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，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 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） 截至2022年12月31日 止年度的年度業績公告 | --- | --- | --- | --- | |------------------------------------|--------------------|------------------------------|--------------| | | | | | | 財務摘要 | | | | | | 截至 12 月 2022 年 | 31 日止年度 2021 年 千美元 | 同比變動 | | 收入 | 1,989,280 | 1,757,784 | 13.2% | | 毛利 除稅前利潤 | 603,873 161,390 | 494,508 176,098 | 22.1% (8.4)% | | 年內利潤 | 139 ...

Revenue Growth - Chervon Holdings Limited reported significant growth in revenue, achieving US$XXX million for the six months ended June 30, 2022, compared to US$XXX million in the same period of 2021, reflecting a growth rate of XX%[19] - Revenue for the six months ended June 30, 2022, increased by 15.3% to US$1,002.0 million, with local currency growth of 17.2%[22] - The Group's total revenue for the six months ended June 30, 2022, was USD 1,002,021,000, an increase of 15.4% compared to USD 868,797,000 for the same period in 2021[169] - Revenue from OPE products increased by 43.9% from US$414.0 million for the six months ended June 30, 2021, to US$595.9 million for the six months ended June 30, 2022[41] - Revenue from power tools decreased by 11.1% from US$451.1 million for the six months ended June 30, 2021, to US$401.2 million for the six months ended June 30, 2022, due to slower market demand and customer destocking[42] Product Development and Innovation - The company has expanded its product portfolio, focusing on lithium-ion battery technology, which has contributed to its rapid growth and market scale[8] - The company emphasizes user-centric innovation, supported by a robust research and development system, which has led to the introduction of advanced technology products[9] - The company introduced 127 new products during the reporting period, with approximately 80% being lithium-ion battery powered[23] - The company plans to continue investing in innovative product development and building premier brands globally, aiming to increase market share despite challenges[39] - Research and development costs increased by 12.3% from US$28.0 million for the six months ended June 30, 2021, to US$31.4 million for the same period in 2022[51] Financial Performance - Profit for the period decreased by 30.4% to US$63.5 million, with profit before tax down by 31.0% to US$76.5 million[20] - The financial outlook for the remainder of 2022 remains positive, with expectations for continued revenue growth driven by new product launches and market expansion efforts[19] - Profit before income tax decreased by 31.0% to US$76.5 million for the six months ended June 30, 2022, compared to US$110.9 million for the same period in 2021[53] - Profit for the period was $63,473,000, a decrease of 30.4% from $91,239,000 in the prior year[134] - Total comprehensive income for the period was $45,766,000, down from $92,032,000, indicating a decrease of about 50.3%[136] Assets and Liabilities - As of June 30, 2022, total assets amounted to US$XXX million, while total liabilities were US$XXX million, indicating a healthy balance sheet[19] - Total assets decreased by 7.9% to US$1,893.3 million, while total equity increased by 8.6% to US$865.9 million[21] - The Group's bank loans amounted to US$351.3 million, a decrease from US$433.6 million as of December 31, 2021, with a gearing ratio of 0.4 compared to 0.6 at the end of 2021[71] - Cash and cash equivalents decreased to $498,878,000 from $664,990,000, a decline of approximately 25%[137] - The Group's inventories increased to US$607.5 million as of June 30, 2022, from US$592.0 million at the end of 2021, with inventory turnover days rising to 152 days from 97 days year-over-year[72] Market Strategy - Chervon Holdings Limited aims to enhance its market share through global operations and local market knowledge, addressing diverse end-user needs[9] - The company has established a multi-channel sales and distribution network to effectively reach its end users[9] - Chervon is focused on expanding its market presence through strategic initiatives, including potential mergers and acquisitions[9] - The company is enhancing its multi-channel sales and distribution network, with solid growth in online sales channels[32] - Revenue from North America grew by 21.6% to US$696.2 million, while revenue from China grew by 6.4% to US$65.3 million[43] Cost Management - Selling and distribution expenses increased by 5.1% from US$96.4 million for the six months ended June 30, 2021, to US$101.4 million for the six months ended June 30, 2022[49] - Administrative and other operating expenses increased by 22.8% from US$32.6 million for the six months ended June 30, 2021, to US$40.0 million for the six months ended June 30, 2022, due to strategic investments in infrastructure[50] - Net finance costs rose by 20.3% from US$7.9 million for the six months ended June 30, 2021, to US$9.5 million for the same period in 2022[52] - The company reported a net loss of USD 32,295 in other net (loss)/gain, compared to a gain of USD 19,754 in the previous year[193] - Cost of inventories sold amounted to USD 711,975, an increase from USD 617,688, reflecting a rise of 15.2%[196] Shareholder Information - As of June 30, 2022, Mr. Pan Longquan held 260,226,344 shares, representing a 53.08% interest in the company[95] - Ms. Zhang Tong held 98,835,550 shares, representing a 20.16% interest in the company[95] - The total number of issued shares as of June 30, 2022, was 490,218,811[96] - The company has resolved not to declare an interim dividend for the six months ended June 30, 2022[109] - The total net proceeds amount to HK$3,470.1 million, with HK$1,119.8 million utilized up to June 30, 2022, leaving HK$2,350.3 million unutilized[107] Compliance and Governance - The interim financial report for the six months ended June 30, 2022 was reviewed by KPMG, ensuring compliance with Hong Kong standards[116] - The company has established an Audit Committee to oversee financial reporting and internal controls, comprising three independent non-executive directors[115] - The independent auditor's report concluded that the interim financial report was prepared in accordance with HKAS 34, with no significant issues identified[132] - The Group has not applied any new accounting standards that are not yet effective for the current accounting period, ensuring consistency in financial reporting[165] - The notes on pages 40 to 72 form part of the interim financial report, providing additional context and details[145]

Company Overview - Chervon Holdings Limited is a global provider of power tools and outdoor power equipment, focusing on lithium-ion battery system technology for significant scale and rapid growth[10]. - The company offers a comprehensive range of products under five well-recognized brands: EGO, FLEX, SKIL, DEVON, and X-TRON, targeting both industrial/professional and consumer end users[10]. - Chervon has a user-centric innovation approach supported by an integrated system of research and development, manufacturing, and sales, enabling continuous introduction of new products[11]. - The company aims to become a global leader in power tools and outdoor power equipment through continuous innovation in the lithium-ion, intelligent, and digital era[12]. Financial Performance - The financial summary indicates a consistent growth trend in revenue and assets over the past four financial years, reflecting the company's robust market position[22]. - In 2021, the company achieved revenue of US$1,757.8 million, representing a 46.4% year-over-year growth from US$1,200.9 million in 2020[27]. - The net profit increased more than threefold from US$48.4 million in 2020 to US$149.7 million in 2021[27]. - Adjusted net profit grew by 79.0% from US$69.8 million in 2020 to US$125.0 million in 2021[27]. - The power tools segment generated revenue of US$885.2 million in 2021, a growth of 33.9% from US$661.1 million in 2020[33]. - The outdoor power equipment (OPE) segment saw revenue growth of 62.0%, increasing from US$533.7 million in 2020 to US$864.6 million in 2021[33]. - Total assets increased from US$1,091.5 million in 2020 to US$2,056.2 million in 2021[24]. - Total equity attributable to equity shareholders rose from US$259.7 million in 2020 to US$797.0 million in 2021[24]. Product Development and Innovation - The company launched 232 new products in 2021, with 77% powered by lithium-ion batteries[29]. - A total of 232 new products were introduced in 2021, with lithium-ion battery powered products accounting for approximately 77% of all new products[38]. - The company plans to continue investing in product portfolio, sales and distribution network, and production capacity in 2022[31]. Market Expansion and Sales - The company expanded its multi-channel sales and distribution network, significantly increasing sales of EGO-branded OPE products in Europe and Oceania markets[43]. - Online sales of OBM products through pure-play e-commerce channels in North America increased by over 100% from 2020 to 2021[44]. - Revenue from North America, the largest market, grew by 48.6% from US$798.9 million in 2020 to US$1,187.4 million in 2021[55]. Cost and Expenses - Gross profit increased by 34.1% from US$368.7 million in 2020 to US$494.5 million in 2021, while gross profit margin decreased from 30.7% to 28.1% due to rising raw material costs[59]. - Research and development costs rose by 28.8% from US$38.9 million in 2020 to US$50.2 million in 2021, reflecting continued investment in new product initiatives[60]. - Selling and distribution expenses increased by 8.9% from US$179.4 million in 2020 to US$195.5 million in 2021, primarily due to higher marketing investments[59]. - Administrative and other operating expenses rose by 25.1% from US$82.8 million in 2020 to US$103.6 million in 2021, mainly due to costs related to the initial public offering[59]. Investment and Financial Position - As of December 31, 2021, the Group had US$665.0 million in cash and cash equivalents, a substantial increase from US$166.9 million in 2020, primarily due to strong operating cash flow and net proceeds from the IPO[75][78]. - The Group's bank loans amounted to US$433.6 million as of December 31, 2021, up from US$337.9 million in 2020, with short-term loans accounting for 98.0% of total bank loans[77][80]. - The gearing ratio improved from 1.2 as of December 31, 2020, to 0.6 as of December 31, 2021, indicating a stronger financial position[81]. - The Group's funding and finance policy focuses on maintaining a stable financial position and mitigating financial risks to support current operations and future investments[76][79]. Governance and Management - The Audit Committee consists of three independent non-executive Directors, ensuring compliance with the CG Code and reviewing the Group's accounting principles and internal controls[125]. - The company has established a governance structure with independent directors to ensure effective oversight and independent judgment[149]. - The leadership team has a diverse background in finance, technology, and management, contributing to the company's strategic direction and growth[154][155][157]. Risks and Challenges - Key risks include intense competition leading to pricing pressures and the potential inability to respond to rapid changes in customer preferences and production conditions[179]. - The Group's financial condition may be affected by risks such as inadequate financing on commercially reasonable terms and counterparty risk in hedging arrangements[183]. - The Company may face challenges in maintaining its brand position and market perception among targeted end-user groups[182]. - Changes in taxation may materially and adversely affect the Company's business and financial condition[183]. Environmental, Social, and Governance (ESG) - The Group has complied with the "comply or explain" provisions in the Environmental, Social and Governance Reporting Guide as set out in Appendix 27 to the Listing Rules for the year ended December 31, 2021[189]. - The Group had not been subject to any material fines or penalties due to noncompliance with environmental protection laws and regulations for the year ended December 31, 2021[187]. - The Board is responsible for evaluating and managing material environmental, social, and governance issues, with oversight provided by the Board[186]. - The EHS department is responsible for managing environmental and climate-related risks arising from business operations and conducts relevant monitoring and inspections[188].