股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 創科實業有限公司 | | | | 呈交日期: | 2025年8月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00669 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,831,594,941 | | 0 | | 1,831,594,941 | | 增加 / 減少 (-) | | | -500,000 | ...

Industry Overview - The electric hammer industry plays a significant role in the economy and related sectors, with increasing demand driven by urbanization, infrastructure construction, real estate growth, and home decoration market expansion [1][4][6] - The market size of electric hammers in China is projected to grow from 1.21 billion yuan in 2019 to 1.92 billion yuan in 2024, and is expected to reach 2.14 billion yuan by 2025 [1][4][6] Production and Value Growth - China's electric hammer production is expected to increase from 13.48 million units in 2019 to 17.33 million units in 2024, with industry value rising from 4.45 billion yuan to 6.31 billion yuan during the same period [1][6] - By 2025, the production is anticipated to reach 18.85 million units, with a value of 7 billion yuan [1][6] Industry Chain - The upstream of the electric hammer industry includes raw materials such as metals (steel, aluminum, copper), plastics, battery materials, motors, impact mechanisms, and electronic components [8] - The midstream involves research and development as well as manufacturing, while the downstream focuses on sales through online and offline channels, serving applications in construction, home decoration, industrial maintenance, and new energy infrastructure [8] Policy Environment - The government has introduced various policies to support the electric tool industry, promoting technological innovation and guiding the industry towards smart, green, and high-end development [10][11] Competitive Landscape - The market features competition between international brands like Bosch and Hilti and domestic companies such as Zhejiang Deshuo Technology, Jiangsu Dongcheng Electric Tools, and others [12][13] - Key players include Ruiqi Holdings, which focuses on high-performance electric tools, and Giant Star Technology, which emphasizes innovation and global expansion [15][17] Development Trends - The electric hammer industry is expected to evolve towards smart, diversified, specialized, and green solutions, reflecting the broader trends in China's construction market [19]

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

Summary of Key Points Core Viewpoint - On June 23, 30 Hong Kong-listed companies conducted share buybacks, totaling 13.92 million shares and an amount of 768 million HKD [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 1.001 million shares for 501 million HKD, with a highest price of 504.000 HKD and a lowest price of 495.200 HKD, bringing its total buyback amount for the year to 34.038 billion HKD [1][2]. - AIA Group repurchased 3 million shares for 204 million HKD, with a highest price of 68.650 HKD and a lowest price of 66.650 HKD, totaling 14.154 billion HKD in buybacks for the year [1][2]. - Techtronic Industries repurchased 250,000 shares for 20.9017 million HKD, with a highest price of 83.850 HKD and a lowest price of 83.550 HKD, totaling 1.202 billion HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on June 23 was from Tencent Holdings at 501 million HKD, followed by AIA Group at 204 million HKD [1][2]. - In terms of share quantity, AIA Group led with 3 million shares repurchased, followed by Lehua Entertainment with 2.409 million shares and China Eastern Airlines with 2.2 million shares [1][2]. Group 3: Additional Buyback Information - Other notable companies in terms of buyback amounts include Mengniu Dairy and Techtronic Industries [1][2]. - The buyback activity reflects a trend among Hong Kong-listed companies to return capital to shareholders amid market conditions [1][2].

Summary of Key Points Core Viewpoint - On June 18, 35 Hong Kong-listed companies conducted share buybacks, totaling 26.35 million shares and an aggregate amount of HKD 938 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 990,000 shares for HKD 501 million, with a highest price of HKD 510.00 and a lowest price of HKD 503.50, bringing its total buyback amount for the year to HKD 32.54 billion [1][2]. - AIA Group repurchased 5.21 million shares for HKD 354 million, with a highest price of HKD 68.65 and a lowest price of HKD 67.70, totaling HKD 13.64 billion in buybacks for the year [1][2]. - Techtronic Industries repurchased 250,000 shares for HKD 21.77 million, with a highest price of HKD 87.60 and a lowest price of HKD 86.60, totaling HKD 99.37 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on June 18 was from Tencent Holdings at HKD 501 million, followed by AIA Group at HKD 354 million [1][2]. - In terms of share quantity, the most shares repurchased on June 18 were by Pacific Basin Shipping at 6 million shares, followed by AIA Group and COSCO Shipping at 5.21 million and 5 million shares, respectively [1][2].

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Viewpoints - The tool sector is experiencing a recovery from the cyclical bottom as of late 2024, primarily driven by demand from the United States, with key home improvement retailers like Home Depot and Lowe's showing relatively low inventory levels [3][7] - The overall growth of the sector in 2024 and Q1 2025 is attributed to stable demand and inventory replenishment, with significant revenue growth reported by key companies such as Keter Group (+7.9%), Giant Star Technology (+35.4%), and others [9] - The high overseas exposure of the industry necessitates an accelerated global supply chain layout, with major companies like Giant Star Technology and Greebo having over 94% of their revenue from international markets [10][12] - Profitability in the tool sector has improved significantly, with average gross margins reaching 29.6% in 2024 and 30.2% in Q1 2025, indicating a recovery in profit margins [14][17] Summary by Sections Tool Sector Overview - The tool sector's demand is heavily reliant on the U.S. market, with signs of recovery noted as of late 2024, including a stabilization in U.S. home sales and low inventory levels at major retailers [7] - The sector faces potential challenges from rising supply-side costs due to tariffs, which may impact demand if passed on to consumers [3] Growth and Performance - The overall growth in 2024 and Q1 2025 is supported by a stable demand environment and inventory replenishment, with key companies reporting substantial revenue increases [9] - Notable revenue growth figures include Keter Group (+7.9%), Giant Star Technology (+35.4%), and others, with profit margins also showing improvement [9][14] Global Supply Chain and Strategy - Companies are accelerating their global supply chain strategies, with significant overseas revenue contributions from major players [10][12] - Giant Star Technology aims to increase its production capacity in Southeast Asia to 60% by the end of 2025 to meet North American market demands [12] Profitability and Financial Metrics - The tool sector has seen a notable recovery in profitability, with average gross margins improving to 29.6% in 2024 and 30.2% in Q1 2025 [14] - Companies are actively managing costs, leading to a decrease in expense ratios, which further supports profitability [17]

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The escalation of tariffs is reshaping global supply chains, leading to a structural impact on China's exports, while domestic demand is expected to benefit [1][11] - Companies with high domestic sales ratios are positioned to capitalize on the emerging opportunities in the local market as domestic brands continue to rise [1] Summary by Sections Home Appliances - Major home appliance companies like Haier are leveraging localization and production in Mexico to mitigate tariff impacts, thereby strengthening their market share in the U.S. [2][15] - The black appliance sector is seeing a shift towards Mexican production to buffer supply chain pressures, with companies like Hisense and TCL benefiting from cost control [2][16] Cleaning Appliances - The U.S. market remains highly dependent on Chinese manufacturing for cleaning appliances, with significant price increases expected due to high tariffs on imports from China and Vietnam [3][20] - Chinese companies are rapidly iterating products to gain market share in the U.S., with brands like Roborock surpassing local competitors in revenue [25][26] Light Industry and Home Furnishings - Southeast Asian production is likely to face challenges due to increased tariffs, but Chinese companies are actively seeking to adapt by expanding export regions and enhancing price transmission capabilities [4][29] - The reliance on the U.S. market for home furnishings has decreased, with exports expected to recover post-tariff adjustments [30][31] Cross-Border E-commerce - The supply chain disruptions are evident, but the competitive landscape may improve as smaller sellers face greater pressure due to the cancellation of the $800 tax exemption policy [5][39] - Major players are expected to benefit from market share consolidation as smaller competitors exit the market [40][41]

Financial Performance - The company reported a record revenue of $14,622 million for 2024, representing a 6.5% increase compared to 2023[7] - Net profit attributable to shareholders rose by 14.9% to $1,122 million, reflecting a 31.9% decrease in net interest expenses[24] - Basic earnings per share increased by 15.1% to 61.43 cents[24] - Free cash flow reached $1,591 million, indicating strong performance in net profit and working capital management[26] - The company's operating margin increased by 42 basis points to 8.7%[29] - The group's revenue for the year was $14,600,000,000, an increase of 6.5% compared to $13,700,000,000 in 2023[166] - The profit attributable to shareholders was $1,122,000,000, up 14.9% from $976,000,000 in 2023[166] Sales Growth - The company achieved a 6.8% revenue growth in local currency for its flagship MILWAUKEE brand, while RYOBI brand sales grew by 6.4%[22] - In 2024, the company achieved record sales of $14.6 billion, representing a growth of 6.8% in local currency[29] - The flagship MILWAUKEE business grew by 11.6% in sales in local currency, maintaining market leadership[29] - The RYOBI business also performed well, with a sales growth of 6.4% in local currency[29] - The power tool business achieved sales of $13.7 billion in 2024, reflecting a growth of 7.3% in reported currency and 7.6% in local currency[152] - The flagship MILWAUKEE business grew by 11.6% in local currency and 11.1% in reported sales, with North America growing by 10.9% and Europe by 14.8%[153] Cost Management and Efficiency - Gross margin improved by 85 basis points to 40.3% due to higher sales mix from the MILWAUKEE brand and new product innovations[22] - Total operating expenses for the year were $4,642,000,000, representing 31.7% of revenue, up from 31.3% in 2023, primarily due to strategic investments in new products and technologies[169] - Research and development expenditure was $648,000,000, accounting for 4.4% of revenue, reflecting a focus on innovation and new product development[169] - Inventory days decreased by 7 days to 102 days, reflecting improved supply chain efficiency[26] - Total inventory was $4,076,000,000, with inventory turnover days decreasing from 109 days to 102 days[174] Capital Expenditures and Investments - Capital expenditures for the year were $292 million, down 41.9% from the previous year, focusing on new products and productivity enhancements[26] - Capital expenditures for the year totaled $292,000,000, down from $502,000,000 in 2023, representing 2.0% of revenue[177] Innovation and Product Development - The company is committed to leading the rechargeable product market with innovative technologies and designs[27] - The company emphasizes a user-centric approach to drive innovation and meet customer needs[30] - The company continues to invest in R&D and advanced production technologies to redefine possibilities for users[34] - Milwaukee continues to expand the M12 system with industry-specific tools, including the M12 automotive inspection camera with Wi-Fi file transfer, enhancing efficiency in repair approvals[47] - The M12 REDLITHIUM battery offers longer runtime and superior performance compared to other professional-grade lithium-ion batteries, setting a higher standard in the industry[48] - The M18 system is set to receive significant upgrades, including the new M18 REDLITHIUM FORGE battery, which features advanced lithium-ion technology for improved power and faster charging[53] - Milwaukee's MX FUEL system now includes over 25 solutions, targeting the multi-billion dollar lightweight equipment market, with products like the MX FUEL backpack high-frequency concrete vibrator[62] - The MX FUEL REDLITHIUM FORGE battery doubles operational time and provides the most powerful, fastest charging, and longest-lasting battery to date[63] - Milwaukee's advanced motor technology significantly enhances efficiency, ensuring even lightweight tools achieve top performance and durability[49] - The M18 dual-bay supercharger charges batteries to 80% in six times faster speed, drastically reducing downtime[54] - Milwaukee's commitment to innovation is evident in the introduction of over 150 tools in the M12 system, focusing on portable productivity and performance[47] - The new generation POWERSTATE brushless motors deliver stronger power and superior heat dissipation in a more compact size[53] - The REDLINK intelligence system ensures seamless communication between batteries and tools, enhancing performance, safety, and productivity[64] - The latest M18 FUEL 20-inch chainsaw generates power equivalent to 70cc, enhancing cutting speed and reducing downtime[72] - The M18 FUEL hedge trimmers can cut branches up to 1-1/4 inches in diameter, making them ideal for quick and extensive trimming tasks[72] Market Strategy and Future Outlook - The company aims for mid to high single-digit sales growth in 2025 while focusing on improving weaker business areas[27] - The company aims to maintain working capital as a percentage of sales between 14% and 16%[26] - The company aims to expand into under-served markets and enhance its product offerings as part of its long-term strategy[183] Shareholder Returns - The proposed final dividend for the year ending December 31, 2024, is HKD 1.18 per share (approximately USD 0.1519), totaling around USD 278,265,000, compared to HKD 0.98 per share (approximately USD 0.1261) in 2023[187] - The total dividend for the year 2024 is expected to be HKD 2.26 per share (approximately USD 0.2909), an increase from HKD 1.93 per share (approximately USD 0.2484) in 2023[187] - The company repurchased a total of 3,000,000 ordinary shares at a price range of HKD 86.00 to HKD 116.20, costing approximately USD 37,521,000[185] Leadership and Governance - Peter David Sullivan appointed as independent non-executive director since February 1, 2008[200] - Sullivan previously served as CEO and executive director of Standard Chartered Bank (Hong Kong) Limited[200] - He managed Standard Chartered's franchise operations in Japan, Australia, and the Philippines[200] - Sullivan held the position of vice chairman at Tianjin Bohai Bank, where Standard Chartered holds a minority stake[200] - He has held significant public roles, including chairman of the Hong Kong Association of Banks and the British Chamber of Commerce in Hong Kong[200] - Sullivan will retire as chairman of Circle BMI Health, the largest private hospital group in the UK, effective December 31, 2024[200] - He was a member of the audit committee and chairman of the remuneration committee at Circle BMI Health[200] - Sullivan stepped down from various non-executive director roles at AXA Asia and its subsidiaries in May 2021[200] - He was also a member of the audit committee at AXA Asia[200]

Group 1 - The core point of the article is that 创科实业 has been actively repurchasing its shares, indicating a potential strategy to support its stock price amidst recent declines [1] - On March 10, the company repurchased 250,000 shares at a price range of HKD 101.000 to HKD 102.000, totaling HKD 25.3815 million [1] - The stock closed at HKD 101.400 on the same day, reflecting a decrease of 1.65%, with a total trading volume of HKD 941 million [1] Group 2 - Since March 6, the company has conducted share buybacks for three consecutive days, accumulating a total of 750,000 shares repurchased and a total expenditure of HKD 77.5958 million [1] - During this period, the stock has experienced a cumulative decline of 6.02% [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company is expected to benefit from the release of pent-up demand in the U.S. real estate market and the completion of overseas production capacity, which will enhance earnings certainty [4][6] - The net profit forecasts for 2025 and 2026 have been slightly adjusted down to $1.345 billion and $1.632 billion, respectively, with a new forecast for 2027 at $1.940 billion, reflecting year-on-year growth rates of 19.9%, 21.3%, and 18.9% [4][7] - The current valuation reflects significant market concerns regarding tariffs and potential U.S. economic recession, but the company's strong Milwaukee brand and ongoing improvements in weaker areas are expected to drive revenue growth [4][6] Financial Summary and Valuation Metrics - Revenue for 2024 is projected at $14.622 billion, with a year-on-year growth of 6.5%, and is expected to reach $16.045 billion in 2025, representing a 9.7% increase [7] - Net profit for 2024 is estimated at $1.122 billion, with a year-on-year increase of 14.9%, and is expected to grow to $1.345 billion in 2025, reflecting a 19.9% increase [7] - The gross margin is expected to improve from 39.5% in 2023 to 40.5% in 2025, while the net margin is projected to rise from 7.1% to 8.4% during the same period [7] - The diluted EPS is forecasted to increase from $0.5 in 2023 to $0.7 in 2025, with a corresponding P/E ratio decreasing from 27.6 to 20.0 [7]