Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 132.59 [6][5]. Core Insights - The company reported strong performance in H1 2025, achieving revenue of USD 7.833 billion (yoy +7.1%) and a net profit of USD 628 million (yoy +14.2%), with a net profit margin of 8.0% (yoy +0.5pct) [1][3]. - Growth is driven by flagship brands Milwaukee and RYOBI, with a strategic focus on high-end brands and improved operational efficiency [1][4]. - The company is positioned as a global leader in electric tools and outdoor power equipment (OPE), benefiting from a diversified global production capacity to navigate trade challenges [1][4]. Revenue Performance - The electric tools segment generated USD 7.425 billion in H1 2025, up 7.9% yoy, with Milwaukee's revenue increasing by 11.9% and RYOBI's by 8.7% [2]. - The floor care and cleaning segment saw revenue decline to USD 408 million (yoy -4.8%), but operating profit increased by 3.6% to USD 9.7 million due to a shift towards rechargeable products [2]. Profitability Analysis - The company's gross margin for H1 2025 was 40.3% (yoy +0.3pct), attributed to the higher contribution from profitable brands and improved operational efficiency [3]. - Total operating expenses were USD 2.452 billion (yoy +6.5%), with a corresponding expense ratio of 31.3% (yoy -0.2pct) [3]. Brand and Technology Advantage - The company has a strong brand and technological edge, with 13 sub-brands catering to various consumer segments and a commitment to lithium battery upgrades [4]. - Global production facilities are strategically located, with 39% of capacity in China and significant portions in Vietnam, the US, and Mexico, allowing flexibility in response to tariff disruptions [4]. Earnings Forecast and Valuation - The company’s net profit is projected to be USD 1.293 billion, USD 1.473 billion, and USD 1.737 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of USD 0.71, USD 0.80, and USD 0.95 [5][10]. - The report assigns a target PE of 24x for 2025, reflecting the company's leading position and consistent profitability improvements [5][10].

Financial Data and Key Metrics Changes - Revenue increased by 7.1% to $7.83 billion, with a 7.5% increase in local currencies [10] - Gross profit rose by 8% to $1.6 billion, with margins improving by 34 basis points to 40.3% [10] - EBIT increased by 13.3% to $709 million, with margins up by 49 basis points to 9.1% [11] - Net profit grew by 14.2% to $628 million, with a margin of 8%, a 50 basis point increase compared to the previous year [11] - Earnings per share increased by 14.1% to $0.34 [11] - Free cash flow generated was $468 million, maintaining a net cash position [15][16] Business Line Data and Key Metrics Changes - Milwaukee business achieved 11.9% sales growth globally [10] - Ryobi's Power Tools grew in low double digits, while Outdoor products grew in mid single digits, resulting in an overall growth of 8.7% in local currencies [10] - Non-core business decreased as the company rationalized product lines to improve operating profits [10] Market Data and Key Metrics Changes - The company maintained a strong balance sheet with shareholders' equity increasing by 6.4% to $6.7 billion [13] - Net current assets increased by 10.5% to $3.1 billion [13] - Working capital as a percentage of sales improved by 190 basis points to 16.8% [13] Company Strategy and Development Direction - The company focuses on operational excellence, strategic partnerships, and a diversified supply chain to navigate geopolitical challenges [6][7] - Emphasis on disruptive innovation and technology solutions to enhance productivity and safety for professional end users [27][90] - Plans for geographical expansion into new markets, including Asia and Latin America, while deepening existing market penetration [66][74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning to navigate uncertainties in the macroeconomic environment [7][16] - The focus remains on continuous improvement in product development and maintaining a competitive edge through innovation [28][39] - The company anticipates continued positive free cash flow generation despite tariff impacts [15] Other Important Information - The interim dividend declared was HKD 125 per share, a 15.7% increase over the previous year [11] - The effective tax rate was at 7.8%, which is sustainable in the near term [13] - The company has a strong commitment to R&D, increasing spending to 4.6% of sales [12] Q&A Session Summary Question: How does the company plan to maintain growth? - The company will continue to cultivate relationships with existing users and expand into new verticals while leveraging its strong partnerships with retailers [79][90] Question: What are the key growth pillars for RYOBI? - RYOBI's growth strategy includes leveraging existing users, expanding geographically, and adding new businesses and users [57][58] Question: How does Milwaukee Tool plan to innovate? - Milwaukee Tool focuses on understanding user needs and developing technology solutions that enhance productivity and safety [81][90]

Financial Data and Key Metrics Changes - Revenue increased by 7.1% to $7.83 billion, with a 7.5% increase in local currencies [8] - Gross profit rose by 8% to $1.6 billion, with margins improving by 34 basis points to 40.3% [8] - EBIT increased by 13.3% to $709 million, with margins up by 49 basis points to 9.1% [9] - Net profit grew by 14.2% to $628 million, with a margin of 8%, a 50 basis point increase [10] - Earnings per share increased by 14.1% to $0.034 per share [10] - Free cash flow generated was $468 million, maintaining a net cash position [14][15] Business Line Data and Key Metrics Changes - Milwaukee business achieved 11.9% sales growth globally [8] - Ryobi's Power Tools grew in low double digits, while Outdoor products grew in mid single digits, resulting in an 8.7% growth in local currencies [8] - Non-core business decreased as the company rationalized product lines to improve operating profits [8] Market Data and Key Metrics Changes - The company maintained a strong market position and expanded its customer base, showcasing resilience in a challenging business environment [5][6] - The effective tax rate was at 7.8%, 50% higher than the previous year, but sustainable in the near term [12] Company Strategy and Development Direction - The company focuses on disruptive innovation and technology solutions, positioning itself as a technology company rather than just a tool manufacturer [25][87] - Plans for geographic expansion into new markets, including Asia and Latin America, were highlighted [64][72] - The strategy includes leveraging existing user bases, expanding geographically, and adding new businesses [55][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating geopolitical challenges and maintaining agility through a diversified supply chain [6] - The company is well-positioned for future growth, with a focus on operational excellence and strategic partnerships [5][6] - The leadership emphasized the importance of culture and people in driving success and innovation [20][23] Other Important Information - The interim dividend declared was HKD 1.25 per share, a 15.7% increase over the previous year [10] - The company reduced total borrowings by $320 million, optimizing its debt structure [15] Q&A Session Summary Question: How is Milwaukee going to keep growing? - The company plans to cultivate relationships with current verticals and expand into new markets while continuing to innovate [77][80] Question: What are the next verticals Milwaukee is going to enter? - Future verticals are being explored, with a focus on user needs and market demands [78][89]

Financial Performance - Sales increased by 7.1% from $7,312 million in H1 2024 to $7,833 million in H1 2025[13, 15] - Gross profit margin improved by 34 basis points, from 39.9% in H1 2024 to 40.3% in H1 2025[13, 15] - EBIT increased by 13.3% from $626 million in H1 2024 to $709 million in H1 2025[13] - Net profit increased by 14.2% from $550 million in H1 2024 to $628 million in H1 2025[13, 15] - EPS increased by 14.1% from 30.12 US cents in H1 2024 to 34.37 US cents in H1 2025[13] - Dividend increased by 15.7% from 108.00 HK cents in H1 2024 to 125.00 HK cents in H1 2025[13] Financial Position - Net current assets increased by 10.6% from $2,787 million in 2024 to $3,082 million in 2025[16] - Total debts decreased by 17.8% from $1,802 million in H1 2024 to $1,482 million in H1 2025[23] - Cash balance increased by 31.1% from $1,227 million in H1 2024 to $1,608 million in H1 2025[23] Strategic Focus - The company is focused on profitable sales growth, global manufacturing diversity, and disruptive innovation through technology solutions[36, 37, 42] - The company is expanding into new businesses and verticals, targeting an $80B+ global opportunity in the DIY user strategy[56, 63] - The company is expanding into new businesses and verticals, targeting a $160B+ global opportunity in core trades[124, 131]

花旗发表报告指，创科实业上半年业绩创历史新高，营业额增长7.1%，纯利增长14.2%，略低于该行预 测的17%。尽管如此，公司表示有信心在今年实现中至高单位数的收入增长，以及将EBIT利润率由去 年的8.7%扩大至10%的中期目标。 该行微调创科实业2025至2027年的盈利预测，目标价由110港元上调至125港元，重申"买入"评级；预期 自2026年起，由于更快赢得市场份额及行业增长正常化，收入将加速以高单位数增长。 ...

Major Events - Shiyao Group's (01093) application for the listing of Semaglutide injection has been accepted by the National Medical Products Administration (NMPA) [1] - Gilead Sciences-B (01672) has completed the enrollment of overweight or obese subjects in the Phase IIa study of the small molecule oral GLP-1R agonist ASC30 in the United States [1] - China Biopharmaceutical (01177) has received NMPA approval for the clinical trial application of TQC3302 "ICS/LAMA/LABA soft mist inhalation preparation" [1] - Jiaogepeng Holdings (01450) plans to acquire 100% equity of Hangzhou Jiaogepeng Education Technology Co., Ltd. for 180 million yuan [1] Financial Data - China Tower (00788) reported a mid-term profit attributable to shareholders of 5.757 billion yuan, an increase of 8.0% year-on-year, with the revenue share from its two wings business exceeding 14% [1] - Techtronic Industries (00669) reported a mid-term profit attributable to shareholders of 628 million USD, an increase of 14.17% year-on-year, with a dividend of 1.25 HKD per share [1] - Yum China (09987) reported a second-quarter operating profit of 304 million USD, a year-on-year increase of 14% [1] - Zibuyu (02420) issued a profit warning, expecting mid-term revenue to increase by approximately 30%-40% to between 1.9 billion and 2.047 billion yuan [1] - Angelalign (06699) issued a profit warning, expecting net profit for the first half of the year to be approximately 13.4 million to 14.8 million USD, a year-on-year increase of approximately 538.1% to 604.8% [1] - Boya Interactive (00434) issued a profit warning, expecting mid-term profit attributable to shareholders to decrease by approximately 25% to 35% [1] - Zhenjiu Lidu (06979) issued a profit warning, expecting mid-term net profit attributable to shareholders to decline by 23% to 24% [1] - Fourth Paradigm (06682) expects a narrowed adjusted net loss for the mid-term, down 68% to 73% year-on-year [1]

Performance Summary - Techtronic Industries (00669.HK) reported a revenue of $7.8 billion for the first half of the year, an increase of 7.5% year-on-year, with a net profit of $628 million, up 14.2% [1] - Yum China (09987.HK) achieved revenue of $2.8 billion in Q2 2025, a 4% increase year-on-year, with an operating profit of $304 million, up 14% [1] - Shiseido (02145.HK) expects mid-term revenue of approximately ¥4.09-4.11 billion, a year-on-year increase of about 16.8%-17.3%, and a net profit of approximately ¥540-560 million, up about 30.9%-35.8% [1] - Prosperity Industrial Trust (00778.HK) reported revenue of approximately HK$854 million for the first half, a decrease of about 2% year-on-year, while distributable income to unitholders increased by 2.06% to HK$377 million [1] - Zibuyu (02420.HK) anticipates mid-term revenue of approximately RMB 1.9-2.047 billion, a year-on-year increase of about 30%-40%, with a net profit of approximately RMB 100-110 million, up about 10%-20% [1] - Angelalign Technology (06699.HK) expects mid-term net profit of approximately $13.4-14.8 million, a year-on-year increase of approximately 538.1%-604.8% [1] Company News - Sunac China (01918.HK) reported a cumulative contract sales amount of ¥25.08 billion for the first seven months of 2025, a decrease of 9.43% year-on-year, with July contract sales of approximately ¥1.53 billion, an increase of 8.51% [3] - Xingye Holdings (00132.HK) entered into a financing lease agreement with Heilongjiang Mudanjiang Agricultural Reclamation Xinneng Thermal Power, involving an investment of ¥100 million [3] - China Biopharmaceutical (01177.HK) received NMPA approval for the clinical trial application of TQC3302, an ICS/LAMA/LABA soft mist inhalation formulation for the maintenance treatment of chronic obstructive pulmonary disease [3] Buyback Activities - HSBC Holdings (00005.HK) repurchased approximately 1.05 million shares at a cost of about HK$105 million, with buyback prices ranging from HK$95.35 to HK$96.3 [3] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HK$22.717 million, with buyback prices between HK$113.1 and HK$114.2 [4]

创科实业(00669)公布，将于2025年9月19日派发中期股息每股1.25港元。 ...

智通财经APP讯，创科实业(00669)公布，将于2025年9月19日派发中期股息每股1.25港元。 ...

Philip Roberts先生、吳家暉女士及黃子全先生。 免責聲明 第 2 頁 共 2 頁 v 1.1.1 EF001 | 其他信息 | | --- | | 其他信息 不適用 | | 發行人董事 | | 董事會包括︰六名集團執行董事，即主席Horst Julius Pudwill先生、副主席Stephan Horst Pudwill先生、行政總裁Steven Philip Richman先生、陳建華先生、陳志聰先生及Camille Jojo先生；及八名獨立非執行董事，即Peter David Sullivan先生、Johannes | | Gerhard Hesse先生、Robert Hinman Getz 先生、Virginia Davis Wilmerding女士、Caroline Christina Kracht女士、Andrew | EF001 | 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。 | 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 | | --- | --- | | | 股票 ...