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11月30日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 泉峰控股有限公司（於香港註冊成立之有限公司） | | | | 呈交日期: | 2025年12月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | 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) | 02285 | 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 | | | 511,053,811 | | 0 | | 511,053,811 | | 增加 / 減少 (-) | | | | | ...

泉峰控股(02285)发布公告，由于田明先生有意将更多时间用于其他个人事务，已递交辞任独立非执行 董事的辞呈，自2025年11月28日起生效。辞任后，田先生亦不再出任公司薪酬委员会主席、审核委员会 及提名委员会成员。 ...

智通财经APP讯，泉峰控股(02285)发布公告，由于田明先生有意将更多时间用于其他个人事务，已递交 辞任独立非执行董事的辞呈，自2025年11月28日起生效。辞任后，田先生亦不再出任公司薪酬委员会主 席、审核委员会及提名委员会成员。 ...

格隆汇11月28日丨泉峰控股(02285.HK)宣布，由于田明有意将更多时间用于其他个人事务，已递交辞任 独立非执行董事的辞呈，自2025年11月28日起生效。辞任后，田明亦不再出任公司薪酬委员会主席、审 核委员会及提名委员会成员。 ...

Chervon Holdings Limited 泉峰控股有限公司 （於香港註冊成立的有限公司） （股份代號：2285） 董事會成員名單與其角色和職能 泉峰控股有限公司董事會（「董事會」）成員載列如下： 執行董事 潘龍泉先生 （主席及行政總裁） 張彤女士 柯祖謙先生 Michael John Clancy先生 獨立非執行董事 李明輝博士 蔣立先生 審核委員會 李明輝博士 （主席） 蔣立先生 薪酬委員會 潘龍泉先生 李明輝博士 提名委員會 蔣立先生 （主席） 張彤女士 香港，二零二五年十一月二十八日 董事會設有三個董事委員會。董事委員會的組成如下： ...

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。 泉峰控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董事」） 會（「董事會」）謹此宣佈，由於田明先生（「田先生」）有意將更多時間用於其他個 人事務，已遞交辭任獨立非執行董事的辭呈，自2025年11月28日起生效。辭任 後，田先生亦不再出任本公司薪酬委員會主席、審核委員會及提名委員會成員。 田先生確認，其與董事會並無任何意見分歧，亦不知悉任何有關其辭任的事宜需 要提請本公司股東或香港聯合交易所有限公司（「聯交所」）垂注。 董事會藉此機會謹對田先生於任內期間為本集團所作出的寶貴貢獻由衷致謝。 Chervon Holdings Limited 泉峰控股有限公司 （於香港註冊成立之有限公司） （股份代號：2285） (1)獨立非執行董事辭任 及 (2)暫未能符合上市規則 獨立非執行董事辭任 承董事會命 泉峰控股有限公司 董事會主席 潘龍泉 香港，2025年11月28日 截至於本公告日期，董事會 ...

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

Group 1 - The mechanical industry showed a strong performance in 2025, with a cumulative increase of 35.07%, outperforming the Shanghai and Shenzhen 300 index (17.94%) and the Shanghai Composite Index (17.99%) [1][17][21] - Emerging sectors such as AI equipment (140%), lithium battery equipment (96%), humanoid robots (67%), and engineering machinery (55%) led the gains in the mechanical industry, indicating significant investment opportunities [1][27][25] - The outlook for 2026 suggests continued growth in AI and technology sectors, with engineering machinery expected to maintain an upward trend and domestic demand gradually recovering from the bottom [1][30][39] Group 2 - Domestic economic conditions are currently experiencing a "weak recovery" phase, with fixed asset investment showing a differentiated pattern: manufacturing > infrastructure > real estate [2][30] - The general manufacturing sector is expected to enter a new investment cycle, driven by improved PPI and inventory levels, with a focus on high-end upgrades and stock replacement [39][46] - The export sector is benefiting from the competitive strength of leading Chinese companies, with a notable increase in orders for high-end machinery from Japan, reflecting the active investment in domestic high-end manufacturing [55][56] Group 3 - The AI-driven technology sector is expected to continue its upward trend, with hardware demand and new process iterations accelerating, particularly in AI PCB technology and humanoid robots [3][30][61] - Solid-state battery technology is at a critical juncture, with leading battery companies expanding production capacity, indicating a significant opportunity for battery equipment manufacturers [3][30][61] - Investment recommendations include focusing on technology growth assets such as AI PCB equipment, humanoid robots, and solid-state battery equipment, as well as engineering machinery and general automation sectors [4][61]

Core Viewpoint - The company is expected to benefit from a recovery in demand for lithium battery outdoor power equipment (OPE) products due to tariff adjustments and a potential increase in end-user demand following interest rate cuts [1][2] Group 1: Short-term Outlook - The impact of tariffs is becoming clearer, and with customer inventory depletion, a replenishment demand is anticipated [1] - The company has shown resilience in operations, with a revenue increase of 11.9% year-on-year to $912 million in the first half of 2025 [1] - The recent adjustment in tariffs, particularly the reduction of the fentanyl tax from 20% to 10%, is expected to improve revenue elasticity [1] Group 2: Long-term Growth Potential - The EGO brand, as a leading player in the lithium battery OPE sector, is well-positioned to benefit from the increasing penetration of lithium battery technology [2] - The company is actively expanding into commercial and riding-style products, as well as innovations like robotic lawn mowers and converting gas-powered equipment to electric, which could open new growth avenues [2] - Profit forecasts remain stable, with expected net profits of $148 million, $174 million, and $201 million for 2025-2027, corresponding to EPS of $0.29, $0.34, and $0.39 [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 29.35 [5][4]. Core Insights - The company is expected to benefit from overseas interest rate cuts, with clear medium to long-term growth prospects. Short-term disruptions from tariffs are becoming clearer, and a subsequent inventory replenishment demand is anticipated, which is expected to boost sales of lithium battery outdoor power equipment (OPE) products [1][2]. - The company has a strong competitive moat in the mid-to-high-end lithium battery OPE sector, with its EGO brand being a leading name in the market. The company is likely to benefit from the increasing penetration of lithium batteries and is actively expanding into commercial and riding-style products, indicating a smooth growth trajectory in the medium to long term [1][3]. Summary by Sections Short-term Outlook - The company has implemented various measures to address tariff disruptions, leading to expected revenue elasticity. Recent adjustments to tariffs, including a reduction in the fentanyl tax rate from 20% to 10%, are seen as marginal improvements. The company has shown resilience in operations, with a revenue increase of 11.9% year-on-year to USD 912 million in the first half of 2025 [2]. Long-term Growth Potential - As a leading global brand in electric tools and lithium battery OPE, EGO has been increasing its market share and deepening user recognition. The trend of rising lithium battery OPE penetration is clear, and the company is expected to maintain robust sales despite short-term disruptions. The expansion into new product lines such as commercial and riding-style products, as well as battery platform extensions, is anticipated to create new growth avenues [3]. Financial Forecast and Valuation - The report maintains its profit forecast, projecting net profits for 2025-2027 to be USD 148 million, USD 174 million, and USD 201 million, respectively. The expected earnings per share (EPS) for the same period are USD 0.29, USD 0.34, and USD 0.39. The target price is based on a 13x price-to-earnings (PE) ratio for 2025, reflecting the company's ongoing ramp-up of overseas production capacity [4][9].