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]

泉峰控股发布中报，25H1 实现营收 9.12 亿美元（yoy+11.9%），期内利润 0.95 亿美元（yoy+54.6%），经调整纯利 0.76 亿美元（yoy+23.4%），符 合此前业绩预告（期内利润 0.9-1 亿美元，经调整纯利 0.7-0.8 亿美元）。 上半年收入表现亮眼，主要受益于 OPE 业务终端销售表现较好，以及客户 主动备库；利润表现优于收入，主要受益于 EGO 等自主品牌快速成长带来 业务结构优化，处置泉峰汽车带来一次性收益以及汇兑收益增加等。展望后 续，我们看好锂电 OPE 海外长期渗透率提升空间，公司品牌及产品生态优 势突出，同时加速越南产能布局，长期成长逻辑顺畅，维持"买入"评级。 上半年 OPE 收入同比+22.8%，EGO 品牌持续成长，北美表现优异 证券研究报告 1）分业务看：上半年 OPE 实现营收 6.02 亿美元（yoy+22.8%），主要受 益于 EGO 品牌快速成长，市场份额持续提升，25H1 公司自主品牌 OBM 业 务收入同比+16.2%，占总收入的 77.5%，上半年推出约 100 款新品，锂电 产品占 90%以上，锂电化进程持续推进。上半年电动工具收入 ...

Core Insights - The company reported a revenue of $912 million for the six months ending June 30, 2025, representing an increase of 11.9% year-on-year [1] - Adjusted net profit reached $76.03 million, marking a year-on-year increase of 23.4% [1] - Basic earnings per share stood at $0.19 [1] Financial Performance - Gross profit increased from $269 million in the same period of 2024 to $304 million, reflecting a growth of 13.1% [1] - Overall gross margin improved from 32.9% to 33.3% [1] - The increase in gross margin was attributed to a higher proportion of high-margin EGO brand products in the sales mix, a decrease in raw material costs, and an increase in selling prices [1]