泉峰控股(02285) - 2024 - 中期财报

Revenue Growth - Revenue increased by 10.5% to $815.745 million in the first half of 2024 compared to$738.545 million in the same period of 2023[12] - Revenue increased by 10.5% from US$738.5 million to US$815.7 million during the Reporting Period[14] - The company's revenue increased by 10.5% from $738.5 million in H1 2023 to$815.7 million in H1 2024, driven by strong point-of-sales performance and higher customer orders[35] - Revenue from OPE products grew by 10.2% from $445.2 million in H1 2023 to$490.4 million in H1 2024, supported by accelerated destocking and increased customer orders[36] - Revenue from power tools increased by 9.5% from $286.3 million in H1 2023 to$313.5 million in H1 2024, driven by the recovery and growth of the ODM business[36] - Revenue from power tools sales increased to $313.5 million in H1 2024, up from$286.3 million in H1 2023[177] - Revenue from outdoor power equipment sales rose to $490.4 million in H1 2024, compared to$445.2 million in H1 2023[177] - Total revenue from contracts with customers reached $815.7 million in H1 2024, up from$738.5 million in H1 2023[177] - Power tools segment revenue for the six months ended June 30, 2024, was $313.5 million, compared to$286.3 million in the same period in 2023[190][192] - Outdoor power equipment segment revenue for the six months ended June 30, 2024, was $490.4 million, up from$445.2 million in the same period in 2023[190][192] - Total revenue from external customers for the six months ended June 30, 2024, was $815.7 million, compared to$738.5 million in the same period in 2023[190][192] Profitability - Gross profit rose by 13.2% to $268.676 million in H1 2024 from$237.296 million in H1 2023[12] - Profit before taxation grew by 24.1% to $71.814 million in H1 2024 compared to$57.851 million in H1 2023[12] - Net profit increased by 25.6% to $61.619 million in H1 2024 from$49.051 million in H1 2023[12] - Adjusted net profit rose by 24.4% to $61.619 million in H1 2024 compared to$49.547 million in H1 2023[12] - Basic earnings per share increased by 20.0% to $0.12 in H1 2024 from$0.10 in H1 2023[12] - Diluted earnings per share grew by 20.0% to $0.12 in H1 2024 compared to$0.10 in H1 2023[12] - Net profit grew by 25.6% compared to the same period in 2023, reaching US$61.6 million[14] - Gross profit margin improved from 32.1$237.3 million in H1 2023 to $268.7 million in H1 2024, with gross profit margin rising from 32.1$2.3 million in H1 2024, compared to a net loss of $4.7 million in H1 2023, primarily due to gains on financial assets and derivative instruments[44] - Profit before taxation grew by 24.1$57.9 million to $71.8 million[55][57] - Income tax expense increased from$8.8 million to $10.2 million, with the effective tax rate decreasing from 15.2$49.1 million to $61.6 million, with the net profit margin improving from 6.6$61.6 million, compared to $49.5 million in the prior year[62] - Total comprehensive income for the period reached$40.795 million, significantly higher than $20.744 million in H1 2023[154] - Gross profit from external customers and reportable segment profit for the six months ended June 30, 2024, was$268.7 million, up from $237.3 million in the same period in 2023[190][192] Cash Flow and Financial Position - Net cash generated from operating activities was$119.138 million in H1 2024, a significant improvement from a net cash used of $86.581 million in H1 2023[12] - Total assets increased by 8.0$1,796.385 million at December 31, 2023 to US$1,939.523 million at June 30, 2024[13] - Cash and cash equivalents stood at$387.1 million as of June 30, 2024, with 34.1% in RMB, 58.5% in USD, 3.5% in Euro, and 3.9% in other currencies[64] - The company maintained a strong financial position with cash and cash equivalents of $387.1 million as of June 30, 2024, up from$296.3 million as of December 31, 2023[66] - Cash and cash equivalents were denominated in RMB (34.1%), USD (58.5%), EUR (3.5%), and other currencies (3.9%) as of June 30, 2024[66] - The company's bank loans totaled $329.0 million as of June 30, 2024, primarily denominated in RMB, with fixed-rate and floating-rate loans accounting for 60.3$22.1 million, primarily for upgrading smart manufacturing systems and advancing digital transformation[69][71] - Capital commitments for plant construction and machinery acquisition totaled $87.8 million as of June 30, 2024, mainly for expanding production capacity in Vietnam[70][72] - The company pledged assets worth$87.3 million as of June 30, 2024, including plant and buildings ($31.1 million), leasehold land ($21.4 million), and inventories ($16.2 million)[74] - The company issued guarantees of$9.2 million as of June 30, 2024, to financial institutions in China for indebtedness of independent third-party customers[76][77] - The company plans to continue investing in expanding its manufacturing plant in Vietnam, including building production facilities on a land lot exceeding 130,000 square meters[80][82] - Net foreign exchange loss for the six months ended June 30, 2024 amounted to US$0.7 million, compared to a net gain of US$7.2 million in the same period in 2023[84][86] - Net realized and unrealized gain on derivative financial instruments for the six months ended June 30, 2024 was US$0.8 million, compared to a loss of US$12.3 million in the same period in 2023[84][86] - Cash and cash equivalents stood at $387.090 million as of June 30, 2024, up from$296.337 million at the end of 2023[155] - Inventories increased to $550.121 million, compared to$530.951 million at the end of 2023[155] - Trade and bills receivables grew to $453.993 million, up from$359.011 million at the end of 2023[155] - Current liabilities increased to USD 819,416 thousand as of June 30, 2024, compared to USD 663,425 thousand at the end of 2023, driven by higher bank loans and trade payables[157] - Bank loans under current liabilities rose to USD 240,009 thousand in June 2024, up from USD 198,185 thousand in December 2023, reflecting a 21.1% increase[157] - Trade and bills payables surged to USD 296,547 thousand in June 2024, a 31.8% increase from USD 224,954 thousand in December 2023[157] - Net current assets decreased slightly to USD 644,408 thousand in June 2024 from USD 651,786 thousand in December 2023[157] - Total assets less current liabilities stood at USD 1,120,107 thousand in June 2024, down from USD 1,132,960 thousand in December 2023[157] - Non-current liabilities decreased to USD 138,556 thousand in June 2024 from USD 172,339 thousand in December 2023, primarily due to a reduction in bank loans[157] - Net assets increased to USD 981,551 thousand in June 2024, up from USD 960,621 thousand in December 2023[157] - Total equity attributable to equity shareholders rose to USD 981,561 thousand in June 2024, compared to USD 960,725 thousand in December 2023[158] - Retained profits grew to USD 365,477 thousand in June 2024, reflecting a 3.4% increase from the previous period[160] - Share capital remained stable at USD 601,859 thousand in June 2024, unchanged from December 2023[158] - Total equity for the six months ended June 30, 2024, was USD 960,621 thousand, with a net change of (68,734) thousand compared to the previous period[161] - Non-controlling interests amounted to USD 55 thousand, showing no significant change from the previous period[161] - Retained profits stood at USD 287,416 thousand, with a decrease of (86,256) thousand compared to the previous period[161] - Fair value reserve (non-recycling) increased by USD 241 thousand, reaching a total of USD 241 thousand[161] - Exchange reserve showed a significant increase of USD 17,226 thousand, totaling USD 17,226 thousand[161] - Cash generated from operations for the six months ended June 30, 2024, was USD 125,280 thousand, a significant improvement from the previous year's (77,261) thousand[165] - Net cash generated from operating activities was USD 119,138 thousand, compared to (86,581) thousand in the previous year[165] - Net cash used in investing activities was USD (22,309) thousand, primarily due to payments for property, plant, and equipment[165] - Net cash used in financing activities was USD (4,439) thousand, mainly due to payments for share award schemes[165] - Cash and cash equivalents at the end of the period increased to USD 387,090 thousand, up from USD 296,337 thousand at the beginning of the period[165] Regional Performance - North America revenue grew by 13.8% from $485.3 million in H1 2023 to$552.4 million in H1 2024, while China revenue increased by 18.2% from $54.2 million to$64.1 million[37] - North America accounted for $552.4 million of revenue in the six months ended June 30, 2024, compared to$485.3 million in the same period in 2023[199] - Europe accounted for $172.3 million of revenue in the six months ended June 30, 2024, compared to$174.9 million in the same period in 2023[199] - China accounted for $64.1 million of revenue in the six months ended June 30, 2024, compared to$54.2 million in the same period in 2023[199] - North America revenue decreased to $14.483 million from$16.091 million, a decline of approximately 10%[200] - Europe revenue decreased to $31.000 million from$34.133 million, a decline of approximately 9.2%[200] - China revenue increased to $290.787 million from$285.195 million, a growth of approximately 2%[200] - Total revenue across all regions slightly increased to $336.270 million from$335.419 million, a growth of approximately 0.25%[200] Expenses and Costs - Selling and distribution expenses increased by 13.5% from $94.0 million in H1 2023 to$106.7 million in H1 2024, driven by higher marketing expenses and investments in expanding dealer channels[46] - Administrative and other operating expenses increased by 4.8% from $40.3 million to$42.3 million, primarily due to higher employee remuneration[48][49] - Research and development costs rose by 11.8% from $33.5 million to$37.4 million, driven by continued investment in product development, especially for commercial applications[50][52] - Net finance costs increased from $1.5 million to$2.0 million[51][53] - Share of loss from an associate (Nanjing Chervon Auto Precision Technology) increased from $8.2 million to$13.6 million, reflecting a 24.74% equity interest[53][54] - Research and development costs for the six months ended June 30, 2024, were $37.4 million, up from$33.5 million in the same period in 2023[195] - Selling and distribution expenses for the six months ended June 30, 2024, were $106.7 million, compared to$94.0 million in the same period in 2023[195] - Administrative and other operating expenses for the six months ended June 30, 2024, were $42.3 million, compared to$40.3 million in the same period in 2023[195] Product Development and Innovation - Over 100 new products were introduced during the Reporting Period, with lithium-ion battery powered products accounting for over 90%[16] - EGO launched two lithium-ion battery tractor products in Europe and North America, expanding its product range for riding lawn mowers[18] - FLEX launched or planned more than 60 new products, including the cordless benchtop range and nailer range, and acquired FLEX Scandinavia AB on May 31, 2024[22] E-commerce and Distribution Channels - SKIL revenue growth on Amazon.com was close to 20% during the Reporting Period[23] - DEVON's e-commerce revenue grew by over 20% compared to the same period in 2023[24] - SKIL's revenue growth on Amazon increased by nearly 20%, demonstrating its ability to penetrate new distribution channels[26] - DEVON's e-commerce revenue grew by over 20% year-over-year during the reporting period, driven by the successful launch of its new 12V product line on the lithium platform[27] Corporate Governance and Shareholding - Mr. Pan Longquan holds a 50.92% shareholding interest in the Company through a controlled corporation as of June 30, 2024[96] - Ms. Zhang Tong holds a 19.18% shareholding interest in the Company through a controlled corporation as of June 30, 2024[96] - Mr. Ke Zuqian holds a 5.31% shareholding interest in the Company through a controlled corporation as of June 30, 2024[96] - Total number of issued shares as of June 30, 2024, is 511,053,811[97] - Mr. Pan holds a 66.72% interest in Chervon Global Holdings Limited[99] - Ms. Zhang holds a 24.66% interest in Chervon Global Holdings Limited[100] - Mr. Ke holds a 6.85% interest in Chervon Global Holdings Limited[101] - Chervon Auto Precision Technology has a 52.29% interest, with 27.55% held indirectly by Mr. Pan, Ms. Zhang, and Mr. Ke, and 24.74% held through the company[102][103] - Chervon Assets Management Holdings Limited is 85.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Chervon Investment Limited is 100.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Chervon Precision Technology Holdings Company Limited is 100.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Chervon Auto Precision Technology (Europe) Limited Liability Company is 100.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Chervon (China) Investment Co., Ltd is 100.00% owned by Mr. Pan, Ms. Zhang, and Mr. Ke[99][100][101] - Panmercy holds 260,226,344 shares, representing 50.92% of the total issued shares[106] - Green Hope holds 97,637,750 shares, representing 19.11% of the total issued shares[106] - Klamm holds 27,118,822 shares, representing 5.31% of the total issued shares[106] - FMR LLC holds 49,198,208 shares, representing 9.63% of the total issued shares[106] - The total number of issued shares as of June 30, 2024, is 511,053,811[107] - The company received net proceeds of approximately HK$3,470.1 million from its global offering in December 2021[110] - As of June 30, 2023, the balance of 2021 net proceeds was approximately HK$1,930.5 million, with 66.5% initially planned for expanding and upgrading production facilities