Group 1 - The core strategy of the company is to focus on the high-profit EGO brand, which is expected to alleviate market concerns regarding long-term tariff impacts and competition [1] - Management anticipates that by the end of this year, production capacity in Vietnam will meet 60% of the product demand for exports to the United States [1] - The target price for the company has been raised from HKD 11 to HKD 25, reflecting significantly better-than-expected performance in the first half of the year [1] Group 2 - The company's rating has been upgraded to "outperform the market" following the positive adjustments in earnings forecasts [1] - Core earnings per share forecasts for 2025 to 2027 have been increased by 121.8%, 46.1%, and 34.2% respectively [1] - Revenue forecasts for the same period have been adjusted upward by 17.3%, 17.6%, and 17.8% respectively [1]

泉峰控股(02285)涨超7%，截至发稿，涨7.61%，报22.9港元，成交额4115.42万港元。 消息面上，据芝加哥商品交易所FedWatch工具显示，美联储9月降息25个基点的概率高达98%。市场预 计未来12个月美联储将总计降息142个基点。招商证券认为，工具行业呈现"SKU多、市场空间大、景气 度与地产行业高度相关、格局较分散"的特征，欧美为主要消费市场，目前美国地产周期处于底部，降 息落地有望开启新一轮上行周期，带来工具需求弹性。 中金指出，1H25公司OPE业务实现收入6.02亿美元，同比增长22.8%，主要由于EGO产生收入增长；电 动工具产品实现收入3.06亿美元，同比下滑2.5%，主要由于OEM业务下降及中国市场疲软。1H25公司 综合毛利率同比增长0.4ppt至33.3%，主要由于高利润率EGO产品占比增加、原材料成本下降及销售价 格上涨。开源证券表示，公司2025Q3收入或承压，仍有望随降息周期及时缓释，业绩受益毛利率稳 定、费用管控或有韧性，2026年EGO强产品力、渠道扩张有望支撑相对更好表现，产能外迁或提升确 定性。 ...

中金指出，1H25公司OPE业务实现收入6.02亿美元，同比增长22.8%，主要由于EGO产生收入增长；电 动工具产品实现收入3.06亿美元，同比下滑2.5%，主要由于OEM业务下降及中国市场疲软。1H25公司 综合毛利率同比增长0.4ppt至33.3%，主要由于高利润率EGO产品占比增加、原材料成本下降及销售价 格上涨。开源证券表示，公司2025Q3收入或承压，仍有望随降息周期及时缓释，业绩受益毛利率稳 定、费用管控或有韧性，2026年EGO强产品力、渠道扩张有望支撑相对更好表现，产能外迁或提升确 定性。 智通财经APP获悉，泉峰控股(02285)涨超7%，截至发稿，涨7.61%，报22.9港元，成交额4115.42万港 元。 消息面上，据芝加哥商品交易所FedWatch工具显示，美联储9月降息25个基点的概率高达98%。市场预 计未来12个月美联储将总计降息142个基点。招商证券认为，工具行业呈现"SKU多、市场空间大、景气 度与地产行业高度相关、格局较分散"的特征，欧美为主要消费市场，目前美国地产周期处于底部，降 息落地有望开启新一轮上行周期，带来工具需求弹性。 ...

Group 1 - The company has adjusted its net profit forecasts for 2025-2027, lowering them to $1.4 billion, $1.6 billion, and $2.2 billion respectively, with year-on-year growth rates of 22.9%, 18.7%, and 35.3% [1] - The company's revenue for H1 2025 was $910 million, representing a year-on-year increase of 11.9%, driven by a 22.8% increase in OPE, while electric tools saw a decline of 2.5% [1][2] - The company expects a conservative revenue guidance for H2 2025 due to high base effects from H2 2024 and cautious customer orders amid macro uncertainties, but net profit may remain resilient due to stable gross margins and strict cost control [2] Group 2 - The adjusted operating net profit for H1 2025 was $750 million, reflecting a year-on-year increase of 21.3%, benefiting from a 0.4 percentage point increase in gross margin to 33.3% [2] - By the end of 2025, the company plans to meet 60% of U.S. market demand through existing leased facilities, with expectations to cover 80-90% by the end of 2026 through new production areas and self-built factories [2] - The company has made significant progress with ACE Hardware, achieving over 90% store penetration for the EGO brand, and online sales growth continues to outpace other channels [2]

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8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: | 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9月2日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 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 | ...

Core Viewpoint - CICC has lowered the EPS forecast for QuanFeng Holdings (02285) for 2025 by 9.5% to $0.28, while introducing a 2026 EPS of $0.30, maintaining a target price of HKD 27, which implies a 20% upside potential [1] Group 1: Financial Performance - In 1H25, the company reported revenue of $912 million, an increase of 11.9% year-on-year, and a net profit attributable to shareholders of $95 million, up 54.8% year-on-year, meeting expectations [1] - The company's OPE business generated revenue of $602 million in 1H25, a year-on-year growth of 22.8%, primarily driven by revenue growth from EGO products [2] - The overall gross margin increased by 0.4 percentage points to 33.3% in 1H25, attributed to a higher proportion of high-margin EGO products, lower raw material costs, and increased sales prices [2] Group 2: Profitability Metrics - The company's expense ratios remained stable, with a slight increase in selling and financial expense ratios, while the R&D expense ratio decreased [3] - The net profit margin and adjusted net profit margin both increased by 2.9 percentage points to 10.4% in 1H25 [3] - Excluding a one-time gain from the divestiture of QuanFeng Automotive, the net profit growth for the first half of 2025 would be 23.4% year-on-year [3] Group 3: Market Position and Product Development - EGO brand market share continues to grow, with over 100 new products launched in 1H25, including top-selling categories in North America [4] - The company has solidified its position as the largest single battery OPE platform globally with accelerated sales of its battery packs [4] Group 4: Industry Outlook - The company is closely monitoring the impact of potential interest rate cuts in the U.S. on lithium battery OPE consumer demand, with a 92% probability of rate cuts indicated by CME futures [5] - The company expects that the electric penetration rate of lithium battery OPE will likely outperform the industry, driven by product advantages and increasing market share [5]

Core Viewpoint - CICC has lowered the EPS forecast for QuanFeng Holdings (02285) for 2025 by 9.5% to $0.28, while introducing a 2026 EPS of $0.30, maintaining a target price of HKD 27, indicating a 20% upside potential [1] Group 1: Financial Performance - In 1H25, the company reported revenue of $912 million, an increase of 11.9% year-on-year, and a net profit attributable to shareholders of $95 million, up 54.8% year-on-year, aligning with CICC's expectations [1] - The company's OPE business achieved revenue of $602 million in 1H25, a year-on-year growth of 22.8%, primarily driven by revenue growth from EGO products [2] - The overall gross margin increased by 0.4 percentage points to 33.3% in 1H25, attributed to a higher proportion of high-margin EGO products, a decrease in raw material costs, and an increase in sales prices [2] Group 2: Profitability Metrics - The company's expense ratios remained stable, with a slight increase in the selling and financial expense ratios to 14.2% and 0.3%, respectively, while the R&D expense ratio decreased to 4.4% [3] - The net profit margin attributable to shareholders increased by 2.9 percentage points to 10.4% in 1H25, with a 23.4% year-on-year growth in net profit when excluding one-time gains from divesting the automotive stake [3] Group 3: Market Position and Product Development - EGO brand market share continues to grow, with over 100 new products launched in 1H25, including high-demand items like push mowers and snow throwers, solidifying its position in the North American lithium battery OPE market [4] - The company has established itself as the largest single battery OPE platform globally with its 56V battery platform, showing strong sales momentum [4] Group 4: Industry Outlook - The company is closely monitoring the impact of potential interest rate cuts in the U.S. on lithium battery OPE consumer demand, with a 92% probability of rate cuts indicated by CME futures [5] - The company is expected to outperform the industry due to increased electrification penetration in the OPE sector, leveraging its product advantages to enhance market share [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12] Core Views - The company is expected to show resilience in the first half of 2025, with revenue growth driven by improved gross margins and effective cost control. The relocation of production capacity is anticipated to enhance performance certainty [5][6] - Despite cautious customer orders in Q3 2025, the company is projected to benefit from a stable gross margin and strict expense management, leading to resilient profit performance [7] - The company’s revenue for H1 2025 reached USD 910 million, a year-on-year increase of 11.9%, with a notable contribution from the core brand EGO [6] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 have been adjusted to USD 140 million, USD 160 million, and USD 220 million respectively, with year-on-year growth rates of 22.9%, 18.7%, and 35.3% [5] - The company’s financial metrics indicate a projected revenue of USD 1.85 billion in 2025, with a net profit of USD 138.2 million, reflecting a year-on-year growth of 22.9% [8] - The estimated P/E ratios for 2025-2027 are 10.6, 9.0, and 6.6 respectively, indicating a favorable valuation outlook [8]

Core Viewpoint - Company reported strong revenue growth in H1 2025, driven by robust sales in the OPE business and proactive inventory management by customers [1][2] Financial Performance - H1 2025 revenue reached $912 million, a year-on-year increase of 11.9%, with net profit of $95 million, up 54.6% year-on-year [1] - Adjusted net profit was $76 million, reflecting a 23.4% year-on-year increase, aligning with previous performance forecasts [1] - OPE revenue grew by 22.8% year-on-year to $602 million, primarily due to the rapid growth of the EGO brand [2] - Sales gross margin improved by 0.4 percentage points to 33.3%, benefiting from a higher proportion of high-margin EGO brand sales and reduced raw material costs [2] Business Segmentation - OPE business accounted for 77.5% of total revenue, with the OBM business growing by 16.2% year-on-year [2] - Electric tools revenue decreased by 2.5% year-on-year to $306 million, attributed to a decline in OEM business and weak performance in the Chinese market [2] - Revenue by region for H1 2025: North America at $651 million (+17.9%), Europe at $179 million (+4.0%), China at $59 million (-8.4%), and other regions at $23 million (-13.2%) [2] Strategic Outlook - The company is optimistic about the long-term penetration of lithium battery OPE products overseas, supported by brand and product ecosystem advantages [1][3] - The EGO brand is positioned as a leading player in the electric tools and lithium OPE market, with significant growth potential due to the shift from traditional fuel-powered OPE [3] - Anticipated increase in production capacity in Vietnam in H2 2025 is expected to enhance long-term growth prospects [3] Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of $148 million, $174 million, and $201 million for 2025-2027, respectively [3] - Target price set at HKD 29.35, based on a 13x target PE for 2025, reflecting the company's ongoing capacity ramp-up overseas [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 29.35 HKD [6][5]. Core Insights - The company reported strong revenue growth of 11.9% year-over-year, achieving 912 million USD in revenue for the first half of 2025, with a net profit of 95 million USD, reflecting a 54.6% increase [1][2]. - The OPE business segment showed significant performance, with a 22.8% year-over-year revenue increase, primarily driven by the rapid growth of the EGO brand [2][4]. - The company is well-positioned for long-term growth in the lithium battery OPE market, benefiting from brand strength and product ecosystem advantages, alongside an accelerated capacity expansion in Vietnam [4][5]. Revenue Performance - The company achieved 912 million USD in revenue for 25H1, with a notable contribution from the OPE business, which generated 602 million USD, up 22.8% year-over-year [1][2]. - The revenue breakdown by region for 25H1 shows North America leading with 651 million USD, a 17.9% increase, while Europe and China experienced modest growth [2]. Profitability Metrics - The gross profit margin improved by 0.4 percentage points to 33.3%, attributed to a higher proportion of high-margin EGO brand sales and reduced raw material costs [3]. - The net profit margin increased by 2.9 percentage points to 10.4%, with adjusted profit margin rising to 8.3% [3]. Long-term Growth Potential - The lithium battery OPE market is expected to see increased penetration, with the company positioned as a leading brand benefiting from the shift from traditional fuel-powered OPE [4]. - The report highlights the strong demand for electric tools in developed markets like North America and Europe, where gardening culture and high labor costs drive consumption [4]. Earnings Forecast and Valuation - The company is projected to achieve net profits of 148 million USD, 174 million USD, and 201 million USD for the years 2025 to 2027, respectively, with corresponding EPS of 0.29, 0.34, and 0.39 USD [5][10]. - The report assigns a target PE of 13 times for 2025, reflecting the company's growth trajectory and market conditions [5][10].