3][18][21]. Investment Recommendations - Duty-Free: The investment logic remains intact, with current prices warranting more aggressive attention. The short-term outlook is positive due to reduced discounts and currency appreciation driving profit margins. The mid-term outlook is bolstered by the recovery of high-end consumption and the return of Japanese tourists [4][26]. - Gold Jewelry: Continued recommendations for leading brands like Laopo Gold, which is expected to benefit from consumer acceptance of price increases and ongoing brand strength. Additionally, Chaohongji is anticipated to enhance profitability through new product launches and improved store models [4][26][27].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 創科實業有限公司 呈交日期： 2026年3月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00669 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件 ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 創科實業有限公司 呈交日期： 2026年3月10日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00669 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | | ...

職 權 範 圍 （於二零二六年三月九日更新） 創科實業有限公司 香港聯合交易所有限公司 普通股（股份編號︰669） 第一級美國預託證券收據（代號︰TTNDY） 創 科 實 業 有 限 公 司 提 名 委 員 會 ( 本文件的中英文版本如有任何歧異，概以英文版本為準。 ) 創科實業有限公司 （「本公司」） 提名委員會的職權範圍 組成 本公司董事會（「董事會」）設立一個名為提名委員會之委員會。 成員名單 Horst Julius Pudwill 先生（提名委員會主席） Robert Hinman Getz 先生 Johannes-Gerhard Hesse 先生 Virginia Davis Wilmerding 女士 Caroline Christina Kracht 女士 黃子全先生 吳家暉女士 提名委員會及其主席須由董事會委任及可由董事會酌情罷免。 提名委員會之主席須由董事會主席或獨立非執行董事出任，提名委員會的成員 （「成員」）必須以獨立非執行董事佔大多數。 -1- 根據不時修訂的香港聯合交易所有限公司證券上市規則（「上市規則」），或本公 司的股份上市或報價的任何其他證券交易所的規則，或香港證券及期貨事務 ...

( 本文件的中英文版本如有任何歧異，概以英文版本為準。 ) 創科實業有限公司 （「本公司」） 審核委員會的職權範圍 組成 本公司董事會（「董事會」）設立一個名為審核委員會之委員會。 成員名單 創 科 實 業 有 限 公 司 審 核 委 員 會 職 權 範 圍 ( 於二零二六年三月九日更新 ) 創科實業有限公司 香港聯合交易所有限公司 普通股（股份編號︰669） 第一級美國預託證券收據（代號︰TTNDY） Andrew Philip Roberts 先生（審核委員會主席） Peter David Sullivan 先生 Robert Hinman Getz 先生 Johannes-Gerhard Hesse 先生 Caroline Christina Kracht 女士 黃子全先生 宗旨 審核委員會之成立是為協助董事會 (i) 確保內部監控系統有效地運作，並符合本 公司於香港聯合交易所有限公司證券上市規則(「上市規則」)及其他適用法例及 規例下之責任；及 (ii) 監督本公司財務報表之完整性。 審核委員會亦直接代表董事會負責(i)本公司外聘核數師之遴選、監督及釐定其酬 金，(ii)外聘核數師獨立性及資格之評核， ...

TECHTRONIC INDUSTRIES COMAPNY LIMITED 創科實業有限公司 （於香港註冊成立之有限公司） (股份代號: 669) 董事名單與其角色和職能 由二零二六年三月九日起，創科實業有限公司董事會（「董事會」）成員載列如下。 獨立非執行董事 Robert Hinman Getz 先生（首席獨立非執行董事） Peter David Sullivan 先生 Johannes-Gerhard Hesse 先生 Virginia Davis Wilmerding 女士 Caroline Christina Kracht 女士 Andrew Philip Roberts 先生 吳家暉女士 黃子全先生 | 委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | | 董事 | | | | | Horst Julius Pudwill 先生 | | C | | | Stephan Horst Pudwill 先生 | | | | | Steven Philip Richman 先生 | | | | | 陳建華先生 | | | | | 陳志聰先生 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 TECHTRONIC INDUSTRIES COMPANY LIMITED 創科實業有限公司 承董事會命 創科實業有限公司 公司秘書 伍家寶 （於香港註冊成立之有限公司） (股份代號: 669) 董事委員會組成變更 創科實業有限公司（「本公司」）董事會（「董事會」）謹此宣布，自二零二六年 三月九日起本公司董事委員會組成有以下變更： 董事會謹此衷心感謝 Sullivan 先生在過去多年來作為審核委員會主席作出的 寶貴貢獻。 香港，二零二六年三月九日 於 本 公 告日 期，董 事 會包 括 ︰ 六名 集 團執 行 董事，即 執 行 主 席 Horst Julius Pudwill 先 生 、 執 行 副主席 S tep ha n Horst Pu d will 先 生 、 行 政 總 裁 S teven Ph ilip Rich ma n 先生、 陳 建 華 先 生 、 陳 志 聰 先 生 及 Ca mil ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of $15.26 billion for 2025, representing a year-on-year increase of 4.4%, and a net profit attributable to shareholders of $1.198 billion, up 6.8% year-on-year [1] - The first half of 2025 saw a revenue increase of 7% and a net profit increase of 14%, while the second half experienced a revenue growth of 2% and net profit remained flat [1] - The Milwaukee brand led revenue growth, with North America showing a 3.5% increase, Europe 9%, and other regions a slight decline of 0.3% [2] - The electric tools segment grew by 5.3%, with Milwaukee's growth at 8.1%, driven by strong performance across various categories, particularly personal protective equipment [2] - The gross margin improved to 41.2%, up 0.9 percentage points, mainly due to the high-margin Milwaukee business and operational efficiency improvements in Ryobi [3] - The company expects strong growth in 2026, with core businesses projected to achieve mid to high single-digit growth, and profit margins anticipated to expand as tariff relief measures are implemented [4] Financial Projections - Revenue forecasts for 2026-2028 are adjusted to $16.3 billion, $17.6 billion, and $19.0 billion, reflecting year-on-year growth of 7%, 8%, and 8% respectively [5] - Net profit projections for the same period are $1.37 billion, $1.57 billion, and $1.80 billion, with year-on-year growth rates of 14%, 15%, and 14% [5] - Earnings per share (EPS) are expected to be $0.75, $0.86, and $0.98 for 2026, 2027, and 2028 respectively [5] - The price-to-earnings (PE) ratios are projected at 20x, 18x, and 16x for the respective years [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company achieved a revenue of USD 15.26 billion in 2025, representing a year-on-year growth of 4.4%, with a net profit of USD 1.2 billion, up 6.8% year-on-year. The second half of 2025 saw revenue of USD 7.43 billion, a slight increase of 1.6%, while net profit decreased by 0.24% to USD 570 million [5][6] - The company anticipates a strong performance in 2026, with core brand Milwaukee expected to grow by 10-12%, driven by recovering demand in North America and infrastructure projects. Overall revenue growth is projected to be in the mid-single digits [7][8] - The company has adjusted its profit forecasts for 2026-2027, now expecting net profits of USD 1.42 billion and USD 1.66 billion, respectively, with corresponding EPS of USD 0.8 and USD 0.9 [5][8] Financial Summary and Valuation Metrics - The company’s financial metrics for 2024A to 2028E are as follows: - Revenue (million USD): 14,622 (2024A), 15,260 (2025A), 16,536 (2026E), 17,796 (2027E), 18,994 (2028E) - Net Profit (million USD): 1,122 (2024A), 1,198 (2025A), 1,421 (2026E), 1,656 (2027E), 1,868 (2028E) - Gross Margin (%): 40.3 (2024A), 41.2 (2025A), 41.5 (2026E), 42.0 (2027E), 42.5 (2028E) - EPS (diluted, USD): 0.6 (2024A), 0.7 (2025A), 0.8 (2026E), 0.9 (2027E), 1.0 (2028E) [8]

Investment Rating - The report maintains an "Overweight" rating for Techtronic Industries (00669) with a target price of HKD 154 [1] Core Insights - Despite conservative short-term revenue guidance from management, Techtronic Industries is well-positioned for the next phase of structural growth [1] - The company has shown results from strategic investments in supply chain flexibility, product innovation, and global diversification after years of industry adjustments and macroeconomic challenges [1] - Last year's gross margin expanded by 91 basis points year-on-year to 41.2%, exceeding the bank's expectation of 40.4%, indicating strong operating cash flow that offsets increased R&D spending [1] - Management's revenue growth guidance for core brands Milwaukee and Ryobi is set at 5% to 9%, reflecting a cautious approach amid macro uncertainties, but they indicated that Milwaukee could maintain double-digit growth if demand persists [1] - The long-term growth outlook for Techtronic Industries remains intact due to expanding potential market size, strong demand in key verticals like data centers, and a clear path for margin improvement [1] - The company's strengthened net cash position, a new USD 500 million share buyback plan, and higher dividends further support a constructive view [1]