Group 1 - The company, 创科实业 (00669), announced a share buyback plan, intending to repurchase 500,000 shares at a cost of HKD 43.0814 million [1]

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： 2025年11月21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 ...

Core Viewpoint - The stock of Techtronic Industries (00669) has dropped over 3%, currently at HKD 85.4, with a trading volume of HKD 332 million, following disappointing quarterly results from its major customer, Home Depot, which reflects the ongoing weakness in the U.S. housing market [1] Group 1: Company Performance - Home Depot's Q3 results for fiscal year 2025 fell short of expectations, leading to a downward revision of its annual performance guidance due to weak consumer demand for home improvement products [1] - Citigroup noted that Techtronic's business is heavily reliant on professional sectors, accounting for approximately 70% of total sales, and maintains its forecasts for the company this year [1] - Goldman Sachs expects Techtronic's sales to remain resilient in the second half of the year, but revenue growth may slow from 7% in the first half to 3% in the second half due to adjustments in the Milwaukee product line and autumn promotional activities [1] Group 2: Market Outlook - Citigroup believes that if Home Depot's performance does not meet expectations, leading to a decline in Techtronic's stock price, it could present a buying opportunity for investors [1] - Goldman Sachs maintains its forecast for Techtronic's annual revenue growth at 5% year-on-year, despite anticipated slower growth in the latter half of the year [1]

Core Viewpoint - The stock of Techtronic Industries (00669) has dropped over 3% following disappointing quarterly results from its major customer, Home Depot, which reflects a weak U.S. housing market and reduced consumer demand for home improvement products [1] Group 1: Company Performance - Techtronic Industries' stock fell by 3.5%, trading at HKD 85.4 with a transaction volume of HKD 332 million [1] - Citigroup noted that Home Depot's performance is indicative of the U.S. consumer market dynamics, and since Techtronic's business focus is on the professional sector, which accounts for about 70% of its total sales, they maintain their forecasts for the company this year [1] - Goldman Sachs expects Techtronic Industries to maintain resilient sales in the second half of the year, but revenue growth may slow down from 7% in the first half to 3% in the second half due to adjustments in the Milwaukee product line and autumn promotional activities [1] Group 2: Market Outlook - Home Depot has lowered its full-year performance guidance due to ongoing weakness in the U.S. housing market [1] - Citigroup believes that if Home Depot's performance does not meet expectations, leading to a decline in Techtronic's stock price, it could present a buying opportunity for investors [1] - Goldman Sachs maintains its forecast for Techtronic Industries' full-year revenue growth at 5% year-on-year, despite the anticipated slowdown in the second half [1]

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

Core Viewpoint - Goldman Sachs forecasts a 7% year-over-year revenue growth for Techtronic Industries (00669) in 2026, with a return to 10% growth for Milwaukee tools after a one-time adjustment in the second half of the year [1] Revenue Growth - The overall revenue growth for Techtronic Industries is expected to slow down in the second half of the year due to Milwaukee's proactive adjustment of export volumes to the U.S. from China, maintaining a full-year revenue growth estimate of 5% [1] - The second half is projected to grow by 3%, compared to 7% growth in the first half [1] Margin and Cost Structure - Gross margin is expected to expand by 0.1 percentage points, while SG&A (Selling, General and Administrative expenses) as a percentage of revenue is anticipated to decrease by 0.1 percentage points [1] - The company's pricing strategy is more cautious compared to Stanley Black & Decker, relying on capacity transfer rather than broad price increases to offset tariff impacts, which is expected to support stable gross margins in the second half [1] Target Price and Rating - Goldman Sachs raised the target price for Techtronic Industries from HKD 110.1 to HKD 111.3, maintaining a "Buy" rating [1] Retail Performance - The end retail (POS) performance of Techtronic Industries remains resilient despite the revenue growth slowdown due to Milwaukee's adjustments [1]

该行指出，创科实业终端零售(POS)保持韧性，但因Milwaukee主动调整中国出口美国之出货量导致整体 收入成长将较上半年放缓。该行维持全年收入增长5%不变，下半年预计增长3%，上半年为7%。创科实 业定价策略相对Stanley Black & Decker更为审慎，主要靠产能转移而非全面涨价来抵消关税影响，因此 该行预期下半年毛利率仍能稳健。 智通财经APP获悉，高盛发布研报称，展望创科实业(00669)2026年收入年增7%，其中专业工具 (Milwaukee)在下半年一次性调整结束后重回10%增长;消费工具(Ryobi)在美国降息后温和回升;毛利率扩 张0.1个百分点，SG&A占比下降0.1个百分点。该行将目标价由110.1港元上调至111.3港元，评级"买 入"。 ...

Group 1 - Maosheng Holdings (00022) saw a rise of over 14% due to a 75.4% year-on-year increase in revenue for the six months ending September 30, 2025, attributed to the final stages of renovation construction services [1] - Emperor Capital (00717) increased by over 3.8% as net profit rose significantly due to a large reduction in impairment provisions for margin loans and other loans, alongside an increase in group revenue [1] - Ginkgo BioWorks-B (01167) rose over 5.4% following the approval of its self-developed KRAS G12C inhibitor, Goresir, for commercialization in China, with a partnership established with Ailida [1] - Maoyan Entertainment (01896) fell over 2% as reports indicated an increase in the ticket refund rate for "Demon Slayer" [1] - Fuhong Hanlin (02696) increased by over 4.3% after announcing FDA approval for its biosimilar to PERJETA, making it the first and only biosimilar of its kind in the U.S. [1] Group 2 - Trip.com Group-S (09961) dropped over 3.4% despite reporting a net operating revenue of 18.3 billion RMB for Q3 2025, a 16% year-on-year increase driven by sustained global travel demand [2] - Gushengtang (02273) rose over 2.2% after announcing a share transfer agreement with DA ZHONG TANG PTE. LTD. [2] - XPeng Motors-W (09868) fell over 4.6% amid market speculation about plans to produce thousands of autonomous taxis annually from 2026-2027 [2] - Techtronic Industries (00669) increased by over 4.7% as Home Depot's Q3 results indicated a positive outlook for the U.S. consumer market, benefiting Techtronic's professional segment [2] Group 3 - Guofu Quantum (00290) rose over 2.8% as it projected a net profit of approximately 200 million to 210 million HKD for the six months ending September 30, compared to a net loss of about 10.9 million HKD in the same period last year [3] Group 4 - Circle (CRCL.US) fell 8.98% as its stock price continued to decline since late October, with a significant insider sale reported [4] - The U.S. optical communication sector saw gains, with Lumentum (LITE.US) up 8.69% and other companies in the sector also rising [4] - Storage stocks in the U.S. rose, with Seagate Technology (STX.US) up 2.08% following a report on NVIDIA's shift to low-power memory chips for AI servers [5] - MP Materials (MP.US) increased by 8.61% after announcing a joint venture with the U.S. Department of Defense and Saudi Arabia's Maaden to build a rare earth refining plant [5] - Google (GOOGL.US) rose 3% as its new AI model Gemini 3 Pro topped the LMArena leaderboard, highlighting AI's role in its growth [6] - Nokia (NOK.US) fell over 9.19% as it focuses on AI-related infrastructure [6] - Block (XYZ.US) rose 7.56% after announcing a $5 billion increase in its stock buyback plan [6] - NetEase (NTES.US) fell 4.15% following the global launch of its new game [6] - Lowe's (LOW.US) rose 4.03% after reporting Q3 revenue of $20.81 billion, slightly below market expectations [6]

Core Viewpoint - The stock of Techtronic Industries (00669) has seen an increase of over 4%, currently trading at 87.1 HKD with a transaction volume of 199 million HKD, following the release of Home Depot's third-quarter earnings, which reflect trends in the U.S. consumer market [1] Group 1: Company Performance - Home Depot, Techtronic's largest customer, reported third-quarter revenue and net profit that fell short of expectations, leading to a 3% downward revision of its earnings per share guidance for the year to 14.48 USD, below previous forecasts and market predictions [1] - Despite the impact of U.S. tariffs causing a moderate increase in product prices, Techtronic's management noted that sales performance remained healthy in the third quarter [1] Group 2: Market Outlook - Citigroup maintains its forecast for Techtronic Industries, emphasizing that the company's focus on professional sectors, which account for approximately 70% of total sales, positions it well for accelerated growth starting next year [1] - If Home Depot's performance does not meet expectations, leading to a decline in Techtronic's stock price, it is viewed as a potential buying opportunity for investors [1]

Core Viewpoint - Techtronic Industries (00669) shares rose over 4%, currently trading at HKD 87.1 with a transaction volume of HKD 199 million, reflecting positive market sentiment despite mixed performance from its major client, Home Depot [1] Group 1: Company Performance - Techtronic Industries' primary customer, Home Depot, reported third-quarter results that fell short of expectations, leading to a 3% downward revision in its earnings per share guidance for the year to USD 14.48, below previous forecasts and market predictions [1] - Despite the challenges faced by Home Depot, Techtronic Industries' management indicated that their product sales performance remained healthy in the third quarter, even with moderate price increases due to U.S. tariffs [1] Group 2: Market Outlook - Citigroup maintains its forecast for Techtronic Industries, suggesting that the company is expected to accelerate growth starting next year, contingent on Home Depot's performance [1] - If Home Depot's results do not meet expectations, leading to a decline in Techtronic Industries' stock price, this could present a buying opportunity for investors [1]