Ge Long Hui·2025-08-08 10:56Core Viewpoint - The company is expected to complete its overseas capacity relocation by the end of 2025, which may support accelerated growth in 2026 due to cyclical recovery in the industry, despite potential impacts from U.S. tariffs [1][2]. Group 1: Financial Performance - In H1 2025, the company's revenue reached $7.83 billion, a year-on-year increase of 7.1%, aligning with expectations [2]. - The net profit attributable to the parent company for H1 2025 was $630 million, reflecting a year-on-year growth of 14.2%, which also met expectations [2]. - The gross margin improved by 0.3 percentage points to 40.3%, driven by enhanced DIY profit margins and operational efficiency [2]. Group 2: Brand Performance - Milwaukee brand experienced a year-on-year growth of 11.9%, with OPE and PPE categories growing faster than the product mix average [2]. - RYOBI brand saw a year-on-year growth of 8.7%, with double-digit growth in electric tools and single-digit growth in OPE [2]. Group 3: Future Outlook - The company anticipates that by the end of 2025, overseas capacity will fully cover U.S. demand, with a cautious outlook for H2 2025 due to tariff-related inventory adjustments [3]. - The market expects a recovery in the tools industry driven by a potential interest rate cut and a replacement cycle in 2026, with Milwaukee expected to return to double-digit growth [3].